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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, 2023


¨			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 x No ¨

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


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

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

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

As of ~~August 3,~~November 8, 2023, the registrant had 20,297,200 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,, 2023 (unaudited) and December 31, 20 2 22022	1
	Consolidated Statements of Operations for the Three and ~~and Six~~ Nine Months Ended ~~June~~September 30,, 2023 (unaudited) and ~~June~~September 30,, 2022 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and ~~and Six~~ Nine Months Ended ~~June~~September 30,, 2023 (unaudited) and ~~June~~September 30,, 2022 (unaudited)	3
	Consolidated Statements of Cash Flows for the ~~Six~~Nine Months Ended ~~June~~September 30,, 2023 (unaudited) and ~~June~~September 30,, 2022 (unaudited)	4
	Consolidated Schedules of Investments as of ~~June~~September 30,, 2023 (unaudited) and December 31, 2022	5
	Notes to Consolidated Financial Statements (unaudited)	42
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5758
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	7172
Item 4.	Controls and Procedures	7274
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	7475
Item 1A.	Risk Factors	7475
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	7475
Item 3.	Defaults Upon Senior Securities	7475
Item 4.	Mine Safety Disclosures	7475
Item 5.	Other Information	7475
Item 6.	Exhibits	7475
	Signatures	7677

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, 2023		December 31, 2022			September 30, 2023		December 31, 2022
		(unaudited)					(unaudited)
Assets	Assets					Assets
Investments at fair value (amortized cost of $460,009 and $447,814, respectively)		$	448,085	$	441,376
Investments at fair value (amortized cost of $443,251 and $447,814, respectively)						Investments at fair value (amortized cost of $443,251 and $447,814, respectively)	$	427,776	$	441,376
Cash and cash equivalents	Cash and cash equivalents	14,773		32,162		Cash and cash equivalents	30,310		32,162
Restricted cash	Restricted cash	5,983		4,904		Restricted cash	10,486		4,904
Deferred credit facility costs	Deferred credit facility costs	3,376		1,779		Deferred credit facility costs	2,837		1,779
Prepaid expenses and other assets	Prepaid expenses and other assets	483		364		Prepaid expenses and other assets	644		364
Total assets	Total assets	$	472,700	$	480,585	Total assets	$	472,053	$	480,585

Liabilities	Liabilities					Liabilities
Revolving Credit Facility	Revolving Credit Facility	$	112,000	$	109,000	Revolving Credit Facility	$	110,000	$	109,000
2027 Notes, net	2027 Notes, net	74,262		74,193		2027 Notes, net	74,306		74,193
Base management fee payable	Base management fee payable	1,363		1,312		Base management fee payable	1,378		1,312
Other accrued expenses and liabilities	Other accrued expenses and liabilities	10,679		11,445		Other accrued expenses and liabilities	13,715		11,445
Total liabilities	Total liabilities	$	198,304	$	195,950	Total liabilities	$	199,399	$	195,950
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	203		203		Common stock, par value $0.01 per share	203		203
Paid-in capital in excess of par value	Paid-in capital in excess of par value	310,370		310,370		Paid-in capital in excess of par value	310,370		310,370
Total distributable loss	Total distributable loss	(36,177)		(25,938)		Total distributable loss	(37,919)		(25,938)
Total net assets	Total net assets	$	274,396	$	284,635	Total net assets	$	272,654	$	284,635
Total liabilities and net assets	Total liabilities and net assets	$	472,700	$	480,585	Total liabilities and net assets	$	472,053	$	480,585

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)	20,297,200		20,297,200		Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized)	20,297,200		20,297,200
Net asset value per common share	Net asset value per common share	$	13.49	$	14.00	Net asset value per common share	$	13.41	$	14.00

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)


		For the Three Months Ended June 30,				For the Six Months Ended June 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2023		2022		2023		2022			2023		2022		2023		2022
Investment income	Investment income									Investment income
Interest income from investments	Interest income from investments	$	17,401	$	13,905	$	34,061	$	26,136	Interest income from investments	$	17,814	$	15,892	$	51,876	$	42,028
Other income	Other income									Other income
Expirations/terminations of unfunded commitments	Expirations/terminations of unfunded commitments	121		131		1,199		337		Expirations/terminations of unfunded commitments	141		204		1,340		541
Other fees	Other fees	71		31		75		359		Other fees	76		325		151		681
Total investment and other income	Total investment and other income	17,593		14,067		35,335		26,832		Total investment and other income	18,031		16,421		53,367		43,250

Operating expenses	Operating expenses									Operating expenses
Base management fee	Base management fee	1,363		1,232		2,711		2,305		Base management fee	1,378		1,246		4,089		3,551
Income incentive fee	Income incentive fee	—		1,948		—		3,801		Income incentive fee	—		2,265		—		6,066
Capital gains incentive fee	Capital gains incentive fee	—		(343)		—		(226)		Capital gains incentive fee	—		(1,206)		—		(1,433)
Interest expense and amortization of fees	Interest expense and amortization of fees	4,269		2,262		8,240		3,884		Interest expense and amortization of fees	4,463		2,917		12,703		6,801
Administration agreement expenses	Administration agreement expenses	484		415		966		848		Administration agreement expenses	517		468		1,482		1,315
General and administrative expenses	General and administrative expenses	485		419		1,090		788		General and administrative expenses	1,347		467		2,438		1,254
Total operating expenses	Total operating expenses	6,601		5,933		13,007		11,400		Total operating expenses	7,705		6,157		20,712		17,554

Net investment income	Net investment income	10,992		8,134		22,328		15,432		Net investment income	10,326		10,264		32,655		25,696

Net realized and unrealized gains/(losses)	Net realized and unrealized gains/(losses)									Net realized and unrealized gains/(losses)
Net realized losses on investments	Net realized losses on investments	(19,027)		(232)		(18,524)		(1,423)		Net realized losses on investments	(175)		(190)		(18,700)		(1,614)
Net change in unrealized gains/(losses) on investments		(229)		(1,482)		(5,486)		291
Net realized and unrealized gains/(losses)		(19,256)		(1,714)		(24,010)		(1,132)
Net change in unrealized losses on investments										Net change in unrealized losses on investments	(3,353)		(9,040)		(8,839)		(8,748)
Net realized and unrealized losses										Net realized and unrealized losses	(3,528)		(9,230)		(27,539)		(10,362)

Net increase (decrease) in net assets resulting from operations		$	(8,264)	$	6,420	$	(1,682)	$	14,300
Net increase in net assets resulting from operations										Net increase in net assets resulting from operations	$	6,798	$	1,034	$	5,116	$	15,334

Net investment income per common share	Net investment income per common share	$	0.54	$	0.45	$	1.10	$	0.89	Net investment income per common share	$	0.51	$	0.56	$	1.61	$	1.46
Net increase (decrease) in net assets per common share		$	(0.41)	$	0.35	$	(0.08)	$	0.83
Net increase in net assets per common share										Net increase in net assets per common share	$	0.33	$	0.06	$	0.25	$	0.87
Weighted average shares of common stock outstanding	Weighted average shares of common stock outstanding	20,297,200		18,222,514		20,297,200		17,263,099		Weighted average shares of common stock outstanding	20,297,200		18,222,514		20,297,200		17,586,418

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, 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
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 13,991,836 $ 140 525 $ — $ 213,204 $ 6,418 $ 219,762
Issuance of common stock 4,230,678 42 — — 67,427 — 67,469
Common stock distributions from distributable earnings — — — — — (6,013) (6,013)
Preferred stock distributions from distributable earnings — — — — — (32) (32)
Net increase in net assets resulting from operations — — — — — 14,300 14,300
Balance at June 30, 2022 18,222,514 $ 182 525 $ — $ 280,631 $ 14,673 $ 295,486
Balance at March 31, 2023 20,297,200 $ 203 525 $ — $ 310,370 $ (19,373) $ 291,200
Common stock distributions from distributable earnings — — — — — (8,525) (8,525)
Preferred stock distributions from distributable earnings — — — — — (15) (15)
Net decrease in net assets resulting from operations — — — — — (8,264) (8,264)
Balance at June 30, 2023 20,297,200 $ 203 525 $ — $ 310,370 $ (36,177) $ 274,396


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


Balance at June 30, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(36,177)	$	274,396
Common stock distributions from distributable earnings	—	—		—	—		—		(8,525)		(8,525)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net increase in net assets resulting from operations	—	—		—	—		—		6,798		6,798
Balance at September 30, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(37,919)	$	272,654


Balance at December 31, 2022	Balance at December 31, 2022	20,297,200	$	203	525	$	—	$	310,370	$	(25,938)	$	284,635	Balance at December 31, 2022	20,297,200	$	203	525	$	—	$	310,370	$	(25,938)	$	284,635
Common stock distributions from distributable earnings	Common stock distributions from distributable earnings	—	—		—	—		—		(8,525)		(8,525)		Common stock distributions from distributable earnings	—	—		—	—		—		(17,050)		(17,050)
Preferred stock distributions from distributable earnings	Preferred stock distributions from distributable earnings	—	—		—	—		—		(32)		(32)		Preferred stock distributions from distributable earnings	—	—		—	—		—		(47)		(47)
Net decrease in net assets resulting from operations		—	—		—	—		—		(1,682)		(1,682)
Balance at June 30, 2023		20,297,200	$	203	525	$	—	$	310,370	$	(36,177)	$	274,396
Net increase in net assets resulting from operations														Net increase in net assets resulting from operations	—	—		—	—		—		5,116		5,116
Balance at September 30, 2023														Balance at September 30, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(37,919)	$	272,654

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, 2023		For the Six Months Ended June 30, 2022			For the Nine Months Ended September 30, 2023		For the Nine Months Ended September 30, 2022
Cash Flows from Operating Activities:	Cash Flows from Operating Activities:					Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	(1,682)	$	14,300	Net increase (decrease) in net assets resulting from operations	$	5,116	$	15,334
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:					Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Fundings and purchases of investments	Fundings and purchases of investments	(60,918)		(118,272)		Fundings and purchases of investments	(74,617)		(198,274)
Principal payments and proceeds from investments	Principal payments and proceeds from investments	34,412		63,926		Principal payments and proceeds from investments	67,533		85,035
Payment-in-kind interest on investments	Payment-in-kind interest on investments	(101)		(252)		Payment-in-kind interest on investments	(1,888)		(269)
Net change in unrealized (gains) losses on investments	Net change in unrealized (gains) losses on investments	5,486		(291)		Net change in unrealized (gains) losses on investments	8,839		8,748
Net realized (gains) losses on investments	Net realized (gains) losses on investments	18,524		1,423		Net realized (gains) losses on investments	18,700		1,614
Amortization and accretion of premiums and discounts, net	Amortization and accretion of premiums and discounts, net	(4,059)		(5,530)		Amortization and accretion of premiums and discounts, net	(4,921)		(8,656)
Amortization of debt fees and issuance costs	Amortization of debt fees and issuance costs	607		418		Amortization of debt fees and issuance costs	1,182		677
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	(119)		180		Prepaid expenses and other assets	(280)		216
Base management fee payable	Base management fee payable	51		434		Base management fee payable	66		448
Income incentive fee payable	Income incentive fee payable	—		504		Income incentive fee payable	—		821
Capital gains incentive fee payable	Capital gains incentive fee payable	—		(227)		Capital gains incentive fee payable	—		(1,433)
Other accrued expenses and liabilities	Other accrued expenses and liabilities	(766)		(3,366)		Other accrued expenses and liabilities	2,270		2,324
Net cash used in operating activities		(8,565)		(46,753)
Net cash provided by (used in) operating activities						Net cash provided by (used in) operating activities	22,000		(93,415)
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	20,000		50,000		Borrowings under revolving credit facility	35,000		92,000
Repayments under revolving credit facility	Repayments under revolving credit facility	(17,000)		(129,500)		Repayments under revolving credit facility	(34,000)		(129,500)
Proceeds from issuance of 2027 Notes	Proceeds from issuance of 2027 Notes	—		75,000		Proceeds from issuance of 2027 Notes	—		75,000
Proceeds from issuance of common stock						Proceeds from issuance of common stock	—		67,469
Common stock distributions paid	Common stock distributions paid	(8,525)		(6,013)		Common stock distributions paid	(17,050)		(13,302)
Preferred stock distributions paid	Preferred stock distributions paid	(32)		(32)		Preferred stock distributions paid	(32)		(32)
Debt issuance costs of 2027 Notes	Debt issuance costs of 2027 Notes	(16)		(918)		Debt issuance costs of 2027 Notes	(16)		(926)
Deferred credit facility costs	Deferred credit facility costs	(2,172)		(282)		Deferred credit facility costs	(2,172)		(297)
Proceeds from issuance of common stock		—		67,469
Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	(7,745)		55,724		Net cash provided by (used in) financing activities	(18,270)		90,412
Net change in cash, cash equivalents and restricted cash	Net change in cash, cash equivalents and restricted cash	(16,310)		8,971		Net change in cash, cash equivalents and restricted cash	3,730		(3,003)
Cash, cash equivalents and restricted cash at beginning of period	Cash, cash equivalents and restricted cash at beginning of period	37,066		21,072		Cash, cash equivalents and restricted cash at beginning of period	37,066		21,072
Cash, cash equivalents and restricted cash at end of period	Cash, cash equivalents and restricted cash at end of period	$	20,756	$	30,043	Cash, cash equivalents and restricted cash at end of period	$	40,796	$	18,069

		June 30, 2023		June 30, 2022			September 30, 2023		September 30, 2022
Cash and cash equivalents	Cash and cash equivalents	$	14,773	$	29,885	Cash and cash equivalents	$	30,310	$	12,984
Restricted cash	Restricted cash	5,983		158		Restricted cash	10,486		5,085
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	$	20,756	$	30,043	Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	40,796	$	18,069

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	$	7,357	$	2,262	Cash paid for interest	$	10,144	$	3,484
Excise taxes paid	Excise taxes paid	$	250	$	32	Excise taxes paid	$	250	$	32

See accompanying notes to consolidated financial statements.


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023											TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	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	$	1,383	$	1,603	$	1,606	3/31/2024	Dedrone Holdings, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment)	3/31/2021	$	937	$	1,179	$	1,180	3/31/2024
Total Aerospace and Defense - 0.59%*				1,383		1,603		1,606
Total Aerospace and Defense - 0.43%*											Total Aerospace and Defense - 0.43%*			937		1,179		1,180

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		671		671		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		675		675		5/31/2025
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		702		702		7/31/2024	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		706		706		7/31/2025
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		459		459		9/30/2024	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		462		462		9/30/2025
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)	2/6/2023	173		172		172		2/28/2025	Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	2/6/2023	173		173		173		2/28/2025
Total Application Software - 0.73%*				2,000		2,004		2,004
Total Application Software - 0.74%*											Total Application Software - 0.74%*			2,000		2,016		2,016

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)	9/30/2022	3,000		2,992		2,992		9/30/2024	Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)	9/30/2022	3,000		3,008		3,008		9/30/2024
Blueboard Inc.	Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)	12/29/2022	1,000		989		989		12/31/2024	Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)	12/29/2022	1,000		994		994		12/31/2024
				4,000		3,981		3,981						4,000		4,002		4,002
FlashParking, Inc.		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		10,255		10,294		6/30/2024
FlashParking, Inc.		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/24/2021	338		349		349		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		563		564		9/30/2023	FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		10,359		10,389		6/30/2024
FlashParking, Inc.	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278		286		287		10/31/2023	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278		288		288		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		353		354		1/31/2024	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	1/21/2022	347		357		357		1/31/2024
				11,510		11,806		11,848						10,625		11,004		11,034
Morty, Inc.	Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)	12/21/2022	7,000		6,979		6,705		6/30/2026	Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)	12/21/2022	7,000		7,037		6,788		6/30/2026
Tide Platform Limited(1)(3)	Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	3,221		3,501		3,334		11/30/2023	Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	2,156		2,465		2,269		11/30/2023
Tide Platform Limited(1)(3)	Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,839		1,637		4/30/2024	Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,823		1,565		4/30/2024
				4,989		5,340		4,971						3,924		4,288		3,834
Uniphore Technologies, Inc.	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,042		2,032		6/30/2024	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	1,521		1,577		1,571		6/30/2024
Uniphore Technologies, Inc.	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,042		2,032		6/30/2024	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	1,521		1,577		1,571		6/30/2024
				4,000		4,084		4,064						3,042		3,154		3,142
Total Business Applications Software - 11.50%*				31,499		32,190		31,569
Total Business Applications Software - 10.56%*											Total Business Applications Software - 10.56%*			28,591		29,485		28,800

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)	9/9/2022	2,000		1,996		1,996		9/30/2024	Alloy Technologies, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 11.00% floor, 6.00% EOT payment)	9/9/2022	2,000		2,019		2,019		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		1,813		1,813		11/30/2024	Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,504		1,523		1,523		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		4,372		4,372		11/30/2023	Cardless Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.75% EOT payment)	11/18/2021	4,200		4,383		4,383		5/31/2024
				6,000		6,185		6,185						5,704		5,906		5,906
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		5,034		5,034		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	4,861		4,905		4,905		12/31/2025
Cart.com, Inc.	Cart.com, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.75% EOT payment)(2)	11/8/2022	1,000		997		997		5/31/2026	Cart.com, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.75% EOT payment)(2)	11/8/2022	1,000		1,004		1,004		5/31/2026
				6,000		6,031		6,031						5,861		5,909		5,909
Certamen Ventures Inc.	Certamen Ventures Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.00% EOT payment)	11/30/2021	6,945		7,036		7,036		11/30/2024	Certamen Ventures Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.00% EOT payment)	11/30/2021	6,945		7,061		7,061		11/30/2024
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	1,870		1,930		1,930		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		1,870		1,870		10/31/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
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	1,981	1,981	8/31/2025	Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	8/1/2022	705	714	714	1/31/2026
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	1,853	1,853	10/31/2025	Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	10/7/2022	2,526	2,538	2,538	4/30/2026
Path Robotics, Inc.		Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	8/1/2022	705	708	708	1/31/2026
Path Robotics, Inc.		Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	10/7/2022	2,526	2,515	2,515	4/30/2026
				6,999	7,057	7,057
Petfolk Inc.		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 0.00% EOT payment)(2)	1/18/2023	213	209	209	1/31/2027
Petfolk Inc.		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 0.00% EOT payment)(2)	5/19/2023	176	173	173	5/31/2027
Petfolk Inc.		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 0.00% EOT payment)(2)	5/19/2023	177	174	174	5/31/2027
				566	556	556					6,929	7,052	7,052
Phantom Auto Inc.	Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	3,448	3,626	3,626	7/31/2024	Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	2,701	2,936	2,936	7/31/2024
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	1,496	1,496	5/31/2025	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	1,509	1,487	5/31/2025
Rally Network, Inc.(7)	Rally Network, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422	2,469	1,302	10/28/2023	Rally Network, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422	2,469	927	10/28/2023
Rally Network, Inc.(7)	Rally Network, Inc.(7)	Revolver (Prime + 5.75% interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42	42	22	10/28/2023	Rally Network, Inc.(7)	Revolver (Prime + 5.75% interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42	42	16	10/28/2023
				2,464	2,511	1,324					2,464	2,511	943
RenoRun, Inc.(1)(3)(7)	RenoRun, Inc.(1)(3)(7)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	591	585	585	12/31/2025	RenoRun, Inc.(1)(3)(7)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	97	92	156	12/31/2025
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	483	506	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	431	436	440	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	311	320	347	12/31/2024	Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 7.50% EOT payment)(2)	6/15/2022	311	320	335	12/31/2024
				795	803	853					742	756	775
Vecna Robotics, Inc.	Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)	12/16/2022	4,500	4,255	4,255		Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)	12/16/2022	4,500	4,315	4,315	9/30/2026
Total Business Products and Services - 14.94%*				41,808	42,137	41,000
Total Business Products and Services - 14.14%*								Total Business Products and Services - 14.14%*			39,443	40,066	38,559

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	419	412	412	1/7/2024	Construction Finance Corporation	Revolver (Prime + 6.25% interest rate, 9.50% floor, 3.25% EOT payment)(2)	7/8/2022	574	575	575	1/7/2024
FireHydrant, Inc.	FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	5/23/2023	5,200	5,088	5,088	11/30/2026	FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	5/23/2023	5,200	5,125	5,125	11/30/2026
FireHydrant, Inc.								FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)(2)	8/21/2023	1,600	1,566	1,566	2/28/2027
											6,800	6,691	6,691
Highbeam, Inc.	Highbeam, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 12.00% floor, 0.00% EOT payment)(2)	2/10/2023	625	618	618	8/10/2024	Highbeam, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 12.00% floor)(2)	2/10/2023	1,725	1,707	1,707	8/10/2024
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	4,023	4,023	3/31/2026	Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)(2)	9/14/2022	4,000	4,051	4,051	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	969	940	940	11/6/2023	Manufactured Networks, Inc.	Revolver (Prime + 5.75% interest rate, 14.25% floor)(2)	9/13/2023	3,384	3,353	3,353	12/13/2024
Manufactured Networks, Inc.		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	10/24/2022	500	479	482	4/30/2026
				1,469	1,419	1,422
Metropolis Technologies, Inc.	Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.34% cash interest rate + 4.16% PIK, 11.75% floor, 7.00% EOT payment)(2)	3/30/2022	1,084	1,090	1,090	3/31/2027	Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.34% cash interest rate + 4.16% PIK, 11.75% floor, 7.00% EOT payment)(2)	3/30/2022	1,107	1,117	1,125	3/31/2027
OnSiteIQ, Inc.	OnSiteIQ, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)(2)	6/16/2023	2,416	2,382	2,382	5/31/2026	OnSiteIQ, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)(2)	6/16/2023	2,416	2,399	2,399	5/31/2026
Total Business/Productivity Software - 5.48%*				15,213	15,032	15,035
Total Business/Productivity Software - 7.30%*								Total Business/Productivity Software - 7.30%*			20,006	19,893	19,901

