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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, 2025
652 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| P•••••• I••••••••• L•••••• | term loan lien unstated | $42.3M | $37.0M 87c | PIK 14.28% | Jun 30, 2027 |
| P•••••• I••••••••• L•••••• | term loan lien unstated | $42.3M | $37.0M 87c | PIK 14.28% | Jun 30, 2027 |
| O••••••••• G••• | term loan lien unstated | $30.4M | $28.6M 85c | PIK 11.00% | Jan 1, 2030 |
| O••••••••• G••• | term loan lien unstated | $30.4M | $28.6M 85c | PIK 11.00% | Jan 1, 2030 |
| R•••••• L•• | equity equity | Not disclosed | $27.5M 10508c | ||
| R•••••• L•• | equity equity | Not disclosed | $27.5M 10508c | ||
| P••••••• I••• | term loan lien unstated | $26.3M | $25.9M 100c | S+740 bp | Aug 23, 2031 |
| P••••••• I••• | term loan lien unstated | $26.3M | $25.9M 100c | S+740 bp | Aug 23, 2031 |
| B••••• I••• | term loan lien unstated | $22.0M | $22.1M 100c | S+315 bp | May 1, 2029 |
| B••••• I••• | term loan lien unstated | $22.0M | $22.1M 100c | S+315 bp | May 1, 2029 |
| T•••• E••••• I••• | term loan lien unstated | $22.5M | $22.0M 100c | S+215 bp | Sep 1, 2029 |
| T•••• E••••• I••• | term loan lien unstated | $22.5M | $22.0M 100c | S+215 bp | Sep 1, 2029 |
| T•••• E••••• I••• | term loan lien unstated | $22.5M | $22.0M 100c | S+215 bp | Sep 1, 2029 |
| F••••••••• I••• | term loan lien unstated | $20.8M | $20.6M 100c | S+175 bp PIK 2.50% | May 31, 2027 |
| F••••••••• I••• | term loan lien unstated | $20.8M | $20.6M 100c | S+175 bp PIK 2.50% | May 31, 2027 |
| T••••••• I••• | term loan lien unstated | $19.5M | $20.6M 96c | S+775 bp | Mar 31, 2027 |
| T••••••• I••• | term loan lien unstated | $19.5M | $20.6M 96c | S+775 bp | Mar 31, 2027 |
| J•••• S•••••••• I••• | term loan lien unstated | $20.0M | $20.3M 101c | 10.50% | May 1, 2029 |
| J•••• S•••••••• I••• | term loan lien unstated | $20.0M | $20.3M 101c | 10.50% | May 1, 2029 |
| P•••• L•••• L•• | term loan lien unstated | $19.5M | $19.5M 100c | S+350 bp | Dec 1, 2028 |
| P•••• L•••• L•• | term loan lien unstated | $19.5M | $19.5M 100c | S+350 bp | Dec 1, 2028 |
| M•••••• I••• | term loan lien unstated | $17.9M | $17.9M 100c | S+425 bp | Jun 1, 2029 |
| M•••••• I••• | term loan lien unstated | $17.9M | $17.9M 100c | S+425 bp | Jun 1, 2029 |
| F•••• B•••••• L•• | term loan lien unstated | $17.6M | $16.7M 91c | S+575 bp PIK 12.00% | May 1, 2027 |
| F•••• B•••••• L•• | term loan lien unstated | $17.6M | $16.7M 91c | S+575 bp PIK 12.00% | May 1, 2027 |
| H•••• I••• | term loan lien unstated | $16.0M | $16.2M 100c | S+300 bp | Mar 31, 2029 |
| H•••• I••• | term loan lien unstated | $16.0M | $16.2M 100c | S+300 bp | Mar 31, 2029 |
| O••••••• I••• | term loan lien unstated | $16.0M | $16.1M 103c | S+275 bp | Oct 1, 2029 |
| O••••••• I••• | term loan lien unstated | $16.0M | $16.1M 103c | S+275 bp | Oct 1, 2029 |
| F•••• S• | term loan lien unstated | $15.0M | $15.4M 100c | 4.97% PIK 4.78% | Aug 31, 2028 |
| F•••• S• | term loan lien unstated | $15.0M | $15.4M 100c | 4.97% PIK 4.78% | Aug 31, 2028 |
| F•••• S• | term loan lien unstated | $15.0M | $15.4M 100c | 4.97% PIK 4.78% | Aug 31, 2028 |
