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A GLOBAL LEADER IN VENTURE FINANCE 20 20 26 † TRIPLE POINT VENTURE GROWTH Investor Presentation Quarter Ended June 30 , 2026 August 5 , 2026 www.tpvg.com
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20 26 A GLOBAL LEADER IN VENTURE FINANCE FORWARD LOOKING STATEMENTS Some of the statements in this presentation constitute forward - looking statements, which relate to future events or our future performance or financial condition . The forward - looking statements contained in this presentation involve risks and uncertainties, including statements as to : our future operating results ; our business prospects and the prospects of our portfolio companies ; our relationships with third parties including but not limited to lenders and venture capital investors ; the impact and timing of our unfunded obligations ; the expected market for venture capital investments ; the effect of and uncertainties related to macroeconomic factors such as fluctuating inflation and interest rates, and adverse developments affecting the financial services industry and venture banking ecosystem ; the performance of our portfolio and other investments that we may make in the future ; the impact of investments that we expect to make ; actual and potential conflicts of interest with TriplePoint Capital LLC (“TPC”) and TriplePoint Advisers LLC (our “Adviser”) and its senior investment team and Investment Committee ; our contractual arrangements and relationships with third parties ; the dependence of our future success on the general economy and its impact on the industries in which we invest ; the ability of our portfolio companies to achieve their objectives, or to obtain financing and working capital on attractive terms or at all ; our expected financings and investments ; the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments ; the ability of our Adviser to attract, retain and have access to highly talented professionals, including our Adviser's senior investment team ; our ability to maintain our qualification as a regulated investment company, or “RIC,” and as a business development company, or “BDC ; ” the adequacy of our available liquidity, cash resources and working capital and compliance with covenants under our borrowing arrangements ; the timing of cash flows, if any, from the operations of our portfolio companies ; and the declaration, payment, amount and/or timing of future dividends or distributions . Such forward - looking statements are typically preceded by, followed by or otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words . We have based the forward - looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any such forward - looking statements . Actual results could differ materially from those anticipated in our forward - looking statements, and future results could differ materially from historical performance . Although we undertake no obligation to revise or update any forward - looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including annual reports on Form 10 - K, quarterly reports on Form 10 - Q and current reports on Form 8 - K . We believe that the assumptions on which any forward - looking statements are based are reasonable . However, any of those assumptions could prove to be inaccurate, and as a result, the forward - looking statements based on those assumptions also could be inaccurate . In light of these and other uncertainties, the inclusion of a projection or forward - looking statement in this presentation should not be regarded as a representation by us that our plans and objectives will be achieved . You should not place undue reliance on these forward - looking statements, which apply only as of the date of this presentation . For a further discussion of factors, risks and uncertainties that could cause our future results to differ materially from any forward - looking statements, see the sections entitled "Risk Factors" and other disclosure in the Company’s most recently filed annual report on Form 10 - K and its other public SEC filings . In addition, with respect to any announced share purchase program or otherwise, there is no assurance that the Company or any of its affiliates, including TPC, will purchase shares of the Company’s common stock at any specific discount levels or in any specific amounts . There is no assurance that the market price of the Company’s shares, either absolutely or relative to NAV, will increase as a result of any share purchase program, or that any purchase plan will enhance stockholder value over the long term . This presentation contains statistics and other data that has been obtained from or compiled from information made available by third - party service providers . We have not independently verified such statistics or data . These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, an interest in the Company in any jurisdiction where the offer or sale is not permitted or would be unlawful under the securities laws of such jurisdiction . The information presented in this presentation is as of June 30 , 2026 unless indicated otherwise . NON - GAAP FINANCIAL MEASURES To provide additional information about the Company’s results, the Company’s management has discussed in this presentation the Company’s net leverage ratio (calculated as ( i ) total debt less (ii) cash, cash equivalents and restricted cash divided by total net assets), which is not prepared in accordance with GAAP . This non - GAAP measure is included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measure to monitor and evaluate its leverage and financial condition and believes this presentation enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability to take on additional debt . However, this non - GAAP measure has limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP . This non - GAAP measure is not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non - GAAP measures used by other companies . In addition, this non - GAAP measure is not based on any comprehensive set of accounting rules or principles and should only be used to evaluate the Company’s results of operations in conjunction with its corresponding GAAP measure . Disclaimers 2
