TriplePoint Venture Growth BDC Corp.

Previous 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.

Current wording

As of June 30, 2026, we had 311 investments in 135 companies. Our investments included 100 debt investments, 131 warrant investments, and 80 direct equity and related investments. As of June 30, 2026, the aggregate cost and fair value of these investments were $830.8 million and $780.7 million, respectively. As of June 30, 2026, six of our portfolio companies were publicly traded. As of June 30, 2026, the 100 debt investments had an aggregate fair value of $637.4 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

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.

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 15.5% and 11.4% of our debt investments at fair value as of June 30, 2026 and December 31, 2025, respectively.

Previous wording

During the three months ended March 31, 2025, we entered into debt commitments with four new portfolio companies and one existing portfolio companies totaling $76.5 million, funded debt investments to five portfolio companies for $27.7 million in principal value, and acquired warrant investments representing $0.8 million at fair value. Debt investments funded during the three months ended March 31, 2025 carried a weighted average annualized portfolio yield of 13.3% at origination.

Current wording

During the three months ended June 30, 2026, we entered into debt commitments with three new portfolio companies and two existing portfolio companies totaling $29.8 million, funded debt investments to 10 portfolio companies for $47.8 million in principal value, and acquired warrant investments representing $0.3 million at fair value. Debt investments funded during the three months ended June 30, 2026 carried a weighted average annualized portfolio yield of 12.8% at origination.

Previous 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.

Current wording

During the three months ended June 30, 2026, we received $28.6 million of principal prepayments, $4.6 million of early repayments, and $12.2 million of scheduled principal amortization. During the six months ended June 30, 2026, we received $52.2 million of principal prepayments, $6.2 million of early repayments and $14.1 million of scheduled principal amortization.

Previous wording

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

Current wording

The following table shows the total portfolio investment activity for the three and six months ended June 30, 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 months ended March 31, 2026 and 2025:

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 six months ended June 30, 2026 and 2025:

Previous 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).

Current wording

As of June 30, 2026 and December 31, 2025, the weighted average investment ranking of our debt investment portfolio was 2.28 and 2.16, respectively. During the three months ended June 30, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $28.0 million was downgraded from White (2) to Yellow (3).

Previous 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.

Current wording

As of June 30, 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 $16.4 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 months ended March 31, 2026 and 2025

Current wording

Comparison of operating results for the three and six months ended June 30, 2026 and 2025

Previous 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.

Current wording

For the three months ended June 30, 2026, our net increase in net assets resulting from operations was $10.7 million, which was comprised of $8.3 million of net investment income and $2.3 million of net realized and unrealized gains. 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. On a per share basis for the three months ended June 30, 2026, net investment income was $0.21 per share and the net increase in net assets from operations was $0.26 per share, as compared to net investment income of $0.28 per share and a net increase in net assets from operations of $0.33 per share for the three months ended June 30, 2025.

Previous 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.

Current wording

For the three months ended June 30, 2026, total investment and other income was $22.1 million as compared to $23.3 million for the three months ended June 30, 2025. The decrease in total investment and other income for the three months ended June 30, 2026, compared to the 2025 period, is primarily due to less prepayment income and lower investment yields due in part to decreases in the Prime rate.

Previous 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

Current wording

For the six months ended June 30, 2026, we recognized $0.8 million in other income consisting of $0.5 million due to the termination or expiration of unfunded commitments and $0.3 million from the realization of certain fees paid and accrued from portfolio companies. 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

Previous 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.

Current wording

For the three months ended June 30, 2026, total operating expenses, inclusive of an income incentive fee waiver of $1.3 million, were $13.6 million, as compared to $11.7 million, inclusive of an income incentive fee waiver of $1.3 million, for the three months ended June 30, 2025. For the three months ended June 30, 2026 and 2025, excise tax expenses were $0.2 million and $0.4 million, respectively.

Previous 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.

Current wording

Base management fees for the three months ended June 30, 2026 and 2025 totaled $3.6 million and $3.3 million, respectively. Base management fees for the six months ended June 30, 2026 and 2025 totaled $7.2 million and $6.6 million, respectively. Base management fees increased during the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 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 $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.

Current wording

The Adviser waived the $1.3 million and $3.2 million in income incentive fees earned for the three and six months ended June 30, 2026, respectively, 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. For the three and six months ended June 30, 2025, our income incentive fee was reduced by $1.0 and $3.1 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 $1.0 million and $3.1 million, respectively. The Adviser earned and waived $1.3 million in income incentive fees for the three and six months ended June 30, 2025.

Previous wording

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

Current wording

There were no capital gains incentive fee expenses for the six months ended June 30, 2026 and 2025.

Previous 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.

Current wording

Interest expense and amortization of fees totaled $8.3 million and $6.7 million for the three months ended June 30, 2026 and 2025, respectively. The increase during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, is primarily due to a higher weighted-average outstanding principal balance under the Credit Facility. Interest expense and amortization of fees totaled $16.1 million and $13.1 million for the six months ended June 30, 2026 and 2025, respectively. The increase during the six months ended June 30, 2026, as compared to the six months ended June 30, 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 $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.

Current wording

Administration Agreement and general and administrative expenses totaled $1.7 million and $1.7 million for the three months ended June 30, 2026 and 2025, respectively. Administration Agreement and general and administrative expenses totaled $3.5 million and $3.3 million for the six months ended June 30, 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 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.

Current 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.

Previous 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.

Current wording

Net change in unrealized losses on investments during the three months ended June 30, 2026 was $10.6 million, consisting of $11.9 million of net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period, $9.6 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments, and $0.5 million of net unrealized losses from foreign currency adjustments, partially offset by $11.4 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments. Net change in unrealized losses on investments during the six months ended June 30, 2026 was $13.3 million, consisting of $16.6 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments, $12.1 million net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period, and $2.3 million of net unrealized losses from foreign currency adjustments, partially offset by $17.7 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments.