| F•••• S• | term loan lien unstated | $15.0M | $15.4M 100c | 4.97% PIK 4.78% | Aug 31, 2028 |
| N•••••• O•• W•••• A• | equity equity | Not disclosed | $15.2M 100c | ||
| N•••••• O•• W•••• A• | equity equity | Not disclosed | $15.2M 100c | ||
| H•••••• I••• | term loan lien unstated | $16.7M | $14.7M 86c | S+350 bp | Dec 1, 2027 |
| H•••••• I••• | term loan lien unstated | $16.7M | $14.7M 86c | S+350 bp | Dec 1, 2027 |
| S••••••• I••• | term loan lien unstated | $15.0M | $14.4M 100c | S+300 bp | Dec 1, 2029 |
| S••••••• I••• | term loan lien unstated | $15.0M | $14.4M 100c | S+300 bp | Dec 1, 2029 |
| S••••••• I••• | term loan lien unstated | $15.0M | $14.4M 100c | S+300 bp | Dec 1, 2029 |
| G••••••••• I••• | equity equity | Not disclosed | $13.5M 173c | ||
| G••••••••• I••• | equity equity | Not disclosed | $13.5M 173c | ||
| F•••• B•••••• L•• | term loan lien unstated | $14.1M | $13.3M 90c | S+575 bp PIK 12.00% | May 1, 2027 |
| F•••• B•••••• L•• | term loan lien unstated | $14.1M | $13.3M 90c | S+575 bp PIK 12.00% | May 1, 2027 |
| K•••••••• I••• | term loan lien unstated | $13.0M | $13.1M 100c | S+375 bp | Jan 1, 2028 |
| K•••••••• I••• | term loan lien unstated | $13.0M | $13.1M 100c | S+375 bp | Jan 1, 2028 |
| B•••••• T••••••••• L•••• I••• | term loan lien unstated | $11.3M | $11.2M 100c | S+325 bp | Aug 1, 2029 |
| B•••••• T••••••••• L•••• I••• | term loan lien unstated | $11.3M | $11.2M 100c | S+325 bp | Aug 1, 2029 |
| R•••• L•••• I••• | term loan lien unstated | $11.0M | $11.0M 100c | S+215 bp | Sep 1, 2028 |
| R•••• L•••• I••• | term loan lien unstated | $11.0M | $11.0M 100c | S+215 bp | Sep 1, 2028 |
| M••• C•••• L•••••• | term loan lien unstated | $26.2M | $10.8M 51c | PIK 12.00% | Dec 31, 2025 |
| M••• C•••• L•••••• | term loan lien unstated | $26.2M | $10.8M 51c | PIK 12.00% | Dec 31, 2025 |
| M••• C•••• L•••••• | term loan lien unstated | $26.2M | $10.8M 51c | PIK 12.00% | Dec 31, 2025 |
| T••••••••• I••• | term loan lien unstated | $10.0M | $10.1M 100c | S+325 bp | Jul 1, 2028 |
| T••••••••• I••• | term loan lien unstated | $10.0M | $10.1M 100c | S+325 bp | Jul 1, 2028 |
| L••••••• R••• L•••••• | term loan lien unstated | $35.5M | $10.0M 34c | Aug 31, 2026 | |
| L••••••• R••• L•••••• | term loan lien unstated | $35.5M | $10.0M 34c | Aug 31, 2026 | |
| S•••••• V•• I••• | term loan lien unstated | $9.9M | $9.7M 100c | S+525 bp | Oct 1, 2029 |
| S•••••• V•• I••• | term loan lien unstated | $9.9M | $9.7M 100c | S+525 bp | Oct 1, 2029 |
| F••••••••• I••• | term loan lien unstated | $10.2M | $9.7M 100c | S+700 bp | Jul 30, 2027 |
| F••••••••• I••• | term loan lien unstated | $10.2M | $9.7M 100c | S+700 bp | Jul 30, 2027 |
| S•••••• I••• | term loan lien unstated | $9.4M | $9.4M 100c | S+150 bp | Apr 1, 2026 |
| S•••••• I••• | term loan lien unstated | $9.4M | $9.4M 100c | S+150 bp | Apr 1, 2026 |
| S•••••• I••• | term loan lien unstated | $9.4M | $9.4M 100c | S+150 bp | Apr 1, 2026 |
| M••• O•••••••• I••• | term loan lien unstated | $10.1M | $9.1M 89c | S+800 bp PIK 6.00% | Jan 31, 2029 |
