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TriplePoint Venture Growth BDC Corp. - Quarter Report: 2022 March (Form 10-Q)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________________________________________________________________
Form 10-Q
________________________________________________________________________________________________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
COMMISSION FILE NUMBER: 814-01044
________________________________________________________________________________________________________________________________________________
TriplePoint Venture Growth BDC Corp.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________________________________________________________________
MARYLAND46-3082016
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
TriplePoint Venture Growth BDC Corp.
2755 Sand Hill Road, Suite 150, Menlo Park, California 94025
(Address of principal executive office)
(650) 854-2090
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareTPVGThe New York Stock Exchange
________________________________________________________________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x   No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filer¨
Non-accelerated filer
x
Smaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ¨    No    x
There were 31,036,522 shares of the Registrant’s common stock outstanding as of May 4, 2022.



TriplePoint Venture Growth BDC Corp.
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
March 31, 2022December 31, 2021
(unaudited)
Assets
Investments at fair value (amortized cost of $783,694 and $837,849, respectively)$806,447 $865,340 
Cash and cash equivalents51,275 51,272 
Restricted cash— 7,875 
Deferred credit facility costs1,946 2,170 
Prepaid expenses and other assets915 1,013 
Total assets$860,583 $927,670 
Liabilities
Revolving Credit Facility$25,000 $200,000 
2025 Notes, net69,391 69,348 
2026 Notes, net198,266 198,155 
2027 Notes, net123,684 — 
Base management fee payable3,717 3,265 
Income incentive fee payable3,387 3,227 
Other accrued expenses and liabilities7,679 19,184 
Total liabilities$431,124 $493,179 
Commitments and Contingencies (Note 7)
Net assets
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)$— $— 
Common stock, par value $0.01 per share310 310 
Paid-in capital in excess of par value414,644 414,218 
Total distributable earnings (loss)14,505 19,963 
Total net assets$429,459 $434,491 
Total liabilities and net assets$860,583 $927,670 
Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)31,037 31,011 
Net asset value per share$13.84 $14.01 

See accompanying notes to consolidated financial statements.

1

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
For the Three Months Ended March 31,
20222021
Investment income
Interest income from investments$25,934 $19,191 
Other income
Expirations / terminations of unfunded commitments44 328 
Other fees1,371 455 
Total investment and other income27,349 19,974 
Operating expenses
Base management fee3,717 2,924 
Income incentive fee3,387 2,227 
Interest expense and amortization of fees5,099 4,351 
Administration agreement expenses578 519 
General and administrative expenses1,021 1,046 
Total operating expenses13,802 11,067 
Net investment income13,547 8,907 
Net realized and unrealized gains (losses)
Net realized gains (losses) on investments(3,105)(15,697)
Net change in unrealized gains (losses) on investments(4,737)18,649 
Net realized and unrealized gains (losses)(7,842)2,952 
Net increase (decrease) in net assets resulting from operations$5,705 $11,859 
Basic and diluted net investment income per share$0.44 $0.29 
Basic and diluted net increase (decrease) in net assets per share$0.18 $0.38 
Basic and diluted weighted average shares of common stock outstanding31,011 30,881 
Total basic and diluted distributions declared per share$0.36 $0.36 

See accompanying notes to consolidated financial statements.

2

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)
Paid-in capital in excess of par valueTotal distributable earnings (loss)Net assets
Common stock
SharesPar value
Balance as of December 31, 202030,871 $309 $412,514 $(12,388)$400,435 
Net increase (decrease) in net assets resulting from operations— — — 11,859 11,859 
Distributions reinvested in common stock46 — 624 — 624 
Distributions from distributable earnings— — — (11,118)(11,118)
Balance as of March 31, 202130,917 $309 $413,138 $(11,647)$401,800 
Balance as of December 31, 202131,011 $310 $414,218 $19,963 $434,491 
Net increase (decrease) in net assets resulting from operations— — — 5,705 5,705 
Distributions reinvested in common stock26 — 426 — 426 
Distributions from distributable earnings— — — (11,163)(11,163)
Balance as of March 31, 202231,037 $310 $414,644 $14,505 $429,459 

See accompanying notes to consolidated financial statements.

3

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
For the Three Months Ended March 31,
20222021
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations$5,705 $11,859 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Fundings and purchases of investments(64,969)(59,906)
Principal payments and proceeds from investments121,648 66,035 
Payment-in-kind interest on investments(1,583)(1,981)
Net change in unrealized (gains) losses on investments4,737 (18,649)
Net realized (gains) losses on investments3,105 15,697 
Amortization and (accretion) of premiums and discounts, net(4,262)(921)
(Accretion) reduction of end-of-term payments, net of prepayments218 (192)
Amortization of debt fees and issuance costs408 705 
Change in operating assets and liabilities:
Prepaid expenses and other assets98 (566)
Base management fee payable452 (143)
Income incentive fee payable160 (555)
Other accrued expenses and liabilities(11,505)(6,020)
Net cash (used in) provided by operating activities54,212 5,363 
Cash Flows from Financing Activities:
Borrowings under revolving credit facility25,000 40,000 
Repayments under revolving credit facility(200,000)(158,000)
Distributions paid(10,737)(13,580)
Deferred credit facility costs— (226)
Proceeds from issuance of 2027 Notes125,000 — 
Debt issuance costs 2027 Notes(1,347)— 
Proceeds from issuance of 2026 Notes— 200,000 
Debt issuance costs 2026 Notes— (2,135)
Net cash provided by (used in) financing activities(62,084)66,059 
Net change in cash, cash equivalents and restricted cash(7,872)71,422 
Cash, cash equivalents and restricted cash at beginning of period59,147 44,677 
Cash, cash equivalents and restricted cash at end of period$51,275 $116,099 
For the Three Months Ended March 31,
20222021
Cash and cash equivalents$51,275 $114,964 
Restricted cash— 1,135 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$51,275 $116,099 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$7,244 $3,789 
Distributions reinvested$426 $624 
Excise tax paid$337 $478 

See accompanying notes to consolidated financial statements.

4


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Debt Investments
Business Applications Software
Arcadia Power, Inc.Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)12/16/2021$7,000 $6,948 $6,948 12/31/2024
Filevine, Inc.
Growth Capital Loan (6.00% cash interest rate + 6.00% PIK interest, 5.50% EOT payment)(2)
4/20/202124,317 24,323 24,323 4/30/2025
Growth Capital Loan (6.00% cash interest rate + 6.00% PIK interest)(2)
9/30/20212,061 2,040 2,040 9/30/2025
26,378 26,363 26,363 
FlashParking, Inc.Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)6/15/202120,000 19,593 19,593 6/30/2024
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)9/24/2021338 334 334 9/30/2023
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)9/28/2021547 540 540 9/30/2023
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)10/27/2021278 274 274 10/31/2023
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)(2)
1/21/2022347 339 339 1/31/2024
21,510 21,080 21,080 
Hi.Q, Inc.Growth Capital Loan (11.75% interest rate, 2.00% EOT payment)12/17/201813,250 13,347 13,347 6/30/2024
Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 1.00% EOT payment)12/31/20206,867 6,856 6,856 8/31/2025
20,117 20,203 20,203 
OneSource Virtual, Inc.Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)6/29/20181,117 1,318 1,319 6/30/2022
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)11/5/20192,963 3,031 3,042 11/30/2023
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)1/31/20201,939 1,978 1,986 1/31/2024
6,019 6,327 6,347 
Uniphore Technologies Inc.
Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)
12/22/20217,000 6,948 6,948 12/31/2024
Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)
12/22/20217,000 6,948 6,948 12/31/2024
14,000 13,896 13,896 
Total Business Applications Software - 22.08%*95,024 94,817 94,837 
Business Products and Services
Cart.com, Inc.Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)12/30/202120,000 19,455 19,455 12/31/2025
RenoRun US Inc.(1)(3)
Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)(2)
12/30/20212,250 2,176 2,176 12/31/2025
Convertible Note (Prime + 4.00% interest rate, 7.25% floor)(2)
12/30/2021625 625 625 12/30/2023
2,875 2,801 2,801 
Total Business Products and Services - 5.18%*22,875 22,256 22,256 

5

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Business/Productivity Software
Forum Brands, LLCGrowth Capital Loan (10.00% interest rate, 4.00% EOT payment)7/6/2021$5,796 $5,729 $5,729 7/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)7/21/2021438 433 433 7/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)8/10/2021525 517 517 8/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
10/6/20212,430 2,381 2,381 10/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
11/2/20211,578 1,542 1,542 11/30/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
11/2/20214,233 4,137 4,137 11/30/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
12/28/20211,414 1,375 1,375 12/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
12/28/2021540 525 525 12/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
12/28/202195 92 92 12/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
1/28/20223,060 2,968 2,968 1/31/2024
20,109 19,699 19,699 
Metropolis Technologies, Inc.
Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 7.00% EOT payment)(2)
3/30/202225,000 24,666 24,666 3/31/2027
Total Business/Productivity Software - 10.33%*45,10944,36544,365
Computer Hardware
Grey Orange International Inc.Growth Capital Loan (8.25% interest rate, 3.75% EOT payment)9/24/20211,333 1,335 1,335 9/30/2022
Growth Capital Loan (10.75% interest rate, 5.25% EOT payment)12/30/20216,667 6,495 6,495 6/30/2025
Total Computer Hardware - 1.82%*8,000 7,830 7,830 
Consumer Finance
Activehours, Inc. (d/b/a Earnin)Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)10/8/20206,000 6,063 6,063 10/31/2023
Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)9/30/20219,000 8,891 8,891 9/30/2024
15,000 14,954 14,954 
Thingy Thing Inc.Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)10/27/20212,000 1,985 1,985 4/30/2025
Total Consumer Finance - 3.94%*17,000 16,939 16,939 
Consumer Non-Durables
Alyk, Inc.Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)6/16/20212,500 2,502 2,482 6/30/2025
Don't Run Out, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
12/30/20211,000 983 983 6/30/2025
Imperfect Foods, Inc. Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)9/30/202019,000 19,079 19,079 9/30/2024
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)(2)
9/30/20216,000 5,953 5,953 9/30/2025
25,000 25,032 25,032 
Total Consumer Non-Durables - 6.64%*28,500 28,517 28,497 

6

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Consumer Products and Services
Baby Generation, Inc.
Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)(2)
1/26/2022$1,875 $1,859 $1,859 1/31/2025
Clutter Inc.Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)12/23/20202,654 2,708 2,708 12/31/2023
Growth Capital Loan (9.00% interest rate, 7.00% EOT payment)3/26/20214,906 4,998 4,998 3/31/2024
7,560 7,706 7,706 
everdrop GmbH(1)(3)
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 6.25% EOT payment)(2)
2/24/2022224 222 220 2/28/2025
Good Eggs, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)(2)
8/12/20216,000 5,938 5,938 8/31/2025
Hydrow, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
2/9/20213,350 3,405 3,405 12/31/2024
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
2/9/20216,700 6,700 6,700 12/31/2024
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)
8/10/20217,475 7,484 7,484 2/28/2025
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)
8/31/20217,475 7,474 7,474 2/28/2025
25,000 25,063 25,063 
JOKR S.à r.l.(1)(3)
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)11/3/20213,000 2,806 2,806 11/30/2025
Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)
11/2/2021504 487 487 10/13/2022
3,504 3,293 3,293 
Outdoor Voices, Inc.Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 11.75% EOT payment)2/26/20194,000 4,294 4,294 2/29/2024
Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 10.55% EOT payment)4/4/20195,000 5,367 5,367 2/29/2024
9,000 9,661 9,661 
Project 1920, Inc.
Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.50% EOT payment)(2)
3/25/20222,000 1,958 1,958 3/31/2025
Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)
3/25/2022600 591 591 3/25/2023
2,600 2,549 2,549 
The Black Tux, Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)11/5/202110,000 9,823 9,823 5/31/2026
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)
2/1/20218,654 8,602 7,891 1/31/2025
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)
5/27/20214,370 4,318 3,923 5/31/2025
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)
1/31/20222,011 1,959 1,934 1/31/2026
15,035 14,879 13,748 
Total Consumer Products and Services - 18.60%*80,798 80,993 79,860 
Consumer Retail
Savage X, Inc.Growth Capital Loan (Prime + 1.75% interest rate, 6.50% floor, 3.50% EOT payment)4/30/2021500 516 516 4/30/2022
Total Consumer Retail - 0.12%*500 516 516 
Database Software
Sisense, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)(2)
12/28/202113,000 12,813 12,813 6/30/2024
Total Database Software - 2.98%*13,000 12,813 12,813 

7

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
E-Commerce - Clothing and Accessories
FabFitFun, Inc.Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.50% EOT payment)9/29/2021$29,000 $28,694 $28,694 3/31/2025
Minted, Inc.Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)9/30/202015,000 15,161 15,161 3/31/2024
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)(2)
12/30/20212,500 2,411 2,411 6/30/2025
17,500 17,572 17,572 
Outfittery GMBH(1)(3)
Growth Capital Loan (5.50% cash interest rate + 5.50% PIK interest, 9.00% EOT payment)(2)
1/8/202119,825 21,419 20,316 1/1/2024
Revolver (4.50% cash interest rate + 4.50% PIK interest, 5.00% EOT payment)(2)
3/5/20203,448 3,600 3,580 1/1/2024
23,273 25,019 23,896 
TFG Holding, Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)12/4/202010,500 10,491 10,491 12/31/2023
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)12/21/20217,000 6,742 6,742 12/31/2024
Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)
3/31/20227,000 6,731 6,731 9/30/2025
24,500 23,964 23,964 
Trendly, Inc.Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)5/27/202119,500 19,432 19,432 11/30/2024
Total E-Commerce - Clothing and Accessories - 26.44%*113,773 114,681 113,558 
E-Commerce - Personal Goods
Merama Inc.Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)5/17/20214,168 4,139 4,176 6/30/2024
Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)6/30/20211,951 1,932 1,949 6/30/2024
Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)8/4/20214,163 4,107 4,146 8/31/2024
Total E-Commerce - Personal Goods - 2.39%*10,282 10,178 10,271 
Entertainment
Luminary Roli Limited(1)(3)(7)
Growth Capital Loan(2)
8/31/202135,492 29,530 9,896 8/31/2026
Mind Candy Limited(1)(3)
Growth Capital Loan (12.00% PIK interest)(2)
6/25/201416,653 16,633 16,524 6/30/2022
Growth Capital Loan (9.00% PIK interest)(2)
3/17/20201,204 1,204 1,172 3/31/2023
Growth Capital Loan (9.00% PIK interest)(2)
12/21/20201,123 1,123 1,071 12/31/2023
18,980 18,960 18,767 
Total Entertainment - 6.67%*54,472 48,490 28,663 
Financial Institution and Services
Prodigy Investments Limited(1)(3)
Growth Capital Loan (8.00% interest rate)(2)
12/31/202032,349 31,629 31,629 12/31/2025
Total Financial Institution and Services - 7.36%*32,349 31,629 31,629 
Food & Drug
Capsule CorporationGrowth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)12/30/202015,000 15,131 15,131 12/31/2024
Total Food & Drug - 3.52%*15,000 15,131 15,131 

8

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Healthcare Technology Systems
Medly Health Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)12/11/2020$5,000 $5,018 $5,018 12/31/2023
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)12/11/20205,000 5,018 5,018 12/31/2023
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 6.75% EOT payment)(2)
3/25/202220,000 19,648 19,648 9/30/2025
30,000 29,684 29,684 
Thirty Madison, Inc. (f/k/a Nurx Inc.)Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 7.75% EOT payment)11/5/201911,851 12,804 12,804 11/30/2023
Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)12/31/202010,000 10,128 10,128 12/31/2025
21,851 22,932 22,932 
Total Healthcare Technology Systems - 12.25%*51,851 52,616 52,616 
Multimedia and Design Software
Pencil and Pixel, Inc.Growth Capital Loan (11.75% interest rate, 7.00% EOT payment)3/20/202010,000 10,363 10,363 3/31/2024
Growth Capital Loan (10.25% interest rate, 6.25% EOT payment)(2)
12/31/20205,000 5,044 5,044 12/31/2024
Total Multimedia and Design Software - 3.59%*15,000 15,407 15,407 
Other Financial Services
Monzo Bank Limited(1)(3)
Growth Capital Loan (12.00% interest rate)(2)
3/8/20217,035 6,841 6,385 3/8/2031
Total Other Financial Services - 1.49%*7,035 6,841 6,385 
Real Estate Services
Demain ES (d/b/a Luko)(1)(3)
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)
12/28/20214,535 4,411 4,323 12/28/2024
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)
12/28/20215,669 5,513 5,404 12/28/2024
10,204 9,924 9,727 
Homeward, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)(2)
12/30/202110,000 9,824 9,824 6/30/2024
True Footage Inc.Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/3/2021250 245 245 12/31/2024
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)12/3/2021800 784 784 12/31/2024
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/3/2021220 216 216 12/31/2024
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)12/13/2021105 103 103 12/31/2024
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/13/2021440 431 431 12/31/2024
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/15/2021208 204 204 12/31/2024
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)12/15/2021150 147 147 12/31/2024
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)12/15/20211,372 1,344 1,344 12/31/2024
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)12/21/2021760 744 744 12/31/2024
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
1/31/2022170 166 166 1/31/2025
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)
2/25/2022116 113 113 2/28/2025
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
3/15/2022300 292 292 3/31/2025
4,891 4,789 4,789 
Total Real Estate Services - 5.67%*25,095 24,537 24,340 

9

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Security Services
ForgeRock, Inc.Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)3/27/2019$10,000 $10,396 $10,543 9/30/2025
Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)9/30/201910,000 10,294 10,448 12/31/2025
Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)12/23/201910,000 10,255 10,408 12/31/2025
Total Security Services - 7.31%*30,000 30,945 31,399 
Shopping Facilitators
Moda Operandi, Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)12/30/202127,500 27,514 27,514 6/30/2024
Total Shopping Facilitators - 6.41%*27,500 27,514 27,514 
Travel & Leisure
GoEuro Corp.(1)(3)
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)10/30/201920,000 20,677 20,677 10/31/2023
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)3/27/202010,000 10,234 10,234 3/31/2024
Convertible Note (5.00% interest rate)(2)
8/11/2020300 300 300 2/11/2023
Total Travel & Leisure - 7.27%*30,300 31,211 31,211 
Total Debt Investments - 162.07%*$723,463 $718,226 $696,037 