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20 26 A GLOBAL LEADER IN VENTURE FINANCE TriplePoint Capital Overview 3 Externally - Managed BDC Focused on Providing Customized Debt Financing With Warrants and Direct Equity Investments to Venture Growth Stage Companies in Technology and Other High Growth Industries Backed by a Select Group of Venture Capital Firms
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20 26 A GLOBAL LEADER IN VENTURE FINANCE TriplePoint Venture Growth BDC Corp. Overview 4 (1) As of June 30, 2026. (2) To be paid in two equal installments of $0.06 per share, on September 30, 2026 and December 30, 2026 (3) A rating from DBRS, Inc., or any other rating agency, is not a recommendation to buy, sell or hold securities of TriplePoint Ven ture Growth BDC Corp. Ratings are subject to revision, suspension or withdrawal at any time by the relevant rating agency. (4) As of June 30, 2026 since commencement of operations on March 5, 2014. Gross Leverage Ratio NII Return (Average Equity & Average Assets) Cumulative Net Investment Income since inception has consistently exceeded cumulative distributions (4) DISTRIBUTIONS DECLARED $0.23 Regular Distribution for Q3 2026 $0.12 Supplemental Distributions (2) EQUITY RESEARCH COVERAGE 4 analysts CREDIT RATING (3) BBB (low) COMMON STOCK TPVG (NYSE) MARKET CAP (1) $200 million Price / NAV (1) 0.57x
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20 26 A GLOBAL LEADER IN VENTURE FINANCE 5 Competitive Advantage – Four R’s Reputation Exceptional reputation globally attracts higher quality obligors and enables premium pricing Stability from 25+ year partnership of co - founders provides continuity among investment focus, processes & credit monitoring Relationships Extensive relationships with premier Venture Capital sponsors results in >75% of direct referral of investment opportunities Deep institutional relationships facilitate global Platform expansion, product expansion & access to capital References Creative, flexible and “customer service” focused approach creates loyalty with entrepreneurs and premier VC sponsors Unique lifespan approach enables first mover position on follow - on investments as well as more data & insight for credit decisions Returns Rigorous underwriting & proactive portfolio management at the Platform has resulted in exceptional track record & investment returns Consistently demonstrated differentiated performance versus peer group
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Highly Differentiated 6 • Lend to venture capital backed companies primarily at the venture growth stage • Target companies backed by a select group of leading venture capital investors • Focus on technology and other high - growth industries • Venture growth stage companies have distinct risk - mitigating characteristics • Large & growing market opportunity for lending to venture growth stage companies • Highly fragmented, underserved market with high barriers to entry • Complements equity investment from VC investors which helps to reduce downside • Ability to grow faster, finance business expansion & extend runway – enabling companies to achieve more milestones and command a higher future valuation • Longer exit timing for IPOs and M&A requires more capital • Enables diversification of funding sources Investment Strategy Market Opportunity Use Case for Venture Lending Investment Objective • Provide highly - customized, senior secured “growth capital” loans • Targeted returns of 10% - 18% on debt investments from interest and fees • Additional upside through equity “kickers” in the form of warrants
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Built for Success 7 • Externally - managed business development company (BDC) • Common stock trades on the New York Stock Exchange: “TPVG” • $250.0 million in aggregate principal amount of private institutional notes as of June 30, 2026 • Managed by an affiliate of TriplePoint Capital, a leading global financing partner to venture capital backed companies across all stages of development • Recognized brand name, reputation, track record, venture capital investor relationships and direct originations capabilities • Substantially all deal flow is directly originated – generally do not utilize brokers/agents or syndications • Leads / referrals are primarily sourced from venture capital and industry relationships Structure Unique Sponsor Relationship Direct Originations Industry - Leading Expertise • Experienced executive and investment teams with co - founders that have worked together for more than 25 years • Proprietary processes benefiting from co - founders’ track record of lending to 1,000+ companies and committing more than $15 billion of capital (1) (1) Includes track records prior to TriplePoint Capital.
