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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 extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity shortened (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
- New borrower on a BDC scheduleMar 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 Jun 30, 2025
315 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C•••••••• I••• | warrants equity | Not disclosed | $737,000 155c | ||
| F••••••••• I••• | warrants equity | Not disclosed | $701,000 85c | ||
| O••• C•••• ••••• G••••• C••••• | warrants equity | Not disclosed | $692,000 113c | ||
| T••• F•••••• I••• | unstated lien unstated | $720,000 | $684,000 91c | 11.00% | May 31, 2026 |
| M•••• B••• L•••••• 2• | equity equity | Not disclosed | $663,000 128c | ||
| T••••• M••••••• I••• | equity equity | Not disclosed | $651,000 65c | ||
| M••• C•••• L•••••• | unstated lien unstated | $1.6M | $636,000 44c | PIK 9.00% | Dec 31, 2025 |
| U••••••• I••• | warrants equity | Not disclosed | $595,000 267c | ||
| M••• C•••• L•••••• | unstated lien unstated | $1.5M | $594,000 44c | PIK 9.00% | Dec 31, 2025 |
| P••••••• L•••• I••• | warrants equity | Not disclosed | $590,000 195c | ||
| T••• F•••••• I••• | unstated lien unstated | $565,000 | $558,000 95c | 11.00% | Dec 31, 2025 |
| E••••• I••• | equity equity | Not disclosed | $539,000 81c | ||
| J••• S•• r••• | unstated lien unstated | $529,000 | $527,000 93c | S+575 bp PIK 5.75% | Jun 30, 2026 |
| S••••• X• I••• | warrants equity | Not disclosed | $518,000 77c | ||
| W••••••••• G•••• L•••••• | warrants equity | Not disclosed | $506,000 372c | ||
| C••••• I••••••••• I••• | equity equity | Not disclosed | $500,000 100c | ||
| F•••••••• I••• | equity equity | Not disclosed | $486,000 136c | ||
| T••• F•••••• I••• | unstated lien unstated | $440,000 | $473,000 99c | 11.00% | Jul 31, 2025 |
| T•• B•••• T•• H•••••••• I••• | warrants equity | Not disclosed | $469,000 337c | ||
| S••••••• I••• | warrants equity | Not disclosed | $465,000 245c | ||
| S••••• X• I••• | unstated lien unstated | $500,000 | $463,000 100c | S+825 bp | Jun 26, 2028 |
| P•••••• 1•••• I••• | unstated lien unstated | $2.1M | $456,000 21c | S+575 bp | Mar 25, 2024 |
| F••••••••• I••• | equity equity | Not disclosed | $454,000 91c | ||
| F••••••••• I••• | equity equity | Not disclosed | $447,000 98c | ||
| S•••••••• I••• | warrants equity | Not disclosed | $441,000 334c | ||
| P•••••• 1•••• I••• | unstated lien unstated | $1.9M | $419,000 21c | S+625 bp | Mar 31, 2025 |
| T••• F•••••• I••• | unstated lien unstated | $434,000 | $408,000 91c | 11.00% | May 31, 2026 |
| T••••••••• L•• ••••• G•••• I••••••• P••••••• I•••• | equity equity | Not disclosed | $408,000 108c | ||
| M• M•••• L•••••• | unstated lien unstated | $1.4M | $406,000 34c | Dec 31, 2028 | |
| T••••••••• I••• | warrants equity | Not disclosed | $404,000 100c | ||
| O••• C•••• ••••• G••••• C••••• | warrants equity | Not disclosed | $404,000 112c | ||
| M•••••• M•••••• I••• ••••• I•••••••• F••••• I•••• | equity equity | Not disclosed | $385,000 108c | ||
| C•••••• C••••••••• | equity equity | Not disclosed | $369,000 52c | ||
| T••• F•••••• I••• | unstated lien unstated | $361,000 | $359,000 95c | 11.00% | Dec 31, 2025 |
| e••••••• G••• | equity equity | Not disclosed | $354,000 114c | ||
| A••••••••• I••• ••••• E•••••• | equity equity | Not disclosed | $352,000 235c | ||
| L••• O•••••• S•••••••• I••• | warrants equity | Not disclosed | $344,000 179c | ||
| H•••• I••• | warrants equity | Not disclosed | $338,000 109c | ||
| H•••••••• I••• | warrants equity | Not disclosed | $338,000 160c | ||
| P•••••• I••••••••• L•••••• | warrants equity | Not disclosed | $332,000 38c | ||
| T••• F•••••• I••• | unstated lien unstated | $300,000 | $316,000 99c | 11.00% | Jul 31, 2025 |
| B••••• I••• | equity equity | Not disclosed | $315,000 81c | ||
| K•••••••• I••• | equity equity | Not disclosed | $296,000 91c | ||
| T••••••• I••• | warrants equity | Not disclosed | $293,000 77c | ||
| O••• C•••• ••••• G••••• C••••• | equity equity | Not disclosed | $291,000 97c | ||
| U••••••• T••••••••• I••• | equity equity | Not disclosed | $287,000 82c | ||