Previous 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.

Current 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.

Previous wording

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

Current wording

The following table shows the weighted average annualized portfolio yield on our debt investments, comprising of cash interest income, accretion of the net purchase discount, facilities fees and the value of warrant investments received, accretion of EOT payments and the accelerated receipt of EOT payments on prepayments for the three and six months ended June 30, 2026:

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. 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.

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 June 30, 2026 and 2025 was 12.3% and 13.8%, respectively. Including non-income producing debt investments, the weighted average yield for the six months ended June 30, 2026 and 2025 was 12.5% and 13.7%, 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 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.

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 June 30, 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 5.2% and 4.8%, 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 3.2% and 5.0%, respectively. For the six months ended June 30, 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 9.2% and 9.7%, 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 (17.4)% and 3.8%, respectively.

Previous 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:

Current 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, 2026 and 2025:

Previous 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.

Current wording

As of June 30, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 96.5% of our total assets, as compared to 93.3% of our total assets as of December 31, 2025.

Previous 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.

Current wording

During the six months ended June 30, 2026, net cash provided by 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 $10.4 million, and net cash used in financing activities was $42.9 million due primarily to the repayment of the 2026 Notes and $17.6 million in distributions paid, partially offset by net borrowings under the Credit Facility of $100.0 million and proceeds from the issuance of the 7.50% 2028 Notes. As of June 30, 2026, cash and cash equivalents, including restricted cash, were $14.8 million.

Previous 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.

Current wording

As of June 30, 2026 and December 31, 2025, we had outstanding borrowings under the Credit Facility of $195.0 million and $95.0 million, respectively, excluding deferred credit facility costs of $4.0 million and $4.6 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $105.0 million and $205.0 million of remaining capacity on our Credit Facility as of June 30, 2026 and December 31, 2025, respectively.

Previous 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.

Current wording

As of June 30, 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 $124.8 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

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.

Current wording

As of June 30, 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 $49.6 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

As of March 31, 2026, we have recorded in the consolidated statements of assets and liabilities our liability for the 7.50% 2028 Notes, net of deferred issuance costs, of $74.9 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 7.50% 2028 Notes.

Current wording

As of June 30, 2026, we have recorded in the consolidated statements of assets and liabilities our liability for the 7.50% 2028 Notes, net of deferred issuance costs, of $74.8 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 7.50% 2028 Notes.

Previous wording

We are party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of March 31, 2026 and December 31, 2025, our unfunded commitments totaled $206.8 million and $260.4 million, respectively, of which $51.0 million and $50.7 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

Current wording

We are 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, 2026 and December 31, 2025, our unfunded commitments totaled $140.6 million and $260.4 million, respectively, of which $23.0 million and $50.7 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

Previous wording

As of March 31, 2026, our unfunded commitments to 24 companies totaled $206.8 million. During the three months ended March 31, 2026, $28.4 million in unfunded commitments expired or were terminated.

Current wording

As of June 30, 2026, our unfunded commitments to 22 companies totaled $140.6 million. During the three and six months ended June 30, 2026, $48.1 million and $76.5 million in unfunded commitments expired or were terminated.

Previous wording

As of December 31, 2025, our unfunded commitments to 25 companies totaled $260.4 million. During the three months ended March 31, 2025, $36.5 million in unfunded commitments expired or were terminated.

Current wording

As of December 31, 2025, our unfunded commitments to 25 companies totaled $260.4 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.

Previous wording

The fair value at the inception of the delay draw credit agreements with our portfolio companies is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments. As of March 31, 2026 and December 31, 2025, the fair value for these unfunded commitments totaled $1.1 million and $1.8 million, respectively, and was included in “other accrued expenses and liabilities” in our consolidated statements of assets and liabilities.

Current wording

The fair value at the inception of the delay draw credit agreements with our portfolio companies is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments. As of June 30, 2026 and December 31, 2025, the fair value for these unfunded commitments totaled $0.5 million and $1.8 million, respectively, and was included in “other accrued expenses and liabilities” in our consolidated statements of assets and liabilities.

Previous wording

For the three months ended March 31, 2026, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 78.7% of total distributions paid. As of March 31, 2026, we had estimated undistributed taxable earnings from net investment income of $42.6 million, or $1.05 per share.

Current wording

For the three months ended June 30, 2026, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 80.3% of total distributions paid. As of June 30, 2026, we had estimated undistributed taxable earnings from net investment income of $41.7 million, or $1.03 per share.

Previous wording

On April 29, 2026 the Board declared a $0.23 per share regular quarterly distribution payable on June 30, 2026 to stockholders of record at the close of business on June 16, 2026.

Current wording

On July 29, 2026, the Board declared a $0.23 per share regular quarterly distribution payable on September 30, 2026 to stockholders of record at the close of business on September 16, 2026. Further, on August 4, 2026, the Board declared supplemental distributions totaling $0.12 per share to be paid in two equal installments. The first $0.06 per share supplemental distribution will be paid on September 30, 2026 to stockholders of record as of September 16, 2026, and the second $0.06 per share supplemental distribution will be paid on December 30, 2026 to stockholders of record as of December 16, 2026.

Previous wording

From April 1, 2026 through May 5, 2026, we closed $21.3 million of additional debt commitments, funded $25.9 million in new investments and received $20.6 million of principal prepayments. TPC’s direct originations platform entered into $102.5 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 July 1, 2026 through August 5, 2026, we closed $1.0 million of additional debt commitments, received $1.0 million of principal prepayments and had no material fundings. TPC’s direct originations platform entered into $50.0 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.