TPVG

Forward-Looking Statements The information contained in this section should be read in conjunction with our consolidated financial statements and related notes and schedules thereto appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “the Company”, “we”, “us”, and “our” refer to TriplePoint Venture Growth BDC Corp. and its subsidiaries. This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q include statements as to: •our and our portfolio companies’ future operating results and financial condition, including our and our portfolio companies’ ability to achieve our respective objectives; •our business prospects and the prospects of our portfolio companies; •our relationships with third parties, including but not limited to lenders and venture capital investors, including other investors in our portfolio companies; •the outcome and impact on the Company of any material pending or threatened legal proceedings to which the Company or its property is subject; •the impact and timing of our unfunded commitments; •the impact of a protracted decline in the liquidity of credit markets on our business; •the expected market for venture capital investments; •the performance of our existing portfolio and other investments we may make in the future; •the impact of investments that we expect to make; •the valuation of our investments in portfolio companies, particularly those having no liquid trading market; •our ability to recover unrealized losses; •actual and potential conflicts of interest with TPC, the Adviser and its senior investment team and Investment Committee; •purchase activity in respect of the Company’s shares of common stock, including with respect to TPC’s or its affiliates’ publicly announced purchase programs; •our contractual arrangements and relationships with third parties; •the dependence of our future success on the U.S. and global economies, including with respect to the industries in which we invest; •our expected financings and investments; •the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments; •the ability of our Adviser to attract, retain and have access to highly talented professionals, including our Adviser’s senior management team; •our ability to maintain our qualification as a RIC and as a BDC; •the adequacy of our and our portfolio companies’ available liquidity, cash resources and working capital and compliance with covenants under our borrowing arrangements; •the ability of our portfolio companies to obtain financing on attractive terms or at all •the timing of cash flows, if any, from the operations of our portfolio companies; and •the declaration, payment, amount and/or timing of future dividends or distributions. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation: •changes in laws and regulations, changes in political, economic or industry conditions, and changes in the interest rate environment or other conditions affecting the financial and capital markets; •the potential emergence (or re-emergence) of a widespread health pandemic, and the length and duration thereof in the United States as well as worldwide, and the magnitude of its impact and time required for economic recovery; 54 •the potential for an economic downturn and the time period required for robust economic recovery therefrom; •a contraction of available credit, an inability or unwillingness of our lenders to fund their commitments to us and/or an inability to access capital markets or additional sources of liquidity, which could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities; •interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy; •disruptions related to tariffs and other trade or sanctions issues, which may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States; •currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; •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; •risks associated with possible disruption in our or our portfolio companies’ operations due to the effect of, and uncertainties stemming from, adverse developments affecting the financial services industry and the venture banking ecosystem, including the potential for the failure of additional banking institutions, as well as due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and •the risks, uncertainties and other factors we identify in “Risk Factors” in this Quarterly Report on Form 10-Q, in our most recent Annual Report on Form 10-K under Part I, Item 1A, and in our other filings with the SEC that we make from time to time. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include, without limitation, our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Overview We are an externally managed, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Our shares are currently listed on the New York Stock Exchange (the “NYSE”) under the symbol “TPVG”. We were formed to expand the venture growth stage business segment of TPC’s investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TPC is located on Sand Hill Road in Silicon Valley and has a primary focus in technology and other high growth industries. Our investment objective is to maximize our total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending, typically with warrants, primarily to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors. 55 Portfolio Composition, Investment Activity and Asset Quality Portfolio Composition We originate and invest primarily in venture growth stage companies. Companies