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	2,953	2,868	2/28/2026	Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor)(2)	8/4/2022	3,000	2,959	2,871	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	2,461	2,390	2/28/2026	Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor(2)	8/4/2022	2,500	2,466	2,393	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	985	957	2/28/2026	Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor)(2)	8/4/2022	1,000	987	958	2/28/2026
				6,500	6,399	6,215					6,500	6,412	6,222
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	853	863	847	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	853	871	871	2/28/2025
Quantum Circuits, Inc.								Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	110	109	109	10/31/2026
Quantum Circuits, Inc.								Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	1/27/2023	300	296	296	1/31/2027
Quantum Circuits, Inc.								Quantum Circuits, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment)(2)	5/11/2023	1,000	991	991	11/30/2024
											1,410	1,396	1,396
Total Computer Hardware - 3.11%*								Total Computer Hardware - 3.11%*			8,763	8,679	8,489

Consumer Finance								Consumer Finance
Activehours, Inc.								Activehours, Inc.	Revolver (Prime + 4.25% interest rate, 8.50% floor)(2)	12/30/2022	—	—	—	12/30/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Quantum Circuits, Inc.		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	110	108	108	10/31/2026
Quantum Circuits, Inc.		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	1/27/2023	300	294	294	1/31/2027
Quantum Circuits, Inc.		Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment)(2)	5/11/2023	1,000	979	979	11/30/2024
				1,410	1,381	1,381
Total Computer Hardware - 3.08%*				8,763	8,643	8,443

Consumer Finance
Activehours, Inc.		Revolver (Prime + 4.25% interest rate, 8.50% floor, 0.00% EOT payment)(2)	12/30/2022	10,000	9,910	9,988	12/30/2025
Cherry Technologies Inc.	Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)	5/6/2022	8,500	8,563	8,563	11/30/2024	Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)	5/6/2022	8,500	8,627	8,627	11/30/2024
Cherry Technologies Inc.	Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)	7/14/2022	5,500	5,511	5,511	1/31/2025	Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)	7/14/2022	5,500	5,551	5,551	1/31/2025
				14,000	14,074	14,074					14,000	14,178	14,178
Vestwell Holdings Inc.		Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 8.00% EOT payment)(2)	9/30/2022	7,000	7,023	7,023	3/31/2026
Total Consumer Finance - 11.33%*				31,000	31,007	31,085
Total Consumer Finance - 5.20%*								Total Consumer Finance - 5.20%*			14,000	14,178	14,178

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	2,072	2,154	2,146	6/30/2025	Alyk, Inc.	Growth Capital Loan (Prime + 7.50% interest rate, 14.50% floor, 7.25% EOT payment)	6/16/2021	1,916	1,999	1,965	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	1,021	1,021	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	1,029	1,029	6/30/2025
Don't Run Out, Inc.	Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)(2)	10/31/2022	1,000	1,010	1,010	10/31/2025	Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)(2)	10/31/2022	1,000	1,021	1,021	10/31/2025
				2,000	2,031	2,031					2,000	2,050	2,050
Trueskin GmbH(1)(3)	Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.25% EOT payment)(2)	1/9/2023	1,077	1,074	1,085	1/31/2026	Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.25% EOT payment)(2)	1/9/2023	1,077	1,084	1,064	1/31/2026
Underground Enterprises, Inc.(7)	Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	372	371	198	11/30/2024	Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	372	371	110	11/30/2024
Underground Enterprises, Inc.(7)	Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	6/9/2022	248	251	132	3/31/2025	Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	6/9/2022	248	251	73	3/31/2025
Underground Enterprises, Inc.(7)	Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	8/5/2022	371	374	198	5/31/2025	Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	8/5/2022	371	374	110	5/31/2025
				991	996	528					991	996	293
Total Consumer Non-Durables - 2.11%*				6,140	6,255	5,790
Total Consumer Non-Durables - 1.97%*								Total Consumer Non-Durables - 1.97%*			5,984	6,129	5,372

Consumer Products and Services	Consumer Products and Services							Consumer Products and Services
Baby Generation, Inc.	Baby Generation, Inc.	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)	1/26/2022	750	769	773	1/31/2025	Baby Generation, Inc.	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)	1/26/2022	750	775	778	1/31/2025
Baby Generation, Inc.	Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	12/19/2022	250	251	253	12/31/2024	Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	12/19/2022	250	254	255	12/31/2024
Baby Generation, Inc.	Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	3/30/2023	875	867	873	3/31/2025	Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	3/30/2023	875	876	881	3/31/2025
				1,875	1,887	1,899					1,875	1,905	1,914
The Black Tux, Inc.	The Black Tux, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	9,784	9,890	9,890	5/31/2026	The Black Tux, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	9,782	9,930	9,930	5/31/2026
Bloom and Wild Midco 2 Limited(1)(3)	Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)(2)	10/13/2022	2,520	2,509	2,792	4/30/2026	Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)(2)	10/13/2022	2,520	2,516	2,699	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,512	1,505	1,675	4/30/2026	Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,512	1,509	1,619	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,642	1,635	1,814	4/30/2026	Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,642	1,639	1,754	4/30/2026
				5,674	5,649	6,281					5,674	5,664	6,072
Dance GmbH(1)(3)	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	717	699	4/30/2025	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	724	687	4/30/2025
Dance GmbH(1)(3)	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	7/14/2022	268	263	276	7/31/2025	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	7/14/2022	268	266	271	7/31/2025
Dance GmbH(1)(3)	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	11/14/2022	69	67	67	11/30/2025	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	11/14/2022	69	67	66	11/30/2025
Dance GmbH(1)(3)	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	3/15/2023	529	495	491	3/31/2026	Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	3/15/2023	529	502	484	3/31/2026
				1,589	1,542	1,533					1,589	1,559	1,508
Ephemeral Solutions, Inc.(7)								Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	322	325	152	3/31/2025
Ephemeral Solutions, Inc.(7)								Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	8/12/2022	107	108	49	5/31/2025
Ephemeral Solutions, Inc.(7)								Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	12/9/2022	215	213	93	9/30/2025
Ephemeral Solutions, Inc.(7)								Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	3/1/2023	322	318	135	11/30/2025
											966	964	429
Ever/Body, Inc.								Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	397	406	406	9/30/2024
Ever/Body, Inc.								Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	4,800	4,819	4,819	6/30/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Elektra Mobility Inc.		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	5/16/2022	50	51	51	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	102	102	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	102	102	7/31/2025
				250	255	255
Ephemeral Solutions, Inc.		Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	333	336	336	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	112	112	5/31/2025
Ephemeral Solutions, Inc.		Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	12/9/2022	222	221	221	9/30/2025
Ephemeral Solutions, Inc.		Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	3/1/2023	333	329	329	11/30/2025
				999	998	998
Ever/Body, Inc.		Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	488	496	496	9/30/2024
Ever/Body, Inc.		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	4,800	4,776	4,776	6/30/2025
Ever/Body, Inc.	Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	2,250	2,236	2,236	6/30/2025	Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	2,250	2,256	2,256	6/30/2025
				7,538	7,508	7,508					7,447	7,481	7,481
Flink SE(1)(3)	Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,252	1,228	7/31/2025	Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,263	1,223	7/31/2025
Flink SE(1)(3)	Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,242	1,215	10/31/2025	Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,252	1,206	10/31/2025
				2,500	2,494	2,443					2,500	2,515	2,429
Foodology Inc.(1)(3)	Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	29	29	29	4/30/2025	Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	25	26	26	4/30/2025
Foodology Inc.(1)(3)	Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	5/16/2022	73	74	74	5/31/2025	Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	5/16/2022	65	66	66	5/31/2025
Foodology Inc.(1)(3)	Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/24/2022	482	487	487	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	427	436	436	5/31/2025
Foodology Inc.(1)(3)	Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.50% EOT payment)(2)	4/28/2023	372	364	364	4/30/2026	Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.50% EOT payment)(2)	4/28/2023	372	366	366	4/30/2026
				956	954	954					889	894	894
Good Eggs, Inc.	Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 3.75% floor, 7.75% EOT payment)	8/12/2021	3,532	3,641	3,522	8/31/2025	Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 3.75% floor, 7.75% EOT payment)	8/12/2021	3,532	3,665	3,562	8/31/2025
Good Eggs, Inc.	Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 3.75% floor, 6.00% EOT payment)(2)	5/25/2022	3,000	3,019	2,929	5/31/2025	Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 3.75% floor, 6.00% EOT payment)(2)	5/25/2022	3,000	3,042	2,966	5/31/2025
				6,532	6,660	6,451					6,532	6,707	6,528
Hydrow, Inc.	Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,732	1,723	12/31/2024	Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,744	1,728	12/31/2024
Hydrow, Inc.	Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	3,300	3,431	3,412	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	3,460	3,428	12/31/2024
Hydrow, Inc.	Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/10/2021	5,025	5,216	5,184	2/28/2025	Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/10/2021	5,025	5,257	5,202	2/28/2025
Hydrow, Inc.	Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	5,211	5,180	2/28/2025	Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	5,253	5,198	2/28/2025
				15,000	15,590	15,499					15,000	15,714	15,556
JOKR S.a.r.l.(1)(3)	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	1,340	1,338	8/9/2023	JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,252	1,266	1,247	7/31/2024
JOKR S.a.r.l.(1)(3)	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	4,908	4,855	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)	11/3/2021	5,000	4,957	4,847	11/30/2025
JOKR S.a.r.l.(1)(3)	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	994	994	8/31/2026	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	1,000	983	8/31/2026
				7,252	7,242	7,187					7,252	7,223	7,077
Lower Holding Company	Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	2,000	1,983	1,983	12/31/2025	Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	2,000	1,997	1,997	12/31/2025
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	1,019	984	1/31/2025
Mystery Tackle Box, Inc.(7)								Mystery Tackle Box, Inc.(7)	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 9.25% EOT payment)(2)	4/29/2022	963	982	818	1/31/2025
Nakdcom One World AB(1)(3)	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	512	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)	6/6/2022	537	530	503	6/30/2026
Nakdcom One World AB(1)(3)	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	294	305	8/31/2026	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	296	299	8/31/2026
											838	826	802
NxFoods GmbH(1)(3)								NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	588	579	579	6/30/2026
NxFoods GmbH(1)(3)								NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	207	201	201	12/31/2026
NxFoods GmbH(1)(3)								NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	172	166	166	2/28/2027
											967	946	946
Project 1920, Inc.(7)								Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	308	3/25/2023
Spinn, Inc.(7)								Spinn, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	794	819	816	8/31/2024
Untitled Labs, Inc.(7)								Untitled Labs, Inc.(7)	Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)	6/23/2022	404	403	105	6/30/2026
Untitled Labs, Inc.(7)								Untitled Labs, Inc.(7)	Growth Capital Loan (13.00% interest rate, 5.00% EOT payment)(2)	10/20/2022	564	558	147	10/31/2026
Untitled Labs, Inc.(7)								Untitled Labs, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 14.75% floor)(2)	7/28/2023	21	21	5	10/31/2023
Untitled Labs, Inc.(7)								Untitled Labs, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 14.75% floor(2)	8/4/2023	21	21	5	10/31/2023


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
				838	820	817
NxFoods GmbH(1)(3)		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	588	573	573	6/30/2026
NxFoods GmbH(1)(3)		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	207	199	199	12/31/2026
NxFoods GmbH(1)(3)		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	172	165	165	2/28/2027
				967	937	937
Project 1920, Inc.		Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	351	3/25/2023
Spinn, Inc.		Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	794	819	806	8/31/2024
Untitled Labs, Inc.		Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)	6/23/2022	417	415	193	6/30/2026
Untitled Labs, Inc.		Growth Capital Loan (13.00% interest rate, 5.00% EOT payment)(2)	10/20/2022	583	577	270	10/31/2026
Untitled Labs, Inc.(7)								Untitled Labs, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 14.75% floor)(2)	8/24/2023	15	15	4	10/31/2023
				1,000	992	463					1,025	1,018	266
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	2/1/2021	3,461	3,489	809	1/31/2025	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	2/1/2021	3,461	3,489	765	1/31/2025
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	5/27/2021	1,748	1,753	404	5/31/2025	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	5/27/2021	1,748	1,753	382	5/31/2025
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	1/31/2022	804	796	202	1/31/2026	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	1/31/2022	804	796	191	1/31/2026
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Revolver (Prime + 4.75% interest rate, 4.75% floor, 6.00% EOT payment)(2)	10/31/2022	1,500	1,485	359	10/31/2023	VanMoof Global Holding B.V.(1)(3)(7)	Revolver (Prime + 4.75% interest rate, 4.75% floor, 6.00% EOT payment)(2)	10/31/2022	1,500	1,485	380	10/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	1/23/2023	369	362	96	12/31/2023	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	1/23/2023	369	362	91	12/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/1/2023	410	402	106	12/31/2023	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/1/2023	410	402	100	12/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/7/2023	354	347	85	12/31/2023	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/7/2023	354	347	90	12/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/14/2023	355	348	85	12/31/2023	VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/14/2023	355	348	90	12/31/2023
				9,001	8,982	2,146					9,001	8,982	2,089
Total Consumer Products and Services - 25.29%*				75,899	76,578	69,385
Total Consumer Products and Services - 24.89%*								Total Consumer Products and Services - 24.89%*			75,444	76,483	67,860

Cultivation	Cultivation							Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)(7)	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	7/21/2021	1,228	1,260	853	7/31/2024	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	7/21/2021	1,222	1,263	582	7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)(7)	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	10/13/2021	1,141	1,150	834	10/31/2024	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	10/13/2021	1,141	1,150	568	10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)(7)	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	11/19/2021	1,155	1,198	836	11/30/2024	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	11/19/2021	1,155	1,198	575	11/30/2024
InFarm - Indoor Urban Farming GMBH(1)(3)(7)	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Convertible Note (20.00% interest rate, 0.00% EOT payment)(2)	3/23/2023	273	273	—	7/31/2024	InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Convertible Note (20.00% interest rate, 0.00% EOT payment)(2)	3/23/2023	273	273	—	7/31/2024
Total Cultivation - 0.92%*				3,797	3,881	2,523
InFarm - Indoor Urban Farming GMBH(1)(3)(7)								InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (Prime + 10.00% PIK interest rate, 18.50% floor, 50.00% EOT payment)(2)	9/14/2023	67	66	35	11/1/2023
InFarm - Indoor Urban Farming GMBH(1)(3)(7)								InFarm - Indoor Urban Farming GMBH(1)(3)(7)	Growth Capital Loan (Prime + 10.00% PIK interest rate, 18.50% floor, 50.00% EOT payment)(2)	9/27/2023	40	39	21	11/1/2023
Total Cultivation - 0.65%*								Total Cultivation - 0.65%*			3,898	3,989	1,781

E-Commerce - Clothing and Accessories	E-Commerce - Clothing and Accessories							E-Commerce - Clothing and Accessories
FabFitFun, Inc.	FabFitFun, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.25% floor, 6.50% EOT payment)	9/29/2021	12,500	12,617	12,617	3/31/2025	FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.50% floor, 6.50% EOT payment)	9/29/2021	8,750	8,710	8,710	11/30/2027
Minted, Inc.	Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,101	10,101	6/30/2027	Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,127	10,127	6/30/2027
TFG Holding, Inc.	TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,500	4,728	4,682	12/31/2023	TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,500	4,781	4,757	12/31/2023
TFG Holding, Inc.	TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	3,000	3,020	2,941	12/31/2024	TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	3,000	3,050	2,982	12/31/2024
TFG Holding, Inc.	TFG Holding, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)	3/31/2022	1,000	1,004	981	9/30/2025	TFG Holding, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)	3/31/2022	1,000	1,013	994	9/30/2025
				8,500	8,752	8,604					8,500	8,844	8,733
Trendly, Inc.	Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,715	6,715	11/30/2024	Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,768	6,768	11/30/2024
Trendly, Inc.	Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)	6/7/2022	1,000	1,005	1,005	12/31/2025	Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)	6/7/2022	1,000	1,011	1,011	12/31/2025
				7,500	7,720	7,720					7,500	7,779	7,779
Total E-Commerce - Clothing and Accessories - 14.23%*				38,500	39,190	39,042
Total E-Commerce - Clothing and Accessories - 12.96%*								Total E-Commerce - Clothing and Accessories - 12.96%*			34,750	35,460	35,349

E-Commerce - Personal Goods								E-Commerce - Personal Goods
Forum Brands, LLC								Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	7/6/2021	3,477	3,617	3,649	10/31/2023
Forum Brands, LLC								Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	7/21/2021	263	273	276	10/31/2023
Forum Brands, LLC								Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	8/10/2021	315	327	327	10/31/2023
Forum Brands, LLC								Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	10/6/2021	1,458	1,511	1,510	10/31/2023


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
E-Commerce - Personal Goods
Forum Brands, LLC		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/6/2021	3,477	3,604	3,599	7/31/2023
Forum Brands, LLC		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/21/2021	263	272	272	7/31/2023
Forum Brands, LLC		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	8/10/2021	315	325	325	8/31/2023
Forum Brands, LLC		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	10/6/2021	1,458	1,496	1,488	10/31/2023
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	947	968	962	10/31/2023	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	11/2/2021	947	978	977	10/31/2023
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	2,540	2,598	2,582	10/31/2023	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	11/2/2021	2,540	2,624	2,620	10/31/2023
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	848	864	858	12/31/2023	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	12/28/2021	848	873	871	12/31/2023
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	324	330	328	12/31/2023	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	12/28/2021	324	333	333	12/31/2023
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	57	58	58	12/31/2023	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)	12/28/2021	57	59	59	12/31/2023
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	1/28/2022	1,836	1,865	1,849	1/31/2024	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)(2)	1/28/2022	1,836	1,883	1,878	1/31/2024
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	700	704	696	4/30/2024	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	700	711	707	4/30/2024
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	263	265	262	4/30/2024	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	263	268	266	4/30/2024
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	9/21/2022	1,710	1,694	1,664	9/30/2024	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)(2)	9/21/2022	1,710	1,710	1,696	9/30/2024
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	11/1/2022	3,078	3,038	2,981	10/31/2024	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)(2)	11/1/2022	3,078	3,066	3,040	10/31/2024
Forum Brands, LLC	Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	12/22/2022	184	181	177	12/31/2024	Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 4.00% EOT payment)(2)	12/22/2022	184	182	180	12/31/2024
				18,000	18,262	18,101					18,000	18,415	18,389
Merama Inc.	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	5/17/2021	1,563	1,619	1,602	6/30/2024	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	5/17/2021	1,563	1,633	1,620	6/30/2024
Merama Inc.	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	756	748	6/30/2024	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	764	757	6/30/2024
Merama Inc.	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,606	1,587	8/31/2024	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,620	1,605	8/31/2024
Merama Inc.	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)(2)	2/17/2023	3,635	3,564	3,490	8/31/2025	Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)(2)	2/17/2023	3,635	3,599	3,532	8/31/2025
				7,491	7,545	7,427					7,491	7,616	7,514
Total E-Commerce - Personal Goods - 9.30%*				25,491	25,807	25,528
Total E-Commerce - Personal Goods - 9.50%*								Total E-Commerce - Personal Goods - 9.50%*			25,491	26,031	25,903

Energy	Energy							Energy
Arcadia Power, Inc.	Arcadia Power, Inc.	Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)	5/6/2022	5,000	5,046	4,916	11/30/2026	Arcadia Power, Inc.	Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)	5/6/2022	5,000	5,072	4,954	11/30/2026
Arcadia Power, Inc.	Arcadia Power, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	6/29/2022	5,000	4,971	4,864	12/31/2026	Arcadia Power, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	6/29/2022	5,000	5,002	4,904	12/31/2026
Arcadia Power, Inc.	Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	3,830	3,912	3,875	12/31/2024	Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	3,227	3,329	3,298	12/31/2024
Total Energy - 4.98%*				13,830	13,929	13,655
Total Energy - 4.83%*								Total Energy - 4.83%*			13,227	13,403	13,156

Entertainment Software	Entertainment Software							Entertainment Software
Encore Music Technologies, Inc.(7)	Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 6.75% PIK interest rate, 9.50% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	1,002	974	4/30/2025	Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 9.00% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	1,002	974	7/1/2026
Encore Music Technologies, Inc.(7)								Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	7/28/2023	75	75	72	7/1/2026
											1,075	1,077	1,046
FRVR Limited(1)(3)	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	3,036	3,036	5/31/2025	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	3,059	3,059	5/31/2025
Total Entertainment Software - 1.46%*				4,000	4,038	4,010
Total Entertainment Software - 1.51%*								Total Entertainment Software - 1.51%*			4,075	4,136	4,105

Financial Software	Financial Software							Financial Software
Parker Group Inc.	Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor, 0.00% EOT payment)	4/6/2022	234	232	232	10/31/2024	Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor)	4/6/2022	193	191	191	10/31/2024
Parker Group Inc.	Parker Group Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)	4/6/2022	700	718	718	4/30/2025	Parker Group Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)	4/6/2022	700	724	724	4/30/2025
				934	950	950					893	915	915
Wisetack, Inc.(1)								Wisetack, Inc.(1)	Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 6.75% EOT payment)	4/3/2023	5,000	4,927	4,927	10/31/2026
Total Financial Software - 2.14%*								Total Financial Software - 2.14%*			5,893	5,842	5,842

Food Products								Food Products


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Wisetack, Inc.(1)		Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 6.75% EOT payment)	4/3/2023	5,000	4,896	4,896	10/31/2026
Zolve Innovations Inc.		Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 0.00% EOT payment)	7/28/2022	1,000	989	989	1/31/2025
Total Financial Software - 2.49%*				6,934	6,835	6,835

Food Products
AllPlants Ltd(1)(3)	AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 9.50% floor, 5.00% EOT payment)(2)	5/24/2021	1,287	1,311	1,176	4/30/2024	AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 9.50% floor, 5.00% EOT payment)(2)	5/24/2021	1,291	1,325	1,152	4/30/2024
AllPlants Ltd(1)(3)	AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	222	230	207	7/31/2025	AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	197	208	181	7/31/2025
AllPlants Ltd(1)(3)	AllPlants Ltd(1)(3)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 8.00% EOT payment)(2)	9/1/2022	901	915	1,002	8/31/2026	AllPlants Ltd(1)(3)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 8.00% EOT payment)(2)	9/1/2022	901	920	970	8/31/2026
Total Food Products - 0.87%*				2,410	2,456	2,385
Total Food Products - 0.84%*								Total Food Products - 0.84%*			2,389	2,453	2,303

