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(fka. GoEuro Corp.) 1, Equity Investments2024-12-310001580345OmioCorp. (fka. GoEuro Corp.) 2, Equity Investments2024-12-310001580345tpvg:EquityInvestmentsMembertpvg:TravelLeisureMembertpvg:GoEuroCorpMember2024-12-310001580345Inspirato Inc., Equity 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________________________________________________________________________________________________

Form 10-Q

________________________________________________________________________________________________________________________________________________


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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-01044

________________________________________________________________________________________________________________________________________________

TriplePoint Venture Growth BDC Corp.

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________________________________________________________________


Maryland						46-3082016
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

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

(Address of principal executive office)

(650) 854-2090

(Registrant’s telephone number, including area code)

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

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

TPVG

The New York Stock Exchange

________________________________________________________________________________________________________________________________________________

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

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

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


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

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

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

There were 40,323,741 shares of the Registrant’s common stock outstanding as of August 5, 2025.

TRIPLEPOINT VENTURE GROWTH BDC CORP.

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2025 (unaudited) and June 3 0 , 2024 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 3 0 , 2025 (unaudited) and J une 3 0 , 2024 (unaudited)	3
	Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2025 (unaudited) and June 3 0 , 2024 (unaudited)	4
	Consolidated Schedules of Investments as of June 3 0 , 2025 (unaudited) and December 31, 2024	5
	Notes to Consolidated Financial Statements (unaudited)	33
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 4.	Controls and Procedures	70
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 3.	Defaults Upon Senior Securities	71
Item 4.	Mine Safety Disclosures	71
Item 5.	Other Information	72
Item 6.	Exhibits	75
	Signatures	76

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)


	June 30, 2025		December 31, 2024

Assets	(unaudited)
Investments at fair value (amortized cost of $753,741 and $713,732, respectively)	$	717,885	$	676,249
Cash and cash equivalents	62,391		45,899
Restricted cash	147		32,828
Deferred credit facility costs	3,096		3,904
Prepaid expenses and other assets	4,731		4,160
Total assets	$	788,250	$	763,040

Liabilities
Revolving Credit Facility	$	50,000	$	5,000
2025 Notes, net	—		69,948
2026 Notes, net	199,701		199,483
2027 Notes, net	124,531		124,396
2028 Notes, net	49,362		—
Base management fee payable	3,268		3,408
Income incentive fee payable	—		—
Other accrued expenses and liabilities	12,711		15,118
Total liabilities	$	439,573	$	417,353
Commitments and Contingencies (Note 7)

Net assets
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)	$	—	$	—
Common stock, par value $0.01 per share	403		401
Paid-in capital in excess of par value	514,956		513,719
Total distributable earnings (loss)	(166,682)		(168,433)
Total net assets	$	348,677	$	345,687
Total liabilities and net assets	$	788,250	$	763,040

Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)	40,324		40,137
Net asset value per share	$	8.65	$	8.61

See accompanying notes to consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Investment income
Interest income from investments	$	17,254	$	22,769	$	35,082	$	47,510
Payment-in-kind interest income	5,250		3,821		9,007		7,608
Other income
Expirations/terminations of unfunded commitments	33		—		456		294
Other fees	739		517		1,185		969
Total investment and other income	23,276		27,107		45,730		56,381

Operating expenses
Base management fee	3,268		3,832		6,593		8,134
Income incentive fee	1,259		—		1,259		—

Interest expense and amortization of fees	6,732		8,702		13,103		15,713
Administration Agreement expenses	629		648		1,232		1,259
General and administrative expenses	1,372		1,321		2,789		3,148
Total operating expenses before Income incentive fee waiver	13,260		14,503		24,976		28,254
Income incentive fee waiver	(1,259)		—		(1,259)		—
Total operating expenses net of Income incentive fee waiver	12,001		14,503		23,717		28,254

Net investment income	11,275		12,604		22,013		28,127

Net realized and unrealized gains/(losses)
Net realized gains (losses) on investments	(32)		(18,846)		2,222		(27,653)
Net change in unrealized gains (losses) on investments	1,931		14,859		1,628		16,122

Net realized and unrealized gains/(losses)	1,899		(3,987)		3,850		(11,531)

Net increase (decrease) in net assets resulting from operations	$	13,174	$	8,617	$	25,863	$	16,596

Per share information (basic and diluted)
Net investment income per share	$	0.28	$	0.33	$	0.55	$	0.74
Net increase (decrease) in net assets per share	$	0.33	$	0.22	$	0.64	$	0.43
Weighted average shares of common stock outstanding	40,234		38,729		40,186		38,189

Regular distributions declared per share	$	0.30	$	0.40	$	0.60	$	0.80

See accompanying notes to consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)


				Paid-in capital in excess of par value		Total distributable earnings (loss)		Net assets
	Common stock
	Shares	Par value








Balance as of March 31, 2024	37,846	$	378	$	495,015	$	(154,126)	$	341,267
Net increase (decrease) in net assets resulting from operations	—	—		—		8,617		8,617
Issuance of common stock, net	1,994	20		18,150		—		18,170
Distributions reinvested in common stock	113	1		858		—		859
Distributions from distributable earnings	—	—		—		(15,936)		(15,936)