at the venture growth stage have distinct characteristics differentiating them from venture capital-backed companies at other stages in their development lifecycle. We invest primarily in (i) growth capital loans that have a secured collateral position and that are generally used by venture growth stage companies to finance their continued expansion and growth, (ii) on a select basis, (a) equipment financings, which may be structured as loans or leases, that have a secured collateral position on specified mission-critical equipment, and (b) revolving loans that have a secured collateral position and that are typically used by venture growth stage companies to advance against inventory, components, accounts receivable, contractual or future billings, bookings, revenues, sales or cash payments and collections including proceeds from a sale, financing or the equivalent and (iii) direct equity investments in venture growth stage companies. In connection with our growth capital loans, equipment financings and revolving loans, we generally receive warrant investments as part of the transaction that allow us to participate in any equity appreciation of our borrowers and enhance our overall investment returns. We may also invest in venture capital-backed companies in other lifecycle stages of development, including early stage and later stage, when our Adviser’s senior investment team believes that they present an attractive investment opportunity for us and may give us an advantage to not only source future financing opportunities but also to evaluate credit performance over a longer period of time. 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. 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%. The following tables show certain information relating to the composition of our portfolio as of June 30, 2026 and December 31, 2025: June 30, 2026 Investments by Type (dollars in thousands) Cost Fair Value Net Unrealized Gains (losses) Number of Investments Number of Companies Debt investments $ 722,777 $ 637,421 $ (85,356) 100 53 Warrant investments 27,468 58,352 30,884 131 117 Equity investments 80,590 84,969 4,379 80 60 Total Investments in Portfolio Companies $ 830,835 $ 780,742 $ (50,093) 311 135 (1) _______________ (1)Represents non-duplicative number of companies. December 31, 2025 Investments by Type (dollars in thousands) Cost Fair Value Net Unrealized Gains (losses) Number of Investments Number of Companies Debt investments $ 712,263 $ 645,366 $ (66,897) 96 55 Warrant investments 27,988 49,194 21,206 132 118 Equity investments 80,112 88,984 8,872 74 55 Total Investments in Portfolio Companies $ 820,363 $ 783,544 $ (36,819) 302 109 (1) _______________ (1)Represents non-duplicative number of companies. 56 The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of June 30, 2026 and December 31, 2025: June 30, 2026 Investments in Portfolio Companies by Industry (dollars in thousands) At Fair Value Percentage of Total Investments Business/Productivity Software $ 148,676 19.0 % Consumer Products and Services 105,772 13.5 E-Commerce - Clothing and Accessories 93,356 12.0 Financial Institution and Services 92,581 11.9 Business Applications Software 49,617 6.4 Other Financial Services 46,966 6.0 Insurance 31,812 4.1 Business Products and Services 25,743 3.3 Multimedia and Design Software 22,504 2.9 Aerospace and Defense 21,480 2.8 Entertainment 17,016 2.2 Financial Software 15,798 2.0 Communication Software 15,433 2.0 Healthcare Technology Systems 12,523 1.6 Information Services (B2C) 11,337 1.5 Network Management Software 11,188 1.4 Database Software 10,964 1.4 Educational/Training Software 10,272 1.3 Shopping Facilitators 9,725 1.2 Consumer Retail 6,141 0.8 Semiconductors 4,117 0.5 Travel & Leisure 3,329 0.4 Real Estate Services 2,516 0.3 General Media and Content 2,091 0.3 Healthcare Services 2,060 0.3 Consumer Finance 2,059 0.3 Computer Hardware 1,811 0.2 E-Commerce - Personal Goods 1,567 0.2 Consumer Non-Durables 634 0.1 Food & Drug 526 0.1 Commercial Services 441 0.1 Application Software 274 * Social/Platform Software 207 * Business to Business Marketplace 111 * Energy 95 * Medical Software and Information Services — * Total portfolio company investments $ 780,742 100.0 % _______________ *Amount represents less than 0.05% of the total portfolio investments at fair value. 57 December 31, 2025 Investments in Portfolio Companies by Industry (dollars in thousands) At Fair Value Percentage of Total Investments Business/Productivity Software $ 132,863 17.0 % Consumer Products and Services 108,221 13.8 E-Commerce - Clothing and Accessories 100,570 12.8 Financial Institution and Services 85,669 10.9 Business Applications Software 52,167 6.7 Other Financial Services 38,703 4.9 Insurance 31,655 4.0 Healthcare Technology Systems 26,851 3.4 Business Products and Services 23,809 3.0 Entertainment 22,090 2.8 Aerospace and Defense 21,175 2.7 Multimedia and Design Software 18,759 2.4 Financial Software 16,112 2.1 Communication Software 12,766 1.6 Educational/Training Software 11,842 1.5 Information Services (B2C) 11,794 1.5 Real Estate Services 10,819 1.4 Network Management Software 10,775 1.4 Database Software 10,579 1.4 Shopping Facilitators 9,226 1.2 Consumer Retail 6,202 0.8 Semiconductors 4,560 0.6 Travel & Leisure 3,329 0.4 Computer Hardware 2,101 0.3 General Media and Content 2,091 0.3 Consumer Finance 2,059 0.3 Healthcare Services 2,045 0.3 E-Commerce - Personal Goods 1,563 