Healthcare Services	Healthcare Services							Healthcare Services
Petfolk Inc.								Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, —% EOT payment)(2)	1/18/2023	213	209	209	1/31/2027
Petfolk Inc.								Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, —% EOT payment)(2)	5/19/2023	176	173	173	5/31/2027
Petfolk Inc.								Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, —% EOT payment)(2)	5/19/2023	177	174	174	5/31/2027
Petfolk Inc.								Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, —% EOT payment)(2)	8/16/2023	247	242	242	8/31/2027
											813	798	798
OpenLoop Health, Inc.	OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)(2)	6/22/2023	2,000	1,911	1,911	6/30/2026	OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)(2)	6/22/2023	2,000	1,934	1,934	6/30/2026
OpenLoop Health, Inc.	OpenLoop Health, Inc.	Revolver (Prime + 1.50% interest rate, 9.25% floor, 3.25% EOT payment)(2)	6/22/2023	2,000	1,938	1,938	6/16/2024	OpenLoop Health, Inc.	Revolver (Prime + 1.50% interest rate, 9.25% floor, 3.25% EOT payment)(2)	6/22/2023	2,000	1,969	1,969	6/16/2024
Total Healthcare Services - 1.40%*				4,000	3,849	3,849
											4,000	3,903	3,903
Total Healthcare Services - 1.72%*								Total Healthcare Services - 1.72%*			4,813	4,701	4,701

Healthcare Technology Systems	Healthcare Technology Systems							Healthcare Technology Systems
Capsule Corporation	Capsule Corporation	Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)	12/30/2020	5,000	5,327	5,327	12/31/2024	Capsule Corporation	Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)	12/30/2020	5,000	5,375	5,275	12/31/2024
K Health, Inc.								K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)(2)	7/14/2023	5,000	4,793	4,793	7/31/2026
Thirty Madison, Inc.	Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/12/2023	8,055	8,105	7,591	6/12/2027	Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/12/2023	8,329	8,402	8,402	6/12/2027
Thirty Madison, Inc.	Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/14/2023	606	590	553	6/12/2027	Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/14/2023	627	614	614	6/12/2027
				8,661	8,695	8,144					8,956	9,016	9,016
Total Healthcare Technology Systems - 4.91%*				13,661	14,022	13,471
Total Healthcare Technology Systems - 7.00%*								Total Healthcare Technology Systems - 7.00%*			18,956	19,184	19,084

Human Capital Services	Human Capital Services							Human Capital Services
Karat Financial Technologies Incorporated	Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	1/11/2023	2,716	2,692	2,692	1/11/2025	Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	1/11/2023	3,000	2,985	2,985	1/11/2025
Total Human Capital Services - 0.98%*				2,716	2,692	2,692
Karat Financial Technologies Incorporated								Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	9/22/2023	281	277	277	1/11/2025
Total Human Capital Services - 1.20%*								Total Human Capital Services - 1.20%*			3,281	3,262	3,262

Information Services (B2C)	Information Services (B2C)							Information Services (B2C)
Tempus Ex Machina, Inc.	Tempus Ex Machina, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 5.25% EOT payment)(2)	5/4/2023	2,000	1,986	1,986	2/28/2027	Tempus Ex Machina, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 5.25% EOT payment)(2)	5/4/2023	2,000	1,995	1,995	2/28/2027
Tempus Ex Machina, Inc.	Tempus Ex Machina, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 11.25% floor, 5.50% EOT payment)(2)	5/4/2023	7,000	6,918	6,918	5/31/2027	Tempus Ex Machina, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 11.25% floor, 5.50% EOT payment)(2)	5/4/2023	7,000	6,948	6,948	5/31/2027
Total Information Services (B2C) - 3.24%*				9,000	8,904	8,904
Total Information Services (B2C) - 3.28%*								Total Information Services (B2C) - 3.28%*			9,000	8,943	8,943

Infrastructure	Infrastructure							Infrastructure
GoEuro Corp.(1)(3)	GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	5,000	5,333	5,138	10/31/2024	GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 10.50% EOT payment)	5/27/2020	5,000	5,351	5,366	1/31/2027
GoEuro Corp.(1)(3)	GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	2,500	2,666	2,569	10/31/2024	GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 10.50% EOT payment)	5/27/2020	2,500	2,676	2,683	1/31/2027
Total Infrastructure - 2.81%*				7,500	7,999	7,707
Total Infrastructure - 2.95%*								Total Infrastructure - 2.95%*			7,500	8,027	8,049

Life and Health Insurance	Life and Health Insurance							Life and Health Insurance
Angle Health, Inc.	Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	12/30/2022	500	486	486	12/31/2025	Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	12/30/2022	500	490	490	12/31/2025
Angle Health, Inc.	Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	3/24/2023	500	482	482	3/21/2026	Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	3/24/2023	500	486	486	3/21/2026
				1,000	968	968					1,000	976	976
Sidecar Health, Inc.		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,233	8,233	2/28/2025
Total Life and Health Insurance - 3.35%*				9,000	9,201	9,201

Medical Software and Information Services
HI LLC (Kernel)		Growth Capital Loan (Prime + 5.00% interest rate, 8.50% EOT payment)	7/1/2021	2,500	2,570	2,506	12/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Total Medical Software and Information Services - 0.91%*				2,500	2,570	2,506
Sidecar Health, Inc.								Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,287	8,287	2/28/2025
Total Life and Health Insurance - 3.40%*								Total Life and Health Insurance - 3.40%*			9,000	9,263	9,263

Medical Software and Information Services								Medical Software and Information Services
HI LLC (Kernel)								HI LLC (Kernel)	Growth Capital Loan (Prime + 5.00% interest rate, 12.50% floor, 8.50% EOT payment)	7/1/2021	2,500	2,601	2,548	12/31/2024
Total Medical Software and Information Services - 0.93%*								Total Medical Software and Information Services - 0.93%*			2,500	2,601	2,548

Multimedia and Design Software	Multimedia and Design Software							Multimedia and Design Software
Hover Inc.	Hover Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 9.50% floor, 5.50% EOT payment)	9/30/2022	5,000	4,940	4,940	3/31/2027	Hover Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 9.50% floor, 5.50% EOT payment)	9/30/2022	5,000	4,963	4,963	3/31/2027
Spire Animation Studios, Inc.		Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	8/12/2021	1,154	1,246	1,231	2/29/2024
Spire Animation Studios, Inc.		Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	9/30/2021	776	818	807	3/31/2024
Spire Animation Studios, Inc.(7)								Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 6.87% EOT payment)	8/12/2021	782	874	851	2/29/2024
Spire Animation Studios, Inc.(7)								Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 7.13% EOT payment)	9/30/2021	534	576	561	3/31/2024
				1,930	2,064	2,038					1,316	1,450	1,412
Total Multimedia and Design Software - 2.54%*				6,930	7,004	6,978
Total Multimedia and Design Software - 2.34%*								Total Multimedia and Design Software - 2.34%*			6,316	6,413	6,375

Other Financial Services	Other Financial Services							Other Financial Services
Aven Holdings, Inc.(1)	Aven Holdings, Inc.(1)	Growth Capital Loan (Prime + 5.50% interest rate, 13.75% floor, 2.25% EOT payment)	5/31/2023	6,000	5,600	5,600	11/30/2025	Aven Holdings, Inc.(1)	Growth Capital Loan (Prime + 5.50% interest rate, 13.75% floor, 2.25% EOT payment)	5/31/2023	6,000	5,666	5,666	11/30/2025
Jerry Services, Inc.	Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	505	494	9/30/2025	Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	508	496	9/30/2025
Jerry Services, Inc.	Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	494	494	3/17/2023	Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	497	495	6/30/2026
				1,000	999	988					1,000	1,005	991
Relay Commerce, Inc.	Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	3,075	3,063	3,063	8/31/2025	Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	3,075	3,086	3,086	8/31/2025
Relay Commerce, Inc.	Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	10/5/2022	1,463	1,451	1,451	10/31/2025	Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	10/5/2022	1,463	1,462	1,462	10/31/2025
Relay Commerce, Inc.	Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	5/1/2023	450	440	440	4/30/2026	Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	5/1/2023	450	443	443	4/30/2026
Relay Commerce, Inc.								Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 13.75% floor, 5.00% EOT payment)(2)	7/31/2023	500	491	491	7/31/2026
				4,988	4,954	4,954					5,488	5,482	5,482
Total Other Financial Services - 4.21%*				11,988	11,553	11,542
Total Other Financial Services - 4.45%*								Total Other Financial Services - 4.45%*			12,488	12,153	12,139

Real Estate Services	Real Estate Services							Real Estate Services
Common Living Inc.	Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500	2,642	2,516	9/30/2025	Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500	2,650	2,650	9/30/2025
Common Living Inc.	Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742	4,912	4,680	9/30/2025	Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742	4,929	4,929	9/30/2025
				7,242	7,554	7,196					7,242	7,579	7,579
Demain ES(1)(3)(7)	Demain ES(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,283	1,579	11/30/2024	Demain ES(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,283	1,386	11/30/2024
Demain ES(1)(3)(7)	Demain ES(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,283	1,579	11/30/2024	Demain ES(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,283	1,386	11/30/2024
Demain ES(1)(3)(7)	Demain ES(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/4/2022	2,051	2,019	1,579	7/31/2025	Demain ES(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/4/2022	2,051	2,019	1,386	7/31/2025
				6,587	6,585	4,737					6,587	6,585	4,158
Homelight, Inc.	Homelight, Inc.	Growth Capital Loan (17.25% interest rate, 0.00% EOT payment)(2)	12/30/2022	500	492	492	12/31/2026	Homelight, Inc.	Growth Capital Loan (17.25% interest rate, 0.00% EOT payment)(2)	12/30/2022	500	493	493	12/31/2026
Homelight, Inc.	Homelight, Inc.	Growth Capital Loan (18.00% interest rate, 0.00% EOT payment)(2)	5/22/2023	250	246	246	5/31/2027	Homelight, Inc.	Growth Capital Loan (18.00% interest rate, 0.00% EOT payment)(2)	5/22/2023	250	246	246	5/31/2027
				750	738	738					750	739	739
Homeward, Inc.	Homeward, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)	12/30/2021	4,000	4,164	4,148	6/30/2024	Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	4,000	4,143	4,110	6/30/2026
Homeward, Inc.	Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)	12/30/2022	4,000	3,944	3,929	12/31/2024	Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)	12/30/2022	4,000	3,975	3,964	12/31/2024
				8,000	8,108	8,077					8,000	8,118	8,074
MCN Investments Ltd.(1)(3)		Growth Capital Loan (Prime + 3.38% interest rate, 6.63% floor, 1.25% EOT payment)(2)	2/28/2023	800	807	807	8/31/2023
Mynd Management, Inc.	Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/25/2022	1,000	1,020	1,020	5/31/2025	Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/25/2022	1,000	1,025	1,025	5/31/2025
Mynd Management, Inc.	Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	12/27/2022	1,000	994	994	12/31/2025	Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	12/27/2022	1,000	1,000	1,000	12/31/2025
Mynd Management, Inc.		Growth Capital Loan (Prime + 5.25% interest rate, 13.50% floor, 4.00% EOT payment)(2)	6/29/2023	8,000	7,890	7,890	12/31/2025
				10,000	9,904	9,904
True Footage, Inc.		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	254	249	12/31/2024
True Footage, Inc.		Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	810	793	12/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Mynd Management, Inc.								Mynd Management, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.50% floor, 4.00% EOT payment)(2)	6/29/2023	8,000	7,933	7,933	12/31/2025
											10,000	9,958	9,958
True Footage, Inc.								True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	256	252	12/31/2024
True Footage, Inc.								True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	816	802	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	224	219	12/31/2024	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	226	222	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	107	105	12/31/2024	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	108	106	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	447	438	12/31/2024	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	451	443	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	211	207	12/31/2024	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	213	209	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	153	150	12/31/2024	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	155	152	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,389	1,360	12/31/2024	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,399	1,374	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	769	753	12/31/2024	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	775	761	12/31/2024
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170	172	169	1/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170	174	170	1/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116	117	115	2/28/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116	118	116	2/28/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300	303	295	3/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300	305	299	3/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110	1,116	1,089	4/30/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110	1,125	1,101	4/30/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991	996	972	4/30/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991	1,004	982	4/30/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216	217	212	5/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216	219	214	5/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200	199	194	7/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200	201	196	7/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100	100	97	7/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100	101	98	7/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150	148	143	12/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150	149	145	12/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361	357	345	12/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361	359	349	12/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565	557	539	12/31/2025	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565	561	544	12/31/2025
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	5/23/2023	240	235	226	5/31/2026	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	5/23/2023	240	236	228	5/31/2026
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	5/23/2023	434	424	409	5/31/2026	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	5/23/2023	434	427	413	5/31/2026
True Footage, Inc.	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2023	720	704	679	5/31/2026	True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2023	720	710	685	5/31/2026
				9,978	10,009	9,758					9,978	10,088	9,861
YDC, Inc.	YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/10/2021	2,400	2,428	2,428	12/31/2024	YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/10/2021	2,400	2,450	2,385	12/31/2024
YDC, Inc.	YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	7/15/2022	1,600	1,585	1,585	7/31/2025	YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	7/15/2022	1,600	1,598	1,540	7/31/2025
YDC, Inc.	YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	9/26/2022	1,000	984	984	9/30/2025	YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	9/26/2022	1,000	993	953	9/30/2025
				5,000	4,997	4,997					5,000	5,041	4,878
Total Real Estate Services - 16.84%*				48,357	48,702	46,214
Total Real Estate Services - 16.60%*								Total Real Estate Services - 16.60%*			47,557	48,108	45,247

Social/Platform Software	Social/Platform Software							Social/Platform Software
Sylva, Inc.	Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	1,189	1,193	1,191	5/31/2024	Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	877	888	884	5/31/2024
Sylva, Inc.	Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,114	1,132	1,129	12/31/2024	Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	945	967	959	12/31/2024
Sylva, Inc.	Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,500	1,521	1,517	12/31/2024	Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,272	1,300	1,289	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	1,826	1,820	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	1,826	1,821	12/31/2024
Sylva, Inc.		Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	900	913	910	12/31/2024
Total Social/Platform Software - 3.06%*				8,303	8,411	8,388

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of June 30, 2023
Company Type of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Total Debt Investments - 153.55%* $ 432,622 $ 436,492 $ 421,347


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2023
Company	Type of Investment	Acquisition Date(10)	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	1,526		1,560		1,547		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,526		1,561		1,548		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	763		780		774		12/31/2024
Total Social/Platform Software - 2.57%*			6,909		7,056		7,001

Total Debt Investments - 147.22%*			$	413,211	$	419,133	$	401,406


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023									TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Warrant	Acquisition Date(10)	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	$	578
Dedrone Holdings, Inc.	Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		197		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
Loft Orbital Solutions Inc.	Loft Orbital Solutions Inc.	Common Stock(2)	7/15/2022	6,747	58		58		Loft Orbital Solutions Inc.	Common Stock(2)	7/15/2022	6,747	58		58
Total Aerospace and Defense - 0.40%*					311		1,086
Total Aerospace and Defense - 0.33%*									Total Aerospace and Defense - 0.33%*				311		899

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		9		Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,163	10		14
Total Application Software - —%*					10		9
Parsable, Inc.									Parsable, Inc.	Preferred Stock(2)	8/29/2023	165,100	61		61
Total Application Software - 0.03%*									Total Application Software - 0.03%*				71		75

Business Applications Software	Business Applications Software								Business Applications Software
Blueboard Inc.	Blueboard Inc.	Common Stock	3/11/2021	209,302	42		25		Blueboard Inc.	Common Stock	3/11/2021	209,302	42		25
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		575		FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		576
FlashParking, Inc.	FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144		FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144
					450		719						450		720
Morty, Inc.	Morty, Inc.	Preferred Stock	10/1/2021	88,980	66		4		Morty, Inc.	Preferred Stock	10/1/2021	88,980	66		4
Narvar, Inc.	Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51		Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51
Tide Holdings Limited(1)(3)	Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		77		Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		74
Uniphore Technologies, Inc.	Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		29		Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		29
Total Business Applications Software - 0.39%*					781		1,082
Total Business Applications Software - 0.40%*									Total Business Applications Software - 0.40%*				781		1,080

Business Products and Services	Business Products and Services								Business Products and Services
Alloy Technologies, Inc.	Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		45		Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		45
Cardless Inc.	Cardless Inc.	Common Stock	11/18/2021	12,903	28		7		Cardless Inc.	Common Stock	11/18/2021	12,903	28		7
Cart.com, Inc.	Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		160		Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		160
Cart.com, Inc.	Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		10		Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		10
					125		170						125		170
Certamen Ventures Inc.	Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		76		Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		76
Certamen Ventures Inc.	Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		146		Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		146
					127		222						127		222
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		42		Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		42
Phantom Auto Inc.	Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		205		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		23		Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		23
Phantom Auto Inc.	Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		16		Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		16
					374		244						374		244
Quick Commerce Ltd.(1)(3)	Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	114,041	26		9		Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	114,041	26		9
RedFish Labs, Inc.	RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140		RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
SubStack, Inc.	SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6		SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Vecna Robotics, Inc.	Common Stock	12/16/2022	51,590	308		166		Vecna Robotics, Inc.	Common Stock	12/16/2022	51,590	308		166
Worldwide Freight Logistics Limited(1)(3)	Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		26		Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		25
Worldwide Freight Logistics Limited(1)(3)	Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		9		Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		9
					34		35						34		34
Total Business Products and Services - 0.40%*	Total Business Products and Services - 0.40%*				1,348		1,102		Total Business Products and Services - 0.40%*				1,348		1,101

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		140		Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		140
Total Business to Business Marketplace - 0.05%*	Total Business to Business Marketplace - 0.05%*				156		140		Total Business to Business Marketplace - 0.05%*				156		140

Business/Productivity Software	Business/Productivity Software								Business/Productivity Software
Construction Finance Corporation	Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14		14		Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14		14
FireHydrant, Inc.	FireHydrant, Inc.	Preferred Stock	5/23/2023	113,050	115		115		FireHydrant, Inc.	Preferred Stock	5/23/2023	113,050	115		125
Highbeam, Inc.		Common Stock(2)	2/10/2023	21,888	1		1


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Highbeam, Inc.							Highbeam, Inc.	Common Stock(2)	2/10/2023	31,549	2	2
Idelic Inc.	Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46	46	Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46	11
Luxury Presence, Inc.							Luxury Presence, Inc.	Preferred Stock(2)	9/20/2023	7,734	40	40
Machinify, Inc.							Machinify, Inc.	Common Stock(2)	8/25/2023	27,040	36	36
Manufactured Networks, Inc.	Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	89	Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	89
Manufactured Networks, Inc.							Manufactured Networks, Inc.	Preferred Stock(2)	9/13/2023	73,666	25	25
											114	114
Metropolis Technologies, Inc.	Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	21	Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	21
OnSiteIQ, Inc.	OnSiteIQ, Inc.	Common Stock(2)	6/16/2023	102,864	14	14	OnSiteIQ, Inc.	Common Stock(2)	6/16/2023	102,864	14	64
Strata Identity, Inc.	Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4	Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
Total Business/Productivity Software - 0.11%*					286	304
Total Business/Productivity Software - 0.16%*							Total Business/Productivity Software - 0.16%*				388	431

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

Communication Software	Communication Software						Communication Software
Hiya, Inc.	Hiya, Inc.	Preferred Stock(2)	5/27/2020	115,073	54	54	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	92,940	79	21	Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	21
Swift Navigation, Inc.	Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109	Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Iris Automation, Inc.	Iris Automation, Inc.	Preferred Stock(2)	2/11/2022	43,365	24	7	Iris Automation, Inc.	Preferred Stock(2)	2/11/2022	43,365	24	—
Quantum Circuits, Inc.	Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	31,067	40	40	Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	31,067	40	40
Grey Orange International Inc.	Grey Orange International Inc.	Preferred Stock(2)	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%*					274	235
Total Computer Hardware - 0.08%*							Total Computer Hardware - 0.08%*				274	228

Consumer Finance	Consumer Finance						Consumer Finance
Activehours, Inc.	Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	267	Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	319
Activehours, Inc.	Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	33	Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	40
Activehours, Inc.	Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	80	Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	96
					225	380					225	455
Cherry Technologies Inc.	Cherry Technologies Inc.	Preferred Stock	11/23/2021	77,891	195	432	Cherry Technologies Inc.	Preferred Stock	11/23/2021	77,891	195	432
The Aligned Company	The Aligned Company	Preferred Stock	10/21/2021	17,564	50	574	The Aligned Company	Preferred Stock	10/21/2021	17,564	50	574
The Aligned Company	The Aligned Company	Preferred Stock	10/21/2021	569	8	6	The Aligned Company	Preferred Stock	10/21/2021	569	8	6
					58	580					58	580
Upgrade, Inc.	Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	772	Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	772
Vestwell Holdings Inc.	Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30	Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.80%*					576	2,194
Total Consumer Finance - 0.83%*							Total Consumer Finance - 0.83%*				576	2,269

Consumer Non-Durables	Consumer Non-Durables						Consumer Non-Durables
Alyk, Inc.	Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	8	Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	1
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	12	Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	12
Don't Run Out, Inc.	Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	16	Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	16
					30	28					30	28
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	9
Total Consumer Non-Durables - 0.02%*	Total Consumer Non-Durables - 0.02%*				64	49	Total Consumer Non-Durables - 0.02%*				64	42

Consumer Products and Services	Consumer Products and Services						Consumer Products and Services
Baby Generation, Inc.	Baby Generation, Inc.	Common Stock	1/26/2022	13,587	10	10	Baby Generation, Inc.	Common Stock	1/26/2022	13,587	10	10
The Black Tux, Inc.	The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	460	The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	460
Clutter Inc.	Clutter Inc.	Preferred Stock(2)	9/30/2020	31,575	43	43	Clutter Inc.	Preferred Stock(2)	9/30/2020	31,575	43	—
Clutter Inc.	Clutter Inc.	Preferred Stock(2)	10/5/2022	51,121	70	70	Clutter Inc.	Preferred Stock(2)	10/5/2022	51,121	70	—
					113	113					113	—
Dance Gmbh(1)(3)	Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	16	Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	16
Dance Gmbh(1)(3)	Dance Gmbh(1)(3)	Preferred Stock(2)	2/21/2023	45	21	21	Dance Gmbh(1)(3)	Preferred Stock(2)	2/21/2023	45	21	20
					58	37					58	36
Elektra Mobility Inc.(11)		Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.		Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.		Common Stock(2)	2/24/2022	2,286	12	12
Ever/Body, Inc.		Preferred Stock	9/7/2021	281,262	138	84
Everdrop GmbH(1)(3)		Preferred Stock(2)	3/16/2022	14	24	25