Balance as of June 30, 2024	39,953	$	399	$	514,023	$	(161,445)	$	352,977

Balance as of March 31, 2025	40,233	$	402	$	514,351	$	(167,785)	$	346,968
Net increase (decrease) in net assets resulting from operations	—	—		—		13,174		13,174
Issuance of common stock, net	—	—		—		—		—
Distributions reinvested in common stock	91	1		605		—		606
Distributions from distributable earnings	—	—		—		(12,071)		(12,071)


Balance as of June 30, 2025	40,324	$	403	$	514,956	$	(166,682)	$	348,677

Balance as of December 31, 2023	37,620	$	376	$	492,934	$	(147,004)	$	346,306
Net increase (decrease) in net assets resulting from operations	—	—		—		16,596		16,596
Issuance of common stock, net	2,127	21		19,404		—		19,425
Distributions reinvested in common stock	206	2		1,685		—		1,687
Distributions from distributable earnings	—	—		—		(31,037)		(31,037)

Balance as of June 30, 2024	39,953	$	399	$	514,023	$	(161,445)	$	352,977

Balance as of December 31, 2024	40,137	$	401	$	513,719	$	(168,433)	$	345,687
Net increase (decrease) in net assets resulting from operations	—	—		—		25,863		25,863
Issuance of common stock, net	—	—		—		—		—
Distributions reinvested in common stock	187	2		1,237		—		1,239
Distributions from distributable earnings	—	—		—		(24,112)		(24,112)


Balance as of June 30, 2025	40,324	$	403	$	514,956	$	(166,682)	$	348,677

See accompanying notes to consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)


	For the Six Months Ended June 30,
	2025		2024
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	25,863	$	16,596
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Fundings and purchases of investments	(109,257)		(52,118)
Principal payments and proceeds from investments	86,260		138,918
Payment-in-kind interest on investments	(9,007)		(7,608)
Net change in unrealized (gains) losses on investments	(1,628)		(16,122)
Net realized (gains) losses on investments	(2,222)		27,653
Amortization and (accretion) of premiums and discounts, net	(4,042)		(1,996)
(Accretion) reduction of end-of-term payments, net of prepayments	(1,739)		(352)
Amortization of debt fees and issuance costs	1,312		1,231

Change in operating assets and liabilities:
Prepaid expenses and other assets	(571)		(1,932)
Base management fee payable	(140)		(658)
Income incentive fee payable	—		—

Other accrued expenses and liabilities	(2,407)		(9,036)
Net cash (used in) provided by operating activities	(17,578)		94,576
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	45,000		55,000
Repayments under revolving credit facility	—		(260,000)
Distributions paid	(22,873)		(29,350)
Deferred credit facility costs	—		(558)
Proceeds from issuance of 2028 Notes	50,000		—
Debt issuance costs	(738)		—





Repayment of 2025 Notes	(70,000)		—

Proceeds from the issuance of common stock, net	—		19,425
Net cash provided by (used in) financing activities	1,389		(215,483)
Net change in cash, cash equivalents and restricted cash	(16,189)		(120,907)
Cash, cash equivalents and restricted cash at beginning of period	78,727		171,582
Cash, cash equivalents and restricted cash at end of period	$	62,538	$	50,675

	For the Six Months Ended June 30,
	2025		2024
Cash and cash equivalents	$	62,391	$	50,434
Restricted cash	147		241
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	62,538	$	50,675

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	10,452	$	12,566
Distributions reinvested	$	1,239	$	1,687
Excise tax paid	$	1,562	$	1,470

See accompanying notes to consolidated financial statements.


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	11/21/2023	$	838	$	846	$	846	11/30/2027
	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	3,445		3,469		3,469		12/31/2027
	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	4,306		4,336		4,336		12/31/2027
			8,589		8,651		8,651
Parry Labs, LLC	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 5.00% EOT payment)	12/20/2024	19,500		19,341		19,341		11/30/2028
	Revolver (Prime + 2.50% interest rate, 10.25% floor, 3.00% EOT payment)(2)	3/12/2025	233		233		233		12/20/2026
			19,733		19,574		19,574
Total Aerospace and Defense - 8.09%*			28,322		28,225		28,225

Business Applications Software
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	2,902		2,779		2,779		11/30/2026
	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	7,000		7,270		7,270		12/31/2026
			9,902		10,049		10,049
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest, 12.75% floor)	6/26/2024	20,520		20,281		20,281		5/31/2027
Farmer's Business Network, Inc.	Convertible Note (15.00% interest rate)(2)	9/28/2023	14		14		14		9/27/2025
NewStore Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 6.25% EOT payment)(2)	1/29/2024	2,500		2,538		2,538		1/31/2027
Total Business Applications Software - 9.43%*			32,936		32,882		32,882

Business Products and Services
Equafin Corp.	Growth Capital Loan (Prime + 1.25% interest rate, 8.00% floor, 3.50% EOT payment)(2)	4/17/2025	123		122		122		4/1/2028
Muon Space, Inc.	Growth Capital Loan (Prime + 0.00% interest rate, 7.00% floor, 6.00% EOT payment)	5/30/2025	2,300		2,260		2,260		11/1/2027
Quick Commerce Ltd(1)(3)	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	5/4/2022	11,658		10,064		9,300		12/31/2028
	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	10/19/2023	1,110		959		886		12/31/2028
Total Business Products and Services - 3.60%*			15,191		13,405		12,568

