TriplePoint Venture Growth BDC Corp.

Previous wording

As of June 30, 2025, we had 297 investments in 119 companies. Our investments included 107 debt investments, 120 warrant investments, and 70 direct equity and related investments. As of June 30, 2025, the aggregate cost and fair value of these investments were $753.7 million and $717.9 million, respectively. As of June 30, 2025, six of our portfolio companies were publicly traded. As of June 30, 2025, the 107 debt investments had an aggregate fair value of $590.6 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.8%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.

Current wording

As of September 30, 2025, we had 310 investments in 126 companies. Our investments included 113 debt investments, 126 warrant investments, and 71 direct equity and related investments. As of September 30, 2025, the aggregate cost and fair value of these investments were $828.7 million and $798.5 million, respectively. As of September 30, 2025, six of our portfolio companies were publicly traded. As of September 30, 2025, the 113 debt investments had an aggregate fair value of $664.9 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.7%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.

Previous wording

Growth capital loans in which the borrower held a term loan facility, with or without an accompanying revolving loan, in priority to our senior lien represent 10.1% and 11.3% of our debt investments at fair value as of June 30, 2025 and December 31, 2024, respectively.

Current wording

Growth capital loans in which the borrower held a term loan facility, with or without an accompanying revolving loan, in priority to our senior lien represent 15.7% and 11.3% of our debt investments at fair value as of September 30, 2025 and December 31, 2024, respectively.

Previous wording

During the three months ended June 30, 2025, we received $43.7 million of principal prepayments, $1.3 million of early repayments and $11.3 million of scheduled principal amortization. During the six months ended June 30, 2025, we received $60.6 million of principal prepayments, $2.1 million of early repayments and $21.2 million of scheduled principal amortization.

Current wording

During the three months ended September 30, 2025, we received $15.0 million of principal prepayments, $0.5 million of early repayments and $4.0 million of scheduled principal amortization. During the nine months ended September 30, 2025, we received $75.7 million of principal prepayments, $2.6 million of early repayments and $25.2 million of scheduled principal amortization.

Previous wording

During the three months ended June 30, 2024, we received $51.2 million of principal prepayments and $27.9 million of scheduled principal amortization. During the six months ended June 30, 2024, we received $82.1 million of principal prepayments and $34.7 million of scheduled principal amortization.

Current wording

During the three months ended September 30, 2024, we received $35.7 million of principal prepayments and $4.6 million of scheduled principal amortization. During the nine months ended September 30, 2024, we received $117.8 million of principal prepayments and $39.3 million of scheduled principal amortization.

Previous wording

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

Current wording

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

Previous wording

The following table shows the debt commitments, fundings of debt investments (principal balance) and equity investments, and non-binding term sheet activity for the three and six months ended June 30, 2025 and 2024:

Current wording

The following table shows the debt commitments, fundings of debt investments (principal balance) and equity investments, and non-binding term sheet activity for the three and nine months ended September 30, 2025 and 2024:

Previous wording

As of June 30, 2025 and December 31, 2024, the weighted average investment ranking of our debt investment portfolio was 2.17 and 2.17, respectively. During the three months ended June 30, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $2.1 million was downgraded from White (2) to Yellow (3), and one portfolio company with a principal balance of $11.1 million was downgraded from White (2) to Orange (4).

Current wording

As of September 30, 2025 and December 31, 2024, the weighted average investment ranking of our debt investment portfolio was 2.18 and 2.17, respectively. During the three months ended September 30, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $29.8 million was upgraded from White (2) to Clear (1); one portfolio company with a principal balance of $2.1 million was upgraded from Yellow (3) to White (2); one portfolio company with a principal balance of $40.8. million was downgraded from White (2) to Yellow (3); and one portfolio company with a principal balance of $11.1 million was downgraded from Orange (4) to Red (5).

Previous wording

As of June 30, 2025, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.1 million and $20.6 million, respectively. As of December 31, 2024, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.1 million and $20.6 million, respectively.