10

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Warrant Investments(8)
Advertising / Marketing
InMobi Pte Ltd.(1)(3)
Ordinary Shares(2)
12/13/201348,500 $35 $13 
Total Advertising / Marketing - 0.00%*35 13 
Building Materials/Construction Machinery
View, Inc.
Common Stock(2)
6/13/2017105,682 500 — 
Total Building Materials/Construction Machinery - 0.00%*500 — 
Business Applications Software
Arcadia Power, Inc.Preferred Stock12/10/202155,458 138 138 
DialPad, Inc.
Preferred Stock(2)
8/3/202028,980 102 117 
Envoy, Inc.
Preferred Stock(2)
5/8/202035,893 82 401 
Farmer's Business Network, Inc.
Preferred Stock(2)
1/3/202037,666 33 1,086 
Filevine, Inc.
Preferred Stock(2)
4/20/2021186,160 38 294 
FinancialForce.com, Inc.
Preferred Stock(2)
6/20/2016547,440 1,540 2,480 
FlashParking, Inc.Preferred Stock6/15/2021210,977 810 810 
Hi.Q, Inc.Preferred Stock12/17/2018606,952 196 886 
Preferred Stock12/31/202036,498 45 38 
241 924 
Narvar, Inc.
Preferred Stock(2)
8/28/202021,790 102 102 
OneSource Virtual, Inc.Preferred Stock6/25/201870,773 161 456 
Passport Labs, Inc.
Preferred Stock(2)
9/28/201821,929 303 590 
Quantcast Corporation
Cash Exit Fee(2)(5)
8/9/2018— 213 161 
Uniphore Technologies Inc.
Common Stock(2)
12/22/202135,000 34 187 
Total Business Applications Software - 1.80%*3,797 7,746 
Business Products and Services
Cart.com, Inc.Common Stock12/30/202132,731 477 404 
Common Stock(2)
3/31/20222,719 17 17 
494 421 
LeoLabs, Inc.
Preferred Stock(2)
1/20/2022218,512 197 197 
RenoRun Inc.(1)(3)
Preferred Stock(2)
12/30/202115,906 348 348 
Total Business Products and Services - 0.22%*1,039 966 
Business/Productivity Software
Forum Brands Holdings, Inc.Preferred Stock7/6/20219,457 556 654 
Metropolis Technologies, Inc.
Common Stock(2)
3/30/202287,385 87 87 
Total Business/Productivity Software - 0.17%*643 741 
Business to Business Marketplace
Optoro, Inc.
Preferred Stock(2)
7/13/201510,346 40 33 
RetailNext, Inc.
Preferred Stock(2)
11/16/2017123,420 80 111 
Total Business to Business Marketplace - 0.03%*120 144 
Commercial Services
Transfix, Inc.
Preferred Stock(2)
5/31/2019133,502 188 188 
Total Commercial Services - 0.04%*188 188 
Computer Hardware
Grey Orange International Inc.Preferred Stock3/16/202127,878 183 116 
Total Computer Hardware - 0.03%*183 116 

11

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Conferencing Equipment / Services
Fuze, Inc. (f/k/a Thinking Phone Networks, Inc.)
Preferred Stock(2)
9/29/2015323,381 $670 $— 
Total Conferencing Equipment / Services - 0.00%*670 — 
Consumer Finance
Activehours, Inc. (d/b/a Earnin)Preferred Stock10/8/202086,268 226 317 
Thingy Thing Inc.Preferred Stock10/21/20215,855 17 273 
Total Consumer Finance - 0.14%*243 590 
Consumer Non-Durables
Alyk, Inc.Preferred Stock6/16/202161,096 21 21 
Don't Run Out, Inc.
Preferred Stock(2)
12/30/202118,398 14 14 
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)
Preferred Stock(2)
11/27/201998,723 73 205 
Imperfect Foods, Inc.
Preferred Stock(2)
6/6/201949,709 189 321 
Common Stock9/30/202048,391 208 411 
397 732 
Total Consumer Non-Durables - 0.23%*505 972 
Consumer Products and Services
Baby Generation, Inc.
Common Stock(2)
1/26/202223,424 18 18 
Clutter Inc.
Preferred Stock(2)
10/18/201877,434 363 567 
Preferred Stock9/30/202029,473 169 169 
532 736 
Foodology Inc.(1)(3)
Preferred Stock(2)
3/25/202222,948 100 100 
Good Eggs, Inc.
Preferred Stock(2)
8/12/2021495,186 124 238 
Hydrow, Inc.
Common Stock(2)
2/9/2021103,267 143 332 
Preferred Stock(2)
8/6/202153,903 89 109 
232 441 
JOKR S.à r.l.(1)(3)
Preferred Stock10/14/202110,663 273 273 
Outdoor Voices, Inc.Common Stock2/26/2019732,387 369 15 
Project 1920, Inc.
Preferred Stock(2)
3/25/202250,820 28 28 
Quip NYC, Inc.
Preferred Stock(2)
11/26/201841,272 455 1,020 
Tempo Interactive Inc.
Preferred Stock(2)
3/31/202114,709 143 84 
The Black Tux, Inc.Preferred Stock11/5/2021142,939 139 394 
VanMoof Global Holding B.V.(1)(3)
Preferred Stock(2)
2/1/2021704,689 145 415 
Total Consumer Products and Services - 0.88%*2,558 3,762 
Consumer Retail
LovePop, Inc.
Preferred Stock(2)
10/23/2018163,463 168 127 
Savage X, Inc.Preferred Stock4/7/202028,977 471 803 
Total Consumer Retail - 0.22%*639 930 
Database Software
Sisense, Inc.
Cash Exit Fee(2)(5)
12/28/2021— 190 421 
Total Database Software - 0.10%*190 421 

12

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
11/20/2017331,048 $940 $881 
Minted, Inc.Preferred Stock9/30/202051,979 516 586 
Outfittery GMBH(1)(3)
Cash Exit Fee(2)(5)
8/10/2017— 1,850 2,158 
Rent the Runway, Inc.
Preferred Stock(2)
11/25/201588,037 213 217 
Common Stock(2)
11/25/2015149,203 1,081 562 
1,294 779 
Stance, Inc.
Preferred Stock(2)
3/31/201775,000 41 70 
TFG Holding, Inc.Common Stock11/30/2020229,330 762 638 
Trendly, Inc.Preferred Stock5/27/2021498,110 299 613 
Untuckit LLC
Cash Exit Fee(2)(5)
5/11/2018— 39 57 
Total E-Commerce - Clothing and Accessories - 1.35%*5,741 5,782 
E-Commerce - Personal Goods
Grove Collaborative, Inc.
Preferred Stock(2)
4/2/2018264,140 219 1,305 
Preferred Stock(2)
5/22/2019109,114 228 347 
447 1,652 
Merama Inc.Preferred Stock4/28/2021191,274 405 1,570 
Total E-Commerce - Personal Goods - 0.75%*852 3,222 
Entertainment
Mind Candy, Inc.(1)(3)
Preferred Stock(2)
3/24/2017278,209 922 274 
Total Entertainment - 0.06%*922 274 
Financial Institution and Services
BlueVine Capital, Inc.
Preferred Stock(2)
9/15/2017271,293 361 909 
Prodigy Investments Limited(1)(3)
Ordinary Shares(2)
12/5/201756,241 869 220 
Revolut Ltd(1)(3)
Preferred Stock(2)
4/16/20186,253 40 2,366 
Preferred Stock(2)
10/29/20197,945 324 2,425 
364 4,791 
WorldRemit Group Limited(1)(3)
Preferred Stock(2)
12/23/2015128,290 382 6,601 
Preferred Stock(2)
12/23/201546,548 136 2,190 
518 8,791 
Total Financial Institution and Services - 3.43%*2,112 14,711 
Food & Drug
Capsule CorporationPreferred Stock1/17/2020202,533 437 1,312 
Cash Exit Fee(5)
12/28/2018— 129 242 
Total Food & Drug - 0.36%*566 1,554 
General Media and Content
Thrillist Media Group, Inc.
Common Stock(2)
9/24/2014774,352 624 1,092 
Total General Media and Content - 0.25%*624 1,092 
Healthcare Services
Found Health, Inc.
Preferred Stock(2)
3/25/202249,304 22 22 
The Pill Club Holdings, Inc.
Common Stock(2)
12/31/2021152,422 61 152 
Total Healthcare Services - 0.04%*83 174 
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
5/23/201936,020 58 43 
Medly Health Inc.Preferred Stock11/20/20201,083,470 195 542 
Preferred Stock(2)
3/25/2022419,960 160 160 
355 702 
Thirty Madison, Inc. (f/k/a Nurx Inc.)Preferred Stock8/19/2019102,135 270 597 
Total Healthcare Technology Systems - 0.31%*683 1,342 

13

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Medical Software and Information Services
AirStrip Technologies, Inc.
Preferred Stock(2)
10/9/20138,036 $112 $— 
Total Medical Software and Information Services - 0.00%*112 — 
Multimedia and Design Software
Pencil and Pixel, Inc.Preferred Stock2/28/2020167,221 199 170 
Total Multimedia and Design Software - 0.04%*199 170 
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
1/10/202018,945 54 103 
Signifyd, Inc.
Preferred Stock(2)
12/19/201933,445 132 332 
Total Network Systems Management Software - 0.10%*186 435 
Other Financial Services
Monzo Bank Limited(1)(3)
Ordinary Shares(2)
3/8/202164,813 161 558 
N26 GmbH(1)(3)
Preferred Stock(2)
9/14/202111 324 304 
Upgrade, Inc.
Preferred Stock(2)
1/18/2019744,225 223 4,197 
Total Other Financial Services - 1.18%*708 5,059 
Real Estate Services
Belong Home, Inc.
Preferred Stock(2)
2/15/20227,730 6 6 
Demain ES (d/b/a Luko)(1)(3)
Preferred Stock(2)
12/23/20214,787 237 232 
HomeLight, Inc.
Preferred Stock(2)
12/21/201854,004 44 369 
Preferred Stock(2)
11/5/202055,326 76 292 
120 661 
Homeward, Inc.
Preferred Stock(2)
12/10/202171,816 278 278 
Sonder Holdings Inc.
Preferred Stock(2)
12/28/2018200,480 232 401 
Preferred Stock(2)
3/4/202020,988 42 28 
274 429 
True Footage Inc.Preferred Stock11/24/202155,098 75 75 
Total Real Estate Services - 0.39%*990 1,681 
Shopping Facilitators
Moda Operandi, Inc.Preferred Units12/30/202136,450 169 165 
OfferUp Inc.
Preferred Stock(2)
12/23/2019131,006 42 138 
Total Shopping Facilitators - 0.07%*211 303 
Social/Platform Software
ClassPass Inc.
Preferred Stock(2)
3/18/201984,507 281 151 
Total Social/Platform Software - 0.04%*281 151 
Transportation
Bird Global, Inc. (f/k/a Bird Rides, Inc.)
Preferred Stock(2)
4/18/201959,908 193 34 
Total Transportation - 0.01%*193 34 
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Units9/18/201912,027 362 238 
Total Travel & Leisure - 0.06%*362 238 
Total Warrant Investments - 12.30%*$26,135 $52,811 

14

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Equity Investments(8)
Business Applications Software
Arcadia Power, Inc.
Preferred Stock(2)
9/21/202116,438 $167 $167 
Convoy, Inc.
Preferred Stock(2)
9/27/201835,208 250 356 
DialPad, Inc.
Preferred Stock(2)
9/22/202015,456 120 158 
Envoy, Inc.
Preferred Stock(2)
12/30/202121,216 667 667 
Filevine, Inc.
Preferred Stock(2)
2/4/202256,353 357 357 
Farmer's Business Network, Inc.
Preferred Stock(2)
7/31/20205,041 167 264 
Passport Labs, Inc.
Preferred Stock(2)
6/11/20191,302 100 103 
Toast, Inc.
Common Stock(2)(10)
2/1/2018128,379 27 2,790 
Uniphore Technologies Inc.
Preferred Stock(2)
1/28/202228,233 350 350 
Total Business Applications Software - 1.21%*2,205 5,212 
Business/Productivity Software
Forum Brands Holdings, Inc.
Preferred Stock(2)
7/16/2021822 150 149 
Total Business/Productivity Software - 0.03%*150 149 
Communications Software
Pluribus Networks, Inc.
Preferred Stock(2)
1/10/2017722,073 2,000 2,000 
Total Communications Software - 0.47%*2,000 2,000 
Consumer Finance
Activehours, Inc. (d/b/a Earnin)
Preferred Stock(2)
11/10/202014,788 150 171 
Total Consumer Finance - 0.04%*150 171 
Consumer Products and Services
JOKR S.à r.l.(1)(3)
Preferred Stock(2)
12/7/20212,796 187 187 
Total Consumer Products and Services - 0.04%*187 187 
Commercial Services
MXP Prime GmbH(1)(3)
Preferred Stock(2)
2/3/202296 1,140 1,114 
Printify, Inc.
Preferred Stock(2)
8/24/202113,850 50 50 
Total Commercial Services - 0.27%*1,190 1,164 
Consumer Non-Durables
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)
Common Stock(2)(10)
4/29/201978,935 500 421 
Imperfect Foods, Inc.
Preferred Stock(2)
1/29/202135,649 500 540 
Total Consumer Non-Durables - 0.22%*1,000 961 
Consumer Products and Services
Hydrow, Inc.
Preferred Stock(2)
12/14/202085,542 333 550 
Preferred Stock(2)
3/19/202146,456 335 381 
668 931 
VanMoof Global Holding B.V.(1)(3)
Preferred Stock(2)
8/9/2021140,059 420 436 
Total Consumer Products and Services - 0.32%*1,088 1,367 
Consumer Retail
Savage X, Inc.
Preferred Stock(2)
1/20/202117,249 500 738 
Preferred Stock(2)
11/30/202110,393 500 500 
Total Consumer Retail - 0.29%*1,000 1,238 

15

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
1/17/201967,934 $500 $669 
Total E-Commerce - Clothing and Accessories - 0.16%*500 669 
E-Commerce - Personal Goods
Enjoy Technology, Inc.
Common Stock(2)(10)
9/7/201842,414 269 161 
Grove Collaborative, Inc.
Preferred Stock(2)
6/5/2018134,249 500 977 
Merama Inc.
Preferred Stock(2)
4/19/202118,518 33 197 
Preferred Stock(2)
4/19/202114,490 83 171 
Preferred Stock(2)
9/1/202110,298 167 167 
283 535 
Total E-Commerce - Personal Goods - 0.39%*1,052 1,673 
Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)
Common Stock(2)(10)
1/5/201862,258 250 317 
Total Educational/Training Software - 0.07%*250 317 
Entertainment
Luminary Roli Limited(1)(3)
Ordinary Shares(2)
8/31/2021434,782 2,525 — 
Mind Candy, Inc.(1)(3)
Preferred Stock(2)
3/9/2020511,665 1,000 1,177 
Total Entertainment - 0.27%*3,525 1,177 
Financial Institution and Services
Prodigy Investments Limited(1)(3)
Preference Shares(2)
12/31/20201,552 17,142 15,413 
Revolut Ltd(1)(3)
Preferred Stock(2)
8/3/201725,920 292 10,090 
Total Financial Institution and Services - 5.94%*17,434 25,503 
Food & Drug
Capsule Corporation
Preferred Stock(2)
7/25/201975,013 500 867 
Preferred Stock(2)
4/21/20215,176 75 78 
Total Food & Drug - 0.22%*575 945 
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
11/26/201966,000 196 224 
Common Stock(2)
1/14/2020142,855 404 264 
600 488 
Medly Health Inc.
Preferred Stock(2)
8/12/2021209,979 250 267 
Talkspace, LLC (f/k/a Groop Internet Platfom, Inc.)
Common Stock(2)(10)
5/15/2019146,752 378 255 
Thirty Madison, Inc. (f/k/a Nurx Inc.)
Preferred Stock(2)
5/31/201981,708 1,000 950 
Total Healthcare Technology Systems - 0.46%*2,228 1,960 
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
3/24/201760,342 400 902 
Preferred Stock(2)
4/7/20209,022 125 165 
Total Network Systems Management Software - 0.25%*525 1,067 

16

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Other Financial Services
Monzo Bank Limited(1)(3)
Ordinary Shares(2)
3/8/202192,901 $1,000 $1,536 
Ordinary Shares(2)
1/5/202226,281 516 497 
1,516 2,033 
N26 GmbH(1)(3)
Preferred Stock(2)
12/9/202122 1,264 1,768 
Total Other Financial Services - 0.89%*2,780 3,801 
Real Estate Services
Sonder Holdings Inc.
Preferred Stock(2)
5/21/201929,773 313 120 
True Footage Inc.
Preferred Stock(2)
10/18/202118,366 100 100 
Total Real Estate Services - 0.05%*413 220 
Security Services
ForgeRock, Inc.
Common Stock(2)(10)
9/24/2021301,249 494 6,603 
Total Security Services - 1.54%*494 6,603 
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Stock(2)
10/5/20172,362 300 187 
Inspirato LLC
Common Stock(2)(4)
9/11/2014121,622 287 1,028 
Total Travel & Leisure - 0.28%*587 1,215 
Total Equity Investments - 13.41%*$39,333 $57,599 
Total Investments in Portfolio Companies - 187.78%*(11)
$783,694 $806,447 
Total Investments - 187.78%*(9)
$783,694 $806,447 
_______________
(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2022, non-qualifying assets represented 23.6% of the Company’s total assets, at fair value.
(2)As of March 31, 2022, this investment was not pledged as collateral as part of the Company’s revolving credit facility.
(3)Entity is not domiciled in the United States and does not have its principal place of business in the United States.
(4)Investment is owned by TPVG Investment LLC, a wholly owned taxable subsidiary of the Company.
(5)Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.
(6)Gross unrealized gains, gross unrealized losses, and net unrealized gains for federal income tax purposes totaled $72.6 million, $32.3 million and $40.3 million, respectively, for the March 31, 2022 investment portfolio. The tax cost of investments is $766.2 million.
(7)Debt is on non-accrual status as of March 31, 2022 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2022 had a total cost and fair value of $29.5 million and $9.9 million, respectively.
(8)Non-income producing investments.
(9)Except for equity in eight public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).
(10)Investment is publicly traded and listed on either the New York Stock Exchange or the Nasdaq, and is not subject to restrictions on sales.
(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of March 31, 2022, the Company’s portfolio company investments that were subject to restrictions on sales totaled $795.9 million at fair value and represented 185.3% of the Company’s net assets. In addition, unless otherwise indicated, as of March 31, 2022, all investments are pledged as collateral as part of the Company’s revolving credit facility.
(12)Acquisition date represents the date of the investment in the portfolio investment.
*    Value as a percentage of net assets.