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Aligned With Public Shareholders 8 • 1.75% management fee • 8% annualized hurdle rate for income incentive fee • Total return requirement whereby incentive fees are capped at 20% of cumulative net increase in net assets resulting from operations since IPO date • The Adviser has agreed to waive its quarterly income incentive fee, in full, through fiscal year 2026 • $3.2 million of earned income incentive fees waived year to date • All equity offerings have been at or above net asset value • Have not requested shareholder approval to raise equity below NAV • Adviser has paid more than $14 million of offering expenses since inception • Sold $22 million of stock to funds managed by Goldman Sachs Asset Management, LP in a PIPE transaction in October 2017 at a premium to NAV • Raised $40.5 million of net proceeds under the at - the - market equity offering program (“ATM Program”) Shareholder - Friendly Structure Non - Dilutive Equity Offerings Discipline in Managing Capital • Co - investment exemptive relief order received in March 2018 (and amended order for simplified co - investment relief received in July 2025) • Received shareholder approval for 150% asset coverage in June 2018 • Investment grade credit rating of BBB (low) from DBRS
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Delivering Results 9 • $10.4 billion of cumulative signed non - binding venture growth stage term sheets at TPC (2) • $4.6 billion of cumulative originations • $3.1 billion of cumulative fundings • $780.7 million portfolio at fair value, consisting of $637.4 million of loans to 53 obligors and $143.3 million of warrants and equity investments with 131 companies • 2.28 weighted average credit ranking of the debt investment portfolio • Weighted average annualized portfolio yield on debt investments of 12.9% in Q2 2026 Demonstrated Originations Capabilities (1) High Yielding, High Quality Portfolio (1)(3) Discipline in Managing Capital • $17.94 of cumulative distributions declared per share since IPO through Q3 2026 including $0.59 of special distributions • $0.23 per share regular distribution for Q3 2026, an 18.7% annualized dividend yield (4) • $0.12 per share supplemental distribution ($0.06 for Q3 2026 and $0.06 for Q4 2026) • Total return of 67.2% since IPO & total return of (17.4)% year to date (5) • 9.9% NII return on average equity & 4.3% NII return on average assets year to date (1) As of 6/30/2026. Includes investments acquired from TriplePoint Capital and originated since IPO. (2) Signed term sheet amounts not necessarily indicative of opportunities available to TPVG. (3) The Company’s weighted average annualized portfolio yield on debt investments may be higher than an investor’s yield on an in ves tment in shares of its common stock. The weighted average annualized portfolio yield on debt investments does not reflect operating expenses that may be in cur red by the Company. Please refer to footnote (1) on slide 36 of this presentation for more information on the calculation of the weighted average annual ize d portfolio yield on debt investments. (4) Annualized based on $0.23 of regular distributions declared in Q3 2026 and a closing stock price of $4.91 as of June 30, 2026 . (5) Total return is the change in the ending stock price of the Company’s common stock plus distributions paid for the period ass umi ng participation in the Company’s dividend reinvestment plan divided by the 6/30/2026 closing stock price of the Company’s common stock.
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Second Quarter 2026 Highlights • 3 active debt portfolio companies raised $44.8 million of capital in private financings during the quarter Financial Results • Net investment income (NII) of $8.3 million, or $0.21 per share • Net increase in net assets from operations of $10.7 million, or $0.26 per share • Net asset value of $352.8 million, or $8.67 per share • Declared and paid quarterly distribution totaling $0.23 per common share • Spillover income totaled $41.7 million or $1.03 per share • Signed term sheets of $306.8 million with venture growth stage companies at TPC • Closed $29.8 million of debt commitments to 5 portfolio companies • Funded $47.8 million in debt investments to 10 portfolio companies • Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 12.8% at origination • Realized a 9.5% return on average equity, based on NII during this quarter 10 Portfolio Activity & Returns Portfolio Company Updates
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Second Quarter 2026 Highlights (continued) • TPC’s direct originations platform entered into $50.0 million of additional non - binding signed term sheets with venture growth stage companies • TPVG closed $1.0 million of additional debt commitments • TPVG received $1.0 million of principal prepayments and had no material fundings • On August 5, 2026, TPVG sold its investments in Prodigy Investments Limited to a third party for total cash consideration of $43.8 million, which reflects its fair value as of June 30, 2026 plus accrued cash interest • Declared a third quarter regular distribution of $0.23 per share, payable on September 30, 2026 to stockholders of record as of September 16, 2026 • Declared supplemental distributions totaling $0.12 per share to be paid in two equal installments on September 30, 2026 to stockholders of record on September 16, 2026, and on December 30, 2026 to stockholders of record on December 16, 2026 Liquidity & Capital Resources • Ended the quarter with a 1.26x leverage ratio and a 1.22x net leverage ratio • Ended the quarter with liquidity of $119.8 million, comprised of $14.8 million of cash and restricted cash and $105.0 million of available capacity under the Revolving Credit Facility • $140.6 million of unfunded commitments as of 6/30/26 • 1 portfolio company downgraded from White to Yellow 11 Credit Developments Other Activity Subsequent to Quarter End (1) (1) Through August 5, 2026
