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T••••••••• V•••••• G••••• B•• C••••
A business development company traded as TPVG, managed by T••••••••• A••••••• L••, holding $781M across 137 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $781M
- Borrowers
- 137
- Mark on cost
- 88.2¢
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $10Mon non-accrual, 1 borrower
1 borrower on non-accrual, $10M principal; the largest is F•••••• I•• ($10M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen F•••••• I•• → - 15 below 80¢$134M principal
15 positions across 7 borrowers marked below 80¢ on cost, $134M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 89.5¢ → 88.2¢book mark on cost
Marked its book down from 89.5¢ to 88.2¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Every headline figure, and the identifiersCIK 1580345 · file 814-01044ShowHide
Fair value
$781M
as of Jun 30, 2026
Principal held
$730M
debt pieces, the filer's figure
Cost
$831M
88c on cost, debt pieces
Unfunded
$141M
commitments not yet drawn
Positions
340
137 borrowers
First lien
not established
82% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
246
15 sponsors financed
Portfolio through time
Fair value by quarter end$781M as of Jun 30, 2026
Dec 31, 2024$1.4B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $781M | 137 | 88c | 20 | 430 bp |
| Mar 31, 2026 | $786M | 135 | 89c | 20 | 408 bp |
| Dec 31, 2025 | $1.6B | 138 | 90c | 47 | 426 bp |
| Sep 30, 2025 | $798M | 128 | 90c | 18 | 451 bp |
All 18 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $718M | 120 | 89c | 20 | 483 bp |
| Mar 31, 2025 | Not disclosed | 18 | n/a | 0 | n/a |
| Dec 31, 2024 | $1.4B | 131 | 89c | 30 | 543 bp |
| Sep 30, 2024 | Not disclosed | 20 | n/a | 0 | n/a |
| Jun 30, 2024 | Not disclosed | 17 | n/a | 0 | n/a |
| Mar 31, 2024 | Not disclosed | 14 | n/a | 0 | n/a |
| Dec 31, 2023 | Not disclosed | 50 | n/a | 0 | n/a |
| Sep 30, 2023 | Not disclosed | 39 | n/a | 0 | n/a |
| Jun 30, 2023 | Not disclosed | 40 | n/a | 0 | n/a |
| Mar 31, 2023 | Not disclosed | 38 | n/a | 0 | n/a |
| Dec 31, 2022 | Not disclosed | 51 | n/a | 0 | n/a |
| Sep 30, 2022 | Not disclosed | 48 | n/a | 0 | n/a |
| Dec 31, 2021 | Not disclosed | 56 | n/a | 0 | n/a |
| Sep 30, 2021 | Not disclosed | 1 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
Full timeline · 20 eventsShow fewer
- Spread increasedJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Largest facilities held, with co-lenders
- P•••••• I••••••••• L•••••• term loan1 BDC hold it · matures Jun 30, 2027$43.9M 86c
- F•••• B•••••• L•• term loan2 BDCs hold it · matures May 1, 2027$40.1M 88c
- L••••••• R••• L•••••• term loan1 BDC hold it · matures Aug 31, 2026$35.5M 17c
- O••••••••• G••• term loan1 BDC hold it · matures Jan 1, 2030 · possible sponsor N•••••••• M••••••••• I• L••••••$31.5M 74c
- B••••• I•• term loan1 BDC hold it · matures May 1, 2029$31.0M 100c
- F•••• S• term loan2 BDCs hold it · matures Aug 31, 2028$29.9M 100c
- M••• C•••• L•••••• term loan1 BDC hold it · matures Dec 31, 2025$29.5M 50c
- T••••••• I•• term loan2 BDCs hold it · matures Mar 31, 2027$28.0M 84c
- P••••••• I•• term loan2 BDCs hold it · matures Aug 23, 2031$26.8M 100c
- I••••• T••••••••• I•• term loan2 BDCs hold it · matures May 1, 2030$23.0M 100c
- T•••• E•••••• I•• term loan2 BDCs hold it · matures Sep 1, 2029$22.5M 100c
- H•••• I•• term loan2 BDCs hold it · matures Aug 31, 2030$21.6M 100c
Schedule of investments at Dec 31, 2024
648 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T••• F•••••• I••• | unstated lien unstated | $361,000 | $338,000 91c | 11.00% | Dec 31, 2025 |
| T••• F•••••• I••• | term loan lien unstated | $361,000 | $338,000 91c | 11.00% | Dec 31, 2025 |
| H•••• I••• | preferred equity equity | Not disclosed | $338,000 109c | ||
| H•••• I••• | warrants equity | Not disclosed | $338,000 109c | ||
| P•••••• I••••••••• L•••••• | warrants equity | Not disclosed | $332,000 38c | ||
| P•••••• I••••••••• L•••••• | warrants equity | Not disclosed | $332,000 38c | ||
