TriplePoint Venture Growth BDC Corp.

Previous wording

•there is no assurance that TPC or any of its affiliates will purchase shares of the Company’s common stock at any specific discount levels or in any specific amounts, and there is no assurance that the market price of the Company’s shares of common stock, either absolutely or relative to net asset value, will increase as a result of any share purchase activity, or that any purchase program or plan will enhance stockholder value over the long term;

Current wording

•the Company Stock Repurchase Program does not require the Company to repurchase any specific number of shares; there is no assurance that the Company, TPC or any of its affiliates will purchase shares of the Company’s common stock at any specific discount levels or in any specific amounts; and there is no assurance that the market price of the Company’s shares of common stock, either absolutely or relative to net asset value, will increase as a result of any share purchase activity, or that any purchase program or plan will enhance stockholder value over the long term;

Previous 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.

Current wording

As of March 31, 2026, we had 311 investments in 134 companies. Our investments included 101 debt investments, 130 warrant investments, and 80 direct equity and related investments. As of March 31, 2026, the aggregate cost and fair value of these investments were $825.1 million and $785.6 million, respectively. As of March 31, 2026, six of our portfolio companies were publicly traded. As of March 31, 2026, the 101 debt investments had an aggregate fair value of $641.3 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.5%. 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

As of December 31, 2024, we had 300 investments in 109 companies. Our investments included 128 debt investments, 112 warrant investments, and 60 direct equity and related investments. As of December 31, 2024, the aggregate cost and fair value of these investments were $713.7 million and $676.2 million, respectively. As of December 31, 2024, six of our portfolio companies were publicly traded. As of December 31, 2024, the 128 debt investments had an aggregate fair value of $560.1 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 December 31, 2025, we had 302 investments in 109 companies. Our investments included 96 debt investments, 132 warrant investments, and 74 direct equity and related investments. As of December 31, 2025, the aggregate cost and fair value of these investments were $820.4 million and $783.5 million, respectively. As of December 31, 2025, six of our portfolio companies were publicly traded. As of December 31, 2025, the 96 debt investments had an aggregate fair value of $645.4 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.4%.

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 15.7% and 11.3% of our debt investments at fair value as of September 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 13.8% and 11.4% of our debt investments at fair value as of March 31, 2026 and December 31, 2025, respectively.

Previous 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.

Current wording

During the three months ended March 31, 2026, we received $23.6 million of principal prepayments, $1.6 million of early repayments and $1.9 million of scheduled principal amortization.

Previous 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.

Current wording

During the three months ended March 31, 2025, we received $17.0 million of principal prepayments, $0.8 million of early repayments and $9.9 million of scheduled principal amortization.

Previous wording

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

Current wording

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

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 nine months ended September 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 months ended March 31, 2026 and 2025:

Previous wording

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

Current wording

We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of March 31, 2026 we did not have any backlog of potential future commitments. As of December 31, 2025, we had a $0.3 million backlog of potential future commitments.

Previous 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).

Current wording

As of March 31, 2026 and December 31, 2025, the weighted average investment ranking of our debt investment portfolio was 2.25 and 2.16, respectively. During the three months ended March 31, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $29.9 million was upgraded from Yellow (3) to White (2) and three portfolio companies with a principal balance of $102.9 million were downgraded from White (2) to Yellow (3).

Previous 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.

Current wording

As of March 31, 2026, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.6 million and $16.1 million, respectively. As of December 31, 2025, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of$39.7 million and$17.1 million, respectively.

Previous wording

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

Current wording

Comparison of operating results for the three months ended March 31, 2026 and 2025

Previous 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.

Current wording

For the three months ended March 31, 2026, our net increase in net assets resulting from operations was $6.2 million, which was comprised of $9.1 million of net investment income and $3.0 million of net realized and unrealized losses. For the three months ended March 31, 2025, our net increase in net assets resulting from operations was $12.7 million, which was comprised of $10.7 million of net investment income and $2.0 million of net realized and unrealized gains. On a per share basis for the three months ended March 31, 2026, net investment income was $0.23 per share and the net increase in net assets from operations was $0.15 per share, as compared to net investment income of $0.27 per share and a net increase in net assets from operations of $0.32 per share for the three months ended March 31, 2025.

Previous 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.

Current wording

For the three months ended March 31, 2026, total investment and other income was $22.8 million as compared to $22.5 million for the three months ended March 31, 2025. The increase in total investment and other income for the three months ended March 31, 2026, compared to the 2025 period, is primarily due to a higher weighted average principal amount outstanding on our income-bearing debt investment portfolio and greater prepayment income, partially offset from lower investment yields due in part to decreases in the Prime rate.