Current wording

As of September 30, 2025, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $48.8 million and $24.6 million, respectively. As of December 31, 2024, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.1 million and $20.6 million, respectively.

Previous wording

Comparison of operating results for the three and six months ended June 30, 2025 and 2024

Current wording

Comparison of operating results for the three and nine months ended September 30, 2025 and 2024

Previous wording

For the three months ended June 30, 2025, our net increase in net assets resulting from operations was $13.2 million, which was comprised of $11.3 million of net investment income and $1.9 million of net realized and unrealized gains. For the three months ended June 30, 2024, our net increase in net assets resulting from operations was $8.6 million, which was comprised of $12.6 million of net investment income and $4.0 million of net realized and unrealized losses. On a per share basis for the three months ended June 30, 2025, net investment income was $0.28 per share and the net increase in net assets from operations was $0.33 per share, as compared to net investment income of $0.33 per share and a net increase in net assets from operations of $0.22 per share for the three months ended June 30, 2024.

Current wording

For the three months ended September 30, 2025, our net increase in net assets resulting from operations was $15.2 million, which was comprised of $10.3 million of net investment income and $4.9 million of net realized and unrealized gains. For the three months ended September 30, 2024, our net increase in net assets resulting from operations was $22.6 million, which was comprised of $13.8 million of net investment income and $8.8 million of net realized and unrealized gains. On a per share basis for the three months ended September 30, 2025, net investment income was $0.26 per share and the net increase in net assets from operations was $0.38 per share, as compared to net investment income of $0.35 per share and a net increase in net assets from operations of $0.57 per share for the three months ended September 30, 2024.

Previous wording

For the six months ended June 30, 2025, our net increase in net assets resulting from operations was $25.9 million, which was comprised of $22.0 million of net investment income and $3.9 million of net realized and unrealized gains. For the six months ended June 30, 2024, our net increase in net assets resulting from operations was $16.6 million, which was comprised of $28.1 million of net investment income and $11.5 million of net realized and unrealized losses. On a per share basis for the six months ended June 30, 2025, net investment income was $0.55 per share and the net increase in net assets from operations was $0.64 per share, as compared to net investment income of $0.74 per share and a net increase in net assets from operations of $0.43 per share for the six months ended June 30, 2024.

Current wording

For the nine months ended September 30, 2025, our net increase in net assets resulting from operations was $41.1 million, which was comprised of $32.3 million of net investment income and $8.8 million of net realized and unrealized gains. For the nine months ended September 30, 2024, our net increase in net assets resulting from operations was $39.2 million, which was comprised of $41.9 million of net investment income and $2.7 million of net realized and unrealized losses. On a per share basis for the nine months ended September 30, 2025, net investment income was $0.80 per share and the net increase in net assets from operations was $1.02 per share, as compared to net investment income of $1.08 per share and a net increase in net assets from operations of $1.01 per share for the nine months ended September 30, 2024.

Previous wording

For the three months ended June 30, 2025, total investment and other income was $23.3 million as compared to $27.1 million for the three months ended June 30, 2024. The decrease in total investment and other income for the three months ended June 30, 2025, compared to the 2024 period, is primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio and lower investment yields due in part to decreases in the Prime rate and less prepayment income.

Current wording

For the three months ended September 30, 2025, total investment and other income was $22.7 million as compared to $26.5 million for the three months ended September 30, 2024. The decrease in total investment and other income for the three months ended September 30, 2025, compared to the 2024 period, is primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio and lower investment yields due in part to decreases in the Prime rate and less prepayment income.

Previous wording

For the six months ended June 30, 2025, total investment and other income was $45.7 million as compared to $56.4 million for the six months ended June 30, 2024. The decrease in total investment and other income for the six months ended June 30, 2025, compared to the 2024 period, is primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio and lower investment yields due in part to decreases in the Prime rate and less prepayment income.