0.2 Energy 993 0.1 Consumer Non-Durables 634 0.1 Food & Drug 526 0.1 Commercial Services 447 0.1 Application Software 274 * Social/Platform Software 151 * Advertising / Marketing 13 * Total portfolio company investments $ 783,544 100.0 % _______________ *Amount represents less than 0.05% of the total portfolio investments at fair value. The following table shows the financing product type of our debt investments as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 Debt Investments by Financing Product (dollars in thousands) Fair Value Percentage of Total Debt Investments Fair Value Percentage of Total Debt Investments Growth capital loans $ 610,893 95.9 % $ 617,047 95.6 % Revolver loans 25,024 3.9 26,783 4.2 Convertible notes 1,504 0.2 1,536 0.2 Total debt investments $ 637,421 100.0 % $ 645,366 100.0 % 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. 58 Investment Activity 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. During the three months ended June 30, 2025, we entered into debt commitments with six new portfolio companies and two existing portfolio companies totaling $160.1 million, funded debt investments to nine portfolio companies for $78.5 million in principal value, acquired warrant investments representing $1.0 million at fair value, and made direct equity investments of $1.1 million. Debt investments funded during the three months ended June 30, 2025 carried a weighted average annualized portfolio yield of 12.3% at origination. During the six months ended June 30, 2026, we entered into debt commitments with five new portfolio companies and two existing portfolio companies totaling $30.8 million, funded debt investments to 14 portfolio companies for $74.4 million in principal value, acquired warrant investments representing $0.8 million at fair value, and made direct equity investments of $0.3 million. Debt investments funded during the six months ended June 30, 2026 carried a weighted average annualized portfolio yield of 12.8% at origination. During the six months ended June 30, 2025, we entered into debt commitments with 10 new portfolio companies and three existing portfolio companies totaling $236.6 million, funded debt investments to 12 portfolio companies for $106.2 million in principal value, acquired warrant investments representing $1.8 million at fair value, and made direct equity investments of $1.1 million. Debt investments funded during the six months ended June 30, 2025 carried a weighted average annualized portfolio yield of 12.6% at origination. 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. During the three months ended June 30, 2025, we received $43.7 million of principal prepayments, $1.3 million of early repayments and $11.3 million of scheduled principal amortization. During the six months ended June 30, 2025, we received $60.6 million of principal prepayments, $2.1 million of early repayments and $21.2 million of scheduled principal amortization. The following table shows the total portfolio investment activity for the three and six months ended June 30, 2026 and 2025: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Beginning portfolio at fair value $ 785,635 $ 682,012 $ 783,544 $ 676,249 New debt investments, net(1) 46,730 78,187 72,640 105,514 Scheduled principal amortization (12,188) (11,311) (14,114) (21,192) Principal prepayments and early repayments (33,132) (44,979) (58,388) (62,761) Net amortization and accretion of premiums and discounts and end-of-term payments 1,589 4,263 3,843 5,728 Payment-in-kind coupon 3,039 5,250 6,533 9,007 New warrant investments 272 997 846 1,760 New equity investments — 1,535 303 1,982 Proceeds from dispositions of investments (13,544) — (13,845) (2,308) Net realized gains (losses) on investments 12,952 — 12,655 2,278 Net change in unrealized gains (losses) on investments (10,611) 1,931 (13,275) 1,628 Ending portfolio at fair value $ 780,742 $ 717,885 $ 780,742 $ 717,885 _______________ (1)Debt balance is net of fees and discounts applied to the loan at origination. Our level of investment activity can vary substantially from period to period as our Adviser chooses to slow or accelerate new business originations depending on market conditions, rate of investment of TPC’s select group of leading venture capital investors, our Adviser’s knowledge, expertise and experience, our funding capacity (including availability under the Credit Facility and our ability or inability to raise equity or debt capital), the amount of our outstanding unfunded commitments and other market dynamics. 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: 59 Commitments and Fundings (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Debt Commitments New portfolio companies $ 9,250 $ 103,000 $ 10,250 $ 166,500 Existing portfolio companies 20,500 57,143 20,500 70,143 Total(1) $ 29,750 $ 160,143 $ 30,750 $ 236,643 Funded Debt Investments $ 47,835 $ 78,509 $ 74,378 $ 106,185 Equity Investments $ — $ 1,097 $ 303 $ 1,097 Non-Binding Term Sheets $ 306,773 $ 241,508 $ 562,860 $ 556,895 _______________ (1)Includes backlog of potential future commitments, as applicable. We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of June 30, 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. 