17

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Debt Investments
Business Applications Software
Arcadia Power, Inc.Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)12/16/2021$7,000 $6,917 $6,917 12/31/2024
Envoy, Inc.Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment)5/22/2020949 976 1,023 5/31/2023
Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment)3/31/20212,000 1,996 2,180 3/31/2024
Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment)8/30/20212,000 1,968 2,180 8/31/2024
4,949 4,940 5,383 
Filevine, Inc.
Growth Capital Loan (6.00% cash interest rate + 6.00% PIK interest, 5.50% EOT payment)(2)
4/20/202123,956 23,886 23,886 4/30/2025
Growth Capital Loan (6.00% cash interest rate + 6.00% PIK interest)(2)
9/30/20212,031 2,009 2,009 9/30/2025
25,987 25,895 25,895 
FlashParking, Inc.Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)6/15/202120,000 19,428 19,428 6/30/2024
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)9/24/2021338 332 332 9/30/2023
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)9/28/2021547 536 536 9/30/2023
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)10/27/2021278 272 272 10/31/2023
21,163 20,568 20,568 
Hi.Q, Inc.Growth Capital Loan (11.75% interest rate, 2.00% EOT payment)12/17/201813,250 13,326 13,326 6/30/2024
Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 1.00% EOT payment)12/31/20206,867 6,850 6,850 8/31/2025
20,117 20,176 20,176 
OneSource Virtual, Inc.Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)6/29/20182,208 2,416 2,418 6/30/2022
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)11/5/20193,367 3,428 3,442 11/30/2023
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)1/31/20202,177 2,212 2,222 1/31/2024
7,752 8,056 8,082 
Uniphore Technologies Inc.
Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)
12/22/20217,000 6,917 6,917 12/31/2024
Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)
12/22/20217,000 6,917 6,917 12/31/2024
14,000 13,834 13,834 
Total Business Applications Software - 23.21%*100,968 100,386 100,855 
Business Products and Services
Cart.com, Inc.Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)12/30/202120,000 19,326 19,326 12/31/2025
RenoRun US Inc.(1)(3)
Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)(2)
12/30/20212,250 2,164 2,164 12/31/2025
Convertible Note (Prime + 4.00% interest rate, 7.25% floor)(2)
12/30/2021625 625 625 12/30/2023
2,875 2,789 2,789 
Total Business Products and Services - 5.09%*22,875 22,115 22,115 

18

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Business/Productivity Software
Forum Brands, LLCGrowth Capital Loan (10.00% interest rate, 4.00% EOT payment)7/6/2021$5,796 $5,679 $5,679 7/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)7/21/2021438 429 429 7/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)8/10/2021525 513 513 8/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
10/6/20212,430 2,361 2,361 10/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
11/2/20211,578 1,529 1,529 11/30/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
11/2/20214,233 4,102 4,102 11/30/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
12/28/20211,414 1,364 1,364 12/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
12/28/2021540 521 521 12/31/2023
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
12/28/202195 92 92 12/31/2023
Total Business/Productivity Software - 3.82%*17,04916,59016,590
Computer Hardware
Grey Orange International Inc.Growth Capital Loan (8.25% interest rate, 3.75% EOT payment)9/24/20211,333 1,313 1,313 9/30/2022
Growth Capital Loan (10.75% interest rate, 5.25% EOT payment)12/30/20216,667 6,448 6,448 6/30/2025
Total Computer Hardware - 1.79%*8,000 7,761 7,761 
Consumer Finance
Activehours, Inc. (d/b/a Earnin)Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)10/8/20206,000 6,026 6,026 10/31/2023
Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)9/30/20219,000 8,842 8,842 9/30/2024
15,000 14,868 14,868 
Thingy Thing Inc.Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)10/27/20212,000 1,972 1,972 4/30/2025
Total Consumer Finance - 3.88%*17,000 16,840 16,840 
Consumer Non-Durables
Alyk, Inc.Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)6/16/20212,500 2,486 2,486 6/30/2025
Don't Run Out, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
12/30/20211,000 976 976 6/30/2025
Imperfect Foods, Inc. Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)9/30/202019,000 19,021 19,021 9/30/2024
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)(2)
9/30/20216,000 5,937 5,937 9/30/2025
25,000 24,958 24,958 
Total Consumer Non-Durables - 6.54%*28,500 28,420 28,420 

19

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Consumer Products and Services
Clutter Inc.Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)12/23/2020$3,000 $3,025 $3,025 12/31/2023
Growth Capital Loan (9.00% interest rate, 7.00% EOT payment)3/26/20215,461 5,489 5,489 3/31/2024
8,461 8,514 8,514 
Good Eggs, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)(2)
8/12/20216,000 5,889 5,889 8/31/2025
Hydrow, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
2/9/20213,350 3,385 3,385 12/31/2024
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
2/9/20216,700 6,652 6,652 12/31/2024
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)
8/10/20217,475 7,433 7,433 2/28/2025
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)
8/31/20217,475 7,423 7,423 2/28/2025
25,000 24,893 24,893 
JOKR S.à r.l.(1)(3)
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)11/3/20213,000 2,781 2,781 11/30/2025
Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)
11/2/2021504 476 476 10/13/2022
3,504 3,257 3,257 
Outdoor Voices, Inc.Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 11.75% EOT payment)2/26/20194,000 4,269 4,269 2/29/2024
Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 10.55% EOT payment)4/4/20195,000 5,311 5,311 2/29/2024
9,000 9,580 9,580 
The Black Tux, Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)11/5/202110,000 9,769 9,769 5/31/2026
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)
2/1/20218,654 8,556 8,010 1/31/2025
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)
5/27/20214,370 4,295 3,981 5/31/2025
13,024 12,851 11,991 
Total Consumer Products and Services - 17.01%*74,989 74,753 73,893 
Consumer Retail
Savage X, Inc.Growth Capital Loan (Prime + 1.75% interest rate, 6.50% floor, 3.50% EOT payment)4/30/2021500 512 512 4/30/2022
Total Consumer Retail - 0.12%*500 512 512 
Database Software
Sisense, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)(2)
12/28/202113,000 12,686 12,686 6/30/2024
Total Database Software - 2.92%*13,000 12,686 12,686 

20

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
E-Commerce - Clothing and Accessories
FabFitFun, Inc.Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.50% EOT payment)9/29/2021$29,000 $28,493 $28,493 3/31/2025
Minted, Inc.Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)9/30/202015,000 15,028 15,028 3/31/2024
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)(2)
12/30/20212,500 2,392 2,392 6/30/2025
17,500 17,420 17,420 
Outfittery GMBH(1)(3)
Growth Capital Loan (5.50% cash interest rate + 5.50% PIK interest, 9.00% EOT payment)(2)
1/8/202119,825 20,686 19,981 1/1/2024
Revolver (4.50% cash interest rate + 4.50% PIK interest, 5.00% EOT payment)(2)
3/5/20203,448 3,507 3,553 1/1/2024
23,273 24,193 23,534 
TFG Holding, Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)12/4/202010,500 10,396 10,396 12/31/2023
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)12/21/20217,000 6,687 6,687 12/31/2024
17,500 17,083 17,083 
Trendly, Inc.Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)5/27/202119,500 19,303 19,303 11/30/2024
Total E-Commerce - Clothing and Accessories - 24.36%*106,773 106,492 105,833 
E-Commerce - Personal Goods
Merama Inc.Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)5/17/20214,168 4,107 4,147 6/30/2024
Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)6/30/20211,951 1,916 1,935 6/30/2024
Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)8/4/20214,163 4,076 4,118 8/31/2024
Total E-Commerce - Personal Goods - 2.35%*10,282 10,099 10,200 
Entertainment
Luminary Roli Limited(1)(3)(7)(13)
Growth Capital Loan(2)
8/31/202135,491 29,530 11,336 8/31/2026
Mind Candy Limited(1)(3)
Growth Capital Loan (12.00% PIK interest)(2)
6/25/201416,163 16,125 15,916 6/30/2022
Growth Capital Loan (9.00% PIK interest)(2)
3/17/20201,177 1,177 1,138 3/31/2023
Growth Capital Loan (9.00% PIK interest)(2)
12/21/20201,098 1,098 1,040 12/31/2023
18,438 18,400 18,094 
Total Entertainment - 6.77%*53,929 47,930 29,430 
Financial Institution and Services
Prodigy Investments Limited(1)(3)
Growth Capital Loan (8.00% interest rate)(2)
12/31/202032,349 31,540 31,540 12/31/2025
Total Financial Institution and Services - 7.26%*32,349 31,540 31,540 
Food & Drug
Capsule CorporationGrowth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)12/30/202015,000 15,005 15,005 12/31/2024
Total Food & Drug - 3.45%*15,000 15,005 15,005 
Healthcare Technology Systems
Medly Health Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)12/11/20205,000 4,974 4,974 12/31/2023
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)12/11/20205,000 4,974 4,974 12/31/2023
10,000 9,948 9,948 
Thirty Madison, Inc. (f/k/a Nurx Inc.)Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 7.75% EOT payment)11/5/201913,468 14,297 14,297 11/30/2023
Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)12/31/202010,000 10,069 10,069 12/31/2025
23,468 24,366 24,366 
Total Healthcare Technology Systems - 7.90%*33,468 34,314 34,314 

21

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Household & Office Goods
Casper Sleep Inc.Growth Capital Loan (Prime + 7.25% interest rate, 12.50% floor, 7.50% EOT payment)8/9/2019$15,000 $15,434 $16,283 8/31/2023
Growth Capital Loan (Prime + 6.00% interest rate, 11.25% floor, 6.25% EOT payment)11/1/201915,000 15,539 16,072 10/31/2022
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 10.00% EOT payment)11/22/20219,000 9,092 9,876 6/13/2022
Total Household & Office Goods - 9.72%*39,000 40,065 42,231 
Multimedia and Design Software
Pencil and Pixel, Inc.Growth Capital Loan (11.75% interest rate, 7.00% EOT payment)3/20/202010,000 10,316 10,316 3/31/2024
Growth Capital Loan (10.25% interest rate, 6.25% EOT payment)(2)
12/31/20205,000 5,015 5,015 12/31/2024
Total Multimedia and Design Software - 3.53%*15,000 15,331 15,331 
Network Systems Management Software
Virtual Instruments CorporationGrowth Capital Loan (12.00% interest rate)4/4/20162,065 2,065 2,082 4/4/2022
Growth Capital Loan (5.00% PIK interest)(2)
8/7/201833,587 33,587 33,700 4/4/2022
Total Network Systems Management Software - 8.24%*35,652 35,652 35,782 
Other Financial Services
Monzo Bank Limited(1)(3)
Growth Capital Loan (12.00% interest rate)(2)
3/8/20217,035 6,832 6,560 3/8/2031
N26 GmbH(1)(3)
Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 4.00% EOT payment)(2)
9/14/202126,667 26,509 25,450 9/30/2022
Total Other Financial Services - 7.37%*33,702 33,341 32,010 
Real Estate Services
Demain ES (d/b/a Luko)(1)(3)
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)
12/28/20214,535 4,375 4,376 12/28/2024
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)
12/28/20215,669 5,469 5,471 12/28/2024
10,204 9,844 9,847 
Homeward, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)(2)
12/30/202110,000 9,717 9,717 6/30/2024
Sonder USA, Inc. Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.25% EOT payment)12/28/20185,407 6,352 6,511 6/30/2022
Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment)3/6/20203,893 3,991 4,283 3/31/2024
Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment)3/6/20201,557 1,591 1,713 3/31/2024
10,857 11,934 12,507 
True Footage Inc.Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/3/2021250 244 244 12/31/2024
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)12/3/2021800 779 779 12/31/2024
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/3/2021220 214 214 12/31/2024
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)12/13/2021105 102 102 12/31/2024
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/13/2021440 428 428 12/31/2024
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)12/15/2021208 203 203 12/31/2024
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)12/15/2021150 146 146 12/31/2024
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)12/15/20211,372 1,336 1,336 12/31/2024
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)12/21/2021760 740 740 12/31/2024
4,305 4,192 4,192 
Total Real Estate Services - 8.35%*35,366 35,687 36,263 

22

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Security Services
ForgeRock, Inc.Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)3/27/2019$10,000 $10,367 $10,522 9/30/2025
Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)9/30/201910,000 10,261 10,423 12/31/2025
Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)12/23/201910,000 10,220 10,381 12/31/2025
Total Security Services - 7.21%*30,000 30,848 31,326 
Shopping Facilitators
Moda Operandi, Inc.Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)12/30/202127,500 27,335 27,335 6/30/2024
Total Shopping Facilitators - 6.29%*27,500 27,335 27,335 
Travel & Leisure
GoEuro Corp.(1)(3)
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)10/30/201920,000 20,496 20,496 10/31/2023
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)3/27/202010,000 10,154 10,154 3/31/2024
Convertible Note (5.00% interest rate)(2)
8/11/2020300 300 300 2/11/2023
Total Travel & Leisure - 7.12%*30,300 30,950 30,950 
Total Debt Investments - 174.28%*$781,202 $774,652 $757,222 

23

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Warrant Investments(8)
Advertising / Marketing
InMobi Pte Ltd.(1)(3)
Ordinary Shares(2)
12/13/201348,500 $35 $13 
Total Advertising / Marketing - 0.00%*35 13 
Building Materials/Construction Machinery
View, Inc.
Common Stock(2)
6/13/2017105,682 500 2 
Total Building Materials/Construction Machinery - 0.00%*500 2 
Business/Productivity Software
Forum Brands Holdings, Inc.Preferred Stock7/6/20219,457 556 654 
Total Business/Productivity Software - 0.15%*556 654 
Business Applications Software
Arcadia Power, Inc.Preferred Stock12/10/202155,458 138 138 
DialPad, Inc.
Preferred Stock(2)
8/3/202028,980 102 117 
Envoy, Inc.Preferred Stock5/8/202035,893 82 401 
Farmer's Business Network, Inc.
Preferred Stock(2)
1/3/202037,666 33 1,086 
Filevine, Inc.
Preferred Stock(2)
4/20/2021186,160 38 229 
FinancialForce.com, Inc.
Preferred Stock(2)
6/20/2016547,440 1,540 2,480 
FlashParking, Inc.Preferred Stock6/15/2021210,977 810 810 
Hi.Q, Inc.Preferred Stock12/17/2018606,952 196 886 
Preferred Stock12/31/202036,498 45 38 
241 924 
Narvar, Inc.
Preferred Stock(2)
8/28/202021,790 102 102 
OneSource Virtual, Inc.Preferred Stock6/25/201870,773 161 456 
Passport Labs, Inc.
Preferred Stock(2)
9/28/201821,929 303 590 
Quantcast Corporation
Cash Exit Fee(2)(5)
8/9/2018— 213 161 
Uniphore Technologies Inc.
Common Stock(2)
12/22/202135,000 34 34 
Total Business Applications Software - 1.73%*3,797 7,528 
Business Products and Services
Cart.com, Inc.Common Stock12/30/202132,731 477 477 
RenoRun Inc.(1)(3)
Preferred Stock(2)
12/30/202115,906 348 348 
Total Business Products and Services - 0.19%*825 825 
Business to Business Marketplace
Optoro, Inc.
Preferred Stock(2)
7/13/201510,346 40 33 
RetailNext, Inc.
Preferred Stock(2)
11/16/2017123,420 80 111 
Total Business to Business Marketplace - 0.03%*120 144 
Commercial Services
Transfix, Inc.
Preferred Stock(2)
5/31/2019133,502 188 188 
Total Commercial Services - 0.04%*188 188 
Computer Hardware
Grey Orange International Inc.Preferred Stock3/16/202127,878 183 183 
Total Computer Hardware - 0.04%*183 183 
Conferencing Equipment / Services
Fuze, Inc. (f/k/a Thinking Phone Networks, Inc.)
Preferred Stock(2)
9/29/2015323,381 670 205 
Total Conferencing Equipment / Services - 0.05%*670 205 

24

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Consumer Finance
Activehours, Inc. (d/b/a Earnin)Preferred Stock10/8/202086,268 $226 $317 
Thingy Thing Inc.Preferred Stock10/21/20215,855 17 17 
Total Consumer Finance - 0.08%*243 334 
Consumer Non-Durables
Alyk, Inc.Preferred Stock6/16/202161,096 21 21 
Don't Run Out, Inc.
Preferred Stock(2)
12/30/202118,398 14 14 
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)
Preferred Stock(2)
11/27/201998,723 73 287 
Imperfect Foods, Inc.
Preferred Stock(2)
6/6/201949,709 189 321 
Common Stock9/30/202048,391 208 411 
397 732 
Total Consumer Non-Durables - 0.24%*505 1,054 
Consumer Products and Services
Clutter Inc.
Preferred Stock(2)
10/18/201877,434 363 567 
Preferred Stock9/30/202029,473 169 169 
532 736 
Good Eggs, Inc.
Preferred Stock(2)
8/12/2021495,186 124 238 
Hydrow, Inc.
Common Stock(2)
2/9/2021103,267 143 332 
Preferred Stock(2)
8/6/202153,903 89 109 
232 441 
JOKR S.à r.l.(1)(3)
Preferred Stock10/14/202110,663 273 273 
Outdoor Voices, Inc.Common Stock2/26/2019732,387 369 15 
Quip NYC, Inc.
Preferred Stock(2)
11/26/201841,272 455 1,020 
Tempo Interactive Inc.
Preferred Stock(2)
3/31/202114,709 143 84 
The Black Tux, Inc.Preferred Stock11/5/2021142,939 139 139 
VanMoof Global Holding B.V.(1)(3)
Preferred Stock(2)
2/1/2021704,689 145 424 
Total Consumer Products and Services - 0.78%*2,412 3,370 
Consumer Retail
LovePop, Inc.
Preferred Stock(2)
10/23/2018163,463 168 127 
Savage X, Inc.Preferred Stock4/7/202028,977 471 803 
Total Consumer Retail - 0.21%*639 930 
Database Software
Sisense, Inc.
Cash Exit Fee(2)(5)
12/28/2021— 190 190 
Total Database Software - 0.04%*190 190 
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
11/20/2017331,048 940 881 
Minted, Inc.Preferred Stock9/30/202051,979 516 586 
Outfittery GMBH(1)(3)
Cash Exit Fee(2)(5)
8/10/2017— 1,850 2,203 
Rent the Runway, Inc.
Preferred Stock(2)
11/25/201588,037 213 211 
Common Stock(2)
11/25/2015149,203 1,081 533 
1,294 744 
Stance, Inc.
Preferred Stock(2)
3/31/201775,000 41 70 
TFG Holding, Inc.Common Stock11/30/2020163,807 580 599 
Trendly, Inc.Preferred Stock5/27/2021498,110 299 299 
Untuckit LLC
Cash Exit Fee(2)(5)
5/11/2018— 39 57 
Total E-Commerce - Clothing and Accessories - 1.25%*5,559 5,439 