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Elektra Mobility Inc.(11)							Elektra Mobility Inc.(11)	Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.							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	—
Ever/Body, Inc.							Ever/Body, Inc.	Preferred Stock	9/7/2021	281,262	138	84
Everdrop GmbH(1)(3)							Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	24
Flink SE(1)(3)	Flink SE(1)(3)	Common Stock(2)	4/13/2022	18	23	5	Flink SE(1)(3)	Common Stock(2)	4/13/2022	18	23	1
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	9
Good Eggs, Inc.	Good Eggs, Inc.	Preferred Stock	8/12/2021	83,265	142	2	Good Eggs, Inc.	Preferred Stock	8/12/2021	83,265	142	11
Hydrow, Inc.	Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	144	Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	144
Hydrow, Inc.	Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	35	Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	35
Hydrow, Inc.	Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	25	Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	25
					130	204					130	204
Immersive Group Gaming LTD(1)	Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	115	86	Immersive Group Gaming LTD(1)	Preferred Stock(2)	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	485	JOKR S.a.r.l.(1)(3)	Preferred Stock	7/24/2023	21,960	538	494
JOKR S.a.r.l.(1)(3)		Preferred Stock(2)	8/10/2022	746	3	8
					539	493
Lower Holding Company	Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	6	Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	6
Mystery Tackle Box, Inc.	Mystery Tackle Box, Inc.	Preferred Stock(2)	4/29/2022	64,286	14	22	Mystery Tackle Box, Inc.	Preferred Stock(2)	4/29/2022	64,286	14	1
Nakdcom One World AB(1)(3)	Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	5	Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	5
Nate, Inc.		Preferred Stock(2)	12/31/2021	—	—	—
NxFoods GmbH(1)(3)	NxFoods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	30	NxFoods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	30
Pair Eyewear, Inc.	Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7	Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.							Placemakr, Inc.	Preferred Stock(2)	8/25/2023	31,796	118	118
Project 1920, Inc.	Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	2	Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Spinn, Inc.	Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	10	Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Tempo Interactive Inc.	Preferred Stock	3/31/2021	4,413	25	4	Tempo Interactive Inc.	Preferred Stock	3/31/2021	4,413	25	4
Tripscout, Inc.	Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7	Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Untitled Labs, Inc.	Untitled Labs, Inc.	Common Stock(2)	6/23/2022	22,727	15	—	Untitled Labs, Inc.	Common Stock(2)	6/23/2022	22,727	15	—
VanMoof Global Holding B.V.(1)(3)	VanMoof Global Holding B.V.(1)(3)	Preferred Stock	2/1/2021	281,875	58	—	VanMoof Global Holding B.V.(1)(3)	Preferred Stock	2/1/2021	281,875	58	—
VanMoof Global Holding B.V.(1)(3)	VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	10/31/2022	33,112	4	—	VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	10/31/2022	33,112	4	—
					62	—					62	—
Well Dot, Inc.	Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67	Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67
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
					64	76					64	76
Bloom and Wild Midco 2 Limited(1)(3)	Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	8	Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	4
Total Consumer Products and Services - 0.64%*					1,813	1,768
Total Consumer Products and Services - 0.63%*							Total Consumer Products and Services - 0.63%*				1,930	1,725

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	—	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock(2)	5/27/2020	1,278	1,223	—
InFarm - Indoor Urban Farming GMBH(1)(3)	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	—	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	—
InFarm - Indoor Urban Farming GMBH(1)(3)	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	—	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	—
Total Cultivation - —%*	Total Cultivation - —%*				1,463	—	Total Cultivation - —%*				1,463	—

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	233	SiSense, Inc.	Success Fee	12/28/2021	—	95	233
Total Database Software - 0.09%*	Total Database Software - 0.09%*				116	254	Total Database Software - 0.09%*				116	254

E-Commerce - Clothing and Accessories	E-Commerce - Clothing and Accessories						E-Commerce - Clothing and Accessories
Dia Styling Co.(11)	Dia Styling Co.(11)	Preferred Stock(2)	6/30/2022	—	—	—	Dia Styling Co.(11)	Preferred Stock(2)	6/30/2022	—	—	—
FabFitFun, Inc.	FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	114	FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	114
FabFitFun, Inc.							FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	194
											411	308
Minted, Inc.	Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	268	Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	268
TFG Holding, Inc.	TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	63	TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	1
TFG Holding, Inc.	TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	8	TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	—
					275	71					275	1
Trendly, Inc.	Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	305	Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	305
Total E-Commerce - Clothing and Accessories - 0.28%*					907	758
Total E-Commerce - Clothing and Accessories - 0.32%*							Total E-Commerce - Clothing and Accessories - 0.32%*				1,101	882

E-Commerce - Personal Goods	E-Commerce - Personal Goods						E-Commerce - Personal Goods
Forum Brands, LLC		Preferred Stock	7/6/2021	2,960	146	50
Forum Brands, LLC		Preferred Stock	12/23/2021	2,714	188	46
					334	96
Merama Inc.		Preferred Stock	4/28/2021	71,728	589	563
Total E-Commerce - Personal Goods - 0.24%*					923	659


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Forum Brands, LLC							Forum Brands, LLC	Preferred Stock	7/6/2021	2,960	146	20
Forum Brands, LLC							Forum Brands, LLC	Preferred Stock	12/23/2021	2,714	188	18
											334	38
Merama Inc.							Merama Inc.	Preferred Stock	4/28/2021	71,728	589	563
Total E-Commerce - Personal Goods - 0.22%*							Total E-Commerce - Personal Goods - 0.22%*				923	601

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 - 0.07%*	Total Elder and Disabled Care - 0.07%*				50	192	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	238	Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	133
Arcadia Power, Inc.	Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	101	Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	52
					194	339					194	185
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	589
Total Energy - 0.34%*					231	932
Total Energy - 0.28%*							Total Energy - 0.28%*				231	774

Entertainment Software	Entertainment Software						Entertainment Software
Encore Music Technologies, Inc.	Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	3	Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	3
Encore Music Technologies, Inc.	Encore Music Technologies, Inc.	Preferred Stock(2)	5/16/2023	4,475	1	3	Encore Music Technologies, Inc.	Preferred Stock(2)	5/16/2023	4,475	1	1
					16	6					16	4
FRVR Limited(1)(3)(11)	FRVR Limited(1)(3)(11)	Preferred Stock(2)	5/17/2022	—	—	—	FRVR Limited(1)(3)(11)	Preferred Stock(2)	5/17/2022	—	—	—
Total Entertainment Software - —%*	Total Entertainment Software - —%*				16	6	Total Entertainment Software - —%*				16	4

Financial Software	Financial Software						Financial Software
Parker Group Inc.	Parker Group Inc.	Common Stock	4/6/2022	2,667	9	9	Parker Group Inc.	Common Stock	4/6/2022	2,667	9	9
Wisetack, Inc.(1)	Wisetack, Inc.(1)	Common Stock	12/21/2022	23,086	84	57	Wisetack, Inc.(1)	Common Stock	12/21/2022	23,086	84	57
Zolve Innovations Inc.	Zolve Innovations Inc.	Preferred Stock	7/28/2022	3,172	9	9	Zolve Innovations Inc.	Preferred Stock	7/28/2022	3,172	9	9
Total Financial Software - 0.03%*	Total Financial Software - 0.03%*				102	75	Total Financial Software - 0.03%*				102	75

Food Products	Food Products						Food Products
AllPlants Ltd(1)(3)	AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	38	AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	37
Total Food Products - 0.01%*	Total Food Products - 0.01%*				77	38	Total Food Products - 0.01%*				77	37

General Media and Content	General Media and Content						General Media and Content
Overtime Sports, Inc.	Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	5	Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	5
Total General Media and Content - —%*	Total General Media and Content - —%*				5	5	Total General Media and Content - —%*				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
OpenLoop Health, Inc.	OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	11,186	51	51	OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	11,186	51	60
OpenLoop Health, Inc.	OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	25	OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	30
					76	76					76	90
Perry Health, Inc.	Perry Health, Inc.	Preferred Stock(2)	5/31/2023	96,516	42	42	Perry Health, Inc.	Preferred Stock(2)	5/31/2023	96,516	42	42
Petfolk Inc.	Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	12	Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	29
Wispr AI, Inc.(11)	Wispr AI, Inc.(11)	Preferred Stock(2)	5/31/2022	—	—	—	Wispr AI, Inc.(11)	Preferred Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 0.13%*					169	347
Total Healthcare Services - 0.14%*							Total Healthcare Services - 0.14%*				169	378

Healthcare Technology Systems	Healthcare Technology Systems						Healthcare Technology Systems
Calibrate Health, Inc.	Calibrate Health, Inc.	Preferred Stock(2)	12/31/2020	90,178	219	218	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	28,012	35	35	Calibrate Health, Inc.	Preferred Stock(2)	10/19/2021	28,012	35	35
					254	253					254	253
Capsule Corporation	Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	7	Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	7
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
K Health, Inc.							K Health, Inc.	Common Stock(2)	7/14/2023	61,224	187	187
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 - 0.25%*					641	689
Total Healthcare Technology Systems - 0.32%*							Total Healthcare Technology Systems - 0.32%*				828	876

Home Furnishings
Petra Living, Inc.		Preferred Stock(2)	6/9/2021	76,783	48	75
Petra Living, Inc.		Preferred Stock(2)	8/24/2021	38,391	24	38
Petra Living, Inc.		Preferred Stock(2)	10/19/2021	38,391	17	38
Total Home Furnishings - 0.06%*					89	151


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Household Products	Household Products						Household Products
Grove Collaborative, Inc.	Grove Collaborative, Inc.	Preferred Stock(2)	5/27/2020	33,038	72	—	Grove Collaborative, Inc.	Preferred Stock(2)	5/27/2020	33,038	72	1
Total Household Products - —%*	Total Household Products - —%*				72	—	Total Household Products - —%*				72	1

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	156,720	91	713	Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	713
Karat Financial Technologies Incorporated	Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	—	—	Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	18
					91	713					109	731
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 - 0.39%*					289	1,080
Total Human Capital Services - 0.40%*							Total Human Capital Services - 0.40%*				307	1,098

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	66	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	69	Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Tempus Ex Machina, Inc.	Tempus Ex Machina, Inc.	Preferred Stock(2)	5/1/2023	53,879	38	38	Tempus Ex Machina, Inc.	Preferred Stock(2)	5/1/2023	53,879	38	38
Total Information Services (B2C) - 0.06%*	Total Information Services (B2C) - 0.06%*				192	173	Total Information Services (B2C) - 0.06%*				192	173

Infrastructure	Infrastructure						Infrastructure
GoEuro Corp.(1)(3)	GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	105	GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	97
GoEuro Corp.(1)(3)	GoEuro Corp.(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	120	GoEuro Corp.(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	112
Total Infrastructure - 0.08%*	Total Infrastructure - 0.08%*				155	225	Total Infrastructure - 0.08%*				155	209

Life and Health Insurance	Life and Health Insurance						Life and Health Insurance
Angle Health, Inc.	Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	29	Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	28
Beam Technologies Inc.	Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	81	Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	4	Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	7
Total Life and Health Insurance - 0.04%*					120	114
Total Life and Health Insurance - 0.05%*							Total Life and Health Insurance - 0.05%*				120	142

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

Medical Software and Information Services	Medical Software and Information Services						Medical Software and Information Services
HI LLC (Kernel)	HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48	2	HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48	—
HI LLC (Kernel)	HI LLC (Kernel)	Common Stock(2)	2/28/2023	175,000	44	44	HI LLC (Kernel)	Common Stock(2)	2/28/2023	175,000	44	2
Total Medical Software and Information Services - 0.02%*					92	46
Total Medical Software and Information Services - —%*							Total Medical Software and Information Services - —%*				92	2

Multimedia and Design Software	Multimedia and Design Software						Multimedia and Design Software
Hover Inc.	Hover Inc.	Preferred Stock	9/30/2022	45,910	77	83	Hover Inc.	Preferred Stock	9/30/2022	45,910	77	83
Spire Animation Studios, Inc.	Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	81	Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	—
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	—
					185	186					185	—
Total Multimedia and Design Software - 0.10%*					262	269
Total Multimedia and Design Software - 0.03%*							Total Multimedia and Design Software - 0.03%*				262	83

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
Skyflow Inc.	Skyflow Inc.	Preferred Stock(2)	6/26/2023	19,441	31	31	Skyflow Inc.	Preferred Stock(2)	6/26/2023	19,441	31	31
Total Network Management Software - 0.08%*	Total Network Management Software - 0.08%*				211	211	Total Network Management Software - 0.08%*				211	211

Other Financial Services	Other Financial Services						Other Financial Services
Aven Holdings, Inc.(1)	Aven Holdings, Inc.(1)	Common Stock	5/16/2023	35,857	361	361	Aven Holdings, Inc.(1)	Common Stock	5/16/2023	35,857	361	343
Jerry Services, Inc.	Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	11	Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	5
N26 GmbH(1)(3)	N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	162	N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	158
Relay Commerce, Inc.	Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	36	Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	36
Total Other Financial Services - 0.21%*					602	570
Relay Commerce, Inc.							Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	4
Relay Commerce, Inc.							Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	7
											71	47
Real Estate Services
Belong Home, Inc.		Preferred Stock(2)	2/15/2022	7,730	6	15
Demain ES(1)(3)		Preferred Stock	12/30/2021	3,191	153	—
Total Other Financial Services - 0.20%*							Total Other Financial Services - 0.20%*				613	553


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023									TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value		Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Real Estate Services									Real Estate Services
Belong Home, Inc.									Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6		15
Demain ES(1)(3)									Demain ES(1)(3)	Preferred Stock	12/30/2021	3,191	153		—
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
Firemaps, Inc.	Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33		33		Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33		33
Homelight, Inc.	Homelight, Inc.	Preferred Stock(2)	7/27/2022	2,446	8		8		Homelight, Inc.	Preferred Stock(2)	7/27/2022	2,446	8		8
Homeward, Inc.	Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148		18		Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148		18
McN Investments Ltd.(1)(3)	McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15		6		McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15		6
Mynd Management, Inc.	Mynd Management, Inc.	Preferred Stock(2)	5/27/2020	43,472	83		113		Mynd Management, Inc.	Preferred Stock(2)	5/27/2020	43,472	83		113
Mynd Management, Inc.	Mynd Management, Inc.	Preferred Stock(2)	5/25/2022	1,544	1		1		Mynd Management, Inc.	Preferred Stock(2)	5/25/2022	1,544	1		1
Mynd Management, Inc.	Mynd Management, Inc.	Preferred Stock(2)	6/29/2023	16,471	11		11		Mynd Management, Inc.	Preferred Stock(2)	6/29/2023	16,471	11		11
					95		125						95		125
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	88,762	122		217		True Footage, Inc.	Preferred Stock	11/24/2021	88,762	122		217
YDC, Inc.	YDC, Inc.	Preferred Stock	12/10/2021	25,509	116		133		YDC, Inc.	Preferred Stock	12/10/2021	25,509	116		31
Total Real Estate Services - 0.82%*					1,223		2,262
Total Real Estate Services - 0.79%*									Total Real Estate Services - 0.79%*				1,223		2,160

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	44,872	30		113		Sylva, Inc.	Preferred Stock	7/12/2021	44,872	30		113
Sylva, Inc.	Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		113		Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		113
					60		226						60		226
Total Social/Platform Software - 0.09%*	Total Social/Platform Software - 0.09%*				103		251		Total Social/Platform Software - 0.09%*				103		251

Software Development Applications	Software Development Applications								Software Development Applications
Appex Group, Inc.	Appex Group, Inc.	Preferred Stock(2)	11/15/2021	14,621	—		—		Appex Group, Inc.	Preferred Stock(2)	11/15/2021	14,621	—		—
Appex Group, Inc.(11)	Appex Group, Inc.(11)	Preferred Stock(2)	4/14/2022	—	—		—		Appex Group, Inc.(11)	Preferred Stock(2)	4/14/2022	—	—		—
					—		—						—		—
Forte Labs, Inc.	Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		223		Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		223
Total Software Development Applications - 0.08%*	Total Software Development Applications - 0.08%*				65		223		Total Software Development Applications - 0.08%*				65		223

Total Warrant Investments - 6.42%*					$	13,905	$	17,610
Total Warrant Investments - 6.34%*									Total Warrant Investments - 6.34%*				$	14,506	$	17,285


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023									TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value		Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Equity Investments(9)	Equity Investments(9)								Equity Investments(9)

Business Applications Software	Business Applications Software								Business Applications Software
DialPad, Inc.	DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	$	70	$	92	DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	$	70	$	92
Filevine, Inc.	Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		143		Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		143
Flashparking, Inc.	Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		272		Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	272		266
Tide Platform Limited(1)(3)	Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		415		Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		400
Uniphore Technologies, Inc.	Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82		Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.37%*					1,101		1,004
Total Business Applications Software - 0.36%*									Total Business Applications Software - 0.36%*				1,100		983

Business Products and Services	Business Products and Services								Business Products and Services
Certamen Ventures Inc.	Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		178		Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		178
Elsker, Inc.	Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55		Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
MXP Prime Platform GmbH(1)(3)	MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	—	570		6		MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	—	570		6
MXP Prime Platform GmbH(1)(3)	MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		63		MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		61
MXP Prime Platform GmbH(1)(3)	MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		25		MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		24
					595		94						595		91
Printify, Inc.	Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50		Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50
Strata Identity, Inc.	Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244		Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.23%*	Total Business Products and Services - 0.23%*				1,150		621		Total Business Products and Services - 0.23%*				1,150		618

Business to Business Marketplace	Business to Business Marketplace								Business to Business Marketplace
Material Technologies Corporation	Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	260		216		Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		217
Material Technologies Corporation	Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		157		Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		157
Material Technologies Corporation	Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		366		Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		366
Total Business to Business Marketplace - 0.27%*	Total Business to Business Marketplace - 0.27%*				949		739		Total Business to Business Marketplace - 0.27%*				950		740

Consumer Finance	Consumer Finance								Consumer Finance
Activehours, Inc.	Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		132		Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		151
Total Consumer Finance - 0.05%*					100		132
Total Consumer Finance - 0.06%*									Total Consumer Finance - 0.06%*				100		151

Consumer Products and Services	Consumer Products and Services								Consumer Products and Services
Divvy Homes Inc.	Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		95		Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		95
Divvy Homes Inc.	Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		5		Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		5
					100		100						100		100
Ever/Body, Inc.	Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		187		Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		187
Everdrop GmbH(1)(3)	Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		55		Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		53
Hydrow, Inc.	Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		210		Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		210
Hydrow, Inc.	Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		146		Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		146
					331		356						331		356
JOKR S.a.r.l.(1)(3)	JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,593	375		368		JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,688	375		328
JOKR S.a.r.l.(1)(3)	JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,107	75		73		JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,575	75		95
					450		441						450		423
NxFoods GmbH(1)(3)	NxFoods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250		250		NxFoods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250		250
Pair Eyewear, Inc.	Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		11		Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		10
VanMoof Global Holding B.V.(1)(3)	VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	8/9/2021	56,023	168		—		VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	8/9/2021	56,023	168		—
Well Dot, Inc.	Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322		Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322
Total Consumer Products and Services - 0.63%*					1,961		1,722
Total Consumer Products and Services - 0.62%*									Total Consumer Products and Services - 0.62%*				1,961		1,701

E-Commerce - Personal Goods	E-Commerce - Personal Goods								E-Commerce - Personal Goods
Forum Brands, LLC	Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		45		Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		47
Merama Inc.	Merama Inc.	Preferred Stock(2)	4/19/2021	5,433	31		57		Merama Inc.	Preferred Stock(2)	4/19/2021	5,433	31		57
Merama Inc.	Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13		80		Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13		80
Merama Inc.	Merama Inc.	Preferred Stock(2)	9/1/2021	3,862	62		60		Merama Inc.	Preferred Stock(2)	9/1/2021	3,862	62		60
					106		197						106		197
Total E-Commerce - Personal Goods - 0.09%*	Total E-Commerce - Personal Goods - 0.09%*				196		242		Total E-Commerce - Personal Goods - 0.09%*				196		244

Elder and Disabled Care	Elder and Disabled Care								Elder and Disabled Care


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value	Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Honor Technology, Inc.	Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228	Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228
Honor Technology, Inc.	Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66	Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66
Total Elder and Disabled Care - 0.11%*	Total Elder and Disabled Care - 0.11%*				264	294	Total Elder and Disabled Care - 0.11%*				264	294

Energy	Energy						Energy
Arcadia Power, Inc.	Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	245	Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	174
Kobold Metals Company	Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	700	Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	700
Total Energy - 0.34%*					867	945
Total Energy - 0.32%*							Total Energy - 0.32%*				867	874

Financial Services	Financial Services						Financial Services
Overtime Sports, Inc.	Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	150	Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	150
Total Financial Services - 0.05%*					150	150
Total Financial Services - 0.06%*							Total Financial Services - 0.06%*				150	150

Food Products	Food Products						Food Products
Koatji, Inc.(1)(3)	Koatji, Inc.(1)(3)	Preferred Stock(2)	2/15/2023	155,164	50	50	Koatji, Inc.(1)(3)	Preferred Stock(2)	2/15/2023	155,164	50	50
Total Food Products - 0.02%*	Total Food Products - 0.02%*				50	50	Total Food Products - 0.02%*				50	50

General Media and Content	General Media and Content						General Media and Content
Redesign Health Inc.	Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100	100	Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100	100
Total General Media and Content - 0.04%*	Total General Media and Content - 0.04%*				100	100	Total General Media and Content - 0.04%*				100	100

Healthcare Services	Healthcare Services						Healthcare Services
Calibrate Health, Inc.	Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	333	Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	333
Levels Health Inc.	Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187	187	Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187	187
Pet Folk Inc.	Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200	200	Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200	285
Total Healthcare Services - 0.26%*					720	720
Total Healthcare Services - 0.30%*							Total Healthcare Services - 0.30%*				720	805