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20 26 A GLOBAL LEADER IN VENTURE FINANCE (1) Signed term sheets at TriplePoint Capital; closed commitments at TPVG (2) Please refer to footnote (1) on slide 36 of this presentation for more information on the calculation of the weighted average an nualized portfolio yield on debt investments (3) Warrant and equity investments reflect number of portfolio companies in each of the respective investment types Trailing Five Quarter KPIs 12 KPI Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ORIGINATIONS (1) $242m signed venture growth stage term sheets $160m closed commitments $421m signed venture growth stage term sheets $182m closed commitments $207m signed venture growth stage term sheets $90m closed commitments $256m signed venture growth stage term sheets $1m closed commitments $307m signed venture growth stage term sheets $30m closed commitments FUNDED DEBT INVESTMENTS $79m $88m $93m $27m $48m UNFUNDED COMMITMENTS $185m $264m $260m $207m $141m DEBT PORTFOLIO YIELD (2) 14.5% with prepays 13.6% without prepays 13.2% with prepays 12.8% without prepays 12.7% with prepays 12.1% without prepays 13.5% with prepays 12.6% without prepays 12.9% with prepays 12.3% without prepays PORTFOLIO STATISTICS (3) 46 funded borrowers 158 warrant & equity investments 7.8% D ebt Portfolio WA LTV 49 funded borrowers 165 warrant & equity investments 7.7% D ebt Portfolio WA LTV 55 funded borrowers 173 warrant & equity investments 7.4% D ebt Portfolio WA LTV 55 funded borrowers 177 warrant & equity investments 7.5% D ebt Portfolio WA LTV 53 funded borrowers 177 warrant & equity investments 7.5% D ebt Portfolio WA LTV NET REALIZED & UNREALIZED GAINS/(LOSSES) $1.9m $4.9m $(1.8m) $(3.0m) $2.3m NII/NINA $0.28 / $0.33 $0.26 / $0.38 $0.25 / $0.20 $0.23 / $0.15 $0.21 / $0.26 NAV $8 .65 (+0.3% from Q1 2025) $8 .79 (+1.6% from Q2 2025) $8 .73 ( - 0.7% from Q3 2025) $8 .65 ( - 0.9% from Q4 2025) $8 .67 (+0.2% from Q1 2026) GROSS LEVERAGE RATIO 1.22x 1.32x 1.33x 1.27x 1.26x INVESTMENT RANKING 2.17 2.18 2.16 2.25 2.28 NON - ACCRUALS COST/FV % OF DEBT 5.7% / 3.5% 6.6% / 3.7% 5.6% / 2.6% 5.4% / 2.5% 5.3% / 2.6% STOCK PRICE $7.01 at 6/30 (0.81x Q2 NAV) $5.77 at 9/30 (0.66x Q3 NAV) $6.54 at 12/31 (0.75x Q4 NAV) $4.99 at 3/31 (0.58x Q1 NAV) $4.91 at 6/30 (0.57x Q2 NAV)
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Highlights of the TriplePoint Capital Investment Platform Among the Industry Leading Sponsors with Recognized Brand and Strong Direct Origination Platform Diversified Strategy Focused on Venture - Stage & Growth Opportunities in the U.S. and Europe Experienced Management Team Led by Pioneers of the Venture Lending Space Deep Venture Capital Relationships Combined with Unique Lifespan Approach to Investing Large and Growing Market with High Barriers to Entry Attractive Risk - Adjusted Returns With Equity Upside Potential 1 2 3 4 5 6 13
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20 26 A GLOBAL LEADER IN VENTURE FINANCE TriplePoint Capital Management Team Jim Labe Co - founder & CEO • Pioneer of the Venture Leasing and Lending Industry • 35+ Years in Venture Leasing and Lending • Founder and CEO of Comdisco Ventures Mike Wilhelms Chief Financial Officer • Joined TriplePoint in 2025 as CFO • 30+ Years Experience in Financial Services • 10+ Years as CFO in Asset Management Sajal Srivastava Co - founder & CEO • 25+ Years in Venture Leasing and Lending • Global Visionary, Innovator & Execution Specialist in the Venture Lending Industry 14
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20 26 A GLOBAL LEADER IN VENTURE FINANCE ▪ Launched in 2005 by Jim Labe and Sajal Srivastava ▪ Headquartered on Sand Hill Road in Silicon Valley with regional offices in New York City, San Francisco and Boston ▪ Provides debt, equity and complementary services to privately - held, venture capital - backed companies across all stages of development around the world ▪ Recognized brand name, reputation, venture capital investor relationships and direct originations capabilities ▪ Since inception, the TriplePoint Platform has committed more than $15 billion to 1,000+ companies across the globe ▪ Manages an on - balance sheet lending vehicle, two permanent capital vehicles (BDCs), GP/LP fund and other vehicles ▪ Experienced team utilizing proprietary and proven methods for investment process and portfolio management ▪ Distinct focus on and deep relationships with a select group of leading venture capital investors and their portfolio companies ▪ Unique multi - stage investment focus includes the TriplePoint Lifespan Approach to venture lending Experience Platform Key Highlights TriplePoint Platform Overview 15
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20 26 A GLOBAL LEADER IN VENTURE FINANCE TriplePoint’s Strategy Target venture capital backed companies across the globe Invest with TPC’s Select Group of leading venture capital investors Primary focus in technology and other high - growth industries Unique, multi - stage investment approach – the Lifespan Approach 100% directly originated assets at early venture stages Secured loans with equity kickers in the form of warrants 16
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20 26 A GLOBAL LEADER IN VENTURE FINANCE TriplePoint Capital – Leading Companies 17 Private & Confidential Note : For illustrative purposes only . Investments made by TriplePoint Capital LLC and affiliates . The performance and investments noted on this slide relate only to selected funds/strategies and may not be representative of the investment portfolio composition of TPVG at any time or of a TPVG investor’s experience and should not be viewed as indicative of TPVG’s investment portfolio composition, past performance or its future performance .