Current wording

For the nine months ended September 30, 2025, total investment and other income was $68.4 million as compared to $82.9 million for the nine months ended September 30, 2024. The decrease in total investment and other income for the nine months ended September 30, 2025, compared to the 2024 period, is primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio and lower investment yields due in part to decreases in the Prime rate and less prepayment income.

Previous wording

For the three months ended June 30, 2025, we recognized $0.8 million in other income consisting of $33,000 due to the termination or expiration of unfunded commitments and $0.7 million from the realization of certain fees paid and accrued from portfolio companies. For the three months ended June 30, 2024, we recognized $0.5 million in other income from the realization of certain fees paid and accrued from portfolio companies and other income related to prepayment activity.

Current wording

For the three months ended September 30, 2025, we recognized $0.5 million in other income consisting of $61,000 due to the termination or expiration of unfunded commitments and $0.5 million from the realization of certain fees paid and accrued from portfolio companies. For the three months ended September 30, 2024, we recognized $0.6 million in other income consisting of $0.1 million due to the termination or expiration of unfunded commitments and $0.4 million from the realization of certain fees paid and accrued from portfolio companies

Previous wording

For the six months ended June 30, 2025, we recognized $1.6 million in other income consisting of $0.5 million due to the termination or expiration of unfunded commitments and $1.2 million from the realization of certain fees paid and accrued from portfolio companies. For the six months ended June 30, 2024, we recognized $1.3 million in other income consisting of $0.3 million due to the termination or expiration of unfunded commitments and $1.0 million from the realization of certain fees paid and accrued from portfolio companies.

Current wording

For the nine months ended September 30, 2025, we recognized $2.2 million in other income consisting of $0.5 million due to the termination or expiration of unfunded commitments and $1.6 million from the realization of certain fees paid and accrued from portfolio companies. For the nine months ended September 30, 2024, we recognized $1.8 million in other income consisting of $0.4 million due to the termination or expiration of unfunded commitments and $1.4 million from the realization of certain fees paid and accrued from portfolio companies.

Previous wording

For the three months ended June 30, 2025, total operating expenses, inclusive of an income incentive fee waiver of $1.3 million, were $12.0 million as compared to $14.5 million for the three months ended June 30, 2024, during which period there was no income incentive fee or related waiver. For the six months ended June 30, 2025, total operating expenses, inclusive of an income incentive fee waiver of $1.3 million, were $23.7 million as compared to $28.3 million for the six months ended June 30, 2024, during which period there was no income incentive fee or related waiver.

Current wording

For the three months ended September 30, 2025, total operating expenses, inclusive of an income incentive fee waiver of $2.1 million, were $12.3 million as compared to $12.7 million for the three months ended September 30, 2024, during which period there was no income incentive fee or related waiver. For the nine months ended September 30, 2025, total operating expenses, inclusive of an income incentive fee waiver of $3.3 million, were $36.1 million as compared to $41.0 million for the nine months ended September 30, 2024, during which period there was no income incentive fee or related waiver.

Previous wording

Base management fees for the three months ended June 30, 2025 and 2024 totaled $3.3 million and $3.8 million, respectively. Base management fees for the six months ended June 30, 2025 and 2024 totaled $6.6 million and $8.1 million, respectively. Base management fees decreased during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, due primarily to decreases in the average size of our portfolio during the applicable periods used in the calculations.

Current wording

Base management fees for the three months ended September 30, 2025 and 2024 totaled $3.4 million and $3.4 million, respectively. Base management fees for the nine months ended September 30, 2025 and 2024 totaled $10.0 million and $11.6 million, respectively. Base management fees decreased during the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, due primarily to decreases in the average size of our portfolio during the applicable periods used in the calculations.

Previous wording

The Adviser waived the $1.3 million in income incentive fees earned for the three and six months ended June 30, 2025. There were no income incentive fees for the three and six months ended June 30, 2024. For the three and six months ended June 30, 2025, our income incentive fee was reduced by $2.2 million and $4.4 million, respectively, due to the total return requirement under the income component of our incentive fee structure, which resulted in a corresponding increase in net investment income of $2.2 million and $4.4 million, respectively. For the three and six months ended June 30, 2024, our income incentive fee was reduced by $2.5 million and $5.6 million, respectively, due to the total return requirement under the income component of our incentive fee structure, which resulted in a corresponding increase in net investment income of $2.5 million and $5.6 million, respectively.