60 Asset Quality Consistent with TPC’s existing policies, our Adviser maintains a Credit Watch List which places borrowers into five risk categories based upon our Adviser’s senior investment team’s judgment and in consultation with, among others, the Adviser’s Portfolio Group Committee and Originations Professionals and Investment and Credit Analysis Professionals, where 1 is the best rating and all new loans are generally assigned a rating of 2. Category Category Definition Action Item Clear (1) Performing above expectations and/or strong financial or enterprise profile, value or coverage. Review quarterly. White (2) Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. Generally, all new loans are initially graded White (2). Contact portfolio company periodically; in no event less than quarterly. Yellow (3) Performing generally below expectations and/or some proactive concern due to industry, business, financial and/or related factors. Adequate financial or enterprise profile, value or coverage. Contact portfolio company monthly or more frequently as determined by our Adviser; contact venture capital investors. Orange (4) Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent. Possibility exists for some investment loss if deterioration continues. Contact portfolio company weekly or more frequently as determined by our Adviser; contact venture capital investors regularly; our Adviser forms a workout group to minimize risk of loss. Red (5) Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full investment loss. Maximize value from assets. The following table shows the credit categories for the Company’s debt investments at fair value as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 Credit Category (dollars in thousands) Fair Value Percentage of Total Debt Investments Number of Portfolio Companies Fair Value Percentage of Total Debt Investments Number of Portfolio Companies Clear (1) $ 45,260 7.1 % 3 $ 45,042 7.0 % 3 White (2) 395,339 62.1 38 484,866 75.1 43 Yellow (3) 173,390 27.2 7 86,255 13.4 4 Orange (4) 20,075 3.1 4 25,212 3.9 4 Red (5) 3,357 0.5 1 3,991 0.6 1 $ 637,421 100.0 % 53 $ 645,366 100.0 % 55 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). 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. Results of Operations Comparison of operating results for the three and six months ended June 30, 2026 and 2025 An important measure of our financial performance is net increase (decrease) in net assets resulting from operations, which includes net investment income (loss), net realized gains (losses) and net unrealized gains (losses). Net investment income (loss) is the difference between our income from interest, dividends, fees and other investment income and our operating expenses including interest on borrowed funds. Net realized gains (losses) on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost. Net unrealized gains (losses) on investments is the net change in the fair value of our investment portfolio. 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. 61 For the six months ended June 30, 2026, our net increase in net assets resulting from operations was $16.8 million, which was comprised of $17.5 million of net investment income and $0.6 million of net realized and unrealized losses. For the six months ended June 30, 2025, our net increase in net assets resulting from operations was $25.9 million, which was comprised of $22.0 million of net investment income and $3.9 million of net realized and unrealized gains. On a per share basis for the six months ended June 30, 2026, net investment income was $0.43 per share and the net increase in net assets from operations was $0.41 per share, as compared to net investment income of $0.55 per share and a net increase in net assets from operations of $0.64 per share for the six months ended June 30, 2025. Investment Income 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. For the six months ended June 30, 2026, total investment and other income was $44.9 million as compared to $45.7 million for the six months ended June 30, 2025. The decrease in total investment and other income for the six months ended June 30, 2026, compared to the 2025 period, is primarily due to lower investment yields due in part to decreases in the Prime rate, partially offset by greater prepayment income. For the three months ended June 30, 2026, we recognized $0.1 million in other income consisting of $0.1 million due to the termination or expiration of unfunded commitments. For the three months ended June 30, 2025, we recognized $0.8 million in other income consisting of $33,000 due to the termination or expiration of unfunded commitments and $0.7 million from the realization of certain fees paid and accrued from portfolio companies. For the 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 Operating Expenses Total operating expenses consist of our base management fee, income incentive fee, capital gains incentive fee, interest expense and amortization of fees, administration agreement expenses, and general and administrative expenses. We anticipate operating expenses would increase over time to the extent that our investment portfolio grows. However, we anticipate operating expenses, as a percentage of total assets and net assets, would generally decrease over time to the extent that our portfolio and capital base expand. We expect that base management and income incentive fees would increase to the extent that we grow our asset base and our earnings. The capital gains incentive fee depends on realized gains and losses and unrealized losses. Interest expenses will generally increase as we borrow greater amounts under the Credit Facility, issue additional debt securities, and if interest rates increase. We generally expect expenses under the administration agreement and general and administrative expenses to increase over time to the extent that our investment portfolio grows, to meet the additional requirements associated with servicing a larger portfolio. 