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20 26 A GLOBAL LEADER IN VENTURE FINANCE High - Growth Industry Focus Target select companies in high - growth industries • Technology • Media & Entertainment • Consumer & Retail • Others based on investment from select top - tier venture capital funds Target companies with: • Large market opportunities & rapid organizational growth • Significant intellectual property • Backing from select top - tier venture capital sponsors • High quality entrepreneurs with unique and/or deep domain expertise 18
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20 26 A GLOBAL LEADER IN VENTURE FINANCE TriplePoint’s Lifecycle Approach to Investing Seed Early Later Venture Growth Middle Market IPO Venture-Capital Backed Lifecycle Stages Pre - emptive future financing opportunities as the customer grows Differentiator for premium pricing Specialized information and ability to monitor customer progress and assess risk 19
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Why Do High - Growth Companies Use Venture Debt? Helps finance acceleration and/or expansion of the business Provides runway extension for achieving additional milestones Additional business validation provides negotiating leverage for higher valuations Lowers upfront cost of capital expenditures Complements existing equity capital and helps boost returns for existing investors Less dilutive than raising additional equity capital sooner 1 2 3 4 5 6 Value proposition of venture debt 20
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Venture Debt Provides Compelling Relative Risk - Adjusted Returns Upfront Fees, Interest Rates and End of Term Payments Higher Return Potential Through Warrants and Prepayments TARGETED UNLEVERED RETURNS • Generally short - term financings (3 - 4 years) • Typically amortizing facilities • Prepayments typically boost returns from acceleration of fees and penalties • Target low loan - to - enterprise value at time of underwriting • Low total leverage profiles of obligors • Benefit from equity cushion of VC sponsors • Obligors typically preparing for an IPO or M&A in the next 1 - 5 years depending on stage High yields to maturity with VC equity support and low total leverage 21
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20 26 A GLOBAL LEADER IN VENTURE FINANCE VENTURE BANKS EARLY STAGE DEBT FUNDS OTHER VENTURE BDCs LATER STAGE DEBT FUNDS OPPORTUNISTIC DEBT FUNDS SEED STAGE EARLY STAGE LATER STAGE VENTURE GROWTH STAGE PUBLIC Venture Growth Stage Market 22
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Product Transaction Size Term Collateral Warrants Growth Capital Loans $5m – $50m 36 – 60 months Senior On All Assets Typically Equipment Financings $5m – $25m 36 – 48 months Equipment Typically Revolving Loans $1m – $25m 12 – 36 months Senior on All Assets and/or Specific Asset Financed Typically Warrants Percentage of Loan Amount -- -- -- Direct Equity $100k – $5m -- -- -- Illustrative TPVG Product Pricing Summary 23 Customized Debt Financing Based on Analysis of the Prospective Obligor
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Time - Tested Investment Process & Portfolio Management Benefits from more than 25 years of experience & expertise • Leads and initial screening • Process takes approximately 2 weeks to 3 or more months • Initial screening performed • Diligence process and detailed credit memorandum (2 - 4 weeks) • New borrowers analyzed weekly by senior investment team • Transaction presented to Investment Committee for approval • Unanimous approval is required • Transaction negotiations and legal diligence / review • Status discussed weekly with senior team • 2 - 5 weeks, in parallel with diligence process INVESTMENT PROCESS PORTFOLIO MANAGEMENT ADMINISTRATION MONITORING CREDIT WATCH LIST WORK - OUT & RESTRUCTURING ORIGINATIONS INVESTMENT & CREDIT ANALYSIS INVESTMENT COMMITTEE LEGAL • Day - to - day servicing • Coordinates funding requests • Tracks / verifies borrower assets and collateral • Tracks financial performance, compliance and risk rating • Reviews all borrower updates • Status / issues discussed regularly with senior team • Deteriorating borrowers posted to “Credit Watch List” • Actively works to maintain an open dialogue to limit the likelihood of a default • Decision to restructure, settle, request early pay - off or wait for an external event • Sells collateral with the help of management, repossesses and auctions assets 24
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Strong, Disciplined Portfolio Growth – As of 6/30/26 Signed Term Sheets at TPC; Commitments and Fundings at TPVG ($mm) (1) 25 (1) Signed term sheet amounts not necessarily indicative of opportunities available to TPVG.
