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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 Dec 31, 2025

652 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
N•••••• O•• W•••• A•	equity equity	Not disclosed	$962,000 100c
O••••••• S•••••• I•••	preferred equity equity	Not disclosed	$948,000 95c
O••••••• S•••••• I•••	preferred equity equity	Not disclosed	$948,000 95c
U• C••••••• T••••••••• I•••	term loan lien unstated	$1.0M	$941,000 100c	S+350 bp	Oct 1, 2029
U• C••••••• T••••••••• I•••	term loan lien unstated	$1.0M	$941,000 100c	S+350 bp	Oct 1, 2029
C••••••• G•••••• I•••	preferred equity equity	Not disclosed	$925,000 231c
C••••••• G•••••• I•••	preferred equity equity	Not disclosed	$925,000 231c
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$901,000 144c
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$901,000 144c
M• M•••• L••••••	term loan lien unstated	$4.2M	$860,000 60c		Dec 31, 2026
M• M•••• L••••••	term loan lien unstated	$4.2M	$860,000 60c		Dec 31, 2026
M•••• B••• L••••••	warrants equity	Not disclosed	$855,000 531c
M•••• B••• L••••••	warrants equity	Not disclosed	$855,000 531c
J••• S•• r•••	preferred equity equity	Not disclosed	$827,000 234c
J••• S•• r•••	preferred equity equity	Not disclosed	$827,000 234c
Q•••• C••••••• L••	term loan lien unstated	$1.1M	$819,000 81c	PIK 6.00%	Dec 31, 2028
Q•••• C••••••• L••	term loan lien unstated	$1.1M	$819,000 81c	PIK 6.00%	Dec 31, 2028
H•••••••• I•••	preferred equity equity	Not disclosed	$788,000 119c
H•••••••• I•••	preferred equity equity	Not disclosed	$788,000 119c
F•••••••• I•••	preferred equity equity	Not disclosed	$737,000 206c
F•••••••• I•••	preferred equity equity	Not disclosed	$737,000 206c
F••••••••• I•••	warrants equity	Not disclosed	$701,000 85c
F••••••••• I•••	warrants equity	Not disclosed	$701,000 85c
M••• C•••• L••••••	term loan lien unstated	$1.7M	$694,000 48c	PIK 9.00%	Dec 31, 2025
M••• C•••• L••••••	term loan lien unstated	$1.7M	$694,000 48c	PIK 9.00%	Dec 31, 2025
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$675,000 110c
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$675,000 110c
M•••• B••• L••••••	equity equity	Not disclosed	$651,000 126c
B••••• L••• H•••••• I••• •••• T••••• M•••••• I•••••	equity equity	Not disclosed	$651,000 65c
B••••• L••• H•••••• I••• •••• T••••• M•••••• I•••••	equity equity	Not disclosed	$651,000 65c
M•••• B••• L••••••	equity equity	Not disclosed	$651,000 126c
M••• C•••• L••••••	term loan lien unstated	$1.6M	$648,000 48c	PIK 9.00%	Dec 31, 2025
M••• C•••• L••••••	term loan lien unstated	$1.6M	$648,000 48c	PIK 9.00%	Dec 31, 2025
R•••• L•••• I•••	preferred equity equity	Not disclosed	$605,000 110c
R•••• L•••• I•••	preferred equity equity	Not disclosed	$605,000 110c
P••••••• L•••• I•••	preferred equity equity	Not disclosed	$590,000 195c
P••••••• L•••• I•••	preferred equity equity	Not disclosed	$590,000 195c
T••• F•••••• I•••	preferred equity equity	Not disclosed	$574,000 390c
T••• F•••••• I•••	preferred equity equity	Not disclosed	$574,000 390c
E••••• I•••	preferred equity equity	Not disclosed	$543,000 81c
E••••• I•••	preferred equity equity	Not disclosed	$543,000 81c
J••• S•• r•••	revolver lien unstated	$529,000	$536,000 96c	S+575 bp	Jun 30, 2026
J••• S•• r•••	revolver lien unstated	$529,000	$536,000 96c	S+575 bp	Jun 30, 2026
T••••••••• L•• ••••• G•••• I••••••• P•••••••• I••••	equity equity	Not disclosed	$533,000 141c
T••••••••• L•• ••••• G•••• I••••••• P•••••••• I••••	equity equity	Not disclosed	$533,000 141c
S••••••• I•••	preferred equity equity	Not disclosed	$518,000 100c
S••••• X• I•••	preferred equity equity	Not disclosed	$518,000 77c
S••••••• I•••	preferred equity equity	Not disclosed	$518,000 100c
S••••• X• I•••	preferred equity equity	Not disclosed	$518,000 77c