Business/Productivity Software
Ao1 Holdings, Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	3,997		3,978		3,978		12/1/2027
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest, 5.48% EOT payment)(2)	6/1/2025	13,253		13,870		12,084		5/1/2027
	Growth Capital Loan (12.00% PIK interest, 5.48% EOT payment)(2)	6/1/2025	16,586		17,199		15,145		5/1/2027
	Growth Capital Loan (12.00% PIK interest, 4.52% EOT payment)(2)	6/1/2025	3,355		3,355		3,099		5/1/2027
	Growth Capital Loan (12.00% PIK interest)(2)	6/1/2025	2,314		2,313		1,956		5/1/2027
			35,508		36,737		32,284
Total Business/Productivity Software - 10.40%*			39,505		40,715		36,262

Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 16.25% floor, 11.00% EOT payment)	12/30/2021	1,000		1,094		1,094		10/31/2025
	Growth Capital Loan (Prime + 5.00% interest rate, 12.50% floor, 9.00% EOT payment)	10/31/2022	185		263		263		10/31/2025
Total Consumer Non-Durables - 0.39%*			1,185		1,357		1,357


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Consumer Products and Services
Fiton Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	2/29/2024	$	8,889	$	8,803	$	8,803	8/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	3/8/2024	1,111		1,100		1,100		9/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	6/28/2024	1,000		986		986		12/1/2027
			11,000		10,889		10,889
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest, 6.75% EOT payment)(2)	7/5/2022	14,351		14,748		10,548		8/31/2028
	Growth Capital Loan (9.75% PIK interest, 6.75% EOT payment)(2)	10/21/2022	14,351		14,692		10,548		8/31/2028
			28,702		29,440		21,096
Frubana Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.75% floor, 5.00% EOT payment)(2)	1/25/2023	122		128		47		1/31/2027
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)(2)	4/3/2023	2,948		3,234		1,134		10/31/2026
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 7.50% EOT payment)(2)	10/3/2023	8,000		8,202		3,077		10/31/2026
			11,070		11,564		4,258
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	16,657		16,752		15,218		12/1/2027
	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)(2)	12/30/2024	9,438		9,438		8,719		12/31/2026
			26,095		26,190		23,937
JOKR S.à r.l.(1)(3)	Growth Capital Loan (14.50% PIK interest, 14.00% EOT payment)(2)	11/3/2021	2,987		3,152		2,720		12/31/2026
	Growth Capital Loan (18.25% PIK interest, 14.00% EOT payment)(2)	8/17/2022	1,155		1,182		1,069		12/31/2026
	Revolver (Prime + 5.75% PIK interest, 9.00% floor, 3.00% EOT payment)(2)	11/2/2021	529		566		527		6/30/2026
			4,671		4,900		4,316
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 8.25% PIK interest, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	6,621		5,933		5,560		12/31/2026
	Growth Capital Loan (Prime + 8.25% PIK interest, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	3,713		3,307		3,336		12/31/2026
			10,334		9,240		8,896
Project 1920, Inc.(7)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.50% EOT payment)(2)	3/25/2022	1,927		1,973		419		3/31/2025
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	2,100		2,142		456		3/25/2024
			4,027		4,115		875
MA Micro Limited(1)(3)	Convertible Note(2)(8)	12/31/2023	4,166		2,713		2,886		12/31/2028
	Growth Capital Loan(2)(8)	12/31/2023	4,166		1,442		869		12/31/2026
	Growth Capital Loan(2)(8)	12/31/2023	1,389		1,186		406		12/31/2028
			9,721		5,341		4,161
Total Consumer Products and Services - 22.49%*			105,620		101,679		78,428

Communication Software
Simpplr Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.00% floor, 1.50% EOT payment)	4/23/2025	9,375		9,241		9,241		4/1/2026
Total Communication Software - 2.65%*			9,375		9,241		9,241

Consumer Retail
Savage X, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	500		463		463		6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	2,000		1,703		1,703		6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	3,750		3,194		3,194		6/26/2028
Total Consumer Retail - 1.54%*			6,250		5,360		5,360


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Database Software
TetraScience, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment)	1/24/2025	$	10,000	$	9,978	$	9,978	7/1/2028
Total Database Software - 2.86%*			10,000		9,978		9,978

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.75% EOT payment)	9/29/2021	16,916		17,142		17,142		11/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest, 2.50% EOT payment)(2)	4/25/2024	3,937		3,597		3,597		4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment)	6/30/2025	17,857		17,858		17,858		6/1/2029
	Revolver (Prime + 2.50% interest rate, 9.25% floor)(2)	6/30/2025	4,762		4,762		4,762		12/30/2027
			22,619		22,620		22,620
Outfittery GMBH(1)(3)	Growth Capital Loan (11.00% PIK interest, 14.73% EOT payment)(2)	1/1/2021	28,772		32,201		26,701		1/1/2030
	Revolver (9.00% PIK interest, 7.53% EOT payment)(2)	1/1/2021	4,477		4,782		4,447		1/1/2030
	Revolver (9.00% PIK interest, 9.00% EOT payment)(2)	12/28/2022	2,531		2,710		2,594		1/1/2030
			35,780		39,693		33,742
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	5/27/2021	19,500		21,244		20,301		12/31/2026
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	6/7/2022	3,000		3,170		3,123		12/31/2026
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	6/7/2022	5,500		5,845		5,726		12/31/2026
			28,000		30,259		29,150
Total E-Commerce - Clothing and Accessories - 30.47%*			107,252		113,311		106,251