Healthcare Technology Systems	Healthcare Technology Systems						Healthcare Technology Systems
Capsule Corporation	Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13	3	Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13	3
Capsule Corporation	Capsule Corporation	Preferred Stock(2)	12/29/2022	519	2	2	Capsule Corporation	Preferred Stock(2)	12/29/2022	519	2	2
Total Healthcare Technology Systems - —%*	Total Healthcare Technology Systems - —%*				15	5	Total Healthcare Technology Systems - —%*				15	5

Information Services (B2C)	Information Services (B2C)						Information Services (B2C)
Kasa Living, Inc.	Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150	150	Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150	150
Total Information Services (B2C) - 0.05%*					150	150
Total Information Services (B2C) - 0.06%*							Total Information Services (B2C) - 0.06%*				150	150

Infrastructure	Infrastructure						Infrastructure
GoEuro Corp.(1)(3)	GoEuro Corp.(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82	149	GoEuro Corp.(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82	149
GoEuro Corp.(1)(3)	GoEuro Corp.(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79	115	GoEuro Corp.(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79	115
Total Infrastructure - 0.10%*	Total Infrastructure - 0.10%*				161	264	Total Infrastructure - 0.10%*				161	264

Life and Health Insurance	Life and Health Insurance						Life and Health Insurance
Beam Technologies Inc.	Beam Technologies Inc.	Preferred Stock(2)	1/5/2021	1,901	80	80	Beam Technologies Inc.	Preferred Stock(2)	1/5/2021	1,901	80	87
Total Life and Health Insurance - 0.03%*	Total Life and Health Insurance - 0.03%*				80	80	Total Life and Health Insurance - 0.03%*				80	87

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

Other Financial Services	Other Financial Services						Other Financial Services
Jerry Services, Inc.	Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8	8	Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8	6
N26 GmbH(1)(3)	N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690	945	N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690	918
Total Other Financial Services - 0.35%*					698	953
Total Other Financial Services - 0.34%*							Total Other Financial Services - 0.34%*				698	924

Real Estate Services	Real Estate Services						Real Estate Services
Belong Home, Inc.	Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29	29	Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29	29
Habyt GmbH	Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443	443	Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443	431
McN Investments Ltd.(1)(3)	McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20	14	McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20	14
True Footage, Inc.	True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100	110	True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100	110
Total Real Estate Services - 0.22%*					592	596
Total Real Estate Services - 0.21%*							Total Real Estate Services - 0.21%*				592	584


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2023
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023									TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2023
Company	Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value		Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Software Development Applications	Software Development Applications								Software Development Applications
Forte Labs, Inc.	Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		303		Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		303
Total Software Development Applications - 0.11%*	Total Software Development Applications - 0.11%*				250		303		Total Software Development Applications - 0.11%*				250		303

Total Equity Investments - 3.33%*	Total Equity Investments - 3.33%*				$	9,612	$	9,128	Total Equity Investments - 3.33%*				$	9,612	$	9,085

Total Investments in Portfolio Companies - 163.30%*(4)					$	460,009	$	448,085
Total Investments in Portfolio Companies - 156.89%*(4)									Total Investments in Portfolio Companies - 156.89%*(4)				$	443,251	$	427,776

Total Investments - 163.30%*(5)					$	460,009	$	448,085
Total Investments - 156.89%*(5)									Total Investments - 156.89%*(5)				$	443,251	$	427,776


Foreign Currency Forward Contracts - .07%*

Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Gain
British Pound Sterling (GBP)	11/1/2023	Zions Bancorporation, N.A.	£	7,000	Sold	$	8,715	$	171
Euro (EUR)	11/1/2023	Zions Bancorporation, N.A.	€	2,000	Sold	$	2,144	$	27
						$	10,859	$	198

_______________

(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, 2023, non-qualifying assets represented ~~15.1%~~13.9% of the Company’s total assets, at fair value.

(2)As of ~~June~~September 30, 2023, this investment was not pledged as collateral as part of the Company’s revolving credit facility.

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act 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, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled ~~$448.1~~$427.8 million at fair value and represented ~~163.3%~~156.9% of the Company’s net assets. In addition, unless otherwise indicated, as of ~~June~~September 30, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(5)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled ~~$9.5~~$9.0 million, ~~$21.4~~$24.5 million and ~~$11.9~~$15.5 million, respectively, for the ~~June~~September 30, 2023 investment portfolio. The tax cost of investments is ~~$460.0~~$443.2 million.

(7)Debt is on non-accrual status as of ~~June~~September 30, 2023 and is therefore considered non-income producing. Non-accrual investments as of ~~June~~September 30, 2023 had a total cost and fair value of ~~$24.5~~$29.8 million and ~~$12.8~~$14.5 million, respectively.

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

(9)Non-income producing investments.

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

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

* Value as a percentage of net assets.


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	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	$	2,238	$	2,405	$	2,411	3/31/2024
Total Aerospace and Defense - 0.85%*			2,238		2,405		2,411

Application Software
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	5/17/2022	667		664		664		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)	7/21/2022	700		694		694		7/31/2024
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		454		454		9/30/2024
Total Application Software - 0.64%*			1,827		1,812		1,812

Business Applications Software
Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)	9/30/2022	3,000		2,964		2,964		9/30/2024
Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)(2)	12/29/2022	1,000		979		979		12/31/2024
			4,000		3,943		3,943
FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		10,064		10,064		6/30/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/24/2021	338		343		343		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/28/2021	547		553		553		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278		283		283		10/31/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	1/21/2022	347		348		348		1/31/2024
			11,510		11,591		11,591
Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)(2)	12/21/2022	7,000		6,871		6,871		6/30/2026
Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	3,221		3,446		3,116		11/30/2023
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,839		1,563		4/30/2024
			4,989		5,285		4,679
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,015		1,995		6/30/2024
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,015		1,995		6/30/2024
			4,000		4,030		3,990
Total Business Applications Software - 10.92%*			31,499		31,720		31,074

Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 11.00% floor, 6.00% EOT payment)	9/9/2022	2,000		1,955		1,955		9/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,800		1,800		1,800		11/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 5.75% EOT payment)	11/18/2021	4,200		4,295		4,295		11/30/2023
			6,000		6,095		6,095
Cart.com, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)(2)	12/30/2021	5,000		4,965		4,965		12/31/2025
Cart.com, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.75% EOT payment)(2)	11/8/2022	1,000		983		983		5/31/2026
			6,000		5,948		5,948
Certamen Ventures Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 7.75% floor, 3.00% EOT payment)	11/30/2021	6,945		6,988		6,988		11/30/2024
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	2/15/2022	1,940		1,945		1,945		8/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	4/25/2022	1,828		1,819		1,819		10/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	8/1/2022	705		695		695		1/31/2026


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value		Maturity Date
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	10/7/2022	2,526	2,474	2,474		4/30/2026
			6,999	6,933	6,933
Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	4,872	4,915	4,915		7/31/2024
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	5/4/2022	1,500	1,472	1,472		5/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422	2,469	1,857		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	591	591		12/31/2025
RenoRun, Inc.(1)(3)	Convertible Note (4.00% interest rate)(2)	12/30/2021	300	300	300		12/30/2023
			900	891	891	0
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	474	473		6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 7.50% EOT payment)(2)	6/15/2022	472	468	479		6/15/2023
			956	942	952
Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)(2)	12/16/2022	4,500	4,145	4,145
Total Business Products and Services - 14.81%*			43,094	42,753	42,151

Business/Productivity Software
Construction Finance Corporation	Revolver (Prime + 6.25% interest rate, 9.50% floor, 3.25% EOT payment)(2)	7/8/2022	28	28	28		1/7/2024
Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)(2)	9/14/2022	4,000	3,973	3,973		3/31/2026
Manufactured Networks, Inc.	Revolver (Prime + 7.75% interest rate, 7.75% floor, 2.00% EOT payment)(2)	5/6/2022	250	253	253		11/6/2023
Manufactured Networks, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	10/24/2022	500	495	495		4/30/2026
			750	748	748
Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.34% cash interest rate + 4.16% PIK, 7.60% EOT payment)(2)	3/30/2022	1,042	1,039	1,039		3/31/2027
Total Business/Productivity Software - 2.03%*			5,820	5,788	5,788

Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	3,000	2,942	2,942		2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	2,500	2,451	2,451		2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	1,000	981	981		2/28/2026
			6,500	6,374	6,374
Iris Automation, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 4.75% EOT payment)(2)	2/11/2022	1,000	993	993		2/28/2025
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	110	107	107		10/31/2026
Total Computer Hardware - 2.63%*			7,610	7,474	7,474

Consumer Finance
Activehours, Inc.	Revolver (Prime + 4.25% interest rate, 8.50% floor, 0.00% EOT payment)(2)	12/30/2022	10,000	9,891	9,786		12/30/2025
Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)(2)	5/6/2022	8,500	8,444	8,444		11/30/2024
Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)(2)	7/14/2022	5,500	5,435	5,435		1/31/2025
			24,000	23,770	23,665
The Aligned Company	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)	10/27/2021	6,000	6,071	6,071		4/30/2025
Vestwell Holdings Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 8.00% EOT payment)(2)	9/30/2022	7,000	6,931	6,931		3/31/2026
Total Consumer Finance - 12.88%*			37,000	36,772	36,667

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	2,551	2,539		6/30/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	1,005	1,005	6/30/2025
Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 9.00% EOT payment)(2)	10/31/2022	1,000	990	990	10/31/2025
			2,000	1,995	1,995
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	375	374	372	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	251	250	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	375	373	5/31/2025
			1,000	1,000	995
Total Consumer Non-Durables - 1.94%*			5,500	5,546	5,529

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	758	758	1/31/2025
Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	12/19/2022	250	246	246	12/31/2024
			1,000	1,004	1,004
The Black Tux, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	10,000	9,991	9,991	5/31/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)(2)	10/13/2022	2,520	2,496	2,625	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,512	1,497	1,575	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,642	1,626	1,706	4/30/2026
			5,674	5,619	5,906
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	702	693	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	258	275	7/31/2025
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	11/14/2022	69	65	67	11/30/2025
			1,060	1,025	1,035
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	100	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	100	100	7/31/2025
			250	250	250
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	333	331	331	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	110	110	5/31/2025
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	12/9/2022	222	218	218	9/30/2025
			666	659	659
Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	665	667	667	9/30/2024
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	4,800	4,697	4,697	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	2,250	2,198	2,198	6/30/2025
			7,715	7,562	7,562
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,231	1,202	7/31/2025
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,222	1,190	10/31/2025
			2,500	2,453	2,392
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	75	5/31/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/24/2022	500	497	497	5/31/2025
			607	603	603
Good Eggs, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)	8/12/2021	3,626	3,684	3,665	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	2,974	2,957	5/31/2025
			6,626	6,658	6,622
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,709	1,697	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	3,376	3,352	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	5,139	5,099	2/28/2025
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	5,134	5,094	2/28/2025
			15,000	15,358	15,242
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	1,288	1,282	8/9/2023
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	4,811	4,743	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	985	985	8/31/2026
			7,252	7,084	7,010
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)(2)	12/28/2022	2,000	1,957	1,957	12/31/2025
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	1,000	1,000	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	520	513	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	290	306	8/31/2026
			838	810	819
Nate, Inc.(7)	Growth Capital Loan (Prime + 1.00% interest rate, 4.25% floor, 0.50% EOT payment)(2)	3/3/2022	2,354	2,309	626	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	3/3/2022	1,562	1,535	415	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	4/26/2022	3,124	3,059	831	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)(2)	4/26/2022	780	767	207	5/31/2023
			7,820	7,670	2,079
NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	588	584	584	6/30/2026
NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	207	203	203	12/31/2026
			795	787	787
Project 1920, Inc.	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	351	351	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	1,011	1,004	8/31/2024
Tempo Interactive Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	4/27/2022	5,625	5,636	5,636	4/30/2025
Untitled Labs, Inc.	Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)	6/23/2022	417	411	404	6/30/2026
Untitled Labs, Inc.	Growth Capital Loan (13.00% interest rate, 5.00% EOT payment)(2)	10/20/2022	583	571	566	10/31/2026
			1,000	982	970
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	2/1/2021	3,461	3,489	3,008	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	1,753	1,491	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	796	731	1/31/2026
VanMoof Global Holding B.V.(1)(3)	Revolver (Prime + 4.75% interest rate, 4.75% floor, 6.00% EOT payment)(2)	10/31/2022	1,500	1,485	1,475	10/31/2023
			7,513	7,523	6,705


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Total Consumer Products and Services - 27.96%*			86,291	85,993	79,584

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	7/21/2021	1,228	1,238	1,111	7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	10/13/2021	1,141	1,131	1,122	10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	11/19/2021	1,155	1,189	1,179	11/30/2024
Total Cultivation - 1.20%*			3,524	3,558	3,412

Database Software
SiSense, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	12/28/2021	6,500	6,612	6,612	6/30/2024
Total Database Software - 2.32%*			6,500	6,612	6,612

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	12,498	12,422	12,417	3/31/2025
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,053	10,053	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	4,630	4,613	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	2,965	2,945	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	986	980	9/30/2025
			8,500	8,581	8,538
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,616	6,570	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	993	983	12/31/2025
			7,500	7,609	7,553
Total E-Commerce - Clothing and Accessories - 13.55%*			38,498	38,665	38,561

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/6/2021	3,477	3,534	3,500	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/21/2021	263	267	264	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	8/10/2021	315	319	316	8/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	10/6/2021	1,458	1,468	1,448	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	947	950	936	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	2,540	2,550	2,511	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	848	848	834	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	324	324	319	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	57	57	56	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	1/28/2022	1,836	1,830	1,797	1/31/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	700	691	677	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	263	260	255	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	9/21/2022	1,710	1,664	1,619	9/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	11/1/2022	3,078	2,985	2,900	10/31/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	12/22/2022	184	177	172	12/31/2024
			18,000	17,924	17,604


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	5/17/2021	1,563	1,591	1,572	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	743	733	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,579	1,558	8/31/2024
			3,856	3,913	3,863
Total E-Commerce - Personal Goods - 7.54%*			21,856	21,837	21,467

Energy
Arcadia Power, Inc.	Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)(2)	5/6/2022	5,000	4,997	4,868	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	6/29/2022	5,000	4,913	4,813	12/31/2026
Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	5,000	5,035	4,973	12/31/2024
Total Energy - 5.15%*			15,000	14,945	14,654

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	943	937	929	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	2,992	2,992	5/31/2025
Total Entertainment Software - 1.38%*			3,943	3,929	3,921

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	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	705	705	4/30/2025
			1,000	1,001	1,001
Zolve Innovations Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 0.00% EOT payment)	7/28/2022	1,000	985	985	1/31/2025
Total Financial Software - 0.70%*			2,000	1,986	1,986

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	1,330	12/31/2022
AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	268	271	234	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	907	947	8/31/2026
Total Food Products - 0.82%*			2,460	2,508	2,511

Healthcare Services
Hey Favor, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.25% EOT payment)	8/5/2022	8,000	7,904	7,904	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	729	729	10/31/2024
Total Healthcare Services - 3.03%*			8,727	8,633	8,633

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	5,238	5,238	12/31/2024
Medly Health Inc.	Growth Capital Loan (Prime + 9.00% interest rate, 16.00% floor, 3.00% EOT payment)(2)(13)	12/14/2022	220	168	168	2/11/2023
Medly Health Inc.	Growth Capital Loan (Prime + 9.00% interest rate, 16.00% floor, 3.00% EOT payment)(2)(13)	12/21/2022	732	732	732	2/11/2023
			952	900	900
Total Healthcare Technology Systems - 2.16%*			5,952	6,138	6,138

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	3,013	3,013	6/30/2023
Total Human Capital Services - 1.06%*			3,010	3,013	3,013


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date

Infrastructure
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	5,000	5,298	5,328	10/31/2024
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	2,500	2,649	2,664	10/31/2024
Total Infrastructure - 2.81%*			7,500	7,947	7,992

Life and Health Insurance
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	12/30/2022	500	478	478	12/31/2025
Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,133	8,133	2/28/2025
Total Life and Health Insurance - 3.03%*			8,500	8,611	8,611

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (10.75% interest rate, 4.25% EOT payment)	7/1/2021	2,500	2,518	2,487	12/31/2024
Total Medical Software and Information Services - 0.87%*			2,500	2,518	2,487

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 9.50% floor, 5.50% EOT payment)	9/30/2022	5,000	4,895	4,895	3/31/2027
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	8/12/2021	1,975	2,021	2,007	2/29/2024
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	9/30/2021	1,265	1,265	1,256	3/31/2024
			3,240	3,286	3,263
Total Multimedia and Design Software - 2.87%*			8,240	8,181	8,158

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	498	485	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	3,021	3,021	8/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	10/5/2022	1,463	1,432	1,432	10/31/2025
			4,538	4,453	4,453
Total Other Financial Services - 1.73%*			5,038	4,951	4,938

Real Estate Services
Common Living Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 9.25% EOT payment)	4/30/2021	2,500	2,626	2,619	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	4,879	4,866	4/30/2024
			7,242	7,505	7,485
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,263	2,111	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	2,263	2,111	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/4/2022	2,051	2,003	2,057	7/31/2025
			6,587	6,529	6,279
Homelight, Inc.	Growth Capital Loan (17.25% interest rate, 0.00% EOT payment)(2)	12/30/2022	500	491	491	12/31/2026
Homeward, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)	12/30/2021	4,000	4,066	4,043	6/30/2024
Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)(2)	12/30/2022	4,000	3,886	3,865	12/31/2024
			8,000	7,952	7,908
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	400	400	2/28/2023
MCN Investments Ltd.(1)(3)	Growth Capital Loan (Prime + 3.38% interest rate, 6.63% floor, 1.25% EOT payment)(2)	8/24/2022	400	400	400	2/28/2023
			800	800	800


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/25/2022	1,000	1,016	1,016	5/31/2024
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	12/27/2022	1,000	989	989	12/31/2024
			2,000	2,005	2,005
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.00% EOT payment)	6/25/2021	2,139	2,138	1,810	6/30/2024
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)	12/30/2021	1,958	1,922	1,658	12/31/2025
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.75% EOT payment)(2)	8/16/2022	5,875	5,818	4,973	8/31/2026
			9,972	9,878	8,441
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	9/4/2020	2,000	2,106	2,109	3/31/2023
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	10/29/2020	500	525	525	4/30/2023
			2,500	2,631	2,634
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	250	245	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	799	781	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	220	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	441	431	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	208	204	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	151	147	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,370	1,338	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	759	741	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170	170	166	1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116	115	112	2/28/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300	298	291	3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110	1,100	1,071	4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991	982	956	4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216	214	208	5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200	197	191	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100	98	96	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150	146	141	12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361	352	341	12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565	551	533	12/31/2025
			8,584	8,526	8,311
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/10/2021	2,400	2,387	2,387	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	1,560	1,560	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	969	969	9/30/2025
			5,000	4,916	4,916
Total Real Estate Services - 17.31%*			51,185	51,233	49,270


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	1,789		1,777		1,772		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		1,123		1,117		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		1,507		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		1,808		1,799		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		1,809		1,800		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	900		904		900		12/31/2024
Total Social/Platform Software - 3.12%*			8,903		8,928		8,888

Total Debt Investments - 145.29%*			$	424,215	$	424,456	$	413,558


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Warrant Investments(8)(9)

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

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

Business Applications Software
Blueboard Inc.	Common Stock	3/11/2021	209,302	42		137
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		59
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		118
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		575
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144
				450		719
Morty, Inc.	Preferred Stock(2)	10/1/2021	88,980	66		66
Narvar, Inc.	Preferred Stock(2)	8/28/2020	87,159	102		102
Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		74
Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		53
Total Business Applications Software - 0.47%*				781		1,328

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		50
Cardless Inc.	Common Stock	11/18/2021	12,903	28		58
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		94
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		5
				125		99
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		47
Certamen Ventures Inc.	Preferred Stock(2)	12/1/2022	90,266	33		33
				75		80
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		134
Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		205
Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		22
Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		15
				374		242
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	114,041	26		9
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
RenoRun, Inc.(1)(3)	Preferred Stock	12/30/2021	4,242	93		93
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock(2)	12/16/2022	51,590	308		308
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		25
Total Business Products and Services - 0.44%*				1,380		1,260

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

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
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(2)	5/27/2020	115,073	54	54
Total Communication Software - 0.02%*				54	54

Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	27
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	62,874	77	148
Iris Automation, Inc.	Preferred Stock(2)	2/11/2022	43,365	24	24
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	21,909	28	28
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	13,940	92	58
Total Computer Hardware - 0.10%*				300	285

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	267
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	33
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	80
				225	380
Cherry Technologies Inc.	Preferred Stock(2)	11/23/2021	77,891	195	406
The Aligned Company	Preferred Stock	10/21/2021	17,564	50	772
The Aligned Company	Preferred Stock	10/21/2021	569	8	8
				58	780
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	772
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.83%*				576	2,368

Consumer Non-Durables
Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	8
Athletic Greens International, Inc.	Preferred Stock(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	12
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	16
				30	28
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Underground Enterprises, Inc.(12)	Preferred Stock(2)	5/18/2022	—	—	—
Total Consumer Non-Durables - 0.02%*				64	49

Consumer Products and Services
Baby Generation, Inc.	Common Stock	1/26/2022	10,307	8	8
The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	395
Clutter Inc.	Preferred Stock(2)	9/30/2020	19,649	113	113
Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	36
Elektra Mobility Inc.(12)	Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	12
Ever/Body, Inc.	Preferred Stock	9/7/2021	281,262	138	202
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	24
Flink SE(1)(3)	Common Stock(2)	4/13/2022	18	23	24
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	12
Good Eggs, Inc.	Preferred Stock	8/12/2021	577,717	142	14
Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	144
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	35
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	25
				130	204
Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	115	86


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
JOKR S.a.r.l.(1)(3)	Preferred Stock	10/14/2021	20,944	536	485
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	8/10/2022	746	3	8
				539	493
Lower Holding Company	Preferred Stock(2)	12/28/2022	36,608	47	47
Mystery Tackle Box, Inc.	Preferred Stock(2)	4/29/2022	12,799	14	4
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	5
Nate, Inc.	Preferred Stock(2)	12/31/2021	53,012	230	—
NxFoods GmbH(1)(3)(12)	Preferred Stock(2)	6/1/2022	—	—	—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	5
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	2
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	10
Tempo Interactive Inc.	Preferred Stock	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	22,727	15	23
VanMoof Global Holding B.V.(1)(3)	Preferred Stock	2/1/2021	281,875	58	72
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	10/31/2022	33,112	4	4
				62	76
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	64
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
				64	73
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	8
Total Consumer Products and Services - 0.68%*				1,990	1,935

