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T••••••••• V•••••• G••••• B•• C••••

Business development companymanaged by T••••••••• A••••••• L••Listed: TPVG· MENLO PARK, CA

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 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $781M
Borrowers: 137
Mark on cost: 88.2¢

Schedule of investments (340)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$10M
on 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.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1580345 · file 814-01044Show

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

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 quarters

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
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Full timeline · 20 events

Spread increasedJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity shortened (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked
Maturity extended (observed)Mar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P•••••• I••••••••• L•••••• term loan
1 BDC hold it · matures Jun 30, 2027
$43.9M 86c
F•••• B•••••• L•• term loan
2 BDCs hold it · matures May 1, 2027
$40.1M 88c
L••••••• R••• L•••••• term loan
1 BDC hold it · matures Aug 31, 2026
$35.5M 17c
O••••••••• G••• term loan
1 BDC hold it · matures Jan 1, 2030 · possible sponsor N•••••••• M••••••••• I• L••••••
$31.5M 74c
B••••• I•• term loan
1 BDC hold it · matures May 1, 2029
$31.0M 100c
F•••• S• term loan
2 BDCs hold it · matures Aug 31, 2028
$29.9M 100c
M••• C•••• L•••••• term loan
1 BDC hold it · matures Dec 31, 2025
$29.5M 50c
T••••••• I•• term loan
2 BDCs hold it · matures Mar 31, 2027
$28.0M 84c
P••••••• I•• term loan
2 BDCs hold it · matures Aug 23, 2031
$26.8M 100c
I••••• T••••••••• I•• term loan
2 BDCs hold it · matures May 1, 2030
$23.0M 100c
T•••• E•••••• I•• term loan
2 BDCs hold it · matures Sep 1, 2029
$22.5M 100c
H•••• I•• term loan
2 BDCs hold it · matures Aug 31, 2030
$21.6M 100c