Educational/Training Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment)	7/30/2024	6,000		6,097		6,097		1/1/2027
	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	3/28/2025	4,000		3,970		3,970		9/1/2028
	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	220		220		220		7/31/2026
Total Educational/Training Software - 2.95%*			10,220		10,287		10,287

Entertainment
Luminary Roli Limited(1)(3)	Growth Capital Loan(2)(8)	8/31/2021	35,492		29,531		7,405		8/31/2026
Mind Candy Limited(1)(3)(7)	Growth Capital Loan (12.00% PIK interest)(2)	6/25/2014	24,687		21,222		9,563		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	3/17/2020	1,617		1,444		636		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	12/21/2020	1,509		1,347		594		12/31/2025
			27,813		24,013		10,793
Total Entertainment - 5.22%*			63,305		53,544		18,198

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Growth Capital Loan (14.28% PIK interest)(2)	12/31/2020	39,374		39,279		39,377		12/31/2025
Total Financial Institution and Services - 11.29%*			39,374		39,279		39,377

Financial Software
Branch Messenger, Inc.	Revolver (Prime + 3.25% interest rate, 10.75% floor, 2.00% EOT payment)(2)	5/2/2025	5,567		5,567		5,567		9/30/2027
Ocrolus, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	7,143		7,163		7,163		2/1/2028
	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	4/22/2025	2,857		2,824		2,824		10/1/2028
Synapse Financial Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% interest rate, 9.75% floor, 4.00% EOT payment)(2)	7/29/2022	732		727		56		7/31/2025
Total Financial Software - 4.48%*			16,299		16,281		15,610


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Healthcare Technology Systems
Kalderos, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 10.75% floor, 4.00% EOT payment)	1/31/2025	$	13,000	$	12,946	$	12,946	1/1/2028
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)(2)	7/14/2023	2,734		2,868		2,868		7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 12.25% floor, 6.00% EOT payment)	12/30/2022	20,000		21,019		21,019		12/31/2025
	Growth Capital Loan (6.25% cash interest rate +6.00% PIK interest, 11.00% floor, 6.00% EOT payment)(2)	6/12/2023	24,339		24,903		24,334		6/12/2027
	Growth Capital Loan (6.25% cash interest rate +6.00% PIK interest, 11.00% floor, 6.00% EOT payment)(2)	6/14/2023	1,832		1,845		1,804		6/12/2027
			46,171		47,767		47,157
Total Healthcare Technology Systems - 18.06%*			61,905		63,581		62,971

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.50% PIK interest, 11.00% floor, 5.25% EOT payment)	5/4/2023	1,045		1,074		1,019		2/28/2027
	Growth Capital Loan (Prime + 5.75% PIK interest, 11.75% floor, 5.50% EOT payment)	5/4/2023	1,046		1,072		1,008		5/31/2027
Total Information Services (B2C) - 0.58%*			2,091		2,146		2,027

Insurance
Bestow Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 8.25% floor, 3.50% EOT payment)	5/2/2025	9,000		9,005		9,005		1/1/2029
	Growth Capital Loan (Prime + 3.15% interest rate, 9.15% floor, 3.50% EOT payment)	5/2/2025	22,000		22,011		22,011		1/1/2029
Total Insurance - 8.90%*			31,000		31,016		31,016

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	16,000		16,036		16,036		3/31/2029
Total Multimedia and Design Software - 4.60%*			16,000		16,036		16,036

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)	6/13/2022	10,000		10,734		10,716		9/30/2025
	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)	3/17/2023	10,000		10,451		10,493		6/30/2026
			20,000		21,185		21,209
Monzo Bank Limited(1)(3)	Growth Capital Loan (12.00% interest rate)(2)	3/8/2021	7,035		6,994		7,181		3/8/2026
Total Other Financial Services - 8.14%*			27,035		28,179		28,390


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Real Estate Services
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	$	10,000	$	10,760	$	10,738	6/30/2026
True Footage Inc.	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/3/2021	250		271		269		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/3/2021	800		860		852		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/3/2021	220		239		236		7/31/2025
	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	12/13/2021	105		115		114		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/13/2021	440		477		473		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/15/2021	208		226		223		7/31/2025
	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	12/15/2021	150		164		163		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	1,372		1,475		1,461		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/21/2021	760		817		809		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	1/31/2022	170		184		183		7/31/2025
	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	2/25/2022	116		126		125		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		320		316		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	4/22/2022	1,110		1,183		1,170		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	4/22/2022	991		1,056		1,045		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/23/2022	216		232		230		7/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	7/19/2022	200		211		209		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	7/19/2022	100		107		106		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/5/2022	150		157		149		12/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/5/2022	361		379		359		12/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/5/2022	565		589		558		12/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	5/23/2023	240		247		224		5/31/2026
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	5/23/2023	434		449		408		5/31/2026
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/23/2023	720		749		684		5/31/2026
			9,978		10,633		10,366
Total Real Estate Services - 6.05%*			19,978		21,393		21,104

Shopping Facilitators
Moda Operandi, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 13.00% floor, 7.00% EOT payment)(2)	8/16/2024	14,650		14,289		14,501		8/1/2026
	Growth Capital Loan (Prime + 4.00% interest rate, 10.50% floor, 7.00% EOT payment)(2)	8/16/2024	11,000		11,605		10,496		12/31/2025
Total Shopping Facilitators - 7.17%*			25,650		25,894		24,997