Current wording

The Adviser waived the $2.1 million and $3.3 million in income incentive fees earned for the three and nine months ended September 30, 2025, respectively. There were no income incentive fees for the three and nine months ended September 30, 2024. For the nine months ended September 30, 2025, our income incentive fee was reduced by $3.1 million due to the total return requirement under the income component of our incentive fee structure, which when combined with the incentive fee waivers for the three and nine months ended September 30, 2025, resulted in a corresponding increase in net investment income of $2.1 million and $6.5 million, respectively. For the three and nine months ended September 30, 2024, our income incentive fee was reduced by $2.8 million and $8.4 million, respectively, due to the total return requirement under the income component of our incentive fee structure, which resulted in a corresponding increase in net investment income of $2.8 million and $8.4 million, respectively.

Previous wording

There were no capital gains incentive fee expenses for the six months ended June 30, 2025 and 2024.

Current wording

There were no capital gains incentive fee expenses for the nine months ended September 30, 2025 and 2024.

Previous wording

Interest expense and amortization of fees totaled $6.7 million and $8.7 million for the three months ended June 30, 2025 and 2024, respectively. The decrease during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, is primarily due to a lower weighted-average outstanding principal balance under the Credit Facility. Interest expense and amortization of fees totaled $13.1 million and $15.7 million for the six months ended June 30, 2025 and 2024, respectively. The decrease during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, is primarily due to a lower weighted-average outstanding principal balance under the Credit Facility.

Current wording

Interest expense and amortization of fees totaled $6.8 million and $7.1 million for the three months ended September 30, 2025 and 2024, respectively. The decrease during the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, is primarily due to a lower weighted-average outstanding principal balance under the Credit Facility. Interest expense and amortization of fees totaled $19.9 million and $22.9 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, is primarily due to a lower weighted-average outstanding principal balance under the Credit Facility.

Previous wording

Administration Agreement and general and administrative expenses totaled $2.0 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively, which includes $0.4 million and $0.3 million of excise tax accruals, respectively. Administration Agreement and general and administrative expenses totaled $4.0 million and $4.4 million for the six months ended June 30, 2025 and 2024, respectively, which includes $0.8 million and $0.7 million of excise tax accruals, respectively. The decrease for the 2025 periods, as compared to the 2024 periods, is primarily due to a reduction in outside legal fee expenses.

Current wording

Administration Agreement and general and administrative expenses totaled $2.2 million and $2.2 million for the three months ended September 30, 2025 and 2024, respectively, which includes $0.4 million and $0.4 million of excise tax accruals, respectively. Administration Agreement and general and administrative expenses totaled $6.2 million and $6.6 million for the nine months ended September 30, 2025 and 2024, respectively, which includes $1.1 million and $1.1 million of excise tax accruals, respectively. The decrease for the 2025 periods, as compared to the 2024 periods, is primarily due to a reduction in outside legal fee expenses.

Previous wording

During the three months ended June 30, 2025, we recognized net realized losses on investments of $32,000. During the six months ended June 30, 2025, we recognized net realized gains on investments of $2.2 million, resulting primarily from the partial sale of equity in one portfolio company.

Current wording

During the three months ended September 30, 2025, we recognized net realized losses on investments of $704,000 from the dissolution of one portfolio company. During the nine months ended September 30, 2025, we recognized net realized gains on investments of $1.5 million, resulting primarily from the partial sale of equity in one portfolio company.

Previous wording

During the three months ended June 30, 2024, we recognized net realized losses on investments of $18.8 million, consisting primarily of $20.2 million of net realized losses on debt investments from the write-off and restructures of investments, partially offset by $1.3 million of net warrant and equity gains from the sale and disposition of investments. During the six months ended June 30, 2024, we recognized net realized losses on investments of $27.7 million.