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20 26 A GLOBAL LEADER IN VENTURE FINANCE High Yielding, High Quality Portfolio (1) DEBT INVESTMENT FAIR VALUE $637.4 Million DEBT INVESTMENT COST BASIS $722.8 Million NUMBER OF LOANS 100 NUMBER OF OBLIGORS 53 Debt Portfolio $641.3 million at Q1 ‘26 WEIGHTED AVERAGE ANNUALIZED YIELD ON TOTAL DEBT INVESTMENTS 12.9% COUPON INCOME 10.5% COST ACCRETION 0.7% END OF TERM PAYMENTS 1.1% PREPAYMENTS 0.6% Yield Profile 13.5% at Q1 ‘26 Warrant Portfolio $52.1 million at Q1 ‘26 Equity Portfolio $92.3 million at Q1 ‘26 WARRANT FAIR VALUE $58.4 Million WARRANT COST BASIS $27.5 Million NUMBER OF WARRANTS 131 NUMBER OF COMPANIES 117 DIRECT EQUITY FAIR VALUE $85.0 Million DIRECT EQUITY COST BASIS $80.6 Million NUMBER OF INVESTMENTS 80 NUMBER OF COMPANIES 60 (1) All data as of June 30, 2026 unless otherwise indicated. (2) Percentages in this column are for the three months ended June 30, 2026. (3) Please refer to footnote (1) on slide 36 of this presentation for more information on the calculation of the weighted average an nualized portfolio yield on debt investments . $637.4 MILLION 12.9% YIELD (2)(3) $58.4 MILLION $85.0 MILLION 26
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Warrant & Direct Equity Investments • GAAP fair value does not reflect potential future value • Generally, fair value based on most recent round of financing and attributes value to warrants & shares based on liquidation preference order rather than conversion to common, which is more common in a successful M&A or IPO • Generally, target return multiples of 2x - 5x on each investment at time of investment • Nominal warrant exercise value is $69.6 million as of 6/30/26 • Warrant and equity investment returns offset credit losses and have the potential to create value in excess of losses (accretive to NAV) Future Potential Book Value Upside Significant Realized Gains GAAP Cost Basis GAAP unrealized Gain Warrant Investments in 117 Companies 131 $30.9m $27.5m GAAP Cost Basis GAAP unrealized Gain Direct Equity Investments in 60 Companies 80 $4.4m $80.6m Company Realized Gain Multiple of Cost Basis $27.1M 26x $15.1M 112x $6.5M 13x $3.4M 4x $2.9M 105x $1.8M 160x $1.8M 3x $1.3M 8x $1.1M 2x $1.0M 8x $0.5M 2x $0.5M 2x 27
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Portfolio Overview – Secured, Diversified Lending (1) (1) Figures based on fair value as of June 30, 2026 unless otherwise noted. Diversified Across Subsectors of High Growth Industries Secured by Either the Entire Enterprise or Specific Assets Portfolio of Fixed and Floating Rate Loans (Based on Outstanding Principal) 28
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20 26 A GLOBAL LEADER IN VENTURE FINANCE 64% Floating Rate Portfolio 77% of the floating rate portfolio is at their Prime Rate floors. Commitments float until funding. (1) NII per share calculated based on 40,709,723 common shares outstanding and a static debt investment portfolio and borrowing a mou nts under our financing arrangements as of June 30, 2026, assuming an immediate and sustained change in interest rates as noted. Impact from Changes in Interest Rates Approximate Annual NII Per Share Impact Resulting from Changes in Prime Rate (1) 29 56% Fixed Rate Debt As of June 30, 2026.
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Credit Watch List Overview (1) Q2 2026 Detailed Credit Categories (2) Category Fair Value ($mm) % Of Debt Investment # Of Portfolio Companies Clear (1) $45.3 7.1% 3 White (2) $395.3 62.1% 38 Yellow (3) $173.4 27.2% 7 Orange (4) $20.1 3.1% 4 Red (5) $3.3 0.5% 1 $637.4 100.0% 53 (1) Debt investment figures based on fair value as of June 30, 2026. (2) The Adviser maintains a credit watch list with portfolio companies placed into one of five categories, with Clear, or 1, bein g t he best rating and Red, or 5, being the lowest. Generally, all new loans receive an initial grade of White, or 2, unless the portfolio company’s credit quality meets th e characteristics of another risk category. 30
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Active Companies with Debt Outstanding 31 Note : For illustrative purposes only . The investments noted on this slide may not be representative of the investment portfolio composition of TPVG at any time or of a TPVG investor’s experience and should not be viewed as indicative of TPVG’s past performance or its future performance .