25

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
E-Commerce - Personal Goods
Grove Collaborative, Inc.
Preferred Stock(2)
4/2/2018264,140 $219 $1,305 
Preferred Stock(2)
5/22/2019109,114 228 347 
447 1,652 
Merama Inc.Preferred Stock4/28/2021191,274 406 1,570 
Total E-Commerce - Personal Goods - 0.74%*853 3,222 
Entertainment
Mind Candy, Inc.(1)(3)
Preferred Stock(2)
3/24/2017278,209 922 274 
Total Entertainment - 0.06%*922 274 
Financial Institution and Services
BlueVine Capital, Inc.
Preferred Stock(2)
9/15/2017271,293 361 909 
Prodigy Investments Limited(1)(3)
Ordinary Shares(2)
12/5/201756,241 869 220 
Revolut Ltd(1)(3)
Preferred Stock(2)
4/16/20186,253 40 2,366 
Preferred Stock(2)
10/29/20197,945 324 2,425 
364 4,791 
WorldRemit Group Limited(1)(3)
Preferred Stock(2)
12/23/2015128,288 382 6,791 
Preferred Stock(2)
12/23/201546,548 136 2,253 
518 9,044 
Total Financial Institution and Services - 3.44%*2,112 14,964 
Food & Drug
Capsule CorporationPreferred Stock1/17/2020202,533 437 1,177 
Cash Exit Fee(5)
12/28/2018— 129 245 
Total Food & Drug - 0.33%*566 1,422 
General Media and Content
Thrillist Media Group, Inc.
Common Stock(2)
9/24/2014774,352 625 1,092 
Total General Media and Content - 0.25%*625 1,092 
Healthcare Services
The Pill Club Holdings, Inc.
Common Stock(2)
12/31/2021152,422 61 61 
Total Healthcare Services - 0.01%*61 61 
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
5/23/201936,020 58 43 
Medly Health Inc.Preferred Stock11/20/20201,083,470 195 542 
Thirty Madison, Inc. (f/k/a Nurx Inc.)Preferred Stock8/19/2019170,716 270 372 
Total Healthcare Technology Systems - 0.22%*523 957 
Household & Office Goods
Casper Sleep Inc.Preferred Stock3/1/201921,736 240 — 
Total Household & Office Goods - 0.00%*240 — 
Medical Software and Information Services
AirStrip Technologies, Inc.
Preferred Stock(2)
10/9/20138,036 112 — 
Total Medical Software and Information Services - 0.00%*112 — 
Multimedia and Design Software
Pencil and Pixel, Inc.Preferred Stock2/28/2020179,211 199 288 
Total Multimedia and Design Software - 0.07%*199 288 

26

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
1/10/202018,945 $54 $103 
Signifyd, Inc.
Preferred Stock(2)
12/19/201933,445 132 332 
Total Network Systems Management Software - 0.10%*186 435 
Other Financial Services
Monzo Bank Limited(1)(3)
Ordinary Shares(2)
3/8/202164,813 161 573 
N26 GmbH(1)(3)
Preferred Stock(2)
9/14/202111 324 310 
Upgrade, Inc.
Preferred Stock(2)
1/18/2019744,225 223 4,197 
Total Other Financial Services - 1.17%*708 5,080 
Real Estate Services
Demain ES (d/b/a Luko)(1)(3)
Preferred Stock(2)
12/23/20214,787 237 237 
HomeLight, Inc.
Preferred Stock(2)
12/21/201854,004 44 369 
Preferred Stock(2)
11/5/202055,326 76 292 
120 661 
Homeward, Inc.
Preferred Stock(2)
12/10/202171,816 278 278 
Sonder Holdings Inc.Preferred Stock12/28/2018136,511 232 743 
Preferred Stock3/4/202014,291 42 56 
274 799 
True Footage Inc.Preferred Stock11/24/202155,098 75 75 
Total Real Estate Services - 0.47%*984 2,050 
Shopping Facilitators
Moda Operandi, Inc.Preferred Units12/30/202136,450 169 169 
OfferUp Inc.
Preferred Stock(2)
12/23/2019131,006 42 138 
Total Shopping Facilitators - 0.07%*211 307 
Social/Platform Software
ClassPass Inc.
Preferred Stock(2)
3/18/201984,507 281 151 
Total Social/Platform Software - 0.03%*281 151 
Transportation
Bird Global, Inc. (f/k/a Bird Rides, Inc.)
Preferred Stock(2)
4/18/201959,908 193 111 
Total Transportation - 0.03%*193 111 
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Units9/18/201912,027 362 238 
Inspirato LLC
Preferred Units(2)
4/25/20131,994 37 45 
Total Travel & Leisure - 0.07%*399 283 
Total Warrant Investments - 11.91%*$25,597 $51,756 

27

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Equity Investments(8)
Business Applications Software
Arcadia Power, Inc.
Preferred Stock(2)
9/21/202116,438 $167 $167 
Convoy, Inc.
Preferred Stock(2)
9/27/201835,208 250 356 
DialPad, Inc.
Preferred Stock(2)
9/22/202015,456 120 158 
Envoy, Inc.
Preferred Stock(2)
12/30/202121,216 667 667 
Farmer's Business Network, Inc.
Preferred Stock(2)
7/31/20205,041 167 264 
Passport Labs, Inc.
Preferred Stock(2)
6/11/20191,302 100 103 
Toast, Inc.
Preferred Stock(2)
2/1/2018128,379 27 4,011 
Total Business Applications Software - 1.32%*1,498 5,726 
Business/Productivity Software
Forum Brands Holdings, Inc.
Preferred Stock(2)
7/16/2021822 150 149 
Total Business/Productivity Software - 0.03%*150 149 
Communications Software
Pluribus Networks, Inc.
Preferred Stock(2)
1/10/2017722,073 2,000 2,000 
Total Communications Software - 0.46%*2,000 2,000 
Consumer Finance
Activehours, Inc. (d/b/a Earnin)
Preferred Stock(2)
11/10/202014,788 150 171 
Total Consumer Finance - 0.04%*150 171 
Consumer Products and Services
JOKR S.à r.l.(1)(3)
Preferred Stock(2)
12/7/20212,796 187 187 
Total Consumer Products and Services - 0.04%*187 187 
Commercial Services
Printify, Inc.
Preferred Stock(2)
8/24/202113,850 50 50 
Total Commercial Services - 0.01%*50 50 
Consumer Non-Durables
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)
Common Stock(2)(10)
4/29/201978,935 500 517 
Imperfect Foods, Inc.
Preferred Stock(2)
1/29/202135,649 500 540 
Total Consumer Non-Durables - 0.24%*1,000 1,057 
Consumer Products and Services
Hydrow, Inc.
Preferred Stock(2)
12/14/202085,542 333 550 
Preferred Stock(2)
3/19/202146,456 335 381 
668 931 
VanMoof Global Holding B.V.(1)(3)
Preferred Stock(2)
8/9/2021140,059 420 445 
Total Consumer Products and Services - 0.32%*1,088 1,376 
Consumer Retail
Savage X, Inc.
Preferred Stock(2)
1/20/202117,249 500 738 
Preferred Stock(2)
11/30/202110,393 500 500 
Total Consumer Retail - 0.28%*1,000 1,238 

28

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
1/17/201967,934 $500 $669 
Total E-Commerce - Clothing and Accessories - 0.15%*500 669 
E-Commerce - Personal Goods
Enjoy Technology, Inc.
Common Stock(2)
9/7/201842,414 269 157 
Grove Collaborative, Inc.
Preferred Stock(2)
6/5/2018134,249 500 977 
Merama Inc.
Preferred Stock(2)
4/19/202118,518 33 197 
Preferred Stock(2)
4/19/202114,490 83 171 
Preferred Stock(2)
9/1/202110,298 167 167 
283 535 
Total E-Commerce - Personal Goods - 0.38%*1,052 1,669 
Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)
Common Stock(2)
1/5/201862,258 250 252 
Total Educational/Training Software - 0.06%*250 252 
Entertainment
Luminary Roli Limited(1)(3)(13)
Ordinary Shares(2)
8/31/2021434,782 2,525 — 
Mind Candy, Inc.(1)(3)
Preferred Stock(2)
3/9/2020511,665 1,000 1,177 
Total Entertainment - 0.27%*3,525 1,177 
Financial Institution and Services
Prodigy Investments Limited(1)(3)
Preference Shares(2)
12/31/20201,552 16,808 15,079 
Revolut Ltd(1)(3)
Preferred Stock(2)
8/3/201725,920 292 10,090 
Total Financial Institution and Services - 5.79%*17,100 25,169 
Food & Drug
Capsule Corporation
Preferred Stock(2)
7/25/201975,013 500 814 
Preferred Stock(2)
4/21/20215,176 75 75 
Total Food & Drug - 0.20%*575 889 
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
11/26/201966,000 196 224 
Common Stock(2)
1/14/2020142,855 404 264 
600 488 
Medly Health Inc.
Preferred Stock(2)
8/12/2021209,979 250 267 
Talkspace, LLC (f/k/a Groop Internet Platfom, Inc.)
Common Stock(2)(10)
5/15/2019146,752 378 289 
Thirty Madison, Inc. (f/k/a Nurx Inc.)
Preferred Stock(2)
5/31/2019136,572 1,000 1,103 
Total Healthcare Technology Systems - 0.49%*2,228 2,147 
Household & Office Goods
Casper Sleep Inc.
Common Stock(2)(10)
6/19/201735,722 1,000 239 
Total Household & Office Goods - 0.06%*1,000 239 
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
3/24/201760,342 400 901 
Preferred Stock(2)
4/7/20209,022 125 165 
Total Network Systems Management Software - 0.25%*525 1,066 

29

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021
Portfolio CompanyType of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Other Financial Services
Monzo Bank Limited(1)(3)
Ordinary Shares(2)
3/8/202192,901 $1,000 $1,580 
N26 GmbH(1)(3)
Preferred Stock(2)
12/9/202122 1,264 1,804 
Total Other Financial Services - 0.78%*2,264 3,384 
Real Estate Services
Sonder Holdings Inc.
Preferred Stock(2)
5/21/201929,773 313 238 
True Footage Inc.
Preferred Stock(2)
10/18/202118,366 100 100 
Total Real Estate Services - 0.08%*413 338 
Security Services
ForgeRock, Inc.
Common Stock(2)
9/24/2021301,249 495 6,956 
Total Security Services - 1.60%*495 6,956 
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Stock(2)
10/5/20172,362 300 187 
Inspirato LLC
Preferred Units(2)(4)
9/11/20141,948 250 266 
Total Travel & Leisure - 0.10%*550 453 
Total Equity Investments - 12.97%*$37,600 $56,362 
Total Investments in Portfolio Companies - 199.16%*(11)
$837,849 $865,340 
Total Investments - 199.16%*(9)
$837,849 $865,340 
_______________
(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2021, non-qualifying assets represented 24.3% of the Company’s total assets, at fair value.
(2)As of December 31, 2021, this investment was not pledged as collateral as part of the Company’s revolving credit facility.
(3)Entity is not domiciled in the United States and does not have its principal place of business in the United States.
(4)Investment is owned by TPVG Investment LLC, a wholly owned taxable subsidiary of the Company.
(5)Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.
(6)Gross unrealized gains, gross unrealized losses, and net unrealized gains for federal income tax purposes totaled $76.1 million, $31.1 million and $45.0 million, respectively, for the December 31, 2021 investment portfolio. The tax cost of investments is $820.3 million.
(7)Debt is on non-accrual status as of December 31, 2021 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2021 had a total cost and fair value of $29.5 million and $11.3 million, respectively.
(8)Non-income producing investments.
(9)Except for equity in seven public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board.
(10)Investment is publicly traded and listed on either the New York Stock Exchange or the Nasdaq, and is not subject to restrictions on sales.
(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2021, the Company’s portfolio company investments that were subject to restrictions on sales totaled $864.3 million at fair value and represented 198.9% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2021, all investments are pledged as collateral as part of the Company’s revolving credit facility.
(12)Acquisition date represents the date of the investment in the portfolio investment.
(13)Investment is an “Affiliate Investment.” See “Note 2. Significant Accounting Policies – Investment Classification” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for more information. This investment was on non-accrual status throughout 2021 and therefore no interest income or net investment income was recorded in connection with the investment. The Company recorded a total of $10.7 million in net unrealized losses on this investment during the year ended December 31, 2021.
*    Value as a percentage of net assets.
_______________

Notes applicable to the investments presented in the foregoing schedules of investments:
•Unless otherwise noted as an “Affiliate Investment” or a “Control Investment,” no investment represents a 5% or greater interest in any outstanding class of voting security of the portfolio company. As of March 31, 2022, none of the Company’s investments represent a 5% or greater interest in any outstanding class of voting security of the portfolio company.
Notes applicable to the debt investments presented in the foregoing schedules of investments:
•Unless otherwise noted, interest rate is the annual cash interest rate on the debt investment and does not include any original issue discount (“OID”), end-of-term (“EOT”) payment, or any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees.

30

•For each debt investment tied to the U.S. Prime rate (“Prime Rate”) as of March 31, 2022, the Prime Rate was 3.50%. As of March 31, 2022, approximately 52.5%, or $379.5 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based and all of which had interest rate floors of 3.25% or higher.
•The EOT payments are contractual and fixed interest payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed percentage of the original principal balance of the loan unless otherwise noted. The EOT payment is amortized and recognized as non-cash income over the loan or lease prior to its payment.
•Some of the terms noted in the foregoing schedules of investments are subject to change based on certain events such as prepayments.

31

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(unaudited)
Note 1. Organization
TriplePoint Venture Growth BDC Corp. (the “Company”), a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed non-diversified, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC’s (“TPC”) investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespan. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors. The Company is externally managed by TriplePoint Advisers LLC (the “Adviser”), which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of TPC. The Adviser is responsible for sourcing, reviewing and structuring investment opportunities, underwriting and performing due diligence on investments and monitoring the investment portfolio on an ongoing basis. The Adviser was organized in August 2013 and, pursuant to an investment advisory agreement entered into between the Company and the Adviser, the Company pays the Adviser a base management fee and an incentive fee for its services. The Company has also entered into an administration agreement with TriplePoint Administrator LLC (the “Administrator”), a wholly owned subsidiary of the Adviser, and pays separately for services provided.
The Company has two wholly owned subsidiaries: TPVG Variable Funding Company LLC (the “Financing Subsidiary”), a bankruptcy remote special purpose entity established for utilizing the Company’s revolving credit facility whose creditors have a claim on its assets prior to those assets becoming available to the Financing Subsidiary’s equity holder, and TPVG Investment LLC, an entity established for holding certain of the Company’s investments in order to benefit from the tax treatment of these investments and create a tax structure that is more advantageous with respect to the Company’s RIC tax treatment. These subsidiaries are consolidated in the financial statements of the Company.
Note 2. Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted.
The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated.
Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 2, 2022, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.
Note 3. Related Party Agreements and Transactions
Investment Advisory Agreement
In accordance with the Board approved investment advisory agreement (the “Advisory Agreement”), subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the day-to-day operations and provides investment advisory services to the Company. Under the terms of the Advisory Agreement, the Adviser:
•determines the composition of the Company’s portfolio, the nature and timing of changes to the Company’s portfolio and the manner of implementing such changes;
•identifies, evaluates and negotiates the structure of investments;

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•executes, closes, services and monitors investments;
•determines the securities and other assets purchased, retained or sold;
•performs due diligence on prospective investments; and
•provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
As consideration for the investment advisory and management services provided, and pursuant to the Advisory Agreement, the Company has agreed to pay the Adviser a fee consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee and incentive fee is ultimately borne by the Company’s stockholders.
The base management fee is calculated at an annual rate of 1.75% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. For services rendered under the Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets at the end of its two most recently completed calendar quarters. Such amount is appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. Base management fees for any partial month or quarter are appropriately pro-rated.
The incentive fee, which provides the Adviser with a share of the income it generates for the Company, consists of two components—net investment income and net capital gains—which are largely independent of each other, and may result in one component being payable in a given period even if the other is not payable.
Under the investment income component, the Company pays the Adviser each quarter 20.0% of the amount by which the Company’s pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (8.0% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which the Adviser receives all of such income in excess of 2.0% but less than 2.5%, subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, the Adviser receives 20.0% of the Company’s pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company’s pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC exceeds the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. In other words, any investment income incentive fee that is payable in a calendar quarter is limited to the lesser of (i) 20.0% of the amount by which the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC minus (y) the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of the Company’s pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since the effective date of the Company’s election to be regulated as a BDC. The Company elected to be regulated as a BDC under the 1940 Act on March 5, 2014.
Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where it incurs a loss, subject to the total return requirement described in the preceding paragraph. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly minimum hurdle rate, the Company may pay the applicable income incentive fee even if it has incurred a loss in that quarter due to realized and unrealized losses. The Company’s net investment income used to calculate this component of the incentive fee is also included in the amount of the Company’s assets used to calculate the 1.75% base management fee. These calculations are appropriately adjusted for any share issuance or repurchase during the relevant quarter.
Under the capital gains component of the incentive fee, the Company pays the Adviser at the end of each calendar year (or upon termination of the Advisory Agreement) 20.0% of the Company’s aggregate cumulative realized capital gains from inception through the end of that year (or upon termination of the Advisory Agreement), computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized losses through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, the Company’s “aggregate cumulative realized capital gains” does not include any unrealized gains. It should be noted that the Company accrues an incentive fee for accounting purposes taking into account any unrealized gains in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee is payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.