Current wording

During the three months ended September 30, 2024, we recognized net realized losses on investments of $5.0 million, resulting primarily from the acquisition of one portfolio company. During the nine months ended September 30, 2024, we recognized net realized losses on investments of $32.7 million, consisting primarily of $33.6 million of net realized losses on debt investments from the write-off and restructures of investments, partially offset by $0.9 million of net warrant and equity gains from the sale and dispositions of investments.

Previous wording

Net change in unrealized gains on investments during the three months ended June 30, 2025 was $1.9 million, consisting of $6.8 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments and $5.8 million of net unrealized gains from foreign currency adjustments, partially offset by $10.7 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments. Net change in unrealized gains on investments during the six months ended June 30, 2025 was $1.6 million, consisting of $8.5 million of net unrealized gains from foreign currency adjustments and $8.0 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments, partially offset by $12.3 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments and $2.5 million of net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period.

Current wording

Net change in unrealized gains on investments during the three months ended September 30, 2025 was $5.6 million, consisting of $4.6 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments, $0.8 million of net unrealized gains on the existing debt investment portfolio resulting from fair value adjustments and $0.7 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period, partially offset by $0.5 million of net unrealized losses from foreign currency adjustments. Net change in unrealized gains on investments during the nine months ended September 30, 2025 was $7.3 million, consisting of $12.7 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments and $7.9 million of net unrealized gains from foreign currency adjustments, partially offset by $11.5 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments and $1.8 million of net unrealized losses from the reversal of previously recorded unrealized gains from investments realized during the period.

Previous wording

Net change in unrealized gains on investments during the three months ended June 30, 2024 was $14.9 million, consisting of $12.8 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments and $10.9 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period, partially offset by $8.8 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments. Net change in unrealized gains on investments during the six months ended June 30, 2024 was $16.1 million, consisting of $18.0 million of net unrealized gains on the warrant and equity portfolio resulting from fair value adjustments and $11.8 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments during the period, partially offset by $13.7 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments.

Current wording

Net change in unrealized gains during the three months ended September 30, 2024 was $13.9 million, consisting of $9.4 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments and $5.2 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period, offset by $0.7 million of net unrealized losses on the debt investment portfolio resulting from fair value adjustments. Net change in unrealized gains during the nine months ended September 30, 2024 was $30.0 million, consisting of $27.5 million of net unrealized gains on the warrant and equity portfolio resulting from fair value adjustments and $12.7 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period, offset by $10.1 of net unrealized losses on the debt investment portfolio resulting from fair value adjustments.

Previous wording

Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in our dividend reinvestment plan divided by the beginning NAV per share for such period. Total return based on stock price is the change in the ending stock price of our common stock plus distributions paid during the period assuming participation in our dividend reinvestment plan divided by the beginning stock price of our common stock for such period. For the three months ended June 30, 2025 and 2024, our total return during the periods based on the change in NAV plus distributions reinvested as of the respective distribution dates was 4.8% and 3.1%, respectively, and our total return during the periods based on the change in stock price plus distributions reinvested as of the respective distribution dates was 5.0% and (10.9)%, respectively. For the six months ended June 30, 2025 and 2024, our total return during the periods based on the change in NAV plus distributions reinvested as of the respective distribution dates was 9.7% and 5.6%, respectively, and our total return during the periods based on the change in stock price plus distributions reinvested as of the respective distribution dates was 3.8% and (18.7)%, respectively.