Previous 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

Current wording

For the three months ended March 31, 2026, we recognized $0.7 million in other income consisting of $0.4 million due to the termination or expiration of unfunded commitments and $0.2 million from the realization of certain fees paid and accrued from portfolio companies. For the three months ended March 31, 2025, we recognized $0.9 million in other income consisting of $0.4 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 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.

Current wording

For the three months ended March 31, 2026, total operating expenses, inclusive of an income incentive fee waiver of $1.8 million, were $13.2 million as compared to $11.3 million for the three months ended March 31, 2025, during which period there was no income incentive fee or related waiver. For the three months ended March 31, 2026 and 2025, excise tax expenses were $0.4 million and $0.4 million, respectively.

Previous 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.

Current wording

Base management fees for the three months ended March 31, 2026 and 2025 totaled $3.6 million and $3.3 million, respectively. Base management fees increased during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, due primarily to increases in the average size of our portfolio during the applicable periods used in the calculations.

Previous 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.

Current wording

The Adviser waived the $1.8 million in income incentive fees earned for the three months ended March 31, 2026 pursuant to a waiver agreement whereby the Adviser has agreed to waive, in full, any and all of the income incentive fee until and including the quarter ending December 31, 2026. There were no income incentive fees for the three months ended March 31, 2025. For the three months ended March 31, 2025, our income incentive fee was reduced by $2.1 million 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 $2.1 million.

Previous wording

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

Current wording

There were no capital gains incentive fee expenses for the three months ended March 31, 2026 and 2025.

Previous 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.

Current wording

Interest expense and amortization of fees totaled $7.9 million and $6.4 million for the three months ended March 31, 2026 and 2025, respectively. The increase during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, is primarily due to a higher weighted-average outstanding principal balance under the Credit Facility.

Previous 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.

Current wording

Administration Agreement and general and administrative expenses totaled $1.7 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. The increase for the 2026 periods, as compared to the 2025 periods, is primarily due to higher overhead allocation.

Previous 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.

Current wording

During the three months ended March 31, 2026, we recognized net realized losses on investments of $0.3 million resulting primarily from the write-off of warrants in one portfolio company.

Previous 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.

Current wording

During the three months ended March 31, 2025, we recognized net realized gains on investments of $2.3 million, resulting primarily from the partial sale of equity in one portfolio company.

Previous 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.

Current wording

Net change in unrealized losses on investments during the three months ended March 31, 2026 was $2.7 million, consisting of $7.0 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments, $1.8 million of net unrealized losses from foreign currency adjustments and $0.2 million net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period, partially offset by $6.3 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments.

Previous 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.

Current wording

Net change in unrealized losses on investments during the three months ended March 31, 2025 was $0.3 million, consisting of $2.5 million of net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period and $1.6 million of net unrealized losses on the debt investment portfolio resulting from fair value adjustments, partially offset by $2.6 million of net unrealized gains from foreign currency adjustments and $1.2 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments.

Previous wording

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

Current wording

(1)Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. Including non-income producing debt investments, the weighted average yield for the three months ended March 31, 2026 and 2025 was 12.8% and 13.6%, respectively. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities.

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 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.

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 March 31, 2026 and 2025, our total return during the periods based on the change in NAV plus distributions reinvested as of the respective distribution dates was 3.8% and 4.7%, 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 (20.0)% and (1.1)%, respectively.

Previous 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:

Current wording

The table below shows our return on average total assets and return on average NAV for the three months ended March 31, 2026 and 2025:

Previous 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.

Current wording

As of March 31, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 97.3% of our total assets, as compared to 93.3% of our total assets as of December 31, 2025.

Previous 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.

Current wording

During the three months ended March 31, 2026, net cash used in operating activities, consisting primarily of fundings and purchases of investments, net of principal prepayments and proceeds from investments and the items described in “Results of Operations,” was $6.4 million, and net cash used in financing activities was $31.9 million due primarily to the repayment of the 2026 Notes and $8.8 million in distributions paid, partially offset by net borrowings under the Credit Facility of $102.0 million and proceeds from the issuance of the 7.50% 2028 Notes. As of March 31, 2026, cash and cash equivalents, including restricted cash, were $9.0 million.

Previous 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.