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The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of March 31, 2022 and 2021, and, as a result, no capital gains incentive fees were recorded for the three months ended March 31, 2022 and 2021.
Management and Incentive Fees
(in thousands)		For the Three Months Ended March 31,
20222021
Base management fee$3,717 $2,924 
Income incentive fee$3,387 $2,227 
Capital gains incentive fee$— $— 
Administration Agreement
The Board-approved administration agreement (the “Administration Agreement”) provides that the Administrator is responsible for furnishing the Company with office facilities and equipment and providing the Company with clerical, bookkeeping, recordkeeping services and other administrative services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees, or arranges for, the performance of the Company’s required administrative services, which includes being responsible for the financial and other records which the Company is required to maintain and preparing reports to the Company’s stockholders and reports and other materials filed with the SEC and any other regulatory authority. In addition, the Administrator assists the Company in determining and publishing net asset value (“NAV”), overseeing the preparation and filing of the Company’s tax returns and printing and disseminating reports and other materials to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides significant managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance.
In full consideration of the provision of the services of the Administrator, the Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. Payments under the Administration Agreement are equal to the Company’s allocable portion (subject to the review of the Board) of the Administrator’s overhead resulting from its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the chief compliance officer and chief financial officer and their respective staffs. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, the Administrator is paid an additional amount based on the services provided, which shall not exceed the amount the Company receives from such companies for providing this assistance.
For the three months ended March 31, 2022 and 2021, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.6 million and $0.5 million, respectively.
Note 4. Investments
The Company measures the fair value of its investments in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Valuation Committee of the Board is responsible for assisting the Board in valuing investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Board, with the assistance of the Adviser and its senior investment team and independent valuation agents, is responsible for determining, in good faith, the fair value in accordance with the valuation policy approved by the Board. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Adviser considers a range of fair values based upon the valuation techniques utilized and selects a value within that range that most accurately represents fair value based on current market conditions as well as other factors the Adviser’s senior investment team considers relevant. The Board determines fair value of its investments on at least a quarterly basis or at such other times when the Board feels it would be appropriate to do so given the circumstances. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of portfolio investments that do not have a readily available market value, fair value of investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below.
Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.
Level 2—Valuations are based on quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data.

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Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.
Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, excluding transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.
With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below:
•The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser’s professionals that are responsible for the portfolio investment;
•Preliminary valuation conclusions are then documented and discussed with the Adviser’s senior investment team and approved by the Adviser’s executive management team;
•Each quarter, certain of the Company’s portfolio companies or investments are reviewed by an independent third-party valuation firm. At least once annually, the valuation for each portfolio investment is reviewed by such an independent third-party valuation firm. However, the Board does not have de minimis investments of less than 1.0% of the Company’s gross assets (up to an aggregate of 10% of the Company’s gross assets) independently reviewed, given the expenses involved in connection therewith;
•The Valuation Committee of the Board then reviews these preliminary valuations and makes fair value recommendations to the Board; and
•The Board then discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective independent third-party valuation firms and the Valuation Committee.
Debt Investments
The debt investments identified on the consolidated schedules of investments are loans and equipment leases made to venture growth stage companies focused in technology, life sciences and other high growth industries which are backed by a select group of leading venture capital investors. These investments are considered Level 3 assets under ASC Topic 820 as there is no known or accessible market or market indices for these types of debt instruments and thus the Adviser’s senior management team must estimate the fair value of these investment securities based on models utilizing unobservable inputs.
To estimate the fair value of debt investments, the Company compares the cost basis of each debt investment, including any OID, to the resulting fair value determined using a discounted cash flow model, unless another model is more appropriate based on the circumstances at the measurement date. The discounted cash flow approach entails analyzing the interest rate spreads for recently completed financing transactions which are similar in nature to these debt investments, in order to determine a comparable range of effective market interest rates. The range of interest rate spreads utilized is based on borrowers with similar credit profiles. All remaining expected cash flows of the investment are discounted using this range of interest rates to determine a range of fair values for the debt investment.
The valuation process includes, among other things, evaluating the underlying investment performance of the portfolio company’s current financial condition and ability to raise additional capital, as well as macro-economic events that may impact valuations. These events include, but are not limited to, current market yields and interest rate spreads of similar securities as of the measurement date. Changes in these unobservable inputs could result in significantly different fair value measurements.
Under certain circumstances, an alternative technique may be used to value certain debt investments that better reflect the fair value of the investment, such as the price paid or realized in a recently completed transaction or a binding offer received in an arm’s length transaction, the use of multiple probability weighted cash flow models when the expected future cash flows contain elements of variability or estimates of proceeds that would be received in a liquidation scenario.


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Warrant Investments
Warrant fair values are primarily determined using a Black Scholes option pricing model. Privately held warrants and equity-related securities are valued based on an analysis of various factors, including, but not limited to, those listed below. Increases or decreases in any of the unobservable inputs described below could result in a material change in fair value:
•Underlying enterprise value of the issuer based on available information, including any information regarding the most recent financing round of borrower. Valuation techniques to determine enterprise value include market multiple approaches, income approaches or the use of recent rounds of financing and the portfolio company’s capital structure. Valuation techniques are also utilized to allocate the enterprise fair value of a portfolio company to the specific class of common or preferred stock exercisable in the warrant. Such techniques take into account the rights and preferences of the portfolio company’s securities, expected exit scenarios, and volatility associated with such outcomes to allocate the fair value to the specific class of stock held in the portfolio. Such techniques include option pricing models, including back solve techniques, probability weighted expected return models and other techniques determined to be appropriate.
•Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant investment price, is based on comparable publicly traded companies within indices similar in nature to the underlying company issuing the warrant.
•The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant investment.
•Other adjustments, including a marketability discount on private company warrant investments, are estimated based on the Adviser’s judgment about the general industry environment.
•Historical portfolio experience on cancellations and exercises of warrant investments are utilized as the basis for determining the estimated life of the warrant investment in each financial reporting period. Warrant investments may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrant investment.
Under certain circumstances alternative techniques may be used to value certain warrants that more accurately reflect the warrants' fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arm’s-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option.
Equity Investments
The fair value of an equity investment in a privately held company is initially the amount invested. The Company adjusts the fair value of equity investments in private companies upon the completion of a new third party round of equity financing subsequent to its investment. The Company may adjust the fair value of an equity investment absent a new equity financing event based upon positive or negative changes in a portfolio company’s financial or operational performance. The Company may also reference comparable transactions and/or secondary market transactions of comparable companies to estimate fair value. These valuation methodologies involve a significant degree of judgment.
The fair value of an equity investment in a publicly traded company is based upon the closing public share price on the date of measurement. These assets are recorded at fair value on a recurring basis.
Investment Valuation
The above-described valuation methodologies involve a significant degree of judgment. There is no single standard for determining the estimated fair value of investments that do not have an active observable market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a single estimate may then be determined.
Investments measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations as of March 31, 2022 and December 31, 2021. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.
Investment Type
(in thousands)		March 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Debt investments$— $— $696,037 $696,037 $— $— $757,222 $757,222 
Warrant investments— — 52,811 52,811 — — 51,756 51,756 
Equity investments10,547 1,148 45,904 57,599 1,045 11,375 43,942 56,362 
Total investments$10,547 $1,148 $794,752 $806,447 $1,045 $11,375 $852,920 $865,340 

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The following tables show information about Level 3 investments measured at fair value for the three months ended March 31, 2022 and 2021. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.
Level 3
Investment Activity (in thousands)		For the Three Months Ended March 31, 2022
Debt InvestmentsWarrant InvestmentsEquity InvestmentsTotal Investments
Fair value as of December 31, 2021$757,222 $51,756 $43,942 $852,920 
Funding and purchases of investments, at cost61,459 814 2,696 64,969 
Principal payments and sale proceeds received from investments(121,402)— — (121,402)
Net amortization and accretion of premiums and discounts and end-of term payments1,934 — — 1,934 
Net realized gains (losses) on investments— (240)— (240)
Net change in unrealized gains (losses) included in earnings(4,759)518 (231)(4,472)
Payment-in-kind coupon1,583 — — 1,583 
Transfers between investment types— (37)37 — 
Gross transfers out of Level 3(1)
— — (540)(540)
Fair value as of March 31, 2022$696,037 $52,811 $45,904 $794,752 
Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2022$(2,509)$277 $(231)$(2,463)
_______________
(1)Transfers out of Level 3 are measured as of the date of the transfer. During the three months ended March 31, 2022, transfers relate to equity investments in publicly traded companies.
Level 3
Investment Activity (in thousands)		For the Three Months Ended March 31, 2021
Debt InvestmentsWarrant InvestmentsEquity InvestmentsTotal Investments
Fair value as of December 31, 2020$583,335 $24,231 $25,993 $633,559 
Funding and purchases of investments, at cost55,642 1,621 2,643 59,906 
Principal payments and sale proceeds received from investments(66,035)— — (66,035)
Net amortization and accretion of premiums and discounts and end-of term payments1,119 — — 1,119 
Net realized gains (losses) on investments(15,459)(244)— (15,703)
Net change in unrealized gains (losses) included in earnings13,548 4,181 881 18,610 
Payment-in-kind coupon1,981 — — 1,981 
Gross transfers out of Level 3(1)
— — — — 
Fair value as of March 31, 2021$574,131 $29,789 $29,517 $633,437 
Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2021$(1,273)$3,992 $881 $3,600 
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(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the three months ended March 31, 2021.
Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations.
During the three months ended March 31, 2022, the Company recognized net realized losses on investments of $3.1 million, resulting from Casper Sleep Inc. completing its take-private transaction and foreign currency adjustments on prepayments.
During the three months ended March 31, 2021, the Company recognized net realized losses on investments of $15.7 million, consisting primarily of the sale of the Company’s investment in Knotel, Inc., which was rated Red (5) on the Company’s credit watch list, and its removal from the Company’s investment portfolio.
Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations.
Net change in unrealized losses during the three months ended March 31, 2022 was $4.7 million, resulting primarily from $3.5 million in net unrealized losses from fair value and mark-to-market adjustments, as well as the reversal and recognition of $1.2 million of previously recorded unrealized gains associated with investments realized during the period.
Net change in unrealized gains during the three months ended March 31, 2021 was $18.6 million, resulting primarily from the reversal and recognition of $15.6 million of previously recorded unrealized losses associated with Knotel, Inc., as well as net unrealized gains on the Company’s investment portfolio resulting from fair value adjustments, partially offset by $1.4 million of unrealized losses due to changes in foreign currency.

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The following tables show a summary of quantitative information about the Level 3 fair value measurements of investments as of March 31, 2022 and December 31, 2021. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.
Level 3 Investments
(dollars in thousands)		March 31, 2022
Fair ValueValuation TechniqueUnobservable InputsRangeWeighted Average
Debt investments$686,141 Discounted Cash FlowsDiscount Rate4.49% - 32.80%14.63%
9,896 Probability-Weighted Expected Return MethodProbability Weighting of Alternative Outcomes5.00% - 50.00%46.03%
Warrant investments48,323 Black Scholes Option Pricing ModelRevenue Multiples0.46x - 25.80x3.41x
Volatility45.00% - 85.00%60.00%
Term0.20 - 5.00 Years3.05 Years
Discount for Lack of Marketability20.00% - 20.00%20.00%
Risk Free Rate0.09% - 2.52%2.19%
1,448 Option-Pricing Method and Probability-Weighted Expected Return MethodTerm1.25 - 7.00 Years4.60 Years
Discount for Lack of Marketability0.00% - 15.00%4.56%
3,040 Discounted Expected ReturnDiscount Rate15.00% - 30.00%24.55%
Term1.00 - 4.00 Years2.72 Years
Expected Recovery Rate18.75% - 100.00%93.73%
Equity investments45,904 Black Scholes Option Pricing ModelRevenue Multiples0.80x - 5.25x2.93x
Volatility45.00% - 80.00%57.21%
Term0.75 - 5.00 Years3.28 Years
Risk Free Rate0.13% - 2.52%2.13%
Total investments$794,752 
Level 3 Investments
(dollars in thousands)		December 31, 2021
Fair ValueValuation TechniqueUnobservable InputsRangeWeighted Average
Debt investments$745,886 Discounted Cash FlowsDiscount Rate3.30% - 20.34%13.54%
11,336 Probability-Weighted Expected Return MethodProbability Weighting of Alternative Outcomes3.70% - 63.00%50.35%
Warrant investments47,755 Black Scholes Option Pricing ModelRevenue Multiples0.65x - 9.61x3.40x
Volatility45.00% - 85.00%59.89%
Term0.20 - 5.00 Years3.01 Years
Discount for Lack of Marketability5.00% - 20.00%19.41%
Risk Free Rate0.06% - 1.26%0.84%
1,145 Option-Pricing Method and Probability-Weighted Expected Return MethodTerm1.50 - 7.00 Years4.94 Years
Discount for Lack of Marketability0.00% - 20.00%14.94%
2,856 Discounted Expected ReturnDiscount Rate15.00% - 40.00%32.49%
Term1.00 - 4.00 Years2.15 Years
Expected Recovery Rate18.75% - 100.00%72.62%
Equity investments43,942 Black Scholes Option Pricing ModelRevenue Multiples0.00x - 4.75x2.47x
Volatility45.00% - 80.00%56.86%
Term0.50 - 5.00 Years3.22 Years
Discount for Lack of Marketability5.00% - 5.00%
Risk Free Rate0.06% - 1.26%0.91%
Total investments$852,920 

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    Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.
Note 5. Credit Risk
Debt investments may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic, economic and political developments, may significantly affect the value of these investments. In addition, the value of these investments may fluctuate as the general level of interest rates fluctuates.
In many instances, the portfolio company’s ability to repay the debt investments is dependent on additional funding by its venture capital investors, a future sale or an initial public offering. The value of these investments may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan.
Note 6. Borrowings
The following table shows the Company’s outstanding debt as of March 31, 2022 and December 31, 2021:
Liability
(in thousands)		March 31, 2022December 31, 2021
Total CommitmentBalance OutstandingUnused CommitmentTotal CommitmentBalance OutstandingUnused Commitment
Revolving Credit Facility$350,000 $25,000 $325,000 $350,000 $200,000 $150,000 
2025 Notes70,000 70,000 — 70,000 70,000 — 
2026 Notes200,000 200,000 — 200,000 200,000 — 
2027 Notes125,000 125,000 — — — — 
Total before deferred financing and issuance costs745,000 420,000 325,000 620,000 470,000 150,000 
Unamortized deferred financing and issuance costs— (5,605)— — (4,667)— 
Total borrowings outstanding, net of deferred financing and issuance costs$745,000 $414,395 $325,000 $620,000 $465,333 $150,000 



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Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below:
Interest Expense and Amortization of Fees
(in thousands)		For the Three Months Ended March 31,
20222021
Revolving Credit Facility
Interest cost$654 $577 
Unused fee343 340 
Amortization of costs and other fees359 603 
Revolving Credit Facility Total$1,356 $1,520 
2022 Notes
Interest cost$— $1,075 
Amortization of costs and other fees— 133 
2022 Notes Total$— $1,208 
2025 Notes
Interest cost$788 $787 
Amortization of costs and other fees51 50 
2025 Notes Total$839 $837 
2026 Notes
Interest cost$2,250 $750 
Amortization of costs and other fees111 36 
2026 Notes Total$2,361 $786 
2027 Notes
Interest cost$521 $— 
Amortization of costs and other fees22 — 
2027 Notes Total$543 $— 
Total interest expense and amortization of fees$5,099 $4,351 
Credit Facility
In February 2014, the Company, along with its Financing Subsidiary as borrower, entered into a credit agreement with Deutsche Bank AG, New York Branch acting as administrative agent and the other lenders party thereto, which provided the Company with a $150.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the “Credit Facility”). As of March 31, 2022, the Company had $350 million in total commitments available under the Credit Facility, which includes an accordion feature that allows the Company to increase the size of the Credit Facility to up to $400 million under certain circumstances. The revolving period under the Credit Facility expires on November 30, 2022, and the maturity date of the Credit Facility is May 31, 2024 (unless otherwise terminated earlier pursuant to its terms).
Borrowings under the Credit Facility bear interest at the sum of (i) a floating rate based on certain indices, including LIBOR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.80% if facility utilization is greater than or equal to 75%, 2.90% if utilization is greater than or equal to 50%, 3.00% if utilization is less than 50% and 4.5% during the amortization period. Borrowings under the Credit Facility are secured only by the assets of the Financing Subsidiary. The Company agreed to pay Deutsche Bank AG a syndication fee and to pay to Deutsche Bank AG a fee to act as administrative agent under the Credit Facility as well as to pay each lender (i) a commitment fee based on each lender’s commitment and (ii) a fee of 0.50% per annum for any unused borrowings under the Credit Facility on a monthly basis. The Credit Facility contains affirmative and restrictive covenants including, but not limited to, an advance rate limitation of 50.0% of the applicable balance of net assets held by the Financing Subsidiary, maintenance of minimum net worth, a ratio of total assets to total indebtedness of not less than the greater of 3:2 and the amount so required under the 1940 Act, a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava, and eligibility requirements, including but not limited to geographic and industry concentration limitations and certain loan grade classifications. Furthermore, events of default under the Credit Facility include, among other things, (i) a payment default; (ii) a change of control; (iii) bankruptcy; (iv) a covenant default; and (v) failure by the Company to maintain its qualification as a BDC under the 1940 Act. As of March 31, 2022 and December 31, 2021, the Company was in compliance with all covenants under the Credit Facility.

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As of March 31, 2022 and December 31, 2021, the Company had outstanding borrowings under the Credit Facility of $25.0 million and $200.0 million, respectively, excluding deferred credit facility costs of $1.9 million and $2.2 million, respectively, which is included in the Company’s consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
During the three months ended March 31, 2022 and 2021, the Company had average outstanding borrowings under the Credit Facility of $75.3 million and $70.3 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 4.03% and 5.29%, respectively. As of March 31, 2022 and December 31, 2021, $413.3 million and $485.5 million, respectively, of the Company’s assets, including restricted cash, were pledged for borrowings under the Credit Facility, leaving $447.3 million and $442.2 million of assets unencumbered, respectively.
2022 Notes
On July 14, 2017, the Company completed a public offering of $65.0 million in aggregate principal amount of its 5.75% notes due 2022 (the “2022 Notes”) and received net proceeds of $62.8 million after the payment of fees and offering costs. On July 24, 2017, as a result of the underwriters’ full exercise of their option to purchase additional 2022 Notes, the Company issued an additional $9.75 million in aggregate principal amount of the 2022 Notes and received net proceeds of $9.5 million after the payment of fees and offering costs. The interest on the 2022 Notes accrued at an annual rate of 5.75%, payable quarterly.
On March 5, 2021, the Company notified the trustee under the indenture governing the 2022 Notes of the Company’s election to redeem, in full, the $74.75 million aggregate principal amount of the 2022 Notes outstanding, and instructed the trustee to provide notice of such redemption to the holders of the 2022 Notes in accordance with the terms of the indenture. On April 5, 2021 (the “Redemption Date”), the Company redeemed the outstanding 2022 Notes in full in accordance with the terms of the governing indenture. As of the Redemption Date, the outstanding 2022 Notes had an aggregate principal amount of $74.75 million and accrued but unpaid interest of approximately $1.0 million. The 2022 Notes were delisted on the NYSE effective as of the Redemption Date. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.7 million.
2025 Notes
On March 19, 2020, the Company completed a private debt offering of $70.0 million in aggregate principal amount of its 4.50% unsecured notes due March 19, 2025 (the “2025 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2025 Notes is payable semiannually on March 19 and September 19 each year.
The 2025 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2025 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2025 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness.
The Master Note Purchase Agreement (the “Note Purchase Agreement”) under which the 2025 Notes were issued contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $216,129,000, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2019. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2025 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.
The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. As of March 31, 2022 and December 31, 2021, the Company was in compliance with all covenants under the 2025 Notes.
The 2025 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.6 million of deferred issuance cost as of March 31, 2022, which is amortized and expensed over the five-year term of the 2025 Notes based on an effective yield method. The book value of the 2025 Notes approximates fair value and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
2026 Notes
On March 1, 2021, the Company completed a private debt offering of $200.0 million in aggregate principal amount of its 4.50% unsecured notes due March 1, 2026 (the “2026 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2026 Notes is payable semiannually on March 19 and September 19 each year, beginning on September 19, 2021.