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock(2)	5/27/2020	1,278	1,221	466
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	16
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	12
Total Cultivation - 0.17%*				1,461	494

Database Software
Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	21
SiSense, Inc.	Success Fee	12/28/2021	—	95	233
Total Database Software - 0.09%*				116	254

E-Commerce - Clothing and Accessories
Dia Styling Co.(12)	Preferred Stock(2)	6/30/2022	—	—	—
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	117
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	257
TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	63
TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	8
				275	71
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	205
Total E-Commerce - Clothing and Accessories - 0.23%*				907	650

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock	7/6/2021	2,960	146	50
Forum Brands, LLC	Preferred Stock	12/23/2021	2,714	188	46
				334	96
Merama Inc.	Preferred Stock	4/28/2021	71,728	589	792
Total E-Commerce - Personal Goods - 0.31%*				923	888

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

Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	270
Arcadia Power, Inc.	Preferred Stock(2)	6/29/2022	19,795	117	117
				194	387


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	593
Total Energy - 0.34%*				231	980

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

Financial Software
Parker Group Inc.	Common Stock(2)	4/6/2022	2,667	9	9
Wisetack, Inc.(1)	Common Stock(2)	12/21/2022	11,543	42	42
Zolve Innovations Inc.	Preferred Stock	7/28/2022	3,172	9	9
Total Financial Software - 0.02%*				60	60

Food Products
AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	37
Total Food Products - 0.01%*				77	37

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

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Hey Favor, Inc.	Common Stock	12/31/2021	121,954	122	34
Levels Health Inc.	Preferred Stock	9/3/2021	47,162	37	216
Pet Folk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	12
Wispr AI, Inc.(12)	Preferred Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 0.09%*				173	263

Healthcare Technology Systems
Calibrate Health, Inc.	Preferred Stock(2)	12/31/2020	90,178	219	218
Calibrate Health, Inc.	Preferred Stock(2)	10/19/2021	28,012	35	35
				254	253
Capsule Corporation	Common Stock	5/27/2020	45,008	119	292
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	14
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56,109	228	228
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.34%*				641	974

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

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

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

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	59
Total Infrastructure - 0.02%*				90	59

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	105,338	22	21
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	81
Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	4
Total Life and Health Insurance - 0.04%*				113	106

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
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	83
Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	81
Spire Animation Studios, Inc.(12)	Preferred Stock	9/30/2021	27,559	105	—
				185	81
Total Multimedia and Design Software - 0.06%*				262	164

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

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	1,691	6	8
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	160
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	36
Total Other Financial Services - 0.07%*				239	204

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Common Living Inc.	Preferred Stock	5/27/2020	729,380	185	160
Common Living Inc.	Preferred Stock	4/30/2021	107,718	28	23
Common Living Inc.	Preferred Stock	3/18/2022	426,440	90	90
				303	273
Demain ES(1)(3)	Preferred Stock	12/30/2021	3,191	153	46
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470	1,124
Homelight, Inc.	Preferred Stock(2)	7/27/2022	2,446	8	8
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148	42
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15	6
Mynd Management, Inc.	Preferred Stock(2)	5/27/2020	43,472	83	127
Mynd Management, Inc.	Preferred Stock(2)	5/25/2022	1,544	1	1
				84	128
Ribbon Home, Inc.	Common Stock	3/5/2021	24,280	226	—
Ribbon Home, Inc.	Common Stock	12/30/2021	12,272	114	—
				340	—
Side, Inc.	Preferred Stock	7/29/2020	71,501	57	583
True Footage, Inc.	Preferred Stock	11/24/2021	91,830	126	224
YDC, Inc.	Preferred Stock	12/10/2021	25,509	116	133
Total Real Estate Services - 0.91%*				1,826	2,582

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43	25
Sylva, Inc.	Preferred Stock	7/12/2021	42,936	30	28


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Sylva, Inc.	Preferred Stock	12/21/2021	42,940	30		28
				60		56
Total Social/Platform Software - 0.03%*				103		81

Software Development Applications
Appex Group, Inc.(12)	Preferred Stock(2)	11/15/2021	14,621	—		—
Appex Group, Inc.(12)	Preferred Stock(2)	4/14/2022	—	—		—
				—		—
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		223
Total Software Development Applications - 0.08%*				65		223

Total Warrant Investments - 6.48%*				$	13,911	$	18,445


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 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		143
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		396
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		100
Total Business Applications Software - 0.35%*				1,101		1,003

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		536
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 - 0.36%*				1,125		1,025

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 - 0.37%*				950		1,058

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		132
Total Consumer Finance - 0.05%*				100		132

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		54
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		210
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		146
				331		356
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,593	375		368
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,107	75		73
				450		441
Loyalty Ventures, Inc.	Common Stock(2)(11)	11/5/2021	2,713	115		7
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	8/9/2021	56,023	168		126
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322
Total Consumer Products and Services - 0.62%*				1,816		1,756

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		45
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 - 0.10%*				196		298

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167		270
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	699		700
Total Energy - 0.34%*				866		970

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 - 0.04%*				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
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200		200
Total Healthcare Services - 0.25%*				720		720

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

Information Services (B2C)
Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150		150
Total Information Services (B2C) - 0.05%*				150		150

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		928
Total Other Financial Services - 0.33%*				698		936

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		14
Ribbon Home, Inc.	Preferred Stock(2)	6/29/2021	31,149	500		—
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		110
Total Real Estate Services - 0.05%*				649		153

Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		303
Total Software Development Applications - 0.11%*				250		303

Total Equity Investments - 3.29%*				$	9,447	$	9,373

Total Investments in Portfolio Companies - 155.07%*(4)				$	447,814	$	441,376

Total Investments - 155.07%*(5)				$	447,814	$	441,376

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2022, non-qualifying assets represented 13.6% of the Company’s total assets, at fair value.

(2)As of December 31, 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. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2022, the Company’s portfolio company investments that were subject to restrictions on sales totaled $441.4 million at fair value and represented 155.1% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 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 11 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 losses for federal income tax purposes totaled $9.3 million, $15.7 million and $6.4 million, respectively, for the December 31, 2022 investment portfolio. The tax cost of investments is $447.8 million.

(7)Debt is on non-accrual status as of December 31, 2022 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2022 had a total cost and fair value of $20.0 million and $12.4 million, respectively.

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

(9)Non-income producing investments.

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

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

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

(13)Growth capital loans also include Debtor-in-Possession (“DIP”) loans.

* 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, 2023 and December 31, 2022, Prime was ~~8.25%~~8.50% and 7.50%, respectively. As of ~~June~~September 30, 2023, approximately ~~79.5%~~79.7%, or ~~$344.0~~$329.2 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, 2022, approximately 79.3%, or $336.3 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which had interest rate floors at or above 3.25%.

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

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

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

~~June~~September 30, 2023

(unaudited)

Note 1. Organization

TriplePoint Global Venture Credit, LLC was formed on October 2, 2019 as a Maryland limited liability company. On May 27, 2020, TriplePoint Global Venture Credit, LLC changed its name to TriplePoint Private Venture Credit Inc. (the “Company”) in connection with its conversion from a Maryland limited liability company to a Maryland corporation and the commencement of its investment operations. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

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

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

Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

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

The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated.

Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”), on March 8, 2023, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.

Derivative Instruments

The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized gains/(losses) on investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains/(losses) on investments in the Consolidated Statements of Operations.

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 average adjusted gross assets, including assets purchased with borrowed funds. The base management fee will be calculated based on the average value of the Company’s gross assets at the end of its two most recently completed calendar quarters.

Incentive Fee

The incentive fee, which provides the Adviser with a share of the income that it generates for the Company, consists of two components - investment income and capital gains - which are largely independent of each other, with the result that one component may be payable even if the other is not payable.

Under the investment income component, the Company will pay the Adviser each quarter 20.0% of the amount by which the Company’s pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of its net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which the Adviser receives all of such income in excess of the 2.0% level but less than 2.5%. The effect of the “catch-up” provision is that if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, the Adviser receives 20.0% of the Company’s pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. The investment income component of the incentive fee will be subject to a total return requirement, which will provide that no incentive fee in respect of the Company’s pre-incentive fee net investment income will be payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding quarters (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.

The Company will accrue, but not pay, a portion of the capital gains incentive fee with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue a capital gains incentive fee that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the capital gains component of the incentive fee, the Company will consider the cumulative aggregate unrealized capital appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company will record a capital gains incentive fee equal to 20.0% of such amount, minus the aggregate amount of the actual capital gains incentive fee paid in all prior periods. If such amount is negative, then there is no accrual for such period and previous accruals for capital gains incentive fees may be reversed. There can be no assurance that such unrealized capital appreciation will be realized in the future. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, including upon the effectuation of a merger of the Company with another entity (including an affiliated company, subject to any limitations under the 1940 Act) or the sale of all or substantially all of the Company’s assets, the termination date is treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.

Base management and incentive fees are paid in the quarter following that in which they are earned. The base management fee and income incentive fee earned by the Adviser and capital gains incentive fee accrual are included in the Company’s consolidated financial statements and summarized in the table below:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Base Management and Incentive Fees (in thousands)	Base Management and Incentive Fees (in thousands)	2023		2022		2023		2022		Base Management and Incentive Fees (in thousands)	2023		2022		2023		2022
Base management fee	Base management fee	$	1,363	$	1,232	$	2,711	$	2,305	Base management fee	$	1,378	$	1,246	$	4,089	$	3,551
Income incentive fee	Income incentive fee	$	—	$	1,948	$	—	$	3,801	Income incentive fee	$	—	$	2,265	$	—	$	6,066
Capital gains incentive fee	Capital gains incentive fee	$	—	$	(343)	$	—	$	(226)	Capital gains incentive fee	$	—	$	(1,206)	$	—	$	(1,433)

Administration Agreement

The Administration Agreement provides that the Administrator is responsible for furnishing the Company with office facilities and equipment and providing the Company with clerical, bookkeeping, recordkeeping services and other administrative services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees, or arranges for, the performance of the Company’s required administrative services, which includes being responsible for the financial and other records which the Company is required to maintain and preparing reports to the Company’s stockholders and reports and other materials filed with the SEC and any other regulatory authority. In addition, the Administrator assists the Company in determining and publishing net asset value (“NAV”), overseeing the preparation and filing of the Company’s tax returns and printing and disseminating reports and other materials to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides significant managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance.

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

For the three months ended ~~June~~September 30, 2023 and 2022, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.5 million and ~~$0.4~~$0.5 million, respectively.

For the ~~six~~nine months ended ~~June~~September 30, 2023 and 2022, expenses paid or payable by the Company to the Administrator under the Administration Agreement were ~~$1.0~~$1.5 million and ~~$0.8~~$1.3 million, respectively.

Note 4. Investments

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

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

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

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

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

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

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

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

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

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

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

•The quarterly valuation process begins with each portfolio company or investment receiving a proposed valuation by the Adviser. The Adviser’s internal valuation committee (the “Adviser Valuation Committee”) is responsible for the valuation process, including making preliminary valuation conclusions and recommendations to the Audit Committee and Board. The Adviser Valuation Committee does not include any voting members who are portfolio managers or investment professionals.

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

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

•At least 25% of the Company’s investment portfolio will receive valuation recommendations from an independent third-party valuation firm each quarter, as selected in accordance with the Company’s valuation policy. Each new portfolio investment will be reviewed by an independent third-party valuation firm within 12 months of the date of investment, and thereafter will be reviewed by an independent third-party valuation firm no later than the fourth quarter following its most recent inclusion in such review process. However, a valuation review by an independent third-party valuation firm is not required for holdings whose value is less than 1% of the Company’s gross assets (up to an aggregate of 10% of the Company’s gross assets) or those assets that the Board and/or Audit Committee has agreed to waive from such requirement.

•The Adviser and the independent third-party valuation firms, if applicable, then present their proposed valuations to the Audit Committee and Board, and the Board makes a fair valuation determination for each portfolio investment that is to be fair valued.

Debt Investments

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

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

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

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

Warrant Investments

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

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

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

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

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

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

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, 2023 and December 31, 2022. 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, 2023								December 31, 2022								Investment Type (in thousands)	September 30, 2023								December 31, 2022
		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	$	—	$	—	$	421,347	$	421,347	$	—	$	—	$	413,558	$	413,558	Debt investments	$	—	$	—	$	401,406	$	401,406	$	—	$	—	$	413,558	$	413,558
Warrant investments	Warrant investments	—		—		17,610		17,610		—		—		18,445		18,445		Warrant investments	—		—		17,285		17,285		—		—		18,445		18,445
Equity investments	Equity investments	—		—		9,128		9,128		7		—		9,366		9,373		Equity investments	—		—		9,085		9,085		7		—		9,366		9,373
Total investments	Total investments	$	—	$	—	$	448,085	$	448,085	$	7	$	—	$	441,369	$	441,376	Total investments	$	—	$	—	$	427,776	$	427,776	$	7	$	—	$	441,369	$	441,376
Derivative instruments(1)																		Derivative instruments(1)	—		198		—		198		—		—		—		—
Total investments, including derivative instruments																		Total investments, including derivative instruments	$	—	$	198	$	427,776	$	427,974	$	7	$	—	$	441,369	$	441,376

_______________

(1)Derivative instruments are carried at fair value and a level 2 security within the Company’s fair value hierarchy.

The following table shows information about Level 3 investments measured at fair value for the ~~six~~nine months ended ~~June~~September 30, 2023 and ~~June~~September 30, 2022. 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, 2023								Level 3 Investment Activity (in thousands)	For the Nine Months Ended September 30, 2023
		Debt Investments		Warrant Investments		Equity Investments		Total Investments			Debt Investments		Warrant Investments		Equity Investments		Total Investments
Fair value as of December 31, 2022	Fair value as of December 31, 2022	$	413,558	$	18,445	$	9,366	$	441,369	Fair value as of December 31, 2022	$	413,558	$	18,445	$	9,366	$	441,369
Funding and purchases of investments, at cost	Funding and purchases of investments, at cost	59,057		1,081		780		60,918		Funding and purchases of investments, at cost	72,064		1,772		780		74,616
Principal payments and sale proceeds received from investments	Principal payments and sale proceeds received from investments	(34,412)		—		—		(34,412)		Principal payments and sale proceeds received from investments	(67,533)		—		—		(67,533)
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	3,695		—		—		3,695		Amortization and accretion of premiums and discounts, net and end-of term payments	4,663		—		—		4,663
Realized losses on investments	Realized losses on investments	(18,083)		(1,087)		(500)		(19,670)		Realized losses on investments	(18,083)		(1,176)		(500)		(19,759)
Net change in unrealized gains (losses) included in earnings	Net change in unrealized gains (losses) included in earnings	(4,247)		(829)		(518)		(5,594)		Net change in unrealized gains (losses) included in earnings	(6,828)		(1,756)		(561)		(9,145)
Payment-in-kind coupon	Payment-in-kind coupon	1,779		—		—		1,779		Payment-in-kind coupon	3,565		—		—		3,565
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, 2023		$	421,347	$	17,610	$	9,128	$	448,085
Fair value as of September 30, 2023										Fair value as of September 30, 2023	$	401,406	$	17,285	$	9,085	$	427,776

Net change in unrealized losses on Level 3 investments held as of June 30, 2023		$	(10,427)	$	(830)	$	(518)	$	(11,775)
Net change in unrealized losses on Level 3 investments held as of September 30, 2023										Net change in unrealized losses on Level 3 investments held as of September 30, 2023	$	(13,008)	$	(1,756)	$	(561)	$	(15,325)


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)

_______________

(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, 2023 or the ~~six~~nine months ended ~~June~~September 30, 2022.

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, 2023 ~~the Company recognized net realized losses of $19.0 million. For the three months ended June~~and September 30, 2022, the Company recognized net realized losses of $0.2 million. and $0.2 million, respectively. For the ~~six~~nine months ended ~~June~~September 30, 2023 ~~the Company recognized net realized losses of $18.5 million. For the six months ended June~~and September 30, 2022, the Company recognized net realized losses of ~~$1.4 million.~~$18.7 million and $1.6 million, respectively.

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

Net change in unrealized losses during the three months ended ~~June~~September 30, 2023 totaled ~~$0.2~~$3.4 million, resulting primarily from market rate adjustments and foreign currency adjustments. Net change in unrealized losses for the nine months ended September 30, 2023 totaled $8.8 million, resulting primarily from market rate adjustments and foreign currency adjustments, partially offset by the reversal of previously recognized unrealized losses on investments that were written off in the period. Net change in unrealized losses for the ~~six~~three and nine months ended ~~June 30, 2023 totaled $5.5 million, resulting primarily from market rate adjustments and foreign currency adjustments. Net change in unrealized losses for the three months ended June~~September 30, 2022 totaled ~~$1.5~~$9.0 million and ~~net change in unrealized gains for the six months ended June 30, 2022 totaled $0.3~~$8.7 million, respectively, each 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, 2023 and December 31, 2022. 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, 2023

Level 3 Investments
(dollars in thousands)

September 30, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

409,625

Discounted Cash Flows

Discount Rate

11.52% - 44.97%

19.36%

Debt investments

390,173

Discounted Cash Flows

Discount Rate

11.60% - 37.4%

19.68%

11,722

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

30.00% - 100.00%

91.74%

11,233

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

10.00% - 100.00%

89.89%

Warrant investments

17,610

Black Scholes Option Pricing Model

Revenue Multiples

0.25x - 56.90x

7.84x

Warrant investments

17,285

Black Scholes Option Pricing Model

Revenue Multiples

0.25x - 56.90x

7.18x

Volatility

45.00% - 90.00%

64.53%

Volatility

45.00% - 90.00%

64.44%

Term

0.50 - 5.50 Years

3.53 Years

Term

0.25 - 5.50 Years

3.46 Years

Risk Free Rate

0.17% - 4.87%

2.56%

Risk Free Rate

0.17% - 5.03%

2.84%

Equity investments

9,128

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

60.20%

Equity investments

9,085

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

60.25%

Term

0.50 - 4.00 Years

3.27 Years

Term

0.25 - 4.00 Years

3.23 Years

Risk Free Rate

0.46% - 4.39%

2.95%

Risk Free Rate

0.46% - 4.86%

3.09%

Revenue Multiples

0.63x - 6.50x

4.91x

Revenue Multiples

0.63x - 14.00x

4.99x

Total investments

448,085

Total investments

427,776

Level 3 Investments
(dollars in thousands)

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

401,180

Discounted Cash Flows

Discount Rate

7.99% - 40.90%

18.37%

12,378

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

15.00% - 60.00%

41.41%

Warrant investments

18,445

Black Scholes Option Pricing Model

Revenue Multiples

0.25x - 56.90x

8.05x

Volatility

45.00% - 90.00%

63.69%

Term

0.50 - 5.50 Years

3.55 Years

Risk Free Rate

0.17% - 4.41%

2.28%

Equity investments

9,366

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

60.42%

Term

2.50 - 4.00 Years

3.33 Years

Risk Free Rate

0.46% - 4.39%

2.76%

Revenue Multiples

1.25x - 9.78x

3.75x

Total investments

441,369

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

Derivative Instruments

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The following is a summary of the fair value and location of the Company’s derivative instruments in the Consolidated Statements of Assets and Liabilities held as of September 30, 2023 and December 31, 2022:


		Fair Value as of
Derivative Instrument	Statement Location	September 30, 2023		December 31, 2022
Foreign currency forward contracts	Other assets	$	198	$	—
Total		$	198	$	—

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the three and nine months ended September 30, 2023 and 2022 are in the following locations in the Consolidated Statements of Operations:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivative Instrument	Statement Location	2023		2022		2023		2022
Foreign currency forward contracts	Net realized losses on investments	$	—	$	—	$	—	$	—
Foreign currency forward contracts	Net change in unrealized gains/(losses) on investments	198		—		198		—
Total		$	198	$	—	$	198	$	—

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2023:


	As of September 30, 2023
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Zions Bancorporation, N.A.	$	198	$	—	$	—	$	—	$	198
Total	$	198	$	—	$	—	$	—	$	198

_______________

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

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

Note 5. Credit Risk

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

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

Note 6. Borrowings

The following table shows the Company's outstanding debt as of ~~June~~September 30, 2023 and December 31, 2022:


Liability (in thousands)	Liability (in thousands)	June 30, 2023						December 31, 2022						Liability (in thousands)	September 30, 2023						December 31, 2022
		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	$	112,000	$	138,000	$	250,000	$	109,000	$	141,000	Revolving Credit Facility	$	250,000	$	110,000	$	140,000	$	250,000	$	109,000	$	141,000
2027 Notes	2027 Notes	75,000		75,000		—		75,000		75,000		—		2027 Notes	75,000		75,000		—		75,000		75,000		—
Total	Total	$	325,000	$	187,000	$	138,000	$	325,000	$	184,000	$	141,000	Total	$	325,000	$	185,000	$	140,000	$	325,000	$	184,000	$	141,000

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

For the Three Months Ended June 30, For the Six Months Ended June 30,
Interest Expense and Amortization of Fees (in thousands) 2023 2022 2023 2022
Revolving Credit Facility
Interest cost $ 2,540 $ 703 $ 4,913 $ 1,986
Unused fee 264 302 529 455
Amortization of costs and other fees 323 194 515 380
Revolving Credit Facility Total $ 3,127 $ 1,199 $ 5,957 $ 2,821
2027 Notes
Interest cost $ 1,099 $ 1,026 $ 2,198 $ 1,026
Amortization of costs and other fees 43 37 85 37
2027 Notes Total $ 1,142 $ 1,063 $ 2,283 $ 1,063
Total interest expense and amortization of fees $ 4,269 $ 2,262 $ 8,240 $ 3,884


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Interest Expense and Amortization of Fees (in thousands)	2023		2022		2023		2022
Revolving Credit Facility
Interest cost	$	2,501	$	1,219	$	7,414	$	3,205
Unused fee	280		339		809		794
Amortization of costs and other fees	539		219		1,055		600
Revolving Credit Facility Total	$	3,320	$	1,777	$	9,278	$	4,599

2027 Notes
Interest cost	$	1,099	$	1,099	$	3,296	$	2,124
Amortization of costs and other fees	44		41		129		78
2027 Notes Total	$	1,143	$	1,140	$	3,425	$	2,202

Total interest expense and amortization of fees	$	4,463	$	2,917	$	12,703	$	6,801

Credit Facility

On July 15, 2020, the Company’s wholly-owned subsidiary, the Financing Subsidiary, as the borrower, entered into a secured revolving credit facility (as amended, the “Credit Facility”) pursuant to a Receivables Financing Agreement (the “Receivables Financing Agreement”), by and among the Financing Subsidiary, the Company, individually and as collateral manager and as equityholder, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as the facility agent, DBNY and MUFG Union Bank, N.A. (“MUFG”), as joint lead arrangers, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, the custodian party thereto, and Vervent Inc., as backup collateral manager. As of ~~June~~September 30, 2023, commitments available total $250.0 million from four lenders—DBNY, MUFG, KeyBank National Association (“KeyBank”) and TIAA, FSB—subject to an accordion feature, which allows the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $400.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of the lenders. The Credit Facility is collateralized by all of the assets of the Financing Subsidiary, including the loans and other investments acquired by the Financing Subsidiary from time to time and collections thereon.