Current wording

Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in our dividend reinvestment plan divided by the beginning NAV per share for such period. Total return based on stock price is the change in the ending stock price of our common stock plus distributions paid during the period assuming participation in our dividend reinvestment plan divided by the beginning stock price of our common stock for such period. For the three months ended September 30, 2025 and 2024, our total return during the periods based on the change in NAV plus distributions reinvested as of the respective distribution dates was 5.9% and 7.6%, respectively, and our total return during the periods based on the change in stock price plus distributions reinvested as of the respective distribution dates was (14.2)% and (8.1)%, respectively. For the nine months ended September 30, 2025 and 2024, our total return during the periods based on the change in NAV plus distributions reinvested as of the respective distribution dates was 16.1% and 13.5%, respectively, and our total return during the periods based on the change in stock price plus distributions reinvested as of the respective distribution dates was (11.0)% and (25.3)%, respectively.

Previous wording

The table below shows our return on average total assets and return on average NAV for the three and six months ended June 30, 2025 and 2024:

Current wording

The table below shows our return on average total assets and return on average NAV for the three and nine months ended September 30, 2025 and 2024:

Previous wording

As of June 30, 2025, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 91.1% of our total assets, as compared to 88.6% of our total assets as of December 31, 2024.

Current wording

As of September 30, 2025, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 95.6% of our total assets, as compared to 88.6% of our total assets as of December 31, 2024.

Previous wording

During the six months ended June 30, 2025, net cash used in operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $17.6 million, and net cash provided by financing activities was $1.4 million due primarily to the issuance of the 2028 Notes and net borrowings under the Credit Facility, partially offset by the repayment of the 2025 Notes and $22.9 million in distributions paid. As of June 30, 2025, cash and cash equivalents, including restricted cash, were $62.5 million.

Current wording

During the nine months ended September 30, 2025, net cash used in operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $87.6 million, and net cash provided by financing activities was $37.5 million due primarily to the issuance of the 2028 Notes and net borrowings under the Credit Facility of $90.0 million, partially offset by the repayment of the 2025 Notes and $31.7 million in distributions paid. As of September 30, 2025, cash and cash equivalents, including restricted cash, were $28.6 million.

Previous wording

During the six months ended June 30, 2024, net cash provided by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $94.6 million, and net cash used in financing activities was $215.5 million due primarily to net repayments under the Credit Facility of $205.0 million and $29.4 million in distributions paid, partially offset by $19.4 million from the issuance of common stock under the Current ATM Program and the Prior ATM Program. As of June 30, 2024, cash and cash equivalents, including restricted cash, were $50.7 million.

Current wording

During the nine months ended September 30, 2024, net cash provided by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $106.3 million, and net cash used in financing activities was $229.3 million due primarily to net repayments under the Credit Facility of $205.0 million and $40.7 million in distributions paid, partially offset by $19.4 million from the issuance of common stock under the Current ATM Program and the Prior ATM Program. As of September 30, 2024, cash and cash equivalents, including restricted cash, were $48.6 million.

Previous wording

As of June 30, 2025 and December 31, 2024, we had outstanding borrowings under the Credit Facility of $50.0 million and $5.0 million, respectively, excluding deferred credit facility costs of $3.1 million and $3.9 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $250.0 million and $295.0 million of remaining capacity on our Credit Facility as of June 30, 2025 and December 31, 2024, respectively.

Current wording

As of September 30, 2025 and December 31, 2024, we had outstanding borrowings under the Credit Facility of $95.0 million and $5.0 million, respectively, excluding deferred credit facility costs of $2.7 million and $3.9 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $205.0 million and $295.0 million of remaining capacity on our Credit Facility as of September 30, 2025 and December 31, 2024, respectively.

Previous wording

As of June 30, 2025 and December 31, 2024, we have recorded in the consolidated statements of assets and liabilities our liability for the 2026 Notes, net of deferred issuance costs, of $199.7 million and $199.5 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2026 Notes.

Current wording

As of September 30, 2025 and December 31, 2024, we have recorded in the consolidated statements of assets and liabilities our liability for the 2026 Notes, net of deferred issuance costs, of $199.8 million and $199.5 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2026 Notes.

Previous wording

As of June 30, 2025 and December 31, 2024, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $124.5 million and $124.4 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2027 Notes.