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. For the six months ended June 30, 2026, total operating expenses, inclusive of an income incentive fee waiver of $3.2 million, were $26.8 million, as compared to $23.0 million, inclusive of an income incentive fee waiver of $1.3 million, for the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, excise tax expenses were $0.6 million and $0.8 million, respectively. 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. 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. There were no capital gains incentive fee expenses for the six months ended June 30, 2026 and 2025. 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. 62 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. Net Realized Gains and Losses and Net Unrealized Gains and Losses Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations. During the three months ended June 30, 2026, we recognized net realized gains on investments of $12.9 million resulting primarily from the partial sale of equity in one portfolio company and consideration for warrants in two portfolio companies. During the six months ended June 30, 2026, we recognized net realized gains on investments of $12.6 million resulting primarily from the partial sale of equity in one portfolio company and consideration for warrants in two portfolio companies. 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. Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations. Net change in unrealized losses 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. 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. Net change in realized and unrealized gains or losses in subsequent periods may be volatile as such results depend on changes in the market, changes in the underlying performance of our portfolio companies and their respective industries, and other market factors. Portfolio Yield and Total Return Investment income includes interest income on our debt investments utilizing the effective yield method including cash interest income as well as the amortization of any purchase premium, accretion of purchase discount, original issue discount, facilities fees, and the amortization and payment of the end-of-term (“EOT”) payments. 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: Ratios(Percentages, on an annualized basis)(1) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Weighted average portfolio yield on debt investments(2) 12.9 % 14.5 % 13.2 % 14.5 % Coupon income 10.5 % 11.5 % 10.5 % 11.5 % Accretion of discount 0.7 % 0.9 % 0.8 % 1.0 % Accretion of end-of-term payments 1.1 % 1.2 % 1.1 % 1.3 % Impact of prepayments during the period 0.6 % 0.9 % 0.8 % 0.7 % _____________ (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. 63 (2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to our stockholders. Our weighted average annualized portfolio yield on debt investments may be higher than an investor’s yield on an investment in shares of our common stock. Our weighted average annualized portfolio yield on debt investments does not reflect operating expenses that may be incurred by us and, thus, by our stockholders. In addition, our weighted average annualized portfolio yield on debt investments and total return figures disclosed in this Quarterly Report on Form 10-Q do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of our common stock. Our weighted average annualized portfolio yield on debt investments and total return figures do not represent actual investment returns to stockholders. Our weighted average annualized portfolio yield on debt investments and total return figures are subject to change and, in the future, may be greater or less than the rates in this Quarterly Report on Form 10-Q. 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. 64 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: Returns on Net Asset Value and Total Assets (dollars in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net investment income $ 8,337 $ 11,275 $ 17,459 $ 22,013 Net increase (decrease) in net assets $ 10,667 $ 13,174 $ 16,826 $ 25,863 Average net asset value(1) $ 352,490 $ 348,819 $ 353,848 $ 348,250 Average total assets(1) $ 805,063 $ 773,024 $ 819,357 $ 777,290 Net investment income to average net asset value(2) 9.5 % 13.0 % 9.9 % 12.7 % Net increase (decrease) in net assets to average net asset value(2) 12.1 % 15.1 % 9.6 % 15.0 % Net investment income to average total assets(2) 4.2 % 5.9 % 4.3 % 5.7 % Net increase (decrease) in net assets to average total assets(2) 5.3 % 6.9 % 4.1 % 6.7 % _______________ (1)The average net asset values and the average total assets are computed based on daily balances. (2)Percentage is presented on an annualized basis. Critical Accounting Policies The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates, including with respect to the valuation of our investments, could cause actual results to differ. Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our investment portfolio, including our investment valuation policy (which has been approved by the Board), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q. Investment Valuation Investment transactions are recorded on a trade-date basis. Our investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of the market’s participant who holds the financial instrument rather than an entity-specific measure. When market assumptions are not readily available, our own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial instruments on the measurement date. The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. Our valuation methodology is approved by the Board, and the Board is responsible for the fair values determined. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from the Board, may refine our valuation methodologies to best reflect the fair value of our investments appropriately. 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. See “Note 2. Significant Accounting Policies” and “Note 4. Investments” in the notes to the consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC on March 4, 2026 and “Note 4. Investments” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process. 65 Liquidity and Capital Resources We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the Credit Facility, as it may be extended or renewed from time to time, and our anticipated cash flows from operations, including from net cash proceeds from our Current ATM Program (described below), and contractual monthly portfolio company payments and cash flows, prepayments, and the ability to liquidate publicly traded investments, will be adequate to meet our cash needs for our daily operations, including to fund our unfunded commitment obligations. From time to time, including at or near the end of each fiscal quarter, we consider using various temporary investment strategies for our business. One strategy includes taking proactive steps by utilizing cash equivalents as temporary assets with the objective of enhancing our investment flexibility pursuant to Section 55 of the 1940 Act. More specifically, from time to time we may purchase U.S. Treasury bills or other high-quality, short-term debt securities at or near the end of the quarter and typically close out the position on a net cash basis subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the Credit Facility, as deemed appropriate. Cash Flows 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. During the six months ended June 30, 2025, net cash used in operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $17.6 million, and net cash provided by financing activities was $1.4 million due primarily to the issuance of the 8.11% 2028 Notes and net borrowings under the Credit Facility, partially offset by the repayment of the 2025 Notes and $22.9 million in distributions paid. As of June 30, 2025, cash and cash equivalents, including restricted cash, were $62.5 million. Capital Resources and Borrowings As a BDC, we generally have an ongoing need to raise additional capital for investment purposes. As a result, we expect, from time to time, to access the debt and equity markets when we believe it is necessary and appropriate to do so. In this regard, we continue to explore various options for obtaining additional debt or equity capital for investments. This may include expanding or extending the Credit Facility or the issuance of additional shares of our common stock, including through our Current ATM Program, or debt securities. If we are unable to obtain leverage or raise equity capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted. Credit Facility As of June 30, 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 June 30, 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. 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. 2025 Notes 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. 2026 Notes On March 1, 2021, we issued $200.0 million in aggregate principal amount of the 2026 Notes in a private offering in reliance on Section 4(a)(2) of the Securities Act. In March 2026, we repaid the full $200.0 million in aggregate principal amount of the issued and outstanding 2026 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 2026 Notes. 66 2027 Notes On February 28, 2022, we completed a private offering of $125.0 million in aggregate principal amount of the 2027 Notes and received net proceeds of $123.7 million, after the payment of fees and offering costs. The interest on the 2027 Notes, which accrues at an annual rate of 5.00%, is payable semiannually on February 28 and August 28 each year. The maturity date of the 2027 Notes is scheduled for February 28, 2027. 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. 8.11% 2028 Notes 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. 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. 7.50% 2028 Notes On February 27, 2026, we completed a private offering of $75.0 million in aggregate principal amount of the 7.50% 2028 Notes and received net proceeds of $74.9 million, after the payment of fees and offering costs. The interest on the 7.50% 2028 Notes, which accrues at an annual rate of 7.50%, is payable quarterly on February 27, May 27, August 27 and November 27 each year. The maturity date of the 7.50% 2028 Notes is scheduled for February 27, 2028. 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. ATM Programs 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. 