| P••••••• E••••••••• I••• | unstated lien unstated | $320,000 | $320,000 100c | S+100 bp | Jul 31, 2026 |
| P••••••• E••••••••• I••• | revolver lien unstated | $320,000 | $320,000 100c | S+100 bp | Jul 31, 2026 |
| S••••• X• I••• | preferred equity equity | Not disclosed | $319,000 64c | ||
| S••••• X• I••• 1• | equity equity | Not disclosed | $319,000 64c | ||
| F••••••••• I••• 1• | warrants equity | Not disclosed | $314,000 33c | ||
| F••••••••• I••• | preferred equity equity | Not disclosed | $314,000 33c | ||
| e••••••• G••• | preferred equity equity | Not disclosed | $313,000 101c | ||
| e••••••• G••• | equity equity | Not disclosed | $313,000 101c | ||
| F••••••••• I••• | warrants equity | Not disclosed | $310,000 83c | ||
| F••••••••• I••• 2• | warrants equity | Not disclosed | $310,000 83c | ||
| L••• O•••••• S•••••••• I••• | warrants equity | Not disclosed | $308,000 160c | ||
| L••• O•••••• S•••••••• I••• | warrants equity | Not disclosed | $308,000 160c | ||
| F•••• B•••••• L•• | term loan lien unstated | $300,000 | $299,000 100c | S+525 bp | Oct 31, 2026 |
| F•••• B•••••• L•• | unstated lien unstated | $300,000 | $299,000 100c | S+525 bp | Oct 31, 2026 |
| T••• F•••••• I••• | unstated lien unstated | $300,000 | $297,000 93c | 11.00% | Mar 31, 2025 |
| T••• F•••••• I••• | term loan lien unstated | $300,000 | $297,000 93c | 11.00% | Mar 31, 2025 |
| F•••• B•••••• L•• | term loan lien unstated | $306,000 | $295,000 95c | S+525 bp | Jun 30, 2026 |
| F•••• B•••••• L•• | unstated lien unstated | $306,000 | $295,000 95c | 12.00% | Jun 30, 2026 |
| K•••••••• I••• | preferred equity equity | Not disclosed | $292,000 90c | ||
| K•••••••• I••• | equity equity | Not disclosed | $292,000 90c | ||
| O•••••••• •••• G••••• C••••• 1• | equity equity | Not disclosed | $291,000 97c | ||
| O•••••••• •••• G••••• C••••• | preferred equity equity | Not disclosed | $291,000 97c | ||
| U••••••• T••••••••• I••• | preferred equity equity | Not disclosed | $287,000 82c | ||
| A••••••••• I••• ••••• E•••••• | equity equity | Not disclosed | $287,000 191c | ||
| A••••••••• I••• ••••• E•••••• | preferred equity equity | Not disclosed | $287,000 191c | ||
| U••••••• T••••••••• I••• | equity equity | Not disclosed | $287,000 82c | ||
| S••••• X• I••• | warrants equity | Not disclosed | $282,000 60c | ||
| S••••• X• I••• | preferred equity equity | Not disclosed | $282,000 60c | ||
| L•••• H•••••• C•••••• | warrants equity | Not disclosed | $277,000 147c | ||
| L•••• H•••••• C•••••• | preferred equity equity | Not disclosed | $277,000 147c | ||
| F•• H•••••• I••• | warrants equity | Not disclosed | $274,000 223c | ||
| F•• H•••••• I••• | preferred equity equity | Not disclosed | $274,000 223c | ||
| K• H•••••• I••• | warrants equity | Not disclosed | $263,000 141c | ||
| K• H•••••• I••• | warrants equity | Not disclosed | $263,000 141c | ||
| H•••• I••• | preferred equity equity | Not disclosed | $259,000 112c | ||
| H••••• I••• | equity equity | Not disclosed | $259,000 112c | ||
| C••••••••• I••• | warrants equity | Not disclosed | $258,000 110c | ||
| C••••••••• I••• | warrants equity | Not disclosed | $258,000 110c | ||
| T••• F•••••• I••• | term loan lien unstated | $250,000 | $252,000 94c | 11.00% | Dec 31, 2024 |
| T••• F•••••• I••• | unstated lien unstated | $250,000 | $252,000 94c | 11.00% | Dec 31, 2024 |
| F•••• B•••••• L•• | term loan lien unstated | $244,000 | $238,000 100c | S+525 bp | Jun 30, 2027 |
| F•••• B•••••• L•• | unstated lien unstated | $244,000 | $238,000 100c | S+525 bp | Jun 30, 2027 |
| M•••••• I••• | preferred equity equity | Not disclosed | $235,000 46c | ||
| M•••••• I••• | warrants equity | Not disclosed | $235,000 46c | ||
| L••••••• I••• | warrants equity | Not disclosed | $227,000 115c | ||
| L••••••• I••• | preferred equity equity | Not disclosed | $227,000 115c | ||
| T••• F•••••• I••• | term loan lien unstated | $220,000 | $222,000 94c | 11.00% | Dec 31, 2024 |
| T••• F•••••• I••• | unstated lien unstated | $220,000 | $222,000 94c | 11.00% | Dec 31, 2024 |