The revolving period under the Credit Facility is scheduled to expire on July 15, 2025, subject to an extension with the consent of the lenders and early termination if an event of default occurs or other adverse events, specified in the Receivables Financing Agreement, occur. The scheduled maturity date for the Credit Facility is January 15, 2027, unless earlier terminated in accordance with the terms of the Receivables Financing Agreement. Advances are made under the Credit Facility pursuant to a borrowing base, which generally utilizes a 55% advance rate on the applicable net loan balance of assets held by the Financing Subsidiary, subject to excess concentrations and other restrictions set forth in the Receivables Financing Agreement. Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus (i) the greater of 3-month Term SOFR and 0.50% and (ii) the credit spread adjustment, and are subject to certain minimum principal utilization amounts during the revolving period. As of ~~June~~September 30, 2023, the applicable margin is equal to 3.25% during the revolving period and increases to 4.25% 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. As of September 30, 2023 and December 31, 2022, the Company was in compliance with all covenants under the Credit Facility.

As of ~~June~~September 30, 2023 and December 31, 2022, the Company had outstanding borrowings under the Credit Facility of ~~$112.0~~$110.0 million and $109.0 million, respectively, excluding deferred credit facility costs of ~~$3.4~~$2.8 million and $1.8 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, 2023 and 2022, the Company had average outstanding borrowings under the Credit Facility of ~~$110.6~~$103.9 million and ~~$54.0~~$72.8 million, respectively, at a weighted average interest rate of ~~8.25%~~8.59% and ~~4.18%~~5.68%, respectively. During the ~~six~~nine months ended ~~June~~September 30, 2023 and 2022, the Company had average outstanding borrowings under the Credit Facility of ~~$109.8~~$107.8 million and ~~$85.9~~$81.5 million, respectively, at a weighted average interest rate of ~~8.07%~~8.24% and ~~3.85%~~4.66%, respectively. As of ~~June~~September 30, 2023 and December 31, 2022, ~~$276.2~~$268.4 million and $259.9 million, respectively, of the Company’s assets were pledged for borrowings ~~under the Credit Facility. As of June 30, 2023 and December 31, 2022, the Company was in material 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 prior to such date in accordance with their terms. In the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.86% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

Interest on the 2027 Notes is due semiannually on April 6 and October 6 each year, beginning on October 6, 2022. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $142.8 million, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2021. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. As of ~~June~~September 30, 2023 and December 31, 2022, the Company was in ~~material~~ compliance with all covenants under the 2027 Notes.

The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.7 million and $0.8 million of deferred issuance cost as of ~~June~~September 30, 2023 and December 31, 2022, respectively, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of ~~June~~September 30, 2023 and December 31, 2022, the fair value of the 2027 Notes was ~~$69.9~~$70.6 million and $69.3 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of ~~June~~September 30, 2023 and December 31, 2022:

Liability
(in thousands) June 30, 2023 December 31, 2022
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Credit Facility $ — $ — $ 112,000 $ 112,000 $ — $ — $ 109,000 $ 109,000
2027 Notes — — 69,897 69,897 — — 69,310 69,310
Total $ — $ — $ 181,897 $ 181,897 $ — $ — $ 178,310 $ 178,310


Liability (in thousands)	September 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Credit Facility	$	—	$	—	$	110,000	$	110,000	$	—	$	—	$	109,000	$	109,000
2027 Notes	—		—		70,559		70,559		—		—		69,310		69,310
Total	$	—	$	—	$	180,559	$	180,559	$	—	$	—	$	178,310	$	178,310

Note 7. Commitments and Contingencies

Commitments

As of ~~June~~September 30, 2023 and December 31, 2022, the Company’s unfunded commitments totaled ~~$88.1~~$103.8 million to 4035 portfolio companies and $137.1 million to 54 portfolio companies, respectively, of which ~~$17.5~~$9.5 million and $44.0 million, respectively, were dependent upon the applicable portfolio company reaching certain milestones before the debt commitment becomes available to them.

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

The following table shows the Company’s unfunded commitments by portfolio company as of ~~June~~September 30, 2023 and December 31, 2022:


		June 30, 2023				December 31, 2022					September 30, 2023				December 31, 2022
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
Activehours, Inc.										Activehours, Inc.	$	15,000	$	29	$	5,000	$	29
Perry Health, Inc.	Perry Health, Inc.	$	8,000	$	97	$	—	$	—	Perry Health, Inc.	8,000		97		—		—
Workstep Inc.	Workstep Inc.	8,000		22		8,000		22		Workstep Inc.	8,000		22		8,000		22
Karat Financial Technologies, Inc.	Karat Financial Technologies, Inc.	7,284		75		6,990		76		Karat Financial Technologies, Inc.	6,719		84		6,990		76
Ever/Body Inc.	Ever/Body Inc.	6,200		102		6,200		102		Ever/Body Inc.	6,200		102		6,200		102
Activehours, Inc.		5,000		29		5,000		29
Luxury Presence, Inc.										Luxury Presence, Inc.	6,000		65		—		—
Parsable, Inc.										Parsable, Inc.	6,000		111		—		—
Eightfold AI Inc.	Eightfold AI Inc.	5,000		—		5,000		—		Eightfold AI Inc.	5,000		—		5,000		—
Machinify, Inc.										Machinify, Inc.	5,000		58		—		—
Placemakr, Inc.										Placemakr, Inc.	5,000		168		—		—
Skyflow Inc.	Skyflow Inc.	5,000		56		—		—		Skyflow Inc.	5,000		56		—		—
Homeward, Inc.		4,000		—		4,000		—
JOKR	JOKR	3,748		238		3,748		238		JOKR	3,748		238		3,748		238
Loft Orbital Solutions Inc.	Loft Orbital Solutions Inc.	3,000		73		3,000		73		Loft Orbital Solutions Inc.	3,000		73		3,000		73
Lower Holding Company		3,000		66		3,000		66
Vestwell Holdings, Inc.		3,000		40		3,000		10
Highbeam, Inc.		2,875		34		—		—
FireHydrant, Inc.		2,800		68		—		—
Aven Holdings, Inc.	Aven Holdings, Inc.	2,000		—		—		—		Aven Holdings, Inc.	2,000		—		—		—
Firemaps, Inc.	Firemaps, Inc.	2,000		43		—		—		Firemaps, Inc.	2,000		43		—		—
Highbeam, Inc.										Highbeam, Inc.	1,775		21		—		—
Manufactured Networks, Inc.										Manufactured Networks, Inc.	1,616		15		1,250		15
Quantum Circuits, Inc.	Quantum Circuits, Inc.	1,590		30		2,890		55		Quantum Circuits, Inc.	1,590		30		2,890		55
FireHydrant, Inc.										FireHydrant, Inc.	1,200		29		—		—
Petfolk Inc.	Petfolk Inc.	1,434		27		2,000		38		Petfolk Inc.	1,187		22		2,000		38
Overtime Sports, Inc.	Overtime Sports, Inc.	1,143		8		1,143		8		Overtime Sports, Inc.	1,143		8		1,143		8
Athletic Greens (USA), Inc.		1,000		9		1,000		9
McN Investments Ltd.										McN Investments Ltd.	1,000		5		200		5
Pair Eyewear, Inc.										Pair Eyewear, Inc.	1,000		10		1,000		10
Relay Commerce, Inc.										Relay Commerce, Inc.	1,000		22		463		13
Substack, Inc.										Substack, Inc.	1,000		13		1,000		13
Tempus Ex Machina, Inc.										Tempus Ex Machina, Inc.	1,000		—		—		—
Wispr AI, Inc.										Wispr AI, Inc.	1,000		4		1,000		4
Worldwide Freight Logistics Ltd.										Worldwide Freight Logistics Ltd.	738		16		242		10
Metropolis Technologies, Inc.										Metropolis Technologies, Inc.	500		—		500		—
Construction Finance Corporation										Construction Finance Corporation	426		10		972		29
OnSiteIQ, Inc.										OnSiteIQ, Inc.	334		5		—		—
Homeward, Inc.										Homeward, Inc.	250		4		4,000		—
Quick Commerce, Ltd.										Quick Commerce, Ltd.	250		—		500		10
Allplants LTD										Allplants LTD	101		3		97		3
True Footage, Inc.										True Footage, Inc.	23		1		1,417		39
Encore Music Technologies, Inc.										Encore Music Technologies, Inc.	—		1		—		—

5152


		June 30, 2023				December 31, 2022					September 30, 2023				December 31, 2022
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
Belong Home, Inc.		1,000		16		1,000		16
Found Health, Inc.		1,000		6		1,000		6
Jerry Services, Inc.		1,000		—		1,500		7
Pair Eyewear, Inc.		1,000		10		1,000		10
Parker Group, Inc.		1,000		—		1,000		—
Substack, Inc.		1,000		13		1,000		13
Tempus Ex Machina, Inc.		1,000		—		—		—
Wispr AI, Inc.		1,000		4		1,000		4
Construction Finance Corporation		581		17		972		29
Manufactured Networks, Inc.		531		31		1,250		15
Relay Commerce, Inc.		513		8		463		13
Worldwide Freight Logistics Ltd.		513		16		242		10
Metropolis Technologies, Inc.		500		—		500		—
TFG Holding, Inc.		486		3		—		—
OnSiteIQ, Inc.		334		5		—		—
Homelight, Inc.		250		4		500		9
McN Investments Ltd.		200		5		200		5
Allplants LTD		101		3		97		3
NX Foods GMBH		32		2		204		4
True Footage, Inc.		23		1		1,417		39
Encore Music Technologies, Inc.		—		1		—		—
Levels Health Inc.	Levels Health Inc.	—		—		14,273		106		Levels Health Inc.	—		—		14,273		106
Canvas Construction, Inc.	Canvas Construction, Inc.	—		—		8,000		—		Canvas Construction, Inc.	—		—		8,000		—
Cardless, Inc.	Cardless, Inc.	—		—		8,000		—		Cardless, Inc.	—		—		8,000		—
The Aligned Company	The Aligned Company	—		—		7,000		43		The Aligned Company	—		—		7,000		43
Wisetack, Inc.	Wisetack, Inc.	—		—		5,000		67		Wisetack, Inc.	—		—		5,000		67
Merama Inc.	Merama Inc.	—		—		3,644		511		Merama Inc.	—		—		3,644		511
Flashparking, Inc.	Flashparking, Inc.	—		—		3,490		102		Flashparking, Inc.	—		—		3,490		102
RenoRun, Inc.	RenoRun, Inc.	—		—		3,400		130		RenoRun, Inc.	—		—		3,400		130
Lower Holding Company										Lower Holding Company	—		—		3,000		66
Vestwell Holdings, Inc.										Vestwell Holdings, Inc.	—		—		3,000		10
Elodie Games, Inc.	Elodie Games, Inc.	—		—		2,500		—		Elodie Games, Inc.	—		—		2,500		—
Trueskin GmbH	Trueskin GmbH	—		—		2,140		18		Trueskin GmbH	—		—		2,140		18
Ribbon Home, Inc.	Ribbon Home, Inc.	—		—		2,000		—		Ribbon Home, Inc.	—		—		2,000		—
Jerry Services, Inc.										Jerry Services, Inc.	—		—		1,500		7
Medly Health Inc.	Medly Health Inc.	—		—		1,391		—		Medly Health Inc.	—		—		1,391		—
Dance GmbH	Dance GmbH	—		—		1,070		20		Dance GmbH	—		—		1,070		20
Athletic Greens (USA), Inc.										Athletic Greens (USA), Inc.	—		—		1,000		9
Baby Generation, Inc.	Baby Generation, Inc.	—		—		1,000		13		Baby Generation, Inc.	—		—		1,000		13
Belong Home, Inc.										Belong Home, Inc.	—		—		1,000		16
Dia Styling Co.	Dia Styling Co.	—		—		1,000		—		Dia Styling Co.	—		—		1,000		—
Found Health, Inc.										Found Health, Inc.	—		—		1,000		6
Mystery Tackle Box, Inc.	Mystery Tackle Box, Inc.	—		—		1,000		—		Mystery Tackle Box, Inc.	—		—		1,000		—
Parker Group, Inc.										Parker Group, Inc.	—		—		1,000		—
Strata Identity, Inc.	Strata Identity, Inc.	—		—		1,000		12		Strata Identity, Inc.	—		—		1,000		12
Tripscout, Inc.	Tripscout, Inc.	—		—		1,000		12		Tripscout, Inc.	—		—		1,000		12
Angle Health, Inc.	Angle Health, Inc.	—		—		500		15		Angle Health, Inc.	—		—		500		15
Quick Commerce, Ltd.		—		—		500		10
Homelight, Inc.										Homelight, Inc.	—		—		500		9
Foodology, Inc.	Foodology, Inc.	—		—		372		10		Foodology, Inc.	—		—		372		10
Ephemeral Solutions, Inc.	Ephemeral Solutions, Inc.	—		—		333		7		Ephemeral Solutions, Inc.	—		—		333		7
NX Foods GMBH										NX Foods GMBH	—		—		204		4
Flo Health UK Limited	Flo Health UK Limited	—		—		173		3		Flo Health UK Limited	—		—		173		3
Certamen Ventures, Inc.	Certamen Ventures, Inc.	—		—		—		33		Certamen Ventures, Inc.	—		—		—		33
Leolabs, Inc.	Leolabs, Inc.	—		—		—		141		Leolabs, Inc.	—		—		—		141
		$	88,138	$	1,162	$	137,102	$	2,162
Total										Total	$	103,800	$	1,365	$	137,102	$	2,162

_______________

(1)Does not include $5.0 million backlog of potential future commitments as of December 31, 2022. As of ~~June~~September 30, 2023, the Company did not have any backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.

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

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

For the Three Months Ended June 30, For the Six Months Ended June 30,
Commitments Activity (in thousands) 2023 2022 2023 2022
Unfunded commitments at beginning of period(1)
$ 105,430 $ 309,160 $ 142,102 $ 332,993
New commitments(1)
57,776 50,123 69,220 84,452
Fundings (45,413) (63,040) (59,724) (111,127)
Expirations / Terminations (29,692) (3,582) (63,606) (13,082)
Foreign currency adjustments 37 192 146 (383)
Unfunded commitments and backlog of potential future commitments at end of period $ 88,138 $ 292,853 $ 88,138 $ 292,853
Backlog of potential future commitments — 6,250 — 6,250
Unfunded commitments at end of period $ 88,138 $ 286,603 $ 88,138 $ 286,603


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Commitments Activity (in thousands)	2023		2022		2023		2022
Unfunded commitments at beginning of period(1)	$	88,138	$	292,851	$	142,102	$	332,993
New commitments(1)	33,735		24,179		102,954		108,632
Fundings	(13,393)		(80,491)		(73,358)		(191,618)
Repayments under existing revolvers	10,874		—		11,116		—
Expirations / Terminations	(15,530)		(18,375)		(79,136)		(31,457)
Foreign currency adjustments	(24)		(342)		122		(728)
Unfunded commitments and backlog of potential future commitments at end of period	$	103,800	$	217,822	$	103,800	$	217,822
Backlog of potential future commitments	—		6,250		—		6,250
Unfunded commitments at end of period	$	103,800	$	211,572	$	103,800	$	211,572

_______________

(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, 2023 and December 31, 2022:


Unfunded Commitments(1) (in thousands)	Unfunded Commitments(1) (in thousands)	June 30, 2023		December 31, 2022		Unfunded Commitments(1) (in thousands)	September 30, 2023		December 31, 2022
Dependent on milestones	Dependent on milestones	$	17,523	$	43,987	Dependent on milestones	$	9,523	$	43,987
Expiring during:	Expiring during:					Expiring during:
2023	2023	49,007		124,487		2023	35,500		124,487
2024	2024	30,705		11,472		2024	60,438		11,472
2025	2025	8,426		1,143		2025	7,862		1,143
Unfunded commitments	Unfunded commitments	$	88,138	$	137,102	Unfunded commitments	$	103,800	$	137,102

_______________

(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, 2023, the Company did not have any backlog of potential future commitments. As of December 31, 2022, this backlog of potential future commitments totaled $5.0 million.

Note 8. Financial Highlights

The following table shows the financial highlights for the ~~six~~nine months ended ~~June~~September 30, 2023 and ~~June~~September 30, 2022:

5354


		For the Six Months Ended							For the Nine Months Ended September 30,
Financial Highlights (in thousands, except share and per share data)	Financial Highlights (in thousands, except share and per share data)	June 30, 2023			June 30, 2022			Financial Highlights (in thousands, except share and per share data)	2023			2022
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	$	14.00		$	15.67		Net asset value at beginning of period	$	14.00		$	15.67
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	1.10			0.89			Net investment income	1.61			1.46
Net realized losses on investments	Net realized losses on investments	(0.91)			(0.06)			Net realized losses on investments	(0.92)			(0.09)
Net change in unrealized gains/(losses) on investments		(0.28)			0.02
Net change in unrealized losses on investments								Net change in unrealized losses on investments	(0.44)			(0.47)
Distributions to common shareholders	Distributions to common shareholders	(0.42)			(0.33)			Distributions to common shareholders	(0.84)			(0.73)
Net asset value at end of period	Net asset value at end of period	$	13.49		$	16.19		Net asset value at end of period	$	13.41		$	15.84

Net investment income per common share	Net investment income per common share	$	1.10		$	0.89		Net investment income per common share	$	1.61		$	1.46
Net increase in net assets resulting from operations per common share	Net increase in net assets resulting from operations per common share	$	(0.08)		$	0.83		Net increase in net assets resulting from operations per common share	$	0.25		$	0.87
Weighted average shares of common stock outstanding for period	Weighted average shares of common stock outstanding for period	20,297,200			17,263,099			Weighted average shares of common stock outstanding for period	20,297,200			17,586,418
Shares of common stock outstanding at end of period	Shares of common stock outstanding at end of period	20,297,200			18,222,514			Shares of common stock outstanding at end of period	20,297,200			18,222,514

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	$	274,396		$	295,486		Net asset value at end of period	$	272,654		$	289,216
Average net asset value	Average net asset value	$	287,785		$	274,922		Average net asset value	$	284,094		$	281,117
Total return based on net asset value per share(3)	Total return based on net asset value per share(3)	(0.6)		%	5.4		%	Total return based on net asset value per share(3)	1.8		%	3.2		%
Net investment income to average net asset value(4)	Net investment income to average net asset value(4)	15.6		%	11.3		%	Net investment income to average net asset value(4)	15.4		%	12.2		%
Net increase in net assets to average net asset value(4)	Net increase in net assets to average net asset value(4)	(1.2)		%	10.5		%	Net increase in net assets to average net asset value(4)	2.4		%	7.3		%
Ratio of expenses to average net asset value(4)	Ratio of expenses to average net asset value(4)	9.1		%	8.4		%	Ratio of expenses to average net asset value(4)	9.7		%	8.3		%
Operating expenses excluding incentive fees to average net asset value(4)	Operating expenses excluding incentive fees to average net asset value(4)	9.1		%	5.7		%	Operating expenses excluding incentive fees to average net asset value(4)	9.7		%	6.1		%
Income incentive fees to average net asset value(4)	Income incentive fees to average net asset value(4)	—		%	2.8		%	Income incentive fees to average net asset value(4)	—		%	2.9		%
Capital gains incentive fees to average net asset value(4)	Capital gains incentive fees to average net asset value(4)	—		%	(0.2)		%	Capital gains incentive fees to average net asset value(4)	—		%	(0.7)		%

_____________

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

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

(3)Total return based on NAV is the change in ending NAV per common share plus distributions per common share paid during the period by the beginning NAV per common share.