Total Debt Investments - 169.37%*			$	668,493	$	663,789	$	590,565


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Warrant Investments(8)

Advertising / Marketing
InMobi Pte Ltd.(1)(3)	Ordinary Shares(2)	12/13/2013	48,500	$	35	$	13
Total Advertising / Marketing - 0.00%*				35		13

Aerospace and Defense
Loft Orbital Solutions Inc.	Common Stock	7/15/2022	22,488	192		344
Parry Labs, LLC	Preferred Stock	12/20/2024	2,727	145		81
Total Aerospace and Defense - 0.12%*				337		425

Application Software
Flo Health, Inc.(1)(3)	Preferred Stock	5/10/2022	13,487	123		274
Total Application Software - 0.08%*				123		274

Business Applications Software
Arcadia Power, Inc.	Preferred Stock	12/10/2021	55,458	138		45
	Preferred Stock	6/29/2022	27,714	164		11
				302		56
Cresta Intelligence, Inc.	Common Stock(2)	6/6/2024	9,935	8		23
DialPad, Inc.	Preferred Stock(2)	8/3/2020	28,980	102		23
Envoy, Inc.	Preferred Stock(2)	5/8/2020	358,930	82		183
Farmer's Business Network, Inc.	Preferred Stock(2)	1/3/2020	37,666	33		24
Filevine, Inc.	Preferred Stock(2)	4/20/2021	186,160	38		882
FlashParking, Inc.	Preferred Stock	6/15/2021	210,977	810		1,213
	Preferred Stock	6/26/2024	51,677	140		112
				950		1,325
Narvar, Inc.	Preferred Stock(2)	8/28/2020	87,160	102		102
NewStore Inc.	Preferred Stock(2)	11/16/2022	122,353	36		4
Passport Labs, Inc.	Preferred Stock(2)	9/28/2018	21,929	303		590
Project Affinity, Inc.	Preferred Stock(2)	4/26/2024	188,021	45		45
Quantcast Corporation	Cash Exit Fee(2)(5)	8/9/2018		213		161
Uniphore Technologies Inc.	Common Stock(2)	12/22/2021	35,000	34		100
Total Business Applications Software - 1.01%*				2,248		3,518

Business Products and Services
Cart.com, Inc.	Common Stock(2)	12/30/2021	32,731	477		737
	Preferred Stock(2)	3/31/2022	4,532	25		60
				502		797
Equafin Corp.	Common Stock(2)	4/17/2025	2,493	3		3
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	218,512	197		227
Muon Space, Inc.	Preferred Stock(2)	12/30/2024	90,997	117		124
Substack Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Total Business Products and Services - 0.33%*				825		1,157

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock	12/13/2024	42,882	55		31
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/6/2021	49,892	626		66
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	87,385	87		1,039
Thoughtspot, Inc.	Common Stock(2)	3/3/2025	63,931	404		404
Rudderstack, Inc.	Common Stock(2)	6/30/2025	20,215	68		68
Total Business/Productivity Software - 0.46%*				1,240		1,608

Business to Business Marketplace
Optoro, Inc.	Preferred Stock(2)	7/13/2015	10,346	40		67
RetailNext, Inc.	Preferred Stock(2)	11/16/2017	123,420	80		111
Total Business to Business Marketplace - 0.05%*				120		178


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Communication Software
Simpplr Inc.	Common Stock	4/26/2025	56,611	$	280	$	280
Total Communication Software - 0.08%*				280		280

Commercial Services
Transfix, Inc.	Preferred Stock(2)	5/31/2019	133,502	188		188
Total Commercial Services - 0.05%*				188		188

Computer Hardware
Eridu Corporation	Preferred Stock(2)	3/31/2025	10,235	5		5
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	52,773	183		121
Total Computer Hardware - 0.04%*				188		126

Consumer Finance
Activehours, Inc. (d/b/a Earnin)	Preferred Stock(2)	10/8/2020	114,327	370		1,707
Total Consumer Finance - 0.49%*				370		1,707

Consumer Non-Durables
Athletic Greens International, Inc.	Ordinary Shares(2)	6/3/2022	2,262	85		84
Don't Run Out, Inc.	Preferred Stock	12/30/2021	42,929	30		13
Total Consumer Non-Durables - 0.03%*				115		97

Consumer Products and Services
AvantStay, Inc.	Common Stock	12/12/2022	24,495	151		188
Baby Generation, Inc.	Common Stock(2)	1/26/2022	33,964	25		25
everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	25		27
FitOn Inc.	Common Stock(2)	2/29/2024	73,807	162		156
Flink SE(1)(3)	Common Stock(2)	4/13/2022	178	339		—
Foodology Inc.(1)(3)	Preferred Stock	3/25/2022	26,619	116		86
Frubana Inc.(1)(3)	Preferred Stock(2)	9/30/2022	15,987	334		—
Hydrow, Inc.	Common Stock	2/9/2021	1,252,355	232		—
	Preferred Stock	12/30/2024	6,549,320	26		26
				258		26
Lower Holding Company	Preferred Stock	12/28/2022	395,425	189		24
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/2/2022	894,182	1,258		—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5		7
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	41,140	23		—
Quip NYC, Inc.	Preferred Stock(2)	11/26/2018	41,272	455		1,171
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	14,709	93		11
The Black Tux Holdings, Inc.	Preferred Stock(2)	11/5/2021	142,939	139		469
Total Consumer Products and Services - 0.63%*				3,572		2,190