Current wording

repayments of investments and the items described in “Results of Operations,” was $4.9 million, and net cash used in financing activities was

Previous wording

As of September 30, 2025, we had $300.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows us to increase the size of the Credit Facility to up to $400.0 million under certain circumstances. The revolving period under the Credit Facility is scheduled to expire on November 30, 2025, and the scheduled maturity date of the Credit Facility is May 30, 2027 (unless otherwise terminated earlier pursuant to its terms). Borrowings under the Credit Facility bear interest at the sum of (i) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 3.20% if facility utilization is greater than or equal to 75%, 3.35% if utilization is greater than or equal to 50% but less than 75%, 3.50% if utilization is less than 50% and 4.5% during the amortization period. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the terms of the Credit Facility.

Current wording

As of March 31, 2026, we had $300.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows us to increase the size of the Credit Facility to up to $400.0 million under certain circumstances. The revolving period under the Credit Facility is scheduled to expire on November 30, 2027, and the scheduled maturity date of the Credit Facility is May 30, 2029 (unless otherwise terminated earlier pursuant to its terms). As of March 31, 2026 borrowings under the Credit Facility bear interest at the sum of (i) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.75% if facility utilization is greater than or equal to 75%, 2.85% if utilization is greater than or equal to 50% but less than 75%, 3.00% if utilization is less than 50% and 4.5% on or after the end of the revolving period. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the terms of the Credit Facility.

Previous 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.

Current wording

As of March 31, 2026 and December 31, 2025, we had outstanding borrowings under the Credit Facility of $197.0 million and $95.0 million, respectively, excluding deferred credit facility costs of $4.3 million and $4.6 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $103.0 million and $205.0 million of remaining capacity on our Credit Facility as of March 31, 2026 and December 31, 2025, respectively.

Previous wording

In March 2025, we repaid the full $70.0 million in aggregate principal amount of the issued and outstanding 2025 Notes at maturity at par value plus the accrued and unpaid interest.

Current wording

On March 19, 2020 we issued $70.0 million in aggregate principal amount of the 2025 Notes in a private offering in reliance on Section 4(a)(2) of the Securities Act. In March 2025, we repaid the full $70.0 million in aggregate principal amount of the issued and outstanding 2025 Notes at maturity at par value plus the accrued and unpaid interest. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2025 Notes.

Previous 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.

Current wording

As of March 31, 2026 and December 31, 2025, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $124.7 million and $124.7 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% (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.

Current wording

On February 12, 2025, we completed a private offering of $50.0 million in aggregate principal amount of the 8.11% 2028 Notes and received net proceeds of $49.3 million, after the payment of fees and offering costs. The interest on the 8.11% 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 8.11% 2028 Notes is scheduled for February 12, 2028.

Previous 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.

Current wording

As of March 31, 2026 and December 31, 2025, we have recorded in the consolidated statements of assets and liabilities our liability for the 8.11% 2028 Notes, net of deferred issuance costs, of $49.5 million and $49.5 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 8.11% 2028 Notes.

Previous wording

On September 30, 2022, we entered into the 2022 Sales Agreement with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $50.0 million in shares of our common stock in the Prior ATM Program. Subject to the terms of the 2022 Sales Agreement, the Sales Agent was not required to sell any specific number or dollar amount of securities but acted as our sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between us and the Sales Agent.

Current wording

On September 30, 2022, we entered into the 2022 Sales Agreement, providing for the issuance and sale from time to time of up to an aggregate of $50.0 million in shares of our common stock in the Prior ATM Program. Subject to the terms of the 2022 Sales Agreement, the Sales Agent was not required to sell any specific number or dollar amount of securities but acted as our sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between us and the Sales Agent.

Previous wording

On May 2, 2024, we entered into the 2024 Sales Agreement with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $75.0 million in shares of our common stock in the Current ATM Program. Concurrently upon entry into the 2024 Sales Agreement, we, the Adviser, the Administrator and the Sales Agent agreed to the termination of the 2022 Sales Agreement. Subject to the terms of the 2024 Sales Agreement, the Sales Agent is not required to sell any specific number or dollar amount of securities but will act as our sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent.

Current wording

On May 2, 2024, we entered into the 2024 Sales Agreement, providing for the issuance and sale from time to time of up to an aggregate of $75.0 million in shares of our common stock in the Current ATM Program. Concurrently upon entry into the 2024 Sales Agreement, we, the Adviser, the Administrator and the Sales Agent agreed to the termination of the 2022 Sales Agreement. Subject to the terms of the 2024 Sales Agreement, the Sales Agent is not required to sell any specific number or dollar amount of securities but will act as our sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent.

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 September 30, 2025, our asset coverage for borrowed amounts was 176%.

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 March 31, 2026, our asset coverage for borrowed amounts was 179%.