| M••• O•••••••• I••• | term loan lien unstated | $10.1M | $9.1M 89c | S+800 bp PIK 6.00% | Jan 31, 2029 |
| B••••• I••• | term loan lien unstated | $9.0M | $9.0M 100c | S+225 bp | May 1, 2029 |
| B••••• I••• | term loan lien unstated | $9.0M | $9.0M 100c | S+225 bp | May 1, 2029 |
| B••••• I••• | term loan lien unstated | $9.0M | $9.0M 100c | S+225 bp | May 1, 2029 |
| F•••• I••• | term loan lien unstated | $8.9M | $8.9M 100c | S+400 bp | Aug 1, 2027 |
| F•••• I••• | term loan lien unstated | $8.9M | $8.9M 100c | S+400 bp | Aug 1, 2027 |
| S•••••• I••• | term loan lien unstated | $9.0M | $8.8M 100c | S+285 bp | Dec 1, 2028 |
| S•••••• I••• | term loan lien unstated | $9.0M | $8.8M 100c | S+285 bp | Dec 1, 2028 |
| Q•••• C••••••• L•• | term loan lien unstated | $12.0M | $8.6M 80c | PIK 6.00% | Dec 31, 2028 |
| Q•••• C••••••• L•• | term loan lien unstated | $12.0M | $8.6M 80c | PIK 6.00% | Dec 31, 2028 |
| H•••••••• I••• | term loan lien unstated | $7.6M | $8.4M 99c | S+1900 bp | Jun 30, 2026 |
| H•••••••• I••• | term loan lien unstated | $7.6M | $8.4M 99c | S+1900 bp | Jun 30, 2026 |
| Q•••• C••••••• L•• | preferred equity equity | Not disclosed | $8.1M 100c | ||
| Q•••• C••••••• L•• | preferred equity equity | Not disclosed | $8.1M 100c | ||
| H•••••• I••• | revolver lien unstated | $8.9M | $8.0M 90c | S+200 bp | Dec 31, 2026 |
| H•••••• I••• | revolver lien unstated | $8.9M | $8.0M 90c | S+200 bp | Dec 31, 2026 |
| R•••••• L•• | warrants equity | Not disclosed | $7.8M 2396c | ||
| R•••••• L•• | warrants equity | Not disclosed | $7.8M 2396c | ||
| A•••••• P••••• I••• | term loan lien unstated | $7.0M | $7.4M 100c | 11.75% | Dec 31, 2026 |
| A•••••• P••••• I••• | term loan lien unstated | $7.0M | $7.4M 100c | 11.75% | Dec 31, 2026 |
| O••••••• I••• | term loan lien unstated | $7.1M | $7.2M 100c | S+250 bp | Feb 1, 2028 |
| O••••••• I••• | term loan lien unstated | $7.1M | $7.2M 100c | S+250 bp | Feb 1, 2028 |
| M•••• B••• L•••••• | term loan lien unstated | $7.0M | $6.8M 97c | 12.00% | Mar 8, 2026 |
| M•••• B••• L•••••• | term loan lien unstated | $7.0M | $6.8M 97c | 12.00% | Mar 8, 2026 |
| R•••••• L•• | warrants equity | Not disclosed | $6.4M 16007c | ||
| R•••••• L•• | warrants equity | Not disclosed | $6.4M 16007c | ||
| P••••••• E••••••••• I••• | term loan lien unstated | $6.0M | $6.2M 100c | S+200 bp | Jan 1, 2027 |
| P••••••• E••••••••• I••• | term loan lien unstated | $6.0M | $6.2M 100c | S+200 bp | Jan 1, 2027 |
| P••••••• E••••••••• I••• | term loan lien unstated | $6.0M | $6.2M 100c | S+200 bp | Jan 1, 2027 |
| T••••••• I••• | term loan lien unstated | $5.5M | $5.8M 98c | S+775 bp | Mar 31, 2027 |
| T••••••• I••• | term loan lien unstated | $5.5M | $5.8M 98c | S+775 bp | Mar 31, 2027 |
| U••••••• I••• | preferred equity equity | Not disclosed | $5.7M 2536c | ||
| U••••••• I••• | preferred equity equity | Not disclosed | $5.7M 2536c | ||
| B••••• M••••••••• I••• | revolver lien unstated | $5.6M | $5.6M 100c | S+325 bp | Sep 30, 2027 |
| B••••• M••••••••• I••• | revolver lien unstated | $5.6M | $5.6M 100c | S+325 bp | Sep 30, 2027 |
Page 1 of 7Next
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.