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The 2026 Notes are governed by the terms of the First Supplement, dated as of March 1, 2021 (the “First Supplement”), to the Note Purchase Agreement. The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2026 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2026 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2026 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2026 Notes under the Note Purchase Agreement, as modified by the First Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions applicable to the 2025 Notes. As of March 31, 2022 and December 31, 2021, the Company was in compliance with all covenants under the 2026 Notes.
The 2026 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $1.7 million of deferred issuance cost as of March 31, 2022, which is amortized and expensed over the five-year term of the 2026 Notes based on an effective yield method. The book value of the 2026 Notes approximates fair value and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
2027 Notes
On February 28, 2022, the Company completed a private debt offering of $125.0 million in aggregate principal amount of its 5.00% unsecured notes due February 28, 2027 (the “2027 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2027 Notes is payable semiannually on February 28 and August 28 each year, beginning on August 28, 2022.
The 2027 Notes are governed by the terms of the Second Supplement, dated as of February 28, 2022 (the “Second Supplement”), to the Note Purchase Agreement. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.00% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2027 Notes under the Note Purchase Agreement, as modified by the Second Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions applicable to the 2025 Notes and the 2026 Notes. As of March 31, 2022, the Company was in compliance with all covenants under the 2027 Notes.
The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $1.3 million of deferred issuance cost as of March 31, 2022, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. The book value of the 2027 Notes approximates fair value and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of March 31, 2022 and December 31, 2021:
Liability
(in thousands)		March 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Revolving Credit Facility$— $— $25,000 $25,000 $— $— $200,000 $200,000 
2025 Notes, net(1)
— — 69,391 69,391 — — 69,348 69,348 
2026 Notes, net(2)
— — 198,266 198,266 — — 198,155 198,155 
2027 Notes, net(3)
— — 123,684 123,684 — — — — 
Total$— $— $416,341 $416,341 $— $— $467,503 $467,503 
_______________
(1)Net of debt issuance costs as of March 31, 2022 and December 31, 2021 of $0.6 million and $0.7 million, respectively.
(2)Net of debt issuance costs as of March 31, 2022 and December 31, 2021 of $1.7 million and $1.8 million, respectively.
(3)Net of debt issuance costs as of March 31, 2022 of $1.3 million.



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Note 7. Commitments and Contingencies
Commitments
As of March 31, 2022 and December 31, 2021, the Company’s unfunded commitments totaled $232.2 million to 25 portfolio companies and $191.7 million to 22 portfolio companies, respectively, of which $51.8 million and $50.3 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.
The Company’s credit agreements contain customary lending provisions that allow it relief from funding obligations for previously made commitments in instances where the underlying company experiences material adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.
The following table shows the Company’s unfunded commitments by portfolio company as of March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
Unfunded Commitments(1)
(in thousands)
Unfunded CommitmentsFair Value of Unfunded Commitment LiabilityUnfunded CommitmentsFair Value of Unfunded Commitment Liability
Tempo Interactive Inc.$25,000 $237 $25,000 $237 
The Pill Club Holdings, Inc.20,000 261 20,000 261 
Found Health, Inc.20,000 112 — — 
Arcadia Power, Inc.18,000 139 18,000 139 
Good Eggs, Inc.14,000 70 14,000 70 
Foodology Inc.13,000 220 — — 
RenoRun US Inc.12,750 487 12,750 487 
Savage X, Inc.12,000 574 12,000 574 
Activehours, Inc. (d/b/a Earnin)10,000 57 10,000 57 
Homeward, Inc.10,000 130 10,000 130 
Forum Brands, LLC9,891 354 12,951 464 
Merama Inc.9,718 197 9,718 197 
Curology, Inc.9,000 44 9,000 44 
Demain ES (d/b/a Luko)7,780 97 7,940 99 
everdrop GmbH6,446 9 — — 
Project 1920, Inc.5,400 93 — — 
True Footage Inc.5,110 91 5,695 107 
Cart.com, Inc.5,000 92 — — 
Don't Run Out, Inc.5,000 — 5,000 — 
FlashParking, Inc.3,490 98 3,837 107 
Baby Generation, Inc.3,125 42 — — 
Trendly, Inc.3,000 — 3,000 — 
Thingy Thing Inc.2,000 — 2,000 — 
JOKR S.à r.l.1,496 103 1,496 103 
Belong Home, Inc.1,000 16 — — 
LeoLabs, Inc.— 422 — — 
Narvar, Inc.— — 3,750 19 
Sonder USA, Inc. — — 3,000 25 
VanMoof Global Holding B.V.— — 2,025 60 
Alyk, Inc.— — 500 — 
Total$232,206 $3,945 $191,662 $3,180 
_______________
(1)Does not include $15.0 million backlog of potential future commitments as of March 31, 2022. The Company did not have any backlog of potential future commitments as of December 31, 2021. Refer to the “Backlog of Potential Future Commitments” below.
The table above also shows the fair value of the Company’s unfunded commitment liability totaling $3.9 million and $3.2 million as of March 31, 2022 and December 31, 2021, respectively. The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated statements of assets and liabilities.


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These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity during the three months ended March 31, 2022 and 2021:
Commitments Activity
(in thousands)		For the Three Months Ended March 31,
20222021
Unfunded commitments at beginning of period(1)
$191,662 $153,000 
New commitments(1)
125,732 90,398 
Fundings(62,703)(56,908)
Expirations / Terminations(7,250)(15,000)
Foreign currency adjustments(235)(208)
Unfunded commitments and backlog of potential future commitments at end of period$247,206 $171,282 
Backlog of potential future commitments15,000 2,500 
Unfunded commitments at end of period$232,206 $168,782 
_______________
(1)Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of March 31, 2022 and December 31, 2021:
Unfunded Commitments(1)
(in thousands)
March 31, 2022December 31, 2021
Dependent on milestones$51,750 $50,250 
Expiring during:
2022$139,565 $131,429 
202385,641 50,233 
20247,000 10,000 
Unfunded commitments$232,206 $191,662 
_______________
(1)Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
Backlog of Potential Future Commitments
The Company entered into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of March 31, 2022, this backlog of potential future commitments totaled $15.0 million. As of December 31, 2021, the Company did not have any backlog of potential future commitments.



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Note 8. Financial Highlights
The following table shows the financial highlights for the three months ended March 31, 2022 and 2021:
Financial Highlights
(in thousands, except per share data)		For the Three Months Ended March 31, or as of March 31,
20222021
Per Share Data(1)
Net asset value at beginning of period$14.01 $12.97 
Changes in net asset value due to:
Net investment income0.44 0.29 
Net realized gains (losses) on investments(0.10)(0.51)
Net change in unrealized gains (losses) on investments(0.15)0.60 
Distributions from net investment income(0.36)(0.36)
Net asset value at end of period$13.84 $13.00 
Net investment income per share$0.44 $0.29 
Net increase in net assets resulting from operations per share$0.18 $0.38 
Weighted average shares of common stock outstanding for period31,011 30,881 
Shares of common stock outstanding at end of period31,037 30,917 
Ratios / Supplemental Data
Net asset value at beginning of period$434,491 $400,435 
Net asset value at end of period$429,459 $401,800 
Average net asset value$435,804 $402,043 
Stock price at end of period$17.46 $14.45 
Total return based on net asset value per share(2)
0.9 %3.6 %
Total return based on stock price(3)
(0.7)%14.6 %
Net investment income to average net asset value(4)
12.6 %9.0 %
Net increase (decrease) in net assets to average net asset value(4)
5.3 %12.0 %
Ratio of expenses to average net asset value(4)
12.8 %11.2 %
Operating expenses excluding incentive fees to average net asset value(4)
9.7 %8.9 %
Income incentive fees to average net asset value(4)
3.2 %2.2 %
Capital gains incentive fees to average net asset value(4)
0.0 %0.0 %
_____________
(1)Table may not foot due to rounding.
(2)Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share. Total return does not reflect sales charges that may be incurred by stockholders.
(3)Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized.
(4)Percentage is presented on an annualized basis.
The weighted average portfolio yield on total debt investments shown below is for the three months ended March 31, 2022 and 2021:
Ratios
(Percentages, on an annualized basis)(1)
For the Three Months Ended March 31,
20222021
Weighted average portfolio yield on total debt investments(2)
15.5 %13.3 %
Coupon income10.1 %9.7 %
Accretion of discount0.8 %0.9 %
Accretion of end-of-term payments1.8 %1.3 %
Impact of prepayments during the period2.8 %1.4 %
_____________
(1)Weighted average portfolio yields on total 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.
(2)The weighted average portfolio yields on total debt investments reflected above do not represent actual investment returns to the Company’s stockholders.


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Note 9. Net Increase (Decrease) in Net Assets per Share
The following table shows the computation of basic and diluted net increase/(decrease) in net assets per share for the three months ended March 31, 2022 and 2021:
Basic and Diluted Share Information
(in thousands, except per share data)		For the Three Months Ended March 31,
20222021
Net investment income$13,547 $8,907 
Net increase (decrease) in net assets resulting from operations$5,705 $11,859 
Basic and diluted weighted average shares of common stock outstanding31,011 30,881 
Basic and diluted net investment income per share of common stock$0.44 $0.29 
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock$0.18 $0.38 
Note 10.    Equity
Since inception through March 31, 2022, the Company has issued 30,837,545 shares of common stock through an initial public offering and a concurrent private placement offering in 2014, a registered follow-on offering in 2015, a private placement offering in 2017, a registered follow-on offering and concurrent private placement offering in 2018, and a registered follow-on offering in 2020. The Company received net proceeds from these offerings of $432.9 million, net of the portion of the underwriting sales load and offering costs paid by the Company.
The Company has adopted a dividend reinvestment plan for its stockholders, which is an “opt out” dividend reinvestment plan. Under this plan, if the Company declares a cash distribution to stockholders, the amount of such distribution is automatically reinvested in additional shares of common stock unless a stockholder specifically “opts out” of the dividend reinvestment plan. If a stockholder opts out, that stockholder receives cash distributions.
In October 2017, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accounts managed by Goldman Sachs Asset Management, L.P. (the “GSAM Purchasers”), pursuant to which the Company sold to the GSAM Purchasers an aggregate of 1,594,007 shares of the Company’s common stock in October 2017 in a private offering exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D thereunder (the “October 2017 GSAM Shares”). Subsequently, in August 2018, pursuant to the terms of the Securities Purchase Agreement, the GSAM Purchasers purchased an additional 200,000 shares of the Company’s common stock in a private offering exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D thereunder (the “August 2018 GSAM Shares” and, together with the October 2017 GSAM Shares, the “GSAM Shares”).
Pursuant to the terms of the Securities Purchase Agreement, the Company has granted the GSAM Purchasers certain registration rights and the related right to participate in future equity offerings conducted by the Company. Specifically, the GSAM Purchasers have the right to sell up to one-third of the total number of GSAM Shares then held by them, in the aggregate, in any underwritten offering initiated by the Company. Additionally, the GSAM Purchasers have the right at any time or from time to time to elect, in writing and pursuant to the terms of and restrictions under the Securities Purchase Agreement, to sell the GSAM Shares pursuant to an offering, including an underwritten offering or block trade, under the Company’s currently effective shelf registration statement.
The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the three months ended March 31, 2022 and the year ended December 31, 2021:
Issuance of Common Stock for the Three Months Ended March 31, 2022
(in thousands, except per share data)		DateNumber of Shares of 
Common Stock Issued		Gross Proceeds RaisedUnderwriting Sales LoadOffering ExpensesGross Offering Price
First quarter 2022 distribution reinvestment3/31/202211 $426 $— $— $16.59 per share
Total issuance11 $426 $— $— 


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Issuance of Common Stock for the Year Ended December 31, 2021
(in thousands, except per share data)		DateNumber of Shares of 
Common Stock Issued		Gross Proceeds RaisedUnderwriting Sales LoadOffering ExpensesGross Offering Price
Fourth quarter 2020 special distribution reinvestment1/13/202111 $142 $— $— $12.76 per share
First quarter 2021 distribution reinvestment3/31/202135 482 — — $13.73 per share
Second quarter 2021 distribution reinvestment6/30/202133 471 — — $14.43 per share
Third quarter 2021 distribution reinvestment9/15/202134 509 — — $14.83 per share
Fourth quarter 2021 distribution reinvestment12/15/202127 439 — — $16.38 per share
Total issuance140 $2,043 $— $— 
The Company had 31,036,522 and 31,010,853 shares of common stock outstanding as of March 31, 2022 and December 31, 2021, respectively.
Note 11. Distributions
The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under the Code. In order to maintain its ability to be subject to tax as a RIC, among other things, the Company is required to distribute at least 90% of its net ordinary income and net realized short-term capital gains in excess of its net realized long-term capital losses, if any, to its stockholders. Additionally, to avoid a nondeductible 4% U.S. federal excise tax on certain of the Company’s undistributed income, the Company must distribute during each calendar year an amount at least equal to the sum of: (a) 98% of the Company’s ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which the Company’s capital gains exceed the Company’s capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by the Company to use its taxable year); and (c) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax.
For the tax years ended December 31, 2021, 2020 and 2019, the Company was subject to a 4% U.S. federal excise tax and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $337,000 and $478,000 for the years ended December 31, 2021 and 2020.


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The following table shows the Company's cash distributions per share that have been authorized by the Board since the Company's initial public offering to March 31, 2022. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2017 and December 31, 2018, distributions represent ordinary income as the Company's earnings exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains.
Period EndedDate DeclaredRecord DatePayment DatePer Share Amount
March 31, 2014April 3, 2014April 15, 2014April 30, 2014$0.09 
(1)
June 30, 2014May 13, 2014May 30, 2014June 17, 20140.30 
September 30, 2014August 11, 2014August 29, 2014September 16, 20140.32 
December 31, 2014October 27, 2014November 28, 2014December 16, 20140.36 
December 31, 2014December 3, 2014December 22, 2014December 31, 20140.15 
(2)
March 31, 2015March 16, 2015March 26, 2015April 16, 20150.36 
June 30, 2015May 6, 2015May 29, 2015June 16, 20150.36 
September 30, 2015August 11, 2015August 31, 2015September 16, 20150.36 
December 31, 2015November 10, 2015November 30, 2015December 16, 20150.36 
March 31, 2016March 14, 2016March 31, 2016April 15, 20160.36 
June 30, 2016May 9, 2016May 31, 2016June 16, 20160.36 
September 30, 2016August 8, 2016August 31, 2016September 16, 20160.36 
December 31, 2016November 7, 2016November 30, 2016December 16, 20160.36 
March 31, 2017March 13, 2017March 31, 2017April 17, 20170.36 
June 30, 2017May 9, 2017May 31, 2017June 16, 20170.36 
September 30, 2017August 8, 2017August 31, 2017September 15, 20170.36 
December 31, 2017November 6, 2017November 17, 2017December 1, 20170.36 
March 31, 2018March 12, 2018March 23, 2018April 6, 20180.36 
June 30, 2018May 2, 2018May 31, 2018June 15, 20180.36 
September 30, 2018August 1, 2018August 31, 2018September 14, 20180.36 
December 31, 2018October 31, 2018November 30, 2018December 14, 20180.36 
December 31, 2018December 6, 2018December 20, 2018December 28, 20180.10 
(2)
March 31, 2019March 1, 2019March 20, 2019March 29, 20190.36 
June 30, 2019May 1, 2019May 31, 2019June 14, 20190.36 
September 30, 2019July 31, 2019August 30, 2019September 16, 20190.36 
December 31, 2019October 30, 2019November 29, 2019December 16, 20190.36 
March 31, 2020February 28, 2020March 16, 2020March 30, 20200.36 
June 30, 2020April 30, 2020June 16, 2020June 30, 20200.36 
September 30, 2020July 30, 2020August 31, 2020September 15, 20200.36 
December 31, 2020October 29, 2020November 27, 2020December 14, 20200.36 
December 31, 2020December 21, 2020December 31, 2020January 13, 20210.10 
(2)
March 31, 2021February 24, 2021March 15, 2021March 31, 20210.36 
June 30, 2021April 29, 2021June 16, 2021June 30, 20210.36 
September 30, 2021July 28, 2021August 31, 2021September 15, 20210.36 
December 31, 2021October 29, 2021November 30, 2021December 15, 20210.36 
March 31, 2022February 22, 2022March 15, 2022March 31, 20220.36 
Total cash distributions$11.86 
_______________
(1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of the Company’s initial public offering on March 5, 2014 through March 31, 2014.
(2)Represents a special distribution.
It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or to defer the payment of distributions associated with the excess taxable income for future calendar years. During the three months ended March 31, 2022, the Company recorded $125,000 for an excise tax accrual. No provision for income tax was recorded in the Company's consolidated statements of operations for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021, total distributions of $0.36 per share and $0.36 per share, respectively, were declared and paid and represented distributions from ordinary income. As of March 31, 2022, the Company estimated it had undistributed taxable earnings from net investment income (or “spillover income”) of $12.8 million, or $0.41 per share. Since March 5, 2014 (commencement of operations) to March 31, 2022, total distributions of $11.86 per share have been paid.