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Active Customers with Warrants and/or Equity Outstanding 32 Note : For illustrative purposes only . The investments noted on this slide may not be representative of the investment portfolio composition of TPVG at any time or of a TPVG investor’s experience and should not be viewed as indicative of TPVG’s past performance or its future performance .
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Active Customers with Warrants and/or Equity Outstanding (Continued) 33 Note : For illustrative purposes only . The investments noted on this slide may not be representative of the investment portfolio composition of TPVG at any time or of a TPVG investor’s experience and should not be viewed as indicative of TPVG’s past performance or its future performance .
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Financial Highlights Q2 – 2026
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Portfolio Summary Total Investment Income ($mm) Net Investment Income ($mm) Total Investments (1) ($mm) Total Assets (1) ($mm) 35 (1) At fair value
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20 26 A GLOBAL LEADER IN VENTURE FINANCE High - Yielding Portfolio (1) (1) Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period . The calculation of weighted average portfolio yields on debt investments excludes any non - income producing debt investments, but includes debt investments on non - accrual status . Including non - income producing debt investments, the weighted average yield for the three months ended June 30 , 2026 was 12 . 3 % . The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities . The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to the Company’s stockholders . 36
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Strong Yields Enhanced By Prepayments (1) Yields on Debt Investments(2) Prepayments (1) Weighted Average Portfolio Yield on Debt Investments includes all prepayment income. (2) Please refer to footnote (1) on slide 36 of this presentation for more information on the calculation of the weighted average an nualized portfolio yield on debt investments 37
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Financial Highlights NII Return on Average Equity (ROAE) and NII Return on Average Assets (ROAA) Gross Leverage Ratio 38
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Balance Sheet (1) As of June 30, 2026 As of December 31, 2025 Assets (unaudited) Investments at Fair Value $780,742 $783,544 Cash and Cash Equivalents 13,999 20,364 Restricted Cash 811 27,003 Deferred Credit Facility Costs 3,981 4,643 Prepaid Expenses and Other Assets 9,511 4,095 Total Assets $809,044 $839,649 Liabilities Revolving Credit Facility $195,000 $95,000 2026 Notes, Net – 199,925 2027 Notes, Net 124,812 124,671 8.11% 2028 Notes, Net 49,606 49,484 7.50% 2028 Notes, Net 74,762 – Base Management Fee Payable 3,592 3,581 Other Accrued Expenses and Liabilities 8,447 13,367 Total Liabilities $456,219 $486,028 Total Net Assets $352,825 $353,621 Net Asset Value Per Share $8.67 $8.73 Gross Leverage Ratio 1.26 x 1.33 x (1) In Thousands, except per share data and ratios. 39
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Income Statement (1) (1) In Thousands, except per share data and ratios. (2) Interest Coverage is calculated as NII plus Interest Expense, divided by Interest Expense for the applicable periods. 3 Months Ended June 30, 2026 3 Months Ended June 30, 2025 6 Months Ended June 30, 2026 6 Months Ended June 30, 2025 Investment Income Interest Income from Investments $22,036 $22,504 $44,125 $44,089 Other Income 109 772 795 1,641 Total Investment and Other Income 22,145 23,276 44,920 45,730 Operating Expenses Base Management Fee 3,592 3,268 7,207 6,593 Income Incentive Fee 1,337 1,259 3,161 1,259 Interest Expense and Amortization of Fees 8,288 6,732 16,149 13,103 Administration Agreement Expenses 723 629 1,442 1,232 General and Administrative Expenses 1,005 1,022 2,023 2,033 Total Operating Expenses Before Income Incentive Fee Waiver 14,945 12,910 29,982 24,220 Income Incentive Fee Waiver (1,337) (1,259) (3,161) (1,259) Total Operating Expenses Net of Income Incentive Fee Waiver 13,608 11,651 26,821 22,961 Net Investment Income Before Excise Taxes 8,537 11,625 18,099 22,769 Excise Tax Expense (200) (350) (640) (756) Net Investment Income 8,337 11,275 17,459 22,013 Net Realized Gains (Losses) 12,941 (32) 12,642 2,222 Net Change in Unrealized Gains (Losses) (10,611) 1,931 (13,275) 1,628 Net Realized and Unrealized Gains (Losses) 2,330 1,899 (633) 3,850 Net Increase (Decrease) in Net Assets Resulting from Operations $10,667 $13,174 $16,826 $25,863 Net Investment Income Per Share $0.21 $0.28 $0.43 $0.55 Net Increase (Decrease) in Net Assets Per Share $0.26 $0.33 $0.41 $0.64 Weighted Average Shares Outstanding 40,600 40,234 40,547 40,186 Interest Coverage (2) 2.01 x 2.67 x 2.08 x 2.68 x ROAA 4.2% 5.9% 4.3% 5.7% ROAE 9.5% 13.0% 9.9% 12.7% 40
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20 26 A GLOBAL LEADER IN VENTURE FINANCE QTD NAV Roll Forward Per Common Share 41 $ 8.65 $ 8.67 $0.21 ($0.23) $0.05 ) ($ 0.01 ) NAV as of 3/31/2026 Net Investment Income Dividends to Shareholders Realized and Unrealized Changes in Fair Value Net Increase/(Decrease) from Capital share Transactions ⁽ ¹⁾ NAV as of 6/30/2026 (1) All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net inc rea se from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.