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. As of June 30, 2026, $56.5 million in shares remained available for sale under the Current ATM Program. Asset Coverage Requirements On June 21, 2018, our stockholders voted at a special meeting of stockholders to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the special meeting, effective June 22, 2018, our applicable minimum asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of June 30, 2026, our asset coverage for borrowed amounts was 179%. 67 Contractual Obligations The following table shows a summary of our payment obligations for repayment of debt as of June 30, 2026: Payments Due By Period (in thousands) June 30, 2026 Total Less than 1 year 1-3 years 3-5 years More than 5 years Credit Facility $ 200,000 $ — $ 200,000 $ — $ — 2027 Notes 125,000 125,000 — — — 8.11% 2028 Notes 50,000 — 50,000 — — 7.50% 2028 Notes 75,000 — 75,000 — — Total $ 450,000 $ 125,000 $ 325,000 $ — $ — Unfunded Commitments 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. The following table shows our unfunded commitments by portfolio company as of June 30, 2026 and December 31, 2025: Unfunded Commitments(1)(in thousands) June 30, 2026 December 31, 2025 Eightfold AI Inc. $ 25,000 $ 25,000 Project Affinity, Inc. 25,000 25,000 Bidgely Inc. 20,000 20,000 Branch Messenger, Inc. 17,426 16,933 Minted, Inc. 14,286 14,286 Pair Team, PBC 10,400 14,400 Bitonic Technology Labs, Inc. 8,000 11,750 Etched.AI, Inc. 6,000 25,500 Lively, Inc. 3,250 3,250 Hover Inc. 2,400 6,000 Incode Technologies, Inc. 2,000 25,000 All Inspire Health, Inc. 1,333 1,000 Encharge AI, Inc. 1,000 1,000 Planhub Holdings, LLC 938 1,313 Signal Advisors USA, Inc. 916 966 Equafin Corp. 877 877 Communify LLC 500 — Freed Inc. 500 — Panorama Education, Inc. 300 600 Parry Labs, LLC 267 267 Haus Analytics Inc. 167 — Skyflow Inc. 78 — Ao1 Holdings Inc. — 3,633 FlashParking, Inc. — 500 Hydrow, Inc. — 1,410 Muon Space, Inc. — 4,264 Rudderstack, Inc. — 20,000 Simpplr Inc. — 12,500 ThoughtSpot, Inc. — 25,000 Total $ 140,638 $ 260,449 _____________ (1)Does not include backlog of potential future commitments. Refer to “Investment Activity” above. 68 The following table shows additional information on our unfunded commitments regarding milestones and expirations as of June 30, 2026 and December 31, 2025: Unfunded Commitments(1)(in thousands) June 30, 2026 December 31, 2025 Dependent on milestones $ 23,033 $ 50,700 Expiring during: 2026 $ 47,605 $ 150,851 2027 84,817 83,131 2028 7,716 26,467 2031 500 — Unfunded commitments $ 140,638 $ 260,449 _______________ (1)Does not include backlog of potential future commitments. 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. 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. Our credit agreements contain customary lending provisions that allow us relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences material adverse events that affect the financial condition or business outlook for the portfolio company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. We generally expect 50% - 75% of our unfunded commitments to eventually be drawn before the expiration of their corresponding availability periods. 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. Distributions We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our net ordinary income and net realized short-term capital gains in excess of our net realized long-term capital losses, if any, to our stockholders. In order to avoid a non-deductible 4% U.S. federal excise tax on certain of our undistributed income, we would need to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of our ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and (c) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the tax years ended December 31, 2025 and 2024, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement. To the extent our taxable earnings fall below the total amount of our distributions for the year, a portion of those distributions may be deemed a return of capital to our stockholders. Our Adviser monitors available taxable earnings, including net investment income and realized capital gains, to determine if a return of capital may occur for the year. We estimate the source of our distributions as required by Section 19(a) of the 1940 Act to determine whether payment of dividends are expected to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods, but we will not be able to determine whether any specific distribution will be treated as made out of our taxable earnings or as a return of capital until after the end of our taxable year. Any amount treated as a return of capital will reduce a stockholder’s adjusted tax basis in his or her common stock, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her common stock. On a quarterly basis, for any payment of dividends estimated to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods based on the Section 19(a) requirement, we post a Section 19(a) notice through the Depository Trust Company’s Legal Notice System and our website, as well as send our registered stockholders a printed copy of such notice along with the dividend payment. The estimates of the source of the distribution are interim estimates based on GAAP that are subject to revision, and the exact character of the distributions for tax purposes cannot be determined until the final books and records are finalized for the calendar year. Therefore, these estimates are made solely in order to comply with the requirements of Section 19(a) of the 1940 Act and should not be relied upon for tax reporting or any other purposes and could differ significantly from the actual character of distributions for tax purposes. 