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Note 12. Subsequent Events
Distribution
On April 28, 2022, the Board declared a $0.36 per share regular quarterly distribution, payable on June 30, 2022 to stockholders of record on June 16, 2022.
Recent Portfolio Activity
From April 1, 2022 through May 4, 2022, the Company closed $66.0 million of additional debt commitments and funded $49.2 million in new investments. TPC’s direct originations platform entered into $223.3 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for the Company are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with TPC’s allocation policy. From April 1, 2022 through May 4, 2022, the Company received $26.4 million of principal prepayments generating more than $1.0 million of accelerated income.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
The information contained in this section should be read in conjunction with our consolidated financial statements and related notes and schedules thereto appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “the Company”, “we”, “us”, and “our” refer to TriplePoint Venture Growth BDC Corp. and its subsidiaries.
This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q include statements as to:
•our and our portfolio companies’ future operating results and financial condition, including our and our portfolio companies’ ability to achieve our respective objectives;
•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, including other investors in our portfolio companies;
•the impact and timing of our unfunded commitments;
•the expected market for venture capital investments;
•the performance of our existing portfolio and other investments we may make in the future;
•the impact of investments that we expect to make;
•actual and potential conflicts of interest with TPC, the 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 U.S. and global economies, including with respect to the industries in which we invest;
•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 management team;
•our ability to maintain our qualification as a RIC and as a BDC;
•the adequacy of our available liquidity, cash resources and working capital and compliance with covenants under our borrowing arrangements; and
•the timing of cash flows, if any, from the operations of our portfolio companies.
These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•changes in laws and regulations, changes in political, economic or industry conditions, and changes in the interest rate environment or other conditions affecting the financial and capital markets, including with respect to changes resulting from or in response to, or potentially even the absence of changes as a result of, the impact of the Coronavirus (“COVID-19”) pandemic;
•the length and duration of the COVID-19 outbreak in the United States as well as worldwide, and the magnitude of its impact and time required for economic recovery, including with respect to the impact of travel restrictions and other isolation and quarantine measures on the ability of the Adviser’s investment professionals to conduct in-person diligence on, and otherwise monitor, existing and future investments;
•an economic downturn and the time period required for robust economic recovery therefrom, including relating to the impact of the COVID-19 pandemic, which has already generally had a material impact on our portfolio companies’ results of operations and financial condition and will likely continue to have a material impact on our portfolio companies’ results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

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•a contraction of available credit, an inability or unwillingness of our lenders to fund their commitments to us and/or an inability to access capital markets or additional sources of liquidity, including as a result of the impact and duration of the COVID-19 pandemic, could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;
•interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;
•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
•risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and
•the risks, uncertainties and other factors we identify in “Risk Factors” in this Quarterly Report on Form 10-Q, in our most recent Annual Report on Form 10-K under Part I, Item 1A, and in our other filings with the SEC that we make from time to time.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, 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. Important assumptions include, without limitation, our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q.
Overview
We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Our shares are currently listed on the New York Stock Exchange (the “NYSE”) under the symbol “TPVG”.
We were formed to expand the venture growth stage business segment of TPC’s investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespan. TPC is located on Sand Hill Road in Silicon Valley and has a primary focus in technology and other high growth industries.
Our investment objective is to maximize our total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors.
COVID-19 Developments
The COVID-19 pandemic, and the related effect on the U.S. and global economies, including the uncertainty associated with the timing and likelihood of economic recovery, has had adverse consequences for the business operations of some of our portfolio companies and threatens to continue to adversely affect our operations and the operations of the Adviser.
While we have been monitoring, and continue to monitor, the COVID-19 pandemic and its impact on our and our portfolio companies’ business, we have continued to raise capital, maintain appropriate levels of available liquidity, support and monitor our existing portfolio companies, fund existing unfunded commitments, and selectively deploy capital in new investment opportunities in venture capital-backed companies.
We have seen, and may continue to see, certain of our portfolio companies experience financial distress and, depending on the duration of the COVID-19 pandemic and the extent of its disruption to operations, believe that there is an increased risk of certain of our portfolio companies defaulting on their financial obligations to us and their other capital providers. In addition, as a result of the adverse effects of the COVID-19 pandemic and the related disruption and financial distress, certain portfolio companies may seek to modify their loans from us, which could reduce the amount or extend the time for payment of principal, reduce the rate or extend the time of payment of interest, and/or increase the amount of PIK interest we receive with respect to such investment, among other things. The effects of the COVID-19 pandemic have also impeded, and may continue to impede, the ability of certain of our portfolio companies to raise additional capital and/or pursue asset sales or otherwise execute strategic transactions, which could have a material adverse effect on the valuation of our investments in such companies. Portfolio companies operating in certain industries may be more susceptible to these risks than other portfolio companies in other industries in light of the effects of the COVID-19 pandemic. Some of our portfolio companies previously took steps to significantly reduce, modify, or alter business strategies and operations, and additional portfolio companies may take similar steps if subjected to prolonged and severe financial distress, which may impair their business on a permanent basis. In addition, in part due to the ongoing adverse effects of the COVID-19 pandemic, there can be no assurance that future equity rounds completed by our portfolio companies will be at levels greater than or equal to previous rounds, which may result in net unrealized depreciation on our warrant and equity portfolio in future periods.

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As of March 31, 2022, we had one portfolio company in which our investment was on non-accrual status (which was generally caused by events unrelated to the COVID-19 pandemic), with an aggregate cost and fair value of $29.5 million and $9.9 million, respectively. The various effects of the COVID-19 pandemic, including those discussed above, increase the risk that we will place additional investments on non-accrual status in the future. Any significant increase in aggregate unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the COVID-19 pandemic or otherwise increases the risk of failing to meet the 1940 Act asset coverage requirements and breaching covenants under the Credit Facility, or under the governing agreements for the 2025 Notes, the 2026 Notes and the 2027 Notes, or otherwise triggering an event of default under our borrowing arrangements. Any such breach of covenant or event of default, if we are not able to obtain a waiver from the required lenders or debt holders, would have a material adverse effect on our business, liquidity, financial condition, results of operations and ability to pay distributions to our stockholders. See “Risk Factors” in this Quarterly Report on Form 10-Q and “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 for more information. As of March 31, 2022, we were in compliance with the asset coverage requirements under the 1940 Act and with our covenants under the Credit Facility and under the governing agreements for the 2025 Notes, the 2026 Notes and the 2027 Notes.
We will continue to monitor the evolving situation relating to the COVID-19 pandemic and related guidance from U.S. and international authorities, including federal, state and local public health authorities. Given the dynamic nature of this situation and the fact that there may be developments outside of our control that require us or our portfolio companies to adjust plans of operation, we cannot reasonably estimate the full impact of COVID-19 on our financial condition, results of operations or cash flows in the future. However, it could have a material adverse impact for a prolonged period of time on our future net investment income, particularly with respect to our interest income, the fair value of our portfolio investments, and our portfolio companies’ respective results of operations and financial condition. See “Risk Factors” in this Quarterly Report on Form 10-Q, and in our other filings with the SEC that we make from time to time, for more information.
Portfolio Composition, Investment Activity and Asset Quality
Portfolio Composition
We originate and invest primarily in venture growth stage companies. Companies at the venture growth stage have distinct characteristics differentiating them from venture capital-backed companies at other stages in their development lifecycle. We invest primarily in (i) growth capital loans that have a secured collateral position and that are generally used by venture growth stage companies to finance their continued expansion and growth, (ii) equipment financings, which may be structured as loans or leases, that have a secured collateral position on specified mission-critical equipment, (iii) on a select basis, revolving loans that have a secured collateral position and that are typically used by venture growth stage companies to advance against inventory, components, accounts receivable, contractual or future billings, bookings, revenues, sales or cash payments and collections including proceeds from a sale, financing or the equivalent and (iv) direct equity investments in venture growth stage companies. In connection with our growth capital loans, equipment financings and revolving loans, we generally receive warrant investments as part of the transaction that allow us to participate in any equity appreciation of our borrowers and enhance our overall investment returns.
As of March 31, 2022, we had 256 investments in 98 companies. Our investments included 107 debt investments, 99 warrant investments, and 50 direct equity and related investments. As of March 31, 2022, the aggregate cost and fair value of these investments were $783.7 million and $806.4 million, respectively. As of March 31, 2022, 11 of our portfolio companies were publicly traded. As of March 31, 2022, the 107 debt investments had an aggregate fair value of $696.0 million and a weighted average loan to enterprise value ratio at the time of underwriting of 8.4%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.
As of December 31, 2021, we had 246 investments in 91 companies. Our investments included 107 debt investments, 92 warrant investments, and 47 direct equity and related investments. As of December 31, 2021, the aggregate cost and fair value of these investments were $837.8 million and $865.3 million, respectively. As of December 31, 2021, 10 of our portfolio companies were publicly traded. As of December 31, 2021, the 107 debt investments had an aggregate fair value of $757.2 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.7%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.
The following tables show information on the cost and fair value of our investments in companies along with the number of companies in our portfolio as of March 31, 2022 and December 31, 2021:
March 31, 2022
Investments by Type
(dollars in thousands)		CostFair ValueNet Unrealized Gains (losses)Number of
Investments		Number of
Companies
Debt investments$718,226 $696,037 $(22,189)107 48 
Warrant investments26,135 52,811 26,676 99 86 
Equity investments39,333 57,599 18,266 50 42 
Total Investments in Portfolio Companies$783,694 $806,447 $22,753 256 98 
(1)
_______________
(1)Represents non-duplicative number of companies.

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December 31, 2021
Investments by Type
(dollars in thousands)		CostFair ValueNet Unrealized Gains (losses)Number of
Investments		Number of
Companies
Debt investments$774,652 $757,222 $(17,430)107 49 
Warrant investments25,597 51,756 26,159 92 81 
Equity investments37,600 56,362 18,762 47 40 
Total Investments in Portfolio Companies$837,849 $865,340 $27,491 246 91 
(1)
_______________
(1)Represents non-duplicative number of companies.

The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of March 31, 2022 and December 31, 2021:
March 31, 2022
Investments in Portfolio Companies by Industry
(dollars in thousands)		At Fair ValuePercentage of Total Investments
E-Commerce - Clothing and Accessories$120,009 14.9 %
Business Applications Software107,795 13.4 
Consumer Products and Services85,176 10.6 
Financial Institution and Services71,843 8.9 
Healthcare Technology Systems55,918 6.9 
Business/Productivity Software45,255 5.6 
Security Services38,002 4.7 
Travel & Leisure32,664 4.1 
Consumer Non-Durables30,430 3.8 
Entertainment30,114 3.7 
Shopping Facilitators27,817 3.4 
Real Estate Services26,241 3.3 
Business Products and Services23,222 2.9 
Consumer Finance17,700 2.2 
Food & Drug17,630 2.2 
Multimedia and Design Software15,577 1.9 
Other Financial Services15,245 1.9 
E-Commerce - Personal Goods15,166 1.9 
Database Software13,234 1.6 
Computer Hardware7,946 1.0 
Consumer Retail2,684 0.3 
Communications Software2,000 0.2 
Network Systems Management Software1,502 0.2 
Commercial Services1,352 0.2 
General Media and Content1,092 0.1 
Educational/Training Software317 *
Healthcare Services174 *
Social/Platform Software151 *
Business to Business Marketplace144 *
Transportation34 *
Advertising / Marketing13 *
Building Materials/Construction Machinery— *
Conferencing Equipment / Services— *
Medical Software and Information Services— *
Total portfolio company investments$806,447 100.0 %
_______________
*Amount represents less than 0.05% of the total portfolio investments at fair value.



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December 31, 2021
Investments in Portfolio Companies by Industry
(dollars in thousands)		At Fair ValuePercentage of Total Investments
Business Applications Software$114,109 13.2 %
E-Commerce - Clothing and Accessories111,941 12.9 
Consumer Products and Services78,826 9.1 
Financial Institution and Services71,673 8.3 
Household & Office Goods42,470 4.9 
Other Financial Services40,474 4.7 
Real Estate Services38,651 4.5 
Security Services38,282 4.4 
Healthcare Technology Systems37,418 4.3 
Network Systems Management Software37,283 4.3 
Travel & Leisure31,686 3.7 
Entertainment30,881 3.6 
Consumer Non-Durables30,531 3.5 
Shopping Facilitators27,642 3.2 
Business Products and Services22,940 2.7 
Business/Productivity Software17,393 2.0 
Consumer Finance17,345 2.0 
Food & Drug17,316 2.0 
Multimedia and Design Software15,619 1.8 
E-Commerce - Personal Goods15,091 1.7 
Database Software12,876 1.5 
Computer Hardware7,944 0.9 
Consumer Retail2,680 0.3 
Communications Software2,000 0.2 
General Media and Content1,092 0.1 
Educational/Training Software252 *
Commercial Services238 *
Conferencing Equipment / Services205 *
Social/Platform Software151 *
Business to Business Marketplace144 *
Transportation111 *
Healthcare Services61 *
Advertising / Marketing13 *
Building Materials/Construction Machinery2 *
Medical Software and Information Services— *
Total portfolio company investments$865,340 100.0 %
_______________
*Amount represents less than 0.05% of the total portfolio investments at fair value.
The following table shows the financing product type of our debt investments as of March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
Debt Investments By Financing Product
(dollars in thousands)		Fair ValuePercentage of Total Debt InvestmentsFair ValuePercentage of Total Debt Investments
Growth capital loans$690,454 99.2 %$752,268 99.4 %
Revolver loans4,658 0.7 4,029 0.5 
Convertible notes925 0.1 925 0.1 
Total debt investments$696,037 100.0 %$757,222 100.0 %
Growth capital loans in which the borrower held a term loan facility, with or without an accompanying revolving loan, in priority to our senior lien represent 28.6% and 26.2% of our debt investments at fair value as of March 31, 2022 and December 31, 2021, respectively.


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Investment Activity
During the three months ended March 31, 2022, we entered into debt commitments with eight new portfolio companies and three existing portfolio companies totaling $125.7 million, funded debt investments to 10 portfolio companies for $62.7 million in principal value, acquired warrant investments representing $0.8 million of value, and made equity investments of $2.4 million. Debt investments funded during the three months ended March 31, 2022 carried a weighted average annualized portfolio yield of 13.3% at origination.
During the three months ended March 31, 2021, we entered into debt commitments with four new portfolio companies and three existing portfolio companies totaling $90.4 million, funded nine debt investments for $56.9 million in principal value, acquired warrant investments representing $1.6 million of value, and made equity investments of $2.3 million. Debt investments funded during the three months ended March 31, 2021 carried a weighted average annualized portfolio yield of 12.6% at origination.
During the three months ended March 31, 2022, we received $115.5 million of principal prepayments and $5.9 million of scheduled principal amortization. During the three months ended March 31, 2021, we received $36.0 million of principal prepayments and $15.1 million of scheduled principal amortization.
The following table shows the total portfolio investment activity for the three months ended March 31, 2022 and 2021:
For the Three Months Ended March 31,
(in thousands)20222021
Beginning portfolio at fair value$865,340 $633,779 
New debt investments, net(1)
61,459 55,642 
Scheduled principal amortization(5,867)(15,069)
Principal prepayments and early repayments(115,535)(35,966)
Net amortization and accretion of premiums and discounts and end-of term payments1,934 1,119 
Payment-in-kind coupon1,583 1,981 
New warrant investments814 1,621 
New equity investments2,696 2,643 
Proceeds from dispositions of investments(246)(15,000)
Net realized gains (losses) on investments(994)(15,703)
Net change in unrealized gains (losses) on investments(4,737)18,649 
Ending portfolio at fair value$806,447 $633,696 
_______________
(1)Debt balance is net of fees and discounts applied to the loan at origination.
Our level of investment activity can vary substantially from period to period as our Adviser chooses to slow or accelerate new business originations depending on market conditions, rate of investment of TPC’s select group of leading venture capital investors, our Adviser’s knowledge, expertise and experience, our funding capacity (including availability under the Credit Facility and our ability or inability to raise equity or debt capital), and other market dynamics.
The following table shows the debt commitments, fundings of debt investments (principal balance) and equity investments, and non-binding term sheet activity for the three months ended March 31, 2022 and 2021:
Commitments and Fundings
(in thousands)		For the Three Months Ended March 31,
20222021
Debt Commitments
New portfolio companies$93,732 $57,179 
Existing portfolio companies32,000 33,219 
Total(1)
$125,732 $90,398 
Funded Debt Investments$62,703 $56,908 
Equity Investments$2,362 $2,335 
Non-Binding Term Sheets$656,629 $192,172 
_______________
(1)Includes backlog of potential future commitments.
We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of March 31, 2022, this backlog of potential future commitments totaled $15.0 million. As of December 31, 2021, we did not have any backlog of potential future commitments.


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Asset Quality
Consistent with TPC’s existing policies, our Adviser maintains a credit watch list which places borrowers into five risk categories based on our Adviser’s senior investment team’s judgment, where 1 is the highest rating and all new loans are generally assigned a rating of 2.
CategoryCategory DefinitionAction Item
Clear (1)Performing above expectations and/or strong financial or enterprise profile, value or coverage.Review quarterly.
White (2)Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. Generally, all new loans are initially graded White (2).Contact portfolio company periodically; in no event less than quarterly.
Yellow (3)Performing generally below expectations and/or some proactive concern. Adequate financial or enterprise profile, value or coverage.Contact portfolio company monthly or more frequently as determined by our Adviser’s Investment Committee; contact venture capital investors.
Orange (4)Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent.Contact portfolio company weekly or more frequently as determined by our Adviser’s Investment Committee; contact venture capital investors regularly; our Adviser forms a workout group to minimize risk of loss.
Red (5)Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full loss.Maximize value from assets.
The following table shows the credit rankings for the portfolio companies that had outstanding debt obligations to us as of March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
Credit Category
(dollars in thousands)		Fair ValuePercentage of Total Debt InvestmentsNumber of Portfolio CompaniesFair ValuePercentage of Total Debt InvestmentsNumber of Portfolio Companies
Clear (1)$48,533 7.0 %4$166,091 21.9 %8
White (2)592,462 85.1 40538,167 71.1 38
Yellow (3)45,146 6.5 341,628 5.5 2
Orange (4)9,896 1.4 111,336 1.5 1
Red (5)— — —— — —
$696,037 100.0 %48$757,222 100.0 %49
As of March 31, 2022 and December 31, 2021, the weighted average investment ranking of our debt investment portfolio was 2.02 and 1.87, respectively. During the three months ended March 31, 2022, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $2.5 million was downgraded from White (2) to Yellow (3).
Results of Operations
Comparison of operating results for the three months ended March 31, 2022 and 2021
An important measure of our financial performance is net increase (decrease) in net assets resulting from operations, which includes net investment income (loss), net realized gains (losses) and net unrealized gains (losses). Net investment income (loss) is the difference between our income from interest, dividends, fees and other investment income and our operating expenses including interest on borrowed funds. Net realized gains (losses) on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost. Net unrealized gains (losses) on investments is the net change in the fair value of our investment portfolio.
For the three months ended March 31, 2022, our net increase in net assets resulting from operations was $5.7 million, which was comprised of $13.5 million of net investment income and $7.8 million of net realized and unrealized losses. For the three months ended March 31, 2021, our net increase in net assets resulting from operations was $11.9 million, which was comprised of $8.9 million of net investment income and $3.0 million of net realized and unrealized gains. On a per share basis for the three months ended March 31, 2022, net investment income was $0.44 per share and the net increase in net assets from operations was $0.18 per share, as compared to net investment income of $0.29 per share and a net increase in net assets from operations of $0.38 per share for the three months ended March 31, 2021.
Investment Income
For the three months ended March 31, 2022, total investment and other income was $27.3 million as compared to $20.0 million for the three months ended March 31, 2021. The increase in total investment and other income for the three months ended March 31, 2022, compared to the 2021 period, is primarily due to a greater weighted average principal amount outstanding on our income-bearing debt investment portfolio and increased prepayment activity.