| N•• G••• | warrants equity | Not disclosed | $221,000 68c | ||
| N•• G••• | preferred equity equity | Not disclosed | $221,000 68c | ||
| T••• F•••••• I••• | unstated lien unstated | $216,000 | $215,000 94c | 11.00% | May 31, 2025 |
| T••• F•••••• I••• | term loan lien unstated | $216,000 | $215,000 94c | 11.00% | May 31, 2025 |
| T••• F•••••• I••• | unstated lien unstated | $240,000 | $212,000 87c | 11.00% | May 31, 2026 |
| T••• F•••••• I••• | term loan lien unstated | $240,000 | $212,000 87c | 11.00% | May 31, 2026 |
| T••• F•••••• I••• | term loan lien unstated | $208,000 | $210,000 94c | 11.00% | Dec 31, 2024 |
| T••• F•••••• I••• | unstated lien unstated | $208,000 | $210,000 94c | 11.00% | Dec 31, 2024 |
| M•• I••••••••• L••• | equity equity | Not disclosed | $209,000 70c | ||
| M•• I••••••••• L••• | preferred equity equity | Not disclosed | $209,000 70c | ||
| T••• F•••••• I••• | term loan lien unstated | $200,000 | $196,000 94c | 11.00% | Jul 31, 2025 |
| T••• F•••••• I••• | unstated lien unstated | $200,000 | $196,000 94c | 11.00% | Jul 31, 2025 |
| R••••••••• I••• | preferred equity equity | Not disclosed | $194,000 1021c | ||
| R••••••••• I••• | warrants equity | Not disclosed | $194,000 1021c | ||
| T•••••••• I••• | warrants equity | Not disclosed | $188,000 100c | ||
| A••••••••• I••• | warrants equity | Not disclosed | $188,000 125c | ||
| T•••••••• I••• | preferred equity equity | Not disclosed | $188,000 100c | ||
| A••••••••• I••• | warrants equity | Not disclosed | $188,000 125c | ||
| H••••••••• I••• 1• | warrants equity | Not disclosed | $186,000 423c | ||
| H••••••••• I••• | preferred equity equity | Not disclosed | $186,000 423c | ||
| E••••• I••• | warrants equity | Not disclosed | $183,000 223c | ||
| E••••• I••• | preferred equity equity | Not disclosed | $183,000 223c | ||
| F•••• B•••••• L•• | unstated lien unstated | $174,000 | $172,000 100c | S+525 bp | Dec 31, 2026 |
| F•••• B•••••• L•• | term loan lien unstated | $174,000 | $172,000 100c | S+525 bp | Dec 31, 2026 |
| T••• F•••••• I••• | term loan lien unstated | $170,000 | $171,000 94c | 11.00% | Jan 31, 2025 |
| T••• F•••••• I••• | unstated lien unstated | $170,000 | $171,000 94c | 11.00% | Jan 31, 2025 |
| F•••• I••• | warrants equity | Not disclosed | $162,000 100c | ||
| F•••• I••• | warrants equity | Not disclosed | $162,000 100c | ||
| Q•••••••• C••••••••• | warrants equity | Not disclosed | $161,000 76c | ||
| Q•••••••• C••••••••• | warrants equity | Not disclosed | $161,000 76c | ||
| F•••••• I••• | unstated lien unstated | $155,000 | $158,000 99c | S+625 bp | Jan 31, 2027 |
| F•••••• I••• | term loan lien unstated | $155,000 | $158,000 99c | S+625 bp | Jan 31, 2027 |
| F•••• B••••• H•••••••• I••• | warrants equity | Not disclosed | $157,000 25c | ||
| F•••• B••••• H•••••••• I••• | preferred equity equity | Not disclosed | $157,000 25c | ||
| C•••••••• I••• 2• | equity equity | Not disclosed | $153,000 122c | ||
| C•••••••• I••• | preferred equity equity | Not disclosed | $153,000 122c | ||
| T••• F•••••• I••• | term loan lien unstated | $150,000 | $152,000 94c | 11.00% | Dec 31, 2024 |
| T••• F•••••• I••• | unstated lien unstated | $150,000 | $152,000 94c | 11.00% | Dec 31, 2024 |
| M•••••• M•••••• I••• ••••• I•••••••• F••••• I•••• 1• | equity equity | Not disclosed | $152,000 107c | ||
| M••••• I••• 1• | equity equity | Not disclosed | $152,000 461c | ||
| M••••• I••• | preferred equity equity | Not disclosed | $152,000 461c | ||
| M•••••• M•••••• I••• ••••• I•••••••• F••••• I•••• | preferred equity equity | Not disclosed | $152,000 107c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $151,000 54c | ||
| C•••••••• I••• | preferred equity equity | Not disclosed | $151,000 54c | ||
| A•• H••••••• •••••••• H•••••• | equity equity | Not disclosed | $150,000 100c | ||
| A•• H••••••• •••••••• H•••••• | preferred equity equity | Not disclosed | $150,000 100c |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2015 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001580345-26-000025reported
Not yet on record: first lien.