69 The following table shows our cash distributions per share that have been authorized by our Board since our initial public offering to June 30, 2026. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2025, 2024, 2023, 2022, 2018 and 2017 distributions represent ordinary income as our earnings equaled or exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains. Any future distributions to our stockholders may be for amounts less than our historical distributions, may be made less frequently than historical practices, and may be made in part cash and part stock (as per each stockholder’s election), subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. 70 Period Ended Date Declared Record Date Payment Date Per Share Amount March 31, 2014 April 3, 2014 April 15, 2014 April 30, 2014 $ 0.09 (1) June 30, 2014 May 13, 2014 May 30, 2014 June 17, 2014 0.30 September 30, 2014 August 11, 2014 August 29, 2014 September 16, 2014 0.32 December 31, 2014 October 27, 2014 November 28, 2014 December 16, 2014 0.36 December 31, 2014 December 3, 2014 December 22, 2014 December 31, 2014 0.15 (2) March 31, 2015 March 16, 2015 March 26, 2015 April 16, 2015 0.36 June 30, 2015 May 6, 2015 May 29, 2015 June 16, 2015 0.36 September 30, 2015 August 11, 2015 August 31, 2015 September 16, 2015 0.36 December 31, 2015 November 10, 2015 November 30, 2015 December 16, 2015 0.36 March 31, 2016 March 14, 2016 March 31, 2016 April 15, 2016 0.36 June 30, 2016 May 9, 2016 May 31, 2016 June 16, 2016 0.36 September 30, 2016 August 8, 2016 August 31, 2016 September 16, 2016 0.36 December 31, 2016 November 7, 2016 November 30, 2016 December 16, 2016 0.36 March 31, 2017 March 13, 2017 March 31, 2017 April 17, 2017 0.36 June 30, 2017 May 9, 2017 May 31, 2017 June 16, 2017 0.36 September 30, 2017 August 8, 2017 August 31, 2017 September 15, 2017 0.36 December 31, 2017 November 6, 2017 November 17, 2017 December 1, 2017 0.36 March 31, 2018 March 12, 2018 March 23, 2018 April 6, 2018 0.36 June 30, 2018 May 2, 2018 May 31, 2018 June 15, 2018 0.36 September 30, 2018 August 1, 2018 August 31, 2018 September 14, 2018 0.36 December 31, 2018 October 31, 2018 November 30, 2018 December 14, 2018 0.36 December 31, 2018 December 6, 2018 December 20, 2018 December 28, 2018 0.10 (2) March 31, 2019 March 1, 2019 March 20, 2019 March 29, 2019 0.36 June 30, 2019 May 1, 2019 May 31, 2019 June 14, 2019 0.36 September 30, 2019 July 31, 2019 August 30, 2019 September 16, 2019 0.36 December 31, 2019 October 30, 2019 November 29, 2019 December 16, 2019 0.36 March 31, 2020 February 28, 2020 March 16, 2020 March 30, 2020 0.36 June 30, 2020 April 30, 2020 June 16, 2020 June 30, 2020 0.36 September 30, 2020 July 30, 2020 August 31, 2020 September 15, 2020 0.36 December 31, 2020 October 29, 2020 November 27, 2020 December 14, 2020 0.36 December 31, 2020 December 21, 2020 December 31, 2020 January 13, 2021 0.10 (2) March 31, 2021 February 24, 2021 March 15, 2021 March 31, 2021 0.36 June 30, 2021 April 29, 2021 June 16, 2021 June 30, 2021 0.36 September 30, 2021 July 28, 2021 August 31, 2021 September 15, 2021 0.36 December 31, 2021 October 29, 2021 November 30, 2021 December 15, 2021 0.36 March 31, 2022 February 22, 2022 March 15, 2022 March 31, 2022 0.36 June 30, 2022 April 28, 2022 June 16, 2022 June 30, 2022 0.36 September 30, 2022 July 27, 2022 September 15, 2022 September 30, 2022 0.36 December 31, 2022 October 28, 2022 December 15, 2022 December 30, 2022 0.37 December 31, 2022 December 9, 2022 December 22, 2022 December 30, 2022 0.10 (2) March 31, 2023 February 21, 2023 March 15, 2023 March 31, 2023 0.40 June 30, 2023 April 26, 2023 June 15, 2023 June 30, 2023 0.40 September 30, 2023 July 26, 2023 September 15, 2023 September 29, 2023 0.40 December 31, 2023 October 26, 2023 December 15, 2023 December 29, 2023 0.40 March 31, 2024 February 27, 2024 March 14, 2024 March 29, 2024 0.40 June 30, 2024 April 24, 2024 June 14, 2024 June 28, 2024 0.40 September 30, 2024 July 31, 2024 September 16, 2024 September 30, 2024 0.30 December 31, 2024 October 30, 2024 December 13, 2024 December 27, 2024 0.30 March 31, 2025 February 25, 2025 March 17, 2025 March 31, 2025 0.30 June 30, 2025 April 30, 2025 June 16, 2025 June 30, 2025 0.30 September 30, 2025 August 5, 2025 September 16, 2025 September 30, 2025 0.23 December 31, 2025 October 14, 2025 December 16, 2025 December 30, 2025 0.23 December 31, 2025 October 14, 2025 December 16, 2025 December 30, 2025 0.02 (3) March 31, 2026 February 27, 2026 March 17, 2026 March 31, 2026 0.23 June 30, 2026 April 29, 2026 June 16, 2026 June 30, 2026 0.23 Total cash distributions $ 17.59 _____________ 71 (1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of our initial public offering on March 5, 2014 (commencement of operations), through March 31, 2014. (2)Represents a special distribution. (3)Represents a supplementary distribution. 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. Recent Accounting Pronouncements None. Recent Developments Distribution 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. Recent Portfolio Activity 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. On August 5, 2026, we sold our investments in Prodigy Investments Limited to a third party for total cash consideration of $43.8 million, which reflects its fair value as of June 30, 2026 plus accrued cash interest.