Consumer Retail
LovePop, Inc.	Preferred Stock(2)	10/23/2018	163,463	168		128
Savage X, Inc.	Preferred Stock	4/7/2020	178,697	670		518
Total Consumer Retail - 0.19%*				838		646

Database Software
Sisense, Inc.	Cash Exit Fee(2)(5)	12/28/2021		190		465
TetraScience, Inc.	Preferred Stock	1/24/2025	106,100	20		20
Total Database Software - 0.14%*				210		485


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	11/20/2017	331,048	$	940	$	232
	Common Stock	9/29/2023	313,236	822		701
				1,762		933
Minted, Inc.	Preferred Stock	9/30/2020	51,979	516		235
Outfittery GMBH(1)(3)	Cash Exit Fee(2)(5)	8/10/2017		1,850		1,402
Rent the Runway, Inc.	Common Stock(2)	11/25/2015	11,862	1,294		—
Stance, Inc.	Preferred Stock(2)	3/31/2017	75,000	41		70
Trendly, Inc.	Preferred Stock	5/27/2021	574,742	381		293
	Preferred Stock	6/7/2022	57,924	44		17
				425		310
Untuckit LLC	Cash Exit Fee(2)(5)	5/11/2018		39		57
Total E-Commerce - Clothing and Accessories - 0.86%*				5,927		3,007

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)	4/2/2018	62,128	219		—
	Common Stock(2)	5/22/2019	25,664	228		—
				447		—
Merama Inc.	Preferred Stock(2)	4/28/2021	191,274	406		1,100
Total E-Commerce - Personal Goods - 0.32%*				853		1,100

Educational/Training Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	5,154	45		45
Total Educational/Training Software - 0.01%*				45		45

Entertainment
Mind Candy, Inc.(1)(3)	Preferred Stock(2)	3/24/2017	278,209	922		—
Total Entertainment - 0.00%*				922		—

Financial Institution and Services
BlueVine Capital, Inc.	Preferred Stock(2)	9/15/2017	271,293	361		1,416
Prodigy Investments Limited(1)(3)	Ordinary Shares(2)	12/5/2017	56,241	869		332
Revolut Ltd(1)(3)	Ordinary Shares(2)	4/16/2018	6,253	40		6,403
	Ordinary Shares(2)	10/29/2019	7,945	324		7,762
				364		14,165
WorldRemit Group Limited(1)(3)	Preferred Stock(2)	12/23/2015	128,290	382		1,561
	Preferred Stock(2)	12/23/2015	46,548	136		506
				518		2,067
Total Financial Institution and Services - 5.16%*				2,112		17,980

Financial Software
Branch Messenger, Inc.	Preferred Stock(2)	3/27/2025	111,026	147		145
Ocrolus, Inc.	Common Stock	8/14/2024	116,887	96		96
Synapse Financial Technologies, Inc.	Nonvoting Stock(2)	7/29/2022	3,913	23		—
Total Financial Software - 0.07%*				266		241

Food & Drug
Capsule Corporation	Preferred Stock	1/17/2020	202,533	437		34
	Cash Exit Fee(5)	12/28/2018		129		123
Total Food & Drug - 0.05%*				566		157

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	33,510	70		54
Thrillist Media Group, Inc.	Common Stock(2)	9/24/2014	774,352	624		1,092
Total General Media and Content - 0.33%*				694		1,146


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	49,304	$	22	$	16
Vial Health Technology, Inc.	Preferred Stock(2)	12/14/2022	48,889	33		33
Total Healthcare Services - 0.01%*				55		49

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	5/14/2025	16,841	17		17
Curology, Inc.	Preferred Stock(2)	5/23/2019	36,020	58		21
Kalderos, Inc.	Preferred Stock	12/27/2022	118,104	209		187
K Health, Inc.	Common Stock(2)	7/14/2023	61,224	187		263
Thirty Madison, Inc.	Preferred Stock	12/30/2022	167,494	445		276
Total Healthcare Technology Systems - 0.22%*				916		764

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	11,974	9		—
Total Information Services (B2C) - 0.00%*				9		—

Insurance
Bestow Inc.	Preferred Stock	5/2/2025	4,198	25		25
Total Insurance - 0.01%*				25		25

Medical Software and Information Services
AirStrip Technologies, Inc.	Common Stock(2)	10/9/2013	8,036	112		—
Total Medical Software and Information Services - 0.00%*				112		—

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	183,642	309		338
Open Space Labs, Inc.	Preferred Stock(2)	11/15/2022	2,954	7		4
Total Multimedia and Design Software - 0.10%*				316		342

Network Systems Management Software
Cohesity Global, Inc.	Preferred Stock(2)	1/10/2020	18,945	54		100
Signifyd, Inc.	Preferred Stock(2)	12/19/2019	33,445	132		441
Corelight, Inc.	Common Stock(2)	9/29/2022	45,977	235		258
Total Network Systems Management Software - 0.23%*				421		799

Other Financial Services
Jerry Services, Inc.	Preferred Stock	6/13/2022	41,936	169		129
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	64,813	161		871
N26 GmbH(1)(3)	Preferred Stock(2)	9/14/2021	11	324		250
Upgrade, Inc.	Preferred Stock(2)	1/18/2019	1,488,450	223		595
Total Other Financial Services - 0.53%*				877		1,845