Current wording

As of September 30, 2025 and December 31, 2024, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $124.6 million and $124.4 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2027 Notes.

Previous wording

On February 12, 2025, we completed a private offering of $50.0 million in aggregate principal amount of the 2028 Notes and received net proceeds of $49.3 million, after the payment of fees and offering costs. The interest on the 2028 Notes, which accrues at an annual rate of 8.11%, is payable semiannually on February 12 and August 12 each year. The maturity date of the 2028 Notes is scheduled for February 12, 2028.

Current wording

On February 12, 2025, we completed a private offering of $50.0 million in aggregate principal amount of the 2028 Notes and received net proceeds of $49.3 million, after the payment of fees and offering costs. The interest on the 2028 Notes, which accrues at an annual rate of 8.11% (which interest rate has been increased to 9.11%; see “Note 6. Borrowings” in the notes to the consolidated financial statements for more information), is payable semiannually on February 12 and August 12 each year. The maturity date of the 2028 Notes is scheduled for February 12, 2028.

Previous wording

On June 21, 2018, our stockholders voted at a special meeting of stockholders to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the special meeting, effective June 22, 2018, our applicable minimum asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of June 30, 2025, our asset coverage for borrowed amounts was 182%.

Current wording

On June 21, 2018, our stockholders voted at a special meeting of stockholders to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the special meeting, effective June 22, 2018, our applicable minimum asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of September 30, 2025, our asset coverage for borrowed amounts was 176%.

Previous wording

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of June 30, 2025 and December 31, 2024, our unfunded commitments totaled $184.7 million and $104.5 million, respectively, of which $27.3 million and $9.1 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

Current wording

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of September 30, 2025 and December 31, 2024, our unfunded commitments totaled $263.7 million and $104.5 million, respectively, of which $59.8 million and $9.1 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

Previous wording

As of June 30, 2025, our unfunded commitments to 19 companies totaled $184.7 million. As of December 31, 2024, our unfunded commitments to 14 companies totaled $104.5 million. During the three and six months ended June 30, 2025, $13.8 million and $50.3 million, respectively, in unfunded commitments expired or were terminated. During the three and six months ended June 30, 2024, $15.0 million and $56.5 million, respectively, in unfunded commitments expired or were terminated.

Current wording

As of September 30, 2025, our unfunded commitments to 25 companies totaled $263.7 million. As of December 31, 2024, our unfunded commitments to 14 companies totaled $104.5 million. During the three and nine months ended September 30, 2025, $14.5 million and $64.9 million, respectively, in unfunded commitments expired or were terminated. During the three and nine months ended September 30, 2024, $5.4 million and $61.9 million, respectively, in unfunded commitments expired or were terminated.

Previous wording

For the three months ended June 30, 2025, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 74.0% of total distributions paid. As of June 30, 2025, we had estimated undistributed taxable earnings from net investment income of $42.0 million, or $1.04 per share.

Current wording

For the three months ended September 30, 2025, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 79.6% of total distributions paid. As of September 30, 2025, we had estimated undistributed taxable earnings from net investment income of $43.4 million, or $1.07 per share.

Previous wording

On August 5, 2025, the Board declared a $0.23 per share regular quarterly distribution, payable on September 30, 2025 to stockholders of record on September 16, 2025.

Current wording

On October 14, 2025 the Board declared (i) a $0.23 per share regular quarterly distribution, and (ii) a $0.02 per share supplemental distribution, each of which will be payable on December 30, 2025 to stockholders of record at the close of business on December 16, 2025.

Previous wording

From July 1, 2025 through August 5, 2025, we closed $114.0 million of additional debt commitments and funded $20.5 million in new investments. TPC’s direct originations platform entered into $57.7 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for us are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with the Adviser’s allocation policy.

Current wording

From October 1, 2025 through November 4, 2025, we closed $17.3 million of additional debt commitments, funded $17.5 million in new investments and received $47.5 million of principal prepayments. TPC’s direct originations platform entered into $122.9 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for us are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with the Adviser’s allocation policy.