| S•••••• I••• | warrants equity | Not disclosed | $280,000 100c | ||
| T••••• M••••••• I••• | warrants equity | Not disclosed | $276,000 62c | ||
| F•• H•••••• I••• | warrants equity | Not disclosed | $274,000 223c | ||
| T••• F•••••• I••• | unstated lien unstated | $250,000 | $269,000 99c | 11.00% | Jul 31, 2025 |
| K• H•••••• I••• | warrants equity | Not disclosed | $263,000 141c | ||
| D•••• R•• O••• I••• | unstated lien unstated | $185,000 | $263,000 100c | S+500 bp | Oct 31, 2025 |
| H•••• I••• | equity equity | Not disclosed | $259,000 112c | ||
| C••••••••• I••• | warrants equity | Not disclosed | $258,000 110c | ||
| B••••• M••••••••• I••• | equity equity | Not disclosed | $250,000 100c | ||
| N•• G••• | warrants equity | Not disclosed | $250,000 77c | ||
| T••• F•••••• I••• | unstated lien unstated | $220,000 | $236,000 99c | 11.00% | Jul 31, 2025 |
| M•••••• I••• | warrants equity | Not disclosed | $235,000 46c | ||
| P•••• L•••• L•• | unstated lien unstated | $233,000 | $233,000 100c | S+250 bp | Dec 20, 2026 |
| F••••••••• I••• | warrants equity | Not disclosed | $232,000 25c | ||
| T••• F•••••• I••• | unstated lien unstated | $216,000 | $230,000 99c | 11.00% | Jul 31, 2025 |
| L••••••• I••• | warrants equity | Not disclosed | $227,000 115c | ||
| T••• F•••••• I••• | unstated lien unstated | $240,000 | $224,000 91c | 11.00% | May 31, 2026 |
| T••• F•••••• I••• | unstated lien unstated | $208,000 | $223,000 99c | 11.00% | Jul 31, 2025 |
| P••••••• E••••••••• I••• | unstated lien unstated | $220,000 | $220,000 100c | S+100 bp | Jul 31, 2026 |
| M•• I••••••••• L••• | equity equity | Not disclosed | $209,000 70c | ||
| T••• F•••••• I••• | unstated lien unstated | $200,000 | $209,000 99c | 11.00% | Jul 31, 2025 |
| R••••••••• I••• | equity equity | Not disclosed | $200,000 100c | ||
| R••••••••• I••• •••••••• M••••••••• 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 | ||
| K•••••••• I••• | warrants equity | Not disclosed | $187,000 89c | ||
| H••••••••• I••• | warrants equity | Not disclosed | $186,000 423c | ||
| E••••• I••• | warrants equity | Not disclosed | $183,000 223c | ||
| T••• F•••••• I••• | unstated lien unstated | $170,000 | $183,000 99c | 11.00% | Jul 31, 2025 |
| T••• F•••••• I••• | unstated lien unstated | $150,000 | $163,000 99c | 11.00% | Jul 31, 2025 |
| Q•••••••• C••••••••• | warrants equity | Not disclosed | $161,000 76c | ||
| F•••• I••• | warrants equity | Not disclosed | $156,000 96c | ||
| M••••• I••• | equity equity | Not disclosed | $152,000 461c | ||
| M•••••• M•••••• I••• ••••• I•••••••• F••••• I•••• | equity equity | Not disclosed | $152,000 107c | ||
| C•••••••• I••• | warrants equity | Not disclosed | $151,000 54c | ||
| T••• F•••••• I••• | unstated lien unstated | $150,000 | $149,000 95c | 11.00% | Dec 31, 2025 |
| C•••••••• I••• | equity equity | Not disclosed | $145,000 74c | ||
| B••••• M••••••••• I••• | warrants equity | Not disclosed | $145,000 99c | ||
| M•• | equity equity | Not disclosed | $142,000 | ||
| A•• H•••••••• I••• | equity equity | Not disclosed | $142,000 95c | ||
| C••••••• G•••••• I••• | equity equity | Not disclosed | $141,000 113c | ||
| M••••• I••• | equity equity | Not disclosed | $140,000 84c | ||
| H••••••••• I••• | warrants equity | Not disclosed | $139,000 183c | ||
| O•••••• I••• | warrants equity | Not disclosed | $138,000 329c | ||
| M••••• I••• | equity equity | Not disclosed | $136,000 164c | ||
| J•••• S•••••••• I••• | warrants equity | Not disclosed | $129,000 76c | ||
| L••••••• I••• | warrants equity | Not disclosed | $128,000 76c | ||
| T••• F•••••• I••• | unstated lien unstated | $116,000 | $125,000 99c | 11.00% | Jul 31, 2025 |
| M••• S••••• I••• | warrants equity | Not disclosed | $124,000 106c | ||
| C•••••• C••••••••• | warrants equity | Not disclosed | $123,000 95c | ||
| E•••••• C•••• | unstated lien unstated | $123,000 | $122,000 100c | S+125 bp | Apr 1, 2028 |
| G••• O••••• I••••••••• I••• | warrants equity | Not disclosed | $121,000 66c | ||
| M•• I••••••••• L••• | warrants equity | Not disclosed | $116,000 39c | ||
| T••• F•••••• I••• | unstated lien unstated | $105,000 | $114,000 99c | 11.00% | Jul 31, 2025 |
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.