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6		15
HomeLight, Inc.	Preferred Stock(2)	12/21/2018	54,004	44		186
	Preferred Stock(2)	11/5/2020	55,326	76		139
				120		325
Homeward, Inc.	Preferred Stock	12/10/2021	388,324	211		338
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	37,485	295		116
Roofstock, Inc. (fka.Mynd Management, Inc. )	Preferred Stock(2)	5/25/2022	56,839	19		194
Sonder Holdings Inc.	Common Stock(2)	12/28/2018	10,024	232		—
	Common Stock(2)	3/4/2020	1,049	42		—
				274		—
True Footage Inc.	Preferred Stock	11/24/2021	88,762	147		98
Total Real Estate Services - 0.31%*				1,072		1,086


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Shopping Facilitators
Moda Operandi, Inc.	Preferred Units(2)	12/30/2021	36,450	$	168	$	—
OfferUp Inc.	Preferred Stock(2)	12/23/2019	131,006	42		138
Total Shopping Facilitators - 0.04%*				210		138

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	3/18/2019	84,507	281		151
Total Social/Platform Software - 0.04%*				281		151

Travel & Leisure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock	9/18/2019	12,027	362		404
	Preferred Stock	8/26/2022	16,261	611		692
	Preferred Stock	4/5/2024	17,904	385		1,061
Total Travel & Leisure - 0.62%*				1,358		2,157

Total Warrant Investments - 12.60%*				$	27,726	$	43,924


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Equity Investments(8)

Business Applications Software
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	$	167	$	54
Cresta Intelligence, Inc.	Preferred Stock(2)	9/30/2024	110,882	500		500
DialPad, Inc.	Preferred Stock(2)	9/22/2020	15,456	120		107
Envoy, Inc.	Preferred Stock(2)	12/30/2021	212,160	668		539
FlashParking, Inc.	Preferred Stock(2)	7/19/2022	33,116	455		447
Filevine, Inc.	Preferred Stock(2)	2/4/2022	56,353	357		486
Farmer's Business Network, Inc.	Preferred Stock(2)	7/31/2020	860	28		13
	Preferred Stock(2)	9/28/2023	4,181	138		12
				166		25
Passport Labs, Inc.	Preferred Stock(2)	6/11/2019	1,302	100		103
Uniphore Technologies Inc.	Preferred Stock(2)	1/28/2022	28,233	350		287
Total Business Applications Software - 0.73%*				2,883		2,548

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock(2)	12/13/2024	49,717	150		142
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/16/2021	822	150		30
RudderStack, Inc.	SAFE(2)	6/30/2025	1	200		200
Total Business/Productivity Software - 0.11%*				500		372

Business Products and Services
Quick Commerce Ltd(1)(3)	Preferred Stock(2)	4/5/2024	418,182	8,028		8,727
	Ordinary Shares(2)	4/5/2024	1,448,528,650	311		1,191
Total Business Products and Services - 2.84%*				8,339		9,918

Commercial Services
MXP Prime GmbH(1)(3)	Common Stock(2)	2/3/2022	165	1,140		13
	Preferred Stock(2)	6/29/2023	23	—		142
	Preferred Stock(2)	6/29/2023	46	50		54
				1,190		209
Printful, Inc. Holdco. (fka.Printify, Inc.)	Preferred Stock(2)	3/31/2025	11,120	24		24
Total Commercial Services - 0.07%*				1,214		233

Consumer Finance
Activehours, Inc. (d/b/a Earnin)	Preferred Stock(2)	11/10/2020	14,788	150		352
Total Consumer Finance - 0.10%*				150		352

Consumer Non-Durables
Misfits Market, Inc. (f/k/a Imperfect Foods, Inc.)	Preferred Stock(2)	12/31/2022	1,615	142		152
	Preferred Stock(2)	12/31/2022	7,196	358		385
Total Consumer Non-Durables - 0.15%*				500		537

Consumer Products and Services
everdrop GmbH(1)(3)	Preferred Stock(2)	8/1/2022	78	310		354
Frubana Inc.(1)(3)	Preferred Stock(2)	7/13/2022	7,993	500		—
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	7,758		7,758
Hydrow, Inc.	Common Stock(2)	12/14/2020	1,893,462	668		19
JOKR S.à r.l.(1)(3)	Preferred Stock(2)	6/19/2025	2,963	173		63
	Preferred Stock(2)	6/19/2025	585	34		13
	Preferred Stock(2)	11/3/2022	298	17		1
	Preferred Stock(2)	6/19/2025	56,834	353		827
				577		904
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		10
Total Consumer Products and Services - 2.59%*				9,823		9,045


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Consumer Retail
Savage X, Inc.	Preferred Stock(2)	1/20/2021	17,249	$	500	$	17
	Preferred Stock(2)	11/30/2021	10,393	500		12
Total Consumer Retail - 0.01%*				1,000		29

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	1/17/2019	67,934	500		454
Total E-Commerce - Clothing and Accessories - 0.13%*				500		454

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)(10)	6/5/2018	31,576	500		36
Merama Inc.	Preferred Stock(2)	4/19/2021	18,518	33		152
	Preferred Stock(2)	4/19/2021	14,490	83		136
	Preferred Stock(2)	9/1/2021	10,298	167		140
				283		428
Total E-Commerce - Personal Goods - 0.13%*				783		464

Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)	Common Stock(2)(10)	1/5/2018	60,926	250		99
Total Educational/Training Software - 0.03%*				250		99

Entertainment
Luminary Roli Limited(1)(3)	Ordinary Shares(2)	8/31/2021	434,782	2,525		—
Mind Candy, Inc.(1)(3)	Preferred Stock(2)	3/9/2020	511,665	1,000		—
Total Entertainment - 0.00%*				3,525		—

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Preference Shares(2)	12/31/2020	1,552	22,216		20,668
Revolut Ltd(1)(3)	Ordinary Shares(2)	8/3/2017	23,253	262		27,532
Total Financial Institution and Services - 13.82%*				22,478		48,200

Financial Software
Branch Messenger, Inc.	Preferred Stock(2)	4/16/2025	78,189	250		250
Total Financial Software - 0.07%*				250		250

Food & Drug
Capsule Corporation	Preferred Stock(2)	7/25/2019	128,423	716		369
Total Food & Drug - 0.11%*				716		369

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	127,656	1,000		1,000
Total General Media and Content - 0.29%*				1,000		1,000

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	6/27/2025	16,428	33		33
Curology, Inc.	Preferred Stock(2)	11/26/2019	66,000	196		145
	Common Stock(2)	1/14/2020	142,855	404		73
				600		218
Kalderos, Inc.	Preferred Stock(2)	12/27/2022	45,403	325		296
Talkspace, LLC (f/k/a Groop Internet Platform, Inc.)	Common Stock(2)(10)	5/15/2019	146,752	378		408
Thirty Madison, Inc.	Preferred Stock(2)	5/31/2019	81,708	1,000		651
Total Healthcare Technology Systems - 0.46%*				2,336		1,606


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of June 30, 2025
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Insurance
Bestow Inc.	Preferred Stock(2)	5/2/2025	4,866	$	58	$	59
	Preferred Stock(2)	5/2/2025	527	6		9
	Preferred Stock(2)	5/2/2025	33,027	390		315
	Preferred Stock(2)	5/2/2025	12,349	146		107
Total Insurance - 0.14%*				600		490

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	42,378	231		259
Total Multimedia and Design Software - 0.07%*				231		259

Network Systems Management Software
Cohesity Global, Inc.	Preferred Stock(2)	3/24/2017	60,342	400		925
	Preferred Stock(2)	4/7/2020	9,022	125		141
Total Network Systems Management Software - 0.31%*				525		1,066

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	5/6/2022	8,231	104		83
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	92,901	1,000		2,144
	Ordinary Shares(2)	1/5/2022	26,281	516		663
				1,516		2,807
N26 GmbH(1)(3)	Preferred Stock(2)	12/9/2021	22	1,264		1,594
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100		100
Total Other Financial Services - 1.31%*				2,984		4,584

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/18/2022	6,033	29		29
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	11,246	300		209
True Footage Inc.	Preferred Stock(2)	10/18/2021	18,366	100		68
Total Real Estate Services - 0.09%*				429		306

Travel & Leisure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	10/5/2017	2,362	300		291
	Preferred Stock(2)	5/9/2022	9,169	623		903
				923		1,194
Inspirato, Inc.	Common Stock(2)(4)(10)	9/11/2014	6,081	287		21
Total Travel & Leisure - 0.35%*				1,210		1,215

Total Equity Investments - 23.92%*				$	62,226	$	83,396

Total Investments in Portfolio Companies - 205.89%*(9)(11)				$	753,741	$	717,885

Cash Equivalents
Money Market Fund	Type of Investment	Ticker		Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM		$	61,718	$	61,718
Total Cash Equivalents - 17.70%*				$	61,718	$	61,718

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2025, non-qualifying assets represented 30.2% of the Company’s total assets, at fair value.

(2)As of June 30, 2025 this investment was not pledged as collateral as part of the Company’s revolving credit facility.

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

(4)Investment is owned by TPVG Investment LLC, a wholly owned taxable subsidiary of the Company.

(5)Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $57.8 million, $76.9 million and $19.1 million, respectively, for the June 30, 2025 investment portfolio. The tax cost of investments is $737.0 million.

(7)Debt is on non-accrual status as of June 30, 2025 and is therefore considered non-income producing. Non-accrual investments as of June 30, 2025 had a total cost and fair value of $38.1 million and $20.6 million, respectively.

(8)Non-income producing investments.

(9)Except for equity in four public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).

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

(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2025, the Company’s portfolio company investments that were subject to restrictions on sales totaled $717.3 million at fair value and represented 205.7% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2025, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(12)Acquisition date represents the date of the initial investment in the portfolio investment.

* Value as a percentage of net assets.

_______________

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

(dollars in thousands)

As of December 31, 2024

Portfolio Company

Type of Investment

Acquisition

Date(12)

Outstanding
Principal

Cost(6)

Fair Value

Maturity
Date

Debt Investments

Application Software

Flo Health UK Limited(1)(3)

Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)

5/17/2022

8,333

8,246

8,285

5/31/2025

Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)

7/21/2022

8,750

8,622

8,683

7/31/2025

Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)

9/30/2022

5,750

5,643

5,696

9/30/2025

Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)

TriplePoint Venture Growth BDC Corp. 10-Q