C••••• I••••••••• I•••	preferred equity equity	Not disclosed	$500,000 100c
C••••• I••••••••• I•••	preferred equity equity	Not disclosed	$500,000 100c
W••••••••• G•••• L••••••	preferred equity equity	Not disclosed	$496,000 365c
W••••••••• G•••• L••••••	preferred equity equity	Not disclosed	$496,000 365c
S••••• X• I•••	term loan lien unstated	$500,000	$473,000 100c	S+825 bp	Jun 26, 2028
S••••• X• I•••	term loan lien unstated	$500,000	$473,000 100c	S+825 bp	Jun 26, 2028
S••••••• I•••	warrants equity	Not disclosed	$465,000 245c
S••••••• I•••	warrants equity	Not disclosed	$465,000 245c
C•••••••• I•••	warrants equity	Not disclosed	$464,000 97c
C•••••••• I•••	warrants equity	Not disclosed	$464,000 97c
P•••••• 1•••• I•••	revolver lien unstated	$2.1M	$456,000 21c	S+575 bp	Mar 25, 2024
P•••••• 1•••• I•••	revolver lien unstated	$2.1M	$456,000 21c	S+575 bp	Mar 25, 2024
F••••••••• I•••	preferred equity equity	Not disclosed	$454,000 91c
F••••••••• I•••	preferred equity equity	Not disclosed	$454,000 91c
T•• B•••• T•• H•••••••• I•••	preferred equity equity	Not disclosed	$450,000 324c
T•• B•••• T•• H•••••••• I•••	preferred equity equity	Not disclosed	$450,000 324c
F••••••••• I•••	preferred equity equity	Not disclosed	$447,000 98c
F••••••••• I•••	preferred equity equity	Not disclosed	$447,000 98c
S•••••••• I•••	preferred equity equity	Not disclosed	$441,000 334c
S•••••••• I•••	preferred equity equity	Not disclosed	$441,000 334c
P•••••• 1•••• I•••	term loan lien unstated	$1.9M	$419,000 21c	S+625 bp	Mar 31, 2025
P•••••• 1•••• I•••	term loan lien unstated	$1.9M	$419,000 21c	S+625 bp	Mar 31, 2025
T••••••••• I•••	warrants equity	Not disclosed	$404,000 100c
T••••••••• I•••	warrants equity	Not disclosed	$404,000 100c
P••• T•••• P••	notes lien unstated	$400,000	$400,000 100c	S+600 bp	Nov 17, 2028
P••• T•••• P••	notes lien unstated	$400,000	$400,000 100c	S+600 bp	Nov 17, 2028
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$393,000 109c
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$393,000 109c
M•••••• M•••••• I••• ••••• I•••••••• F••••• I••••	preferred equity equity	Not disclosed	$385,000 108c
M•••••• M•••••• I••• ••••• I•••••••• F••••• I••••	preferred equity equity	Not disclosed	$385,000 108c
C•••••• C•••••••••	preferred equity equity	Not disclosed	$369,000 52c
C•••••• C•••••••••	preferred equity equity	Not disclosed	$369,000 52c
H•••• I•••	preferred equity equity	Not disclosed	$366,000 107c
H•••• I•••	preferred equity equity	Not disclosed	$366,000 107c
e••••••• G•••	preferred equity equity	Not disclosed	$354,000 114c
e••••••• G•••	preferred equity equity	Not disclosed	$354,000 114c
A••••••••• I••• ••••• E••••••	preferred equity equity	Not disclosed	$352,000 235c
A••••••••• I••• ••••• E••••••	preferred equity equity	Not disclosed	$352,000 235c
L••• O•••••• S•••••••• I•••	warrants equity	Not disclosed	$344,000 179c
L••• O•••••• S•••••••• I•••	warrants equity	Not disclosed	$344,000 179c
O••••••• I•••	warrants equity	Not disclosed	$324,000 100c
O••••••• I•••	warrants equity	Not disclosed	$324,000 100c
B••••• I•••	preferred equity equity	Not disclosed	$315,000 81c
B••••• I•••	preferred equity equity	Not disclosed	$315,000 81c
T•••• E••••• I•••	warrants equity	Not disclosed	$313,000 88c
T•••• E••••• I•••	warrants equity	Not disclosed	$313,000 88c
T••••••• I•••	preferred equity equity	Not disclosed	$293,000 77c
T••••••• I•••	preferred equity equity	Not disclosed	$293,000 77c
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$292,000 97c
O••• C•••• ••••• G••••• C•••••	preferred equity equity	Not disclosed	$292,000 97c
J•••• S•••••••• I•••	preferred equity equity	Not disclosed	$291,000 173c

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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.