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average portfolio yield on total debt investments for the ~~six~~nine months ended ~~June~~September 30, 2023 and ~~June~~September 30, 2022:


		For the Six Months Ended June 30,					For the Nine Months Ended September 30,
Ratios (Percentages, on an annualized basis)(1)	Ratios (Percentages, on an annualized basis)(1)	2023		2022		Ratios (Percentages, on an annualized basis)(1)	2023		2022
Weighted average annualized portfolio yield on total debt investments(2)	Weighted average annualized portfolio yield on total debt investments(2)	16.4	%	15.3	%	Weighted average annualized portfolio yield on total debt investments(2)	16.4	%	15.6	%
Coupon income	Coupon income	12.7	%	10.3	%	Coupon income	12.7	%	10.8	%
Accretion of discount	Accretion of discount	1.4	%	1.2	%	Accretion of discount	1.3	%	1.2	%
Accretion of end-of-term payments	Accretion of end-of-term payments	1.9	%	2.2	%	Accretion of end-of-term payments	1.9	%	2.1	%
Impact of prepayments during the period	Impact of prepayments during the period	0.4	%	1.6	%	Impact of prepayments during the period	0.5	%	1.5	%

_____________

(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:

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		For the Three Months Ended June 30,				For the Six Months Ended June 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Basic and Diluted Share Information (in thousands, except share and per share data)	Basic and Diluted Share Information (in thousands, except share and per share data)	2023		2022		2023		2022		Basic and Diluted Share Information (in thousands, except share and per share data)	2023		2022		2023		2022
Net investment income	Net investment income	$	10,992	$	8,134	$	22,328	$	15,432	Net investment income	$	10,326	$	10,264	$	32,655	$	25,696
Net increase (decrease) in net assets resulting from operations		$	(8,264)	$	6,420	$	(1,682)	$	14,300
Net increase in net assets resulting from operations										Net increase in net assets resulting from operations	$	6,798	$	1,034	$	5,116	$	15,334
Basic and diluted weighted average shares of common stock outstanding	Basic and diluted weighted average shares of common stock outstanding	20,297,200		18,222,514		20,297,200		17,263,099		Basic and diluted weighted average shares of common stock outstanding	20,297,200		18,222,514		20,297,200		17,586,418
Basic and diluted net investment income per share of common stock	Basic and diluted net investment income per share of common stock	$	0.54	$	0.45	$	1.10	$	0.89	Basic and diluted net investment income per share of common stock	$	0.51	$	0.56	$	1.61	$	1.46
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock		$	(0.41)	$	0.35	$	(0.08)	$	0.83
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	$	0.33	$	0.06	$	0.25	$	0.87

Note 10. Equity

During the three and ~~six~~nine months ended ~~June~~September 30, 2023, the Company did not issue any shares of common stock through the Company’s private placement offering. During the three months ended ~~June~~September 30, 2022, the Company did not issue any shares of common stock through the Company’s private placement offering. During the ~~six~~nine months ended ~~June~~September 30, 2022, the Company issued 4,230,678 shares of common stock at a weighted-average price of $15.88, through the Company’s private placement offering, resulting in gross proceeds to the Company of $67.5 million.

As of both ~~June~~September 30, 2023 and December 31, 2022, the Company had 20,297,200 shares of common stock outstanding. As of both ~~June~~September 30, 2023 and December 31, 2022, the Company had 525 shares of its Series A Preferred Stock outstanding. As of ~~June~~September 30, 2023, the Company had received $312.4 million of gross proceeds from its private offering of common stock.

As of ~~June~~September 30, 2023, the Company had received capital commitments totaling $386.8 million, of which $74.4 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, 2022 and December 31, 2021, the Company was subject to a 4% U.S. federal excise tax, and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with U.S. income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $0.3 million for the year ended December 31, 2022.

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, 2023.

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Date Declared

Record Date

Payment Date

Per Share Amount

Date Declared

Record Date

Payment Date

Per Share Amount

November 12, 2020

November 13, 2020

November 20, 2020

0.15

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

0.30

December 21, 2020

December 22, 2020

December 30, 2020

0.14

(1)

December 21, 2020

December 22, 2020

December 30, 2020

0.14

(1)

May 12, 2021

May 13, 2021

May 19, 2021

0.30

May 12, 2021

May 13, 2021

May 19, 2021

0.30

August 11, 2021

August 13, 2021

August 27, 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

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

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.10

(2)

December 8, 2021

December 10, 2021

December 29, 2021

0.10

(2)

April 28, 2022

May 13, 2022

May 19, 2022

0.33

April 28, 2022

May 13, 2022

May 19, 2022

0.33

July 26, 2022

August 5, 2022

August 26, 2022

0.40

July 26, 2022

August 5, 2022

August 26, 2022

0.40

October 28, 2022

November 1, 2022

November 11, 2022

0.40

October 28, 2022

November 1, 2022

November 11, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.10

(2)

December 9, 2022

December 15, 2022

December 30, 2022

0.10

(2)

April 27, 2023

May 12, 2023

May 19, 2023

0.42

April 27, 2023

May 12, 2023

May 19, 2023

0.42

July 27, 2023

August 4, 2023

August 25, 2023

0.42

Total cash distributions

3.94

Total cash distributions

4.36

_____________

(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, 2023. 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~~October 27, 2023, the Board declared a ~~$0.42~~$0.47 per share distribution to the Company’s common stockholders, payable on ~~August 25,~~November 15, 2023 to stockholders of record on ~~August 4,~~October 30, 2023.

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

Forward-Looking Statements

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

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

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

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

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

•the impact and timing of our unfunded commitments;

•the expected market for venture capital investments;

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

•the impact of investments that we expect to make;

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

•our contractual arrangements and relationships with third parties;

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

•our expected financings and investments;

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

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

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

•the adequacy of our and our portfolio companies’ available liquidity, cash resources, including our undrawn capital commitments from investors and the ability of our investors to fulfill their obligations under their respective subscription agreements, and working capital and compliance with covenants under borrowing arrangements;

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

•the potential widespread re-emergence of COVID-19 or its variants, or a similar health pandemic, and the length and duration thereof in the United States as well as worldwide, and the magnitude of its impact and time required for economic recovery, 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;

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

•a contraction of available credit, an inability or unwillingness of our lenders to fund their commitments to us and/or an inability to access capital markets or additional sources of liquidity could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

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

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

•risks associated with possible disruption in our or our portfolio companies’ operations due to the effect of, and uncertainties stemming from, adverse developments affecting the financial services industry and the venture banking ecosystem, including the recent failure of certain banking institutions, as well as due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and

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

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

Overview

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

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

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

COVID-19 Developments

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

Any significant increase in 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, 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 in our Annual Report on Form 10-K under Part I, Item 1A for the year ended December 31, 2022 for more information. As of ~~June~~September 30, 2023, we were in compliance with the asset coverage requirements under the 1940 Act and with our covenants under the Credit Facility and under the governing agreement for 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 or its variants 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 the results of operations and financial condition of us and our portfolio companies. See “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K under Part I, Item 1A, for the year ended December 31, 2022 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

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

The following tables show certain information relating to the composition of our portfolio as of ~~June~~September 30, 2023 and December 31, 2022:


		June 30, 2023										September 30, 2023
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	$	436,492	$	421,347	$	(15,145)	229	93		Debt investments	$	419,133	$	401,406	$	(17,727)	231	89
Warrant investments	Warrant investments	13,905		17,610		3,705		182	146		Warrant investments	14,506		17,285		2,779		186	150
Equity investments	Equity investments	9,612		9,128		(484)		57	45		Equity investments	9,612		9,085		(527)		56	44
Total investments in portfolio companies	Total investments in portfolio companies	$	460,009	$	448,085	$	(11,924)	468	157	(1)	Total investments in portfolio companies	$	443,251	$	427,776	$	(15,475)	473	160	(1)

_______________

(1)Represents non-duplicative number of companies.


	December 31, 2022
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	424,456	$	413,558	$	(10,898)	209	92
Warrant investments	13,911		18,445		4,534		172	143
Equity investments	9,447		9,373		(74)		51	42
Total investments in portfolio companies	$	447,814	$	441,376	$	(6,438)	432	149	(1)

_______________

(1)Represents non-duplicative number of companies.

5960

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, 2023 and December 31, 2022:


		June 30, 2023					September 30, 2023
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	$	72,875	16.3	%	Consumer Products and Services	$	71,286	16.7	%
Real Estate Services	Real Estate Services	49,072		11.0		Real Estate Services	47,991		11.2
Business Products and Services	Business Products and Services	42,723		9.5		Business Products and Services	40,278		9.4
E-Commerce - Clothing and Accessories	E-Commerce - Clothing and Accessories	39,800		8.9		E-Commerce - Clothing and Accessories	36,231		8.5
Business Applications Software	Business Applications Software	33,655		7.5		Business Applications Software	30,863		7.2
Consumer Finance		33,411		7.5
E-Commerce - Personal Goods	E-Commerce - Personal Goods	26,429		5.9		E-Commerce - Personal Goods	26,748		6.3
Energy		15,532		3.5
Business/Productivity Software	Business/Productivity Software	15,339		3.4		Business/Productivity Software	20,332		4.8
Healthcare Technology Systems	Healthcare Technology Systems	14,165		3.2		Healthcare Technology Systems	19,965		4.7
Consumer Finance						Consumer Finance	16,598		3.9
Energy						Energy	14,804		3.5
Other Financial Services	Other Financial Services	13,065		2.9		Other Financial Services	13,616		3.2
Life and Health Insurance	Life and Health Insurance	9,395		2.1		Life and Health Insurance	9,492		2.2
Information Services (B2C)	Information Services (B2C)	9,227		2.1		Information Services (B2C)	9,266		2.2
Computer Hardware	Computer Hardware	8,678		1.9		Computer Hardware	8,717		2.0
Infrastructure						Infrastructure	8,522		2.0
Social/Platform Software	Social/Platform Software	8,639		1.9		Social/Platform Software	7,252		1.7
Infrastructure		8,196		1.8
Multimedia and Design Software	Multimedia and Design Software	7,305		1.6		Multimedia and Design Software	6,516		1.5
Financial Software	Financial Software	6,910		1.5		Financial Software	5,917		1.4
Healthcare Services						Healthcare Services	5,884		1.4
Consumer Non-Durables	Consumer Non-Durables	5,839		1.3		Consumer Non-Durables	5,414		1.3
Healthcare Services		4,916		1.1
Human Capital Services						Human Capital Services	4,360		1.0
Entertainment Software	Entertainment Software	4,016		0.9		Entertainment Software	4,109		1.0
Human Capital Services		3,772		0.8
Aerospace and Defense		2,692		0.6
Medical Software and Information Services	Medical Software and Information Services	2,552		0.6		Medical Software and Information Services	2,550		0.6
Cultivation		2,523		0.6
Food Products	Food Products	2,473		0.6		Food Products	2,390		0.6
Application Software	Application Software	2,013		0.4		Application Software	2,091		0.5
Aerospace and Defense						Aerospace and Defense	2,079		0.5
Cultivation						Cultivation	1,781		0.4
Business to Business Marketplace	Business to Business Marketplace	879		0.2		Business to Business Marketplace	880		0.2
Software Development Applications	Software Development Applications	526		0.1		Software Development Applications	526		0.1
Elder and Disabled Care	Elder and Disabled Care	486		0.1		Elder and Disabled Care	486		0.1
Database Software	Database Software	254		0.1		Database Software	254		0.1
Network Management Software	Network Management Software	211		*		Network Management Software	211		*
Home Furnishings		151		*
Financial Services	Financial Services	150		*		Financial Services	150		*
General Media and Content	General Media and Content	105		*		General Media and Content	105		*
Communication Software	Communication Software	54		*		Communication Software	54		*
Logistics	Logistics	51		*		Logistics	51		*
Commercial Services	Commercial Services	6		*		Commercial Services	6		*
Household Products	Household Products	—		*		Household Products	1		*
Home Furnishings						Home Furnishings	—		*
Total portfolio company investments	Total portfolio company investments	$	448,085	100.0	%	Total portfolio company investments	$	427,776	100.0	%

_______________

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

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	December 31, 2022
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	83,275	18.9	%
Real Estate Services	52,005		11.8
Business Products and Services	44,436		10.1
E-Commerce - Clothing and Accessories	39,211		8.9
Consumer Finance	39,167		8.9
Business Applications Software	33,405		7.6
E-Commerce - Personal Goods	22,653		5.1
Energy	16,604		3.8
Healthcare Services	9,616		2.2
Social/Platform Software	8,969		2.0
Life and Health Insurance	8,797		2.0
Multimedia and Design Software	8,380		1.9
Infrastructure	8,225		1.9
Computer Hardware	7,759		1.8
Healthcare Technology Systems	7,125		1.6
Database Software	6,866		1.6
Other Financial Services	6,078		1.4
Business/Productivity Software	5,873		1.3
Consumer Non-Durables	5,578		1.3
Entertainment Software	3,936		0.9
Cultivation	3,906		0.9
Human Capital Services	3,879		0.9
Aerospace and Defense	3,497		0.8
Medical Software and Information Services	2,535		0.6
Food Products	2,364		0.5
Financial Software	2,046		0.5
Application Software	1,821		0.4
Business to Business Marketplace	1,376		0.3
Software Development Applications	526		0.1
Elder and Disabled Care	486		0.1
Information Services (B2C)	285		0.1
Network Management Software	180		*
Home Furnishings	151		*
Financial Services	150		*
General Media and Content	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Household Products	—		*
Total portfolio company investments	$	441,376	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, 2023 and December 31, 2022:


		June 30, 2023				December 31, 2022					September 30, 2023				December 31, 2022
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	$	398,845	94.7	%	$	392,025	94.8	%	Growth capital loans	$	386,317	96.2	%	$	392,025	94.8	%
Revolver loans	Revolver loans	22,502		5.3		21,233		5.1		Revolver loans	15,089		3.8		21,233		5.1
Convertible notes	Convertible notes	—		—		300		0.1		Convertible notes	—		—		300		0.1
Total debt investments	Total debt investments	$	421,347	100.0	%	$	413,558	100.0	%	Total debt investments	$	401,406	100.0	%	$	413,558	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 ~~26.3%~~24.2% and 30.4% of our debt investments at fair value as of ~~June~~September 30, 2023 and December 31, 2022, respectively.

6162

Investment Activity

During the three months ended ~~June~~September 30, 2023, we entered into debt commitments with 75 new and 6 existing portfolio companies ~~and 8 new portfolio companies~~ totaling ~~$58.0~~$33.7 million, funded debt investments to 1911 portfolio companies for ~~$45.7~~$13.4 million in principal value and acquired warrant investments representing ~~$0.9~~$0.7 million of ~~value, and made direct equity investments of $35,000.~~value. Debt investments funded during the three months ended ~~June~~September 30, 2023 carried a weighted average annualized portfolio yield of ~~13.6%~~15.2% at origination.

During the ~~six~~nine months ended ~~June~~September 30, 2023, we entered into debt commitments with 914 new and 13 existing portfolio companies ~~and 9 new portfolio companies~~ totaling ~~$70.0~~$103.0 million, funded debt investments to 3935 portfolio companies for ~~$60.8~~$74.2 million in principal value, acquired warrant investments representing ~~$1.1~~$1.8 million of value, and made direct equity investments of ~~$0.3~~$0.8 million. Debt investments funded during the ~~six~~nine months ended ~~June~~September 30, 2023 carried a weighted average annualized portfolio yield of ~~15.9%~~15.4%1 at origination.

During the three months ended ~~June~~September 30, 2022, we entered into debt commitments with 2311 new portfolio companies and 1 existing portfolio company totaling ~~$50.1~~$23.9 million, funded debt investments to 2842 portfolio companies for ~~$63.0~~$80.5 million in principal value, acquired warrant investments representing ~~$0.6~~$1.0 million of value, and made direct equity investments of ~~$1.4~~$0.9 million. Debt investments funded during the three months ended ~~June~~September 30, 2022 carried a weighted average annualized portfolio yield of ~~13.4%~~15.1% at origination.

During the ~~six~~nine months ended ~~June~~September 30, 2022, we entered into debt commitments with 3646 new portfolio companies and 79 existing portfolio companies totaling ~~$89.0~~$112.9 million, funded debt investments to 5290 portfolio companies for ~~$116.0~~$189.4 million in principal value, acquired warrant investments representing ~~$1.2~~$2.2 million of value, and made direct equity investments of ~~$3.7~~$4.1 million. Debt investments funded during the ~~six~~nine months ended ~~June~~September 30, 2022 carried a weighted average annualized portfolio yield of ~~12.9%~~13.8% at origination.

During the three months ended ~~June~~September 30, 2023, we received ~~$18.7~~$14.0 million of principal prepayments and early repayments from 5 portfolio companies and $19.1 million of scheduled principal amortization. During the three months ended September 30, 2022, we received $17.9 million of principal prepayments and early repayments from 4 portfolio companies and ~~$3.5~~$3.2 million of scheduled principal amortization.

During the ~~three~~nine months ended ~~June~~September 30, ~~2022,~~2023, we received ~~$32.5~~$39.1 million of principal prepayments and early repayments from 612 portfolio companies and ~~$3.7~~$28.5 million of scheduled principal amortization.

During the ~~six~~nine months ended ~~June~~September 30, ~~2023,~~2022, we received ~~$25.0~~$74.6 million of principal prepayments and early repayments from 715 portfolio companies and $9.3 million of scheduled principal amortization. During the six months ended June 30, 2022, we received $56.6 million of principal prepayments and early repayments from 11 portfolio companies and $7.3$10.5 million of scheduled principal amortization.

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


		For the Three Months Ended June 30,				For the Six Months Ended June 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	(in thousands)	2023		2022		2023		2022		(in thousands)	2023		2022		2023		2022
Beginning portfolio at fair value	Beginning portfolio at fair value	$	441,998	$	374,243	$	441,376	$	343,984	Beginning portfolio at fair value	$	448,085	$	402,847	$	441,376	$	343,984
New debt investments, net(1)	New debt investments, net(1)	44,282		61,899		59,057		114,038		New debt investments, net(1)	13,008		78,116		72,064		192,152
Scheduled principal amortization	Scheduled principal amortization	(3,553)		(3,676)		(9,341)		(7,262)		Scheduled principal amortization	(19,121)		(3,217)		(28,462)		(10,479)
Principal prepayments and early repayments	Principal prepayments and early repayments	(18,761)		(32,540)		(25,071)		(56,589)		Principal prepayments and early repayments	(14,000)		(17,892)		(39,071)		(74,556)
Accretion of debt investment fees	Accretion of debt investment fees	1,712		2,357		3,695		3,970		Accretion of debt investment fees	968		2,985		4,663		6,958
Payment-in-kind coupon	Payment-in-kind coupon	1,066		64		1,779		259		Payment-in-kind coupon	1,786		41		3,565		299
New warrant investments	New warrant investments	902		648		1,081		1,180		New warrant investments	691		1,001		1,772		2,181
New equity investments	New equity investments	35		1,498		780		3,136		New equity investments	—		887		780		4,098
Net realized losses	Net realized losses	(19,367)		(163)		(19,785)		(163)		Net realized losses	(89)		(1)		(19,874)		(164)
Net unrealized gains/(losses) on investments	Net unrealized gains/(losses) on investments	(229)		(1,483)		(5,486)		294		Net unrealized gains/(losses) on investments	(3,551)		(9,097)		(9,036)		(8,803)
Ending portfolio at fair value	Ending portfolio at fair value	$	448,085	$	402,847	$	448,085	$	402,847	Ending portfolio at fair value	$	427,777	$	455,670	$	427,777	$	455,670

_______________

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

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

1 This yield excludes the impact of $1.4 million in short-term loans that were funded and repaid during the three months ended March 31, 2023, which carried a higher interest rate than our normal course investments, and the impact thereof on our weighted average adjusted annualized yield at origination for the period.

6263

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


		For the Three Months Ended June 30,				For the Six Months Ended June 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Commitments and Fundings (in thousands)	Commitments and Fundings (in thousands)	2023		2022		2023		2022		Commitments and Fundings (in thousands)	2023		2022		2023		2022
Debt Commitments	Debt Commitments									Debt Commitments
New portfolio companies	New portfolio companies	$	33,250	$	36,663	$	36,750	$	54,963	New portfolio companies	$	26,000	$	21,929	$	61,750	$	73,963
Existing portfolio companies	Existing portfolio companies	24,799		13,455		33,294		34,028		Existing portfolio companies	7,735		2,000		41,204		38,957
Total(1)	Total(1)	$	58,049	$	50,118	$	70,044	$	88,991	Total(1)	$	33,735	$	23,929	$	102,954	$	112,920

Funded Debt Investments	Funded Debt Investments	$	45,685	$	63,040	$	60,801	$	116,048	Funded Debt Investments	$	13,393	$	80,491	$	74,194	$	189,442

Equity Investments	Equity Investments	$	35	$	1,423	$	287	$	3,743	Equity Investments	$	—	$	887	$	287	$	4,631

_______________

(1)Includes backlog of potential future commitments.

As of ~~June~~September 30, 2023 and December 31, 2022, our unfunded commitments totaled ~~$88.1~~$103.8 million to 4035 portfolio companies and $137.1 million to 54 portfolio companies, respectively, of which ~~$17.5~~$9.5 million and $44.0 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, 2023, we did not have any backlog of potential future commitments. As of December 31, 2022, we had a backlog of potential future commitments of $5.0 million.

Asset Quality

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


Balance at March 31, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(19,373)	$	291,200
Common stock distributions from distributable earnings	—	—		—	—		—		(8,525)		(8,525)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net decrease in net assets resulting from operations	—	—		—	—		—		(8,264)		(8,264)
Balance at June 30, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(36,177)	$	274,396


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	$	9,880	$	(3,750)	$	6,130	Up 300 basis points	$	9,312	$	(3,750)	$	5,562
Up 200 basis points	Up 200 basis points	$	6,587	$	(2,500)	$	4,087	Up 200 basis points	$	6,208	$	(2,500)	$	3,708
Up 100 basis points	Up 100 basis points	$	3,293	$	(1,250)	$	2,043	Up 100 basis points	$	3,104	$	(1,250)	$	1,854
Up 50 basis points	Up 50 basis points	$	1,647	$	(625)	$	1,022	Up 50 basis points	$	1,552	$	(625)	$	927
Down 50 basis points	Down 50 basis points	$	(1,539)	$	625	$	(914)	Down 50 basis points	$	(1,477)	$	625	$	(852)
Down 100 basis points	Down 100 basis points	$	(3,032)	$	1,250	$	(1,782)	Down 100 basis points	$	(2,867)	$	1,250	$	(1,617)
Down 200 basis points	Down 200 basis points	$	(5,963)	$	2,500	$	(3,463)	Down 200 basis points	$	(5,486)	$	2,500	$	(2,986)
Down 300 basis points	Down 300 basis points	$	(8,702)	$	3,750	$	(4,952)	Down 300 basis points	$	(7,963)	$	3,750	$	(4,213)


3.1			Articles of Incorporation(1)

3.2			Articles Supplementary(2)

3.3			Bylaws(3)

~~10.1~~			~~Third~~ ~~Amendment to Receivables Financing Agreement, dated as of May 31, 2023(4)~~

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(**)

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