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20 26 A GLOBAL LEADER IN VENTURE FINANCE (1) Through June 30, 2026. Dollars shown in millions. (2) Exclusive of underwriting discounts / commissions and offering expenses. (3) Does not include the Adviser Revolver Facility and does not reflect repayment of unsecured notes. For information on the Comp any ’s current debt outstanding, please see slide 43. Disciplined and Diversified Capital Raising Since IPO (1) Equity Capital Raises (2) Debt Capital Raises (2)(3) Private Placement Notes 5yr - 4.50% BBB (DBRS) Private Placement Notes 5yr - 5.00% BBB (DBRS ) Private Placement Notes 3 yr - 8 . 11 % BBB Low (DBRS) Private Placement Notes 2yr – 7.50% BBB Low (DBRS) 42
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20 26 A GLOBAL LEADER IN VENTURE FINANCE (1) Revolving Credit Facility closed on February 21, 2014 and was most recently amended and extended in November 2025. An additio nal $100 million is available subject to approval by Lenders. (2) As of June 30, 2026. (3) Does not include amortization of loan fees. (4) Spread fluctuates between 2.75% and 3.0% depending on a percentage of commitments drawn. (5) The stated interest rate on the 8.11% 2028 notes is subject to a step up of 1.00% per year, to the extent that (1) the 8.11% 202 8 Notes do not satisfy certain investment grade rating conditions and/or (2) the ratio of the Company’s payment - in - kind income to net investment income during a six - month period exceeds specified thresholds, measured as of each fiscal quarter end. As a result of the PIK Income ratio provision, the current inte res t rate is 9.11% Debt Instrument Security Facility/ Issuance Size Outstanding (2) Rating Interest Rate (3) Maturity Primary Financial Covenants Revolving Credit Facility SPV Structure $300 Million (1) $195 Million (1) N/A 2.85% + 3 - Month SOFR (4) Revolving Period: 11/30/2027 Maturity: 5/30/2029 Asset coverage, minimum equity & asset quality tests 2027 Notes Senior Unsecured $125 Million $125 Million BBB (low): DBRS 5.00% - Fixed February 28, 2027 Asset coverage, interest coverage, minimum shareholders’ equity 8.11% 2028 Notes Senior Unsecured $50 Million $50 Million BBB (low): DBRS 9.11% - Fixed (5) February 12, 2028 Asset coverage, interest coverage, minimum shareholders’ equity 7.50% 2028 Notes Senior Unsecured $75 Million $75 Million BBB (low): DBRS 7.50% - Fixed February 27, 2028 Asset coverage, minimum shareholders’ equity Diversification of Debt & Laddered Maturities 43
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Research Coverage Paul Johnson (617) 848 - 2777 johnsonpa@kbw.com Mitchel Penn, CFA (212) 667 - 7136 Mitchel.Penn@opco.com Crispin Love (212) 466 - 7938 Crispin.Love@psc.com Brian McKenna (212) 906 - 3545 Brian.McKenna@citizensbank.com 44
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Source: NVCA as of June 30, 2026 Demand for venture debt is driven by VC fundraising and investment activity Extended timing from initial funding to M&A, IPO, or Buy Out further drives demand for debt Over $600 billion raised by US VCs over the past 5 years US VC Fundraising Activity More than 80,000 investments made representing over $1 trillion over the past 5 years US VC Deal Activity VC - backed companies rely on a combination of equity and debt to fund growth 45 Strong Demand for Venture Debt $13.1 $19.0 $23.3 $24.7 $22.5 $40.2 $45.5 $51.0 $48.7 $77.4 $64.7 $94.1 $166.7 $222.4 $111.1 $115.6 $74.9 $72.4 121 150 151 204 340 498 591 633 691 796 799 952 1611 1817 1444 1218 907 405 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Capital Raised ($B) Funds Closed
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20 26 A GLOBAL LEADER IN VENTURE FINANCE Thank You