Schedule of investments at Sep 30, 2025

333 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T••• F•••••• I•••	unstated lien unstated	$115,000	$126,000 98c	14.00%	Nov 30, 2025
E•••••• C••••	unstated lien unstated	$123,000	$123,000 100c	S+125 bp	Apr 1, 2028
C•••••• C•••••••••	warrants equity	Not disclosed	$123,000 95c
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	$115,000 99c	14.00%	Nov 30, 2025
F••••••••• I•••	warrants equity	Not disclosed	$112,000 80c
R••••••••• I•••	warrants equity	Not disclosed	$111,000 139c
D••••••• I•••	equity equity	Not disclosed	$107,000 89c
B••••• I•••	equity equity	Not disclosed	$107,000 73c
T••• F•••••• I•••	unstated lien unstated	$100,000	$106,000 99c	14.00%	Nov 30, 2025
P••••••• L•••• I•••	equity equity	Not disclosed	$103,000 103c
Q•••• C••••••• L••	equity equity	Not disclosed	$102,000 33c
N•••••• I•••	warrants equity	Not disclosed	$102,000 100c
C••••••• G•••••• I•••	warrants equity	Not disclosed	$100,000 185c
R••••••• H••••• I•••	equity equity	Not disclosed	$100,000 100c
U••••••• T••••••••• I•••	warrants equity	Not disclosed	$100,000 294c
T••• F•••••• I•••	warrants equity	Not disclosed	$98,000 67c
F•••••••• I•••	warrants equity	Not disclosed	$86,000 74c
A••••••• G••••• I••••••••• I•••	warrants equity	Not disclosed	$84,000 99c
O••••••• I•••	warrants equity	Not disclosed	$81,000 84c
P•••• L•••• L••	warrants equity	Not disclosed	$81,000 56c
N•••• I••• ••••• V•••••• T••••• L•••	equity equity	Not disclosed	$77,000 31c
C•••••••• I•••	equity equity	Not disclosed	$73,000 18c
B••••• M••••••••• I•••	warrants equity	Not disclosed	$72,000 49c
S•••••• I•••	warrants equity	Not disclosed	$70,000 171c
T••• F•••••• I•••	equity equity	Not disclosed	$68,000 68c
R••••••••• I•••	warrants equity	Not disclosed	$68,000 100c
O•••••• I•••	warrants equity	Not disclosed	$67,000 168c
F•••• B••••• H•••••••• I•••	warrants equity	Not disclosed	$66,000 11c
J••• S•• r•••	equity equity	Not disclosed	$63,000 36c
P•••••• A•••••••• I•••	warrants equity	Not disclosed	$62,000 138c
C•••••••• I•••	warrants equity	Not disclosed	$60,000 240c
B••••• I•••	equity equity	Not disclosed	$59,000 102c
U••••••• L••	warrants equity	Not disclosed	$57,000 146c
M••	equity equity	Not disclosed	$54,000 108c
A•••••• P••••• I•••	equity equity	Not disclosed	$54,000 32c
O••••••• S•••••• I•••	warrants equity	Not disclosed	$54,000 77c
B•••••• T••••••••• L•••• I•••	warrants equity	Not disclosed	$49,000 100c
G•••• C••••••••• I•••	equity equity	Not disclosed	$47,000 9c
A•••••• P••••• I•••	warrants equity	Not disclosed	$45,000 33c
F•••••• I••••	unstated lien unstated	$116,000	$45,000 37c	S+625 bp	Jan 31, 2027
E••••••••• I•••	warrants equity	Not disclosed	$42,000 100c
P••••••• E••••••••• I•••	warrants equity	Not disclosed	$40,000 80c
C•••••• C•••••••••	warrants equity	Not disclosed	$34,000 8c
V••• H••••• T••••••••• I•••	warrants equity	Not disclosed	$33,000 100c
A•• I•••••• H•••••• I•••	equity equity	Not disclosed	$33,000 100c
A•• H•••••••• I•••	warrants equity	Not disclosed	$31,000 56c
F•••• B••••• H•••••••• I•••	equity equity	Not disclosed	$30,000 20c
B••••• H•••• I•••	equity equity	Not disclosed	$29,000 100c
e••••••• G•••	warrants equity	Not disclosed	$27,000 108c
H•••••• I•••	warrants equity	Not disclosed	$26,000 100c
B••••• I•••	warrants equity	Not disclosed	$25,000 100c
B••• G••••••••• I•••	warrants equity	Not disclosed	$25,000 100c
L•••• H•••••• C••••••	warrants equity	Not disclosed	$24,000 13c
P•••••••• I••• H•••••• ••••••••• I••••	equity equity	Not disclosed	$24,000 100c
F••••••• B••••••• N••••••• I•••	warrants equity	Not disclosed	$24,000 73c
B•••••• I•••	warrants equity	Not disclosed	$23,000 100c
C••••• I••••••••• I•••	warrants equity	Not disclosed	$23,000 288c
D••••••• I•••	warrants equity	Not disclosed	$23,000 23c
C•••••••• I•••	warrants equity	Not disclosed	$21,000 36c
T••••••••• I•••	warrants equity	Not disclosed	$20,000 100c
H•••••• I•••	equity equity	Not disclosed	$19,000 3c
I••••••••• I•••	equity equity	Not disclosed	$18,000 6c
S••••• X• I•••	equity equity	Not disclosed	$17,000 3c
A•• I•••••• H•••••• I•••	warrants equity	Not disclosed	$17,000 100c
T••••••• I•••	warrants equity	Not disclosed	$17,000 39c
F•••• H•••••• I•••	warrants equity	Not disclosed	$16,000 73c
R•••• L•••• I•••	warrants equity	Not disclosed	$15,000 100c
B••••• H•••• I•••	warrants equity	Not disclosed	$15,000 250c
F••••••• B••••••• N••••••• I•••	unstated lien unstated	$14,000	$14,000 100c	15.00%	Sep 27, 2025
I••••• P•• L•••	warrants equity	Not disclosed	$13,000 37c
J••• S•• r•••	equity equity	Not disclosed	$13,000 38c
D•••• R•• O••• I•••	warrants equity	Not disclosed	$13,000 43c
M••	equity equity	Not disclosed	$13,000 1c
F••••••• B••••••• N••••••• I•••	equity equity	Not disclosed	$13,000 45c
S••••• X• I•••	equity equity	Not disclosed	$12,000 2c
F••••••• B••••••• N••••••• I•••	equity equity	Not disclosed	$12,000 9c
A•••••• P••••• I•••	warrants equity	Not disclosed	$11,000 7c
T•••• I••••••••• I•••	warrants equity	Not disclosed	$11,000 12c
P••• E••••••• I•••	equity equity	Not disclosed	$10,000 100c
B••••• I•••	equity equity	Not disclosed	$9,000 150c
P••• E••••••• I•••	warrants equity	Not disclosed	$7,000 140c
S••••••• I•••	warrants equity	Not disclosed	$6,000 100c
E•••• C•••••••••	warrants equity	Not disclosed	$5,000 100c
N••••••• I•••	warrants equity	Not disclosed	$4,000 11c
O••• S•••• L•••• I•••	warrants equity	Not disclosed	$4,000 57c
E•••••• C••••	warrants equity	Not disclosed	$3,000 100c
P••• T•••• P••	warrants equity	Not disclosed	$2,000 100c
F•••• B•••••• L••	unstated lien unstated	$2,000	$2,000 100c	PIK 12.00%	May 1, 2027
J••• S•• r•••	equity equity	Not disclosed	$1,000 6c
S••••• H••••••• I•••	warrants equity	Not disclosed	$0 0c
S••••• H••••••• I•••	warrants equity	Not disclosed	$0 0c
G•••• C••••••••• I•••	warrants equity	Not disclosed	$0 0c
I••••••• A••••••• I••• ••••• T••••• E• M••••••• I••••	warrants equity	Not disclosed	$0 0c
P••••••• E••••••••• I•••	unstated lien unstated	$0	$0	S+100 bp	Jul 31, 2027
N•••••• O•• W•••• A•	warrants equity	Not disclosed	$0 0c
G•••• C••••••••• I•••	warrants equity	Not disclosed	$0 0c
F•••• S•	warrants equity	Not disclosed	$0 0c
M••• O•••••••• I•••	warrants equity	Not disclosed	$0 0c

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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.