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For the three months ended March 31, 2022, we recognized $1.4 million in other income consisting primarily of $1.4 million from the realization of certain fees paid and accrued from portfolio companies and other income related to prepayment activity. For the three months ended March 31, 2021, we recognized $0.8 million in other income consisting of $0.3 million from the termination or expiration of unfunded commitments, and $0.5 million from the realization of certain fees paid and accrued from portfolio companies and other income related to prepayment activity.
Operating Expenses
Total operating expenses consist of our base management fee, income incentive fee, capital gains incentive fee, interest expense and amortization of fees, administration agreement expenses, and general and administrative expenses. In determining the base management fee, our Adviser has agreed to exclude U.S. Treasury bill assets acquired at the end of each applicable quarter from the calculation of the gross assets. We anticipate operating expenses will increase over time as our portfolio continues to grow. However, we anticipate operating expenses, as a percentage of totals assets and net assets, will generally decrease over time as our portfolio and capital base expand. We expect base management and income incentive fees will increase as we grow our asset base and our earnings. The capital gains incentive fee will depend on realized and unrealized gains and losses. Interest expenses will generally increase as we utilize more of the Credit Facility and issue additional debt securities, and we generally expect expenses under the administration agreement and general and administrative expenses to increase over time to meet the additional requirements associated with servicing a larger portfolio.
For the three months ended March 31, 2022, total operating expenses were $13.8 million as compared to $11.1 million for the three months ended March 31, 2021.
Base management fees for the three months ended March 31, 2022 and 2021 totaled $3.7 million and $2.9 million, respectively. Base management fees increased during the three months ended March 31, 2022, as compared to the three months ended March 31, 2021, due to an increase in the average size of our portfolio during the applicable periods used in the calculation.
Income incentive fees totaled $3.4 million and $2.2 million for the three months ended March 31, 2022 and 2021, respectively. Income incentive fees increased during the three months ended March 31, 2022, as compared to the three months ended March 31, 2021, due to greater pre-incentive fee net investment income for the period.
There was no capital gains incentive fee expense for the three months ended March 31, 2022 and 2021.
Interest expense and amortization of fees totaled $5.1 million and $4.4 million for the three months ended March 31, 2022 and 2021, respectively. The increase during the three months ended March 31, 2022, as compared to the three months ended March 31, 2021, is due to the issuance of the 2027 Notes in the first quarter of 2022 and a greater weighted-average outstanding principal balance under the Credit Facility.
Administration agreement and general and administrative expenses totaled $1.6 million and $1.6 million for the three months ended March 31, 2022 and 2021, respectively.
Net Realized Gains and Losses and Net Unrealized Gains and Losses
Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations.
During the three months ended March 31, 2022, we recognized net realized losses on investments of $3.1 million, resulting from Casper Sleep Inc. completing its take-private transaction and foreign currency adjustments on prepayments. During the three months ended March 31, 2021, we recognized net realized losses on investments of $15.7 million, consisting primarily of the sale of our investment in Knotel, Inc., which was rated Red (5) on our credit watch list, and its removal from our investment portfolio.
Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations.
Net change in unrealized losses during the three months ended March 31, 2022 was $4.7 million, resulting primarily from $3.5 million in net unrealized losses from fair value and mark-to-market adjustments, as well as the reversal and recognition of $1.2 million of previously recorded unrealized gains associated with investments realized during the period. Net change in unrealized gains during the three months ended March 31, 2021 was $18.6 million, resulting primarily from the reversal and recognition of $15.6 million of previously recorded unrealized losses associated with Knotel, Inc., as well as net unrealized gains on our investment portfolio resulting from fair value adjustments, partially offset by $1.4 million of unrealized losses due to changes in foreign currency.
Net change in realized and unrealized gains or losses in subsequent periods may be volatile as such results depend on changes in the market, changes in the underlying performance of our portfolio companies and their respective industries, and other market factors.
Portfolio Yield and Total Return
Investment income includes interest income on our debt investments utilizing the effective yield method including cash interest income as well as the amortization of any purchase premium, accretion of purchase discount, original issue discount, facilities fees, and the amortization and payment of the end-of-term (“EOT”) payments. For the three months ended March 31, 2022, interest income totaled $25.9 million, representing a weighted average annualized portfolio yield on total debt investments for the period held of 15.5%. For the three months ended March 31, 2021, interest income totaled $19.2 million, representing a weighted average annualized portfolio yield on total debt investments for the period held of 13.3%.

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We calculate weighted average annualized portfolio yields for periods shown as the annualized rates of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. Should the portfolio companies choose to repay their loans earlier, our weighted average yields will increase for those debt investments affected but may reduce our weighted average yields on the remaining portfolio in future quarters.
For the three months ended March 31, 2022, the yield on our total debt portfolio, excluding the impact of prepayments, was 12.7%. For the three months ended March 31, 2021, the yield on our total debt portfolio, excluding the impact of prepayments, was 11.9%.
The following table shows the weighted average annualized portfolio yield on our total debt portfolio comprising of cash interest income, accretion of the net purchase discount, facilities fees and the value of warrant investments received, accretion of EOT payments and the accelerated receipt of EOT payments on prepayments:
Ratios
(Percentages, on an annualized basis)(1)
For the Three Months Ended March 31,
20222021
Weighted average annualized portfolio yield on total debt investments(2)
15.5 %13.3 %
Coupon income10.1 %9.7 %
Accretion of discount0.8 %0.9 %
Accretion of end-of-term payments1.8 %1.3 %
Impact of prepayments during the period2.8 %1.4 %
_____________
(1)Weighted average portfolio yields on total 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.
(2)The weighted average portfolio yields on total debt investments reflected above do not represent actual investment returns to our stockholders.
Our weighted average annualized portfolio yield on debt investments may be higher than an investor’s yield on an investment in shares of our common stock. Our weighted average annualized portfolio yield on debt investments does not reflect operating expenses that may be incurred by us and, thus, by our stockholders. In addition, our weighted average annualized portfolio yield on debt investments and total return figures disclosed in this Quarterly Report on Form 10-Q do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of our common stock. Our weighted average annualized portfolio yield on debt investments and total return figures do not represent actual investment returns to stockholders. Our weighted average annualized portfolio yield on debt investments and total return figures are subject to change and, in the future, may be greater or less than the rates in this Quarterly Report on Form 10-Q. Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in our dividend reinvestment plan divided by the beginning NAV per share for such period. Total return based on stock price is the change in the ending stock price of our common stock plus distributions paid during the period assuming participation in our dividend reinvestment plan divided by the beginning stock price of our common stock for such period.
For the three months ended March 31, 2022, our total return during the period based on the change in NAV plus distributions reinvested as of the respective distribution dates was 0.9%, and our total return during the period based on the change in stock price plus distributions reinvested as of the respective distribution dates was (0.7)%. For the three months ended March 31, 2021, our total return during the period based on the change in NAV plus distributions reinvested as of the respective distribution dates was 3.6%, and our total return during the period based on the change in stock price plus distributions reinvested as of the respective distribution dates was 14.6%. These total return figures are for the periods indicated and are not annualized.
The table below shows our return on average total assets and return on average NAV for the three months ended March 31, 2022 and 2021:
Returns on Net Asset Value and Total Assets
(dollars in thousands)		For the Three Months Ended March 31,
20222021
Net investment income$13,547 $8,907 
Net increase (decrease) in net assets$5,705 $11,859 
Average net asset value(1)
$435,804 $402,043 
Average total assets(1)
$844,900 $695,203 
Net investment income to average net asset value(2)
12.6 %9.0 %
Net increase (decrease) in net assets to average net asset value(2)
5.3 %12.0 %
Net investment income to average total assets(2)
6.5 %5.2 %
Net increase (decrease) in net assets to average total assets(2)
2.7 %6.9 %
_______________
(1)The average net asset values and the average total assets are computed based on daily balances.
(2)Percentage is presented on an annualized basis.


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Critical Accounting Policies
The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates, including with respect to the valuation of our investments, could cause actual results to differ.
Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our investment portfolio, including our investment valuation policy (which has been approved by the Board), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in this Quarterly Report on Form 10-Q.
Investment Valuation
Investment transactions are recorded on a trade-date basis. Our investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of the market’s participant who holds the financial instrument rather than an entity-specific measure. When market assumptions are not readily available, our own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial instruments on the measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. Our valuation methodology is approved by the Board, and the Board is responsible for the fair values determined. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from the Board, may refine our valuation methodologies to best reflect the fair value of our investments appropriately.
As of March 31, 2022, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented approximately 93.7% of our total assets, as compared to approximately 93.3% of our total assets as of December 31, 2021.
See “Note 4. Investments” in the notes to the consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC on March 2, 2022 and “Note 4. Investments” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.
Liquidity and Capital Resources
We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the Credit Facility and our anticipated cash flows from operations, including from contractual monthly portfolio company payments and cash flows, prepayments, and the ability to liquidate publicly traded investments, will be adequate to meet our cash needs for our daily operations. This “Liquidity and Capital Resources” section should be read in conjunction with “COVID-19 Developments” above and the risk factors discussed below in this Quarterly Report on Form 10-Q.
Cash Flows
During the three months ended March 31, 2022, net cash provided by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $54.2 million, and net cash used in financing activities was $62.1 million due primarily to net repayments under the Credit Facility of $175.0 million and $10.7 million in distributions paid, partially offset by the issuance of the 2027 Notes. As of March 31, 2022, cash and cash equivalents, including restricted cash, was $51.3 million.
During the three months ended March 31, 2021, net cash provided by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $5.4 million, and net cash provided by financing activities was $66.1 million due to the issuance of the 2026 Notes, partially offset by net repayments under the Credit Facility of $118.0 million, and $13.6 million in distributions paid. As of March 31, 2021, cash and cash equivalents, including restricted cash, was $116.1 million.


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Capital Resources and Borrowings
As a BDC, we generally have an ongoing need to raise additional capital for investment purposes. As a result, we expect, from time to time, to access the debt and equity markets when we believe it is necessary and appropriate to do so. In this regard, we continue to explore various options for obtaining additional debt or equity capital for investments. This may include expanding or extending the Credit Facility or the issuance of additional shares of our common stock or debt securities. If we are unable to obtain leverage or raise equity capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted.
Credit Facility
As of March 31, 2022, we had $350 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows us to increase the size of the Credit Facility to up to $400 million under certain circumstances. The revolving period under the Credit Facility expires on November 30, 2022, and the maturity date of the Credit Facility is May 31, 2024 (unless otherwise terminated earlier pursuant to its terms). Borrowings under the Credit Facility bear interest at the sum of (i) a floating rate based on certain indices, including LIBOR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.80% if facility utilization is greater than or equal to 75%, 2.90% if utilization is greater than or equal to 50%, 3.00% if utilization is less than 50% and 4.5% during the amortization period. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the terms of the Credit Facility.
As of March 31, 2022 and December 31, 2021, we had outstanding borrowings under the Credit Facility of $25.0 million and $200.0 million, respectively, excluding deferred credit facility costs of $1.9 million and $2.2 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $325.0 million and $150.0 million of remaining capacity on our Credit Facility as of March 31, 2022 and December 31, 2021, respectively.
2022 Notes
On July 14, 2017, we completed a public offering of $65.0 million in aggregate principal amount of the 2022 Notes and received net proceeds of $62.8 million, after the payment of fees and offering costs. On July 24, 2017, as a result of the underwriters’ full exercise of their option to purchase additional 2022 Notes, we issued an additional $9.75 million in aggregate principal amount of the 2022 Notes and received net proceeds of $9.5 million, after the payment of fees and offering costs. The interest on the 2022 Notes accrued at an annual rate of 5.75%, payable quarterly.
On March 5, 2021, we notified the trustee under the indenture governing the 2022 Notes of our election to redeem, in full, the $74.75 million aggregate principal amount of the 2022 Notes outstanding, and instructed the trustee to provide notice of such redemption to the holders of the 2022 Notes in accordance with the terms of the indenture. On April 5, 2021, the entire $74.75 million aggregate principal amount of 2022 Notes was redeemed in full in accordance with the terms of the indenture governing the 2022 Notes. In connection with the redemption, the 2022 Notes were delisted from the New York Stock Exchange. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.7 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2022 Notes.
2025 Notes
On March 19, 2020, we completed a private offering of $70.0 million in aggregate principal amount of the 2025 Notes and received net proceeds of $69.1 million, after the payment of fees and offering costs. The interest on the 2025 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year. The maturity date of the 2025 Notes is scheduled for March 19, 2025.
As of March 31, 2022 and December 31, 2021, we have recorded in the consolidated statements of assets and liabilities our liability for the 2025 Notes, net of deferred issuance costs, of $69.4 million and $69.3 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2025 Notes.
2026 Notes
On March 1, 2021, we completed a private offering of $200.0 million in aggregate principal amount of the 2026 Notes and received net proceeds of $197.9 million, after the payment of fees and offering costs. The interest on the 2026 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year, beginning on September 19, 2021. The maturity date of the 2026 Notes is scheduled for March 1, 2026.
As of March 31, 2022 and December 31, 2021, we have recorded in the consolidated statements of assets and liabilities our liability for the 2026 Notes, net of deferred issuance costs, of $198.3 million and $198.2 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2026 Notes.
2027 Notes
On February 28, 2022, we completed a private offering of $125.0 million in aggregate principal amount of the 2027 Notes and received net proceeds of $123.7 million, after the payment of fees and offering costs. The interest on the 2027 Notes, which accrues at an annual rate of 5.00%, is payable semiannually on February 28 and August 28 each year, beginning on August 28, 2022. The maturity date of the 2027 Notes is scheduled for February 28, 2027.

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As of March 31, 2022, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $123.7 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2027 Notes.
Asset Coverage Requirements
On June 21, 2018, our stockholders voted at a special meeting of stockholders to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the special meeting, effective June 22, 2018, our applicable minimum asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of March 31, 2022, our asset coverage for borrowed amounts was 202%.
Contractual Obligations
The following table shows a summary of our payment obligations for repayment of debt as of March 31, 2022:
Payments Due By Period
(in thousands)		March 31, 2022
TotalLess than 1 year1-3 years3-5 yearsMore than 5 years
Credit Facility$25,000 $— $25,000 $— $— 
2025 Notes70,000 — 70,000 — — 
2026 Notes200,000 — — 200,000 — 
2027 Notes125,000 — — 125,000 — 
Total$420,000 $— $95,000 $325,000 $— 

Unfunded Commitments
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of March 31, 2022 and December 31, 2021, our unfunded commitments totaled $232.2 million and $191.7 million, respectively, of which $51.8 million and $50.3 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.


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The following table shows our unfunded commitments by portfolio company as of March 31, 2022 and December 31, 2021:
Unfunded Commitments(1)
(in thousands)
March 31, 2022December 31, 2021
Tempo Interactive Inc.$25,000 $25,000 
The Pill Club Holdings, Inc.20,000 20,000 
Found Health, Inc.20,000 — 
Arcadia Power, Inc.18,000 18,000 
Good Eggs, Inc.14,000 14,000 
Foodology Inc.13,000 — 
RenoRun US Inc.12,750 12,750 
Savage X, Inc.12,000 12,000 
Activehours, Inc. (d/b/a Earnin)10,000 10,000 
Homeward, Inc.10,000 10,000 
Forum Brands, LLC9,891 12,951 
Merama Inc.9,718 9,718 
Curology, Inc.9,000 9,000 
Demain ES (d/b/a Luko)7,780 7,940 
everdrop GmbH6,446 — 
Project 1920, Inc.5,400 — 
True Footage Inc.5,110 5,695 
Cart.com, Inc.5,000 — 
Don't Run Out, Inc.5,000 5,000 
FlashParking, Inc.3,490 3,837 
Baby Generation, Inc.3,125 — 
Trendly, Inc.3,000 3,000 
Thingy Thing Inc.2,000 2,000 
JOKR S.à r.l.1,496 1,496 
Belong Home, Inc.1,000 — 
Narvar, Inc.— 3,750 
Sonder USA, Inc. — 3,000 
VanMoof Global Holding B.V.— 2,025 
Alyk, Inc.— 500 
Total$232,206 $191,662 
_____________
(1)Does not include backlog of potential future commitments. Refer to “Investment Activity” above.
The following table shows additional information on our unfunded commitments regarding milestones and expirations as of March 31, 2022 and December 31, 2021:
Unfunded Commitments(1)
(in thousands)
March 31, 2022December 31, 2021
Dependent on milestones$51,750 $50,250 
Expiring during:
2022$139,565 $131,429 
202385,641 50,233 
20247,000 10,000 
Total$232,206 $191,662 
_______________
(1)Does not include backlog of potential future commitments.
As of March 31, 2022, our unfunded commitments to 25 companies totaled $232.2 million. During the three months ended March 31, 2022, $7.3 million in unfunded commitments expired or were terminated.
As of December 31, 2021, our unfunded commitments to 22 companies totaled $191.7 million. During the year ended December 31, 2021, $91.8 million in unfunded commitments expired or were terminated.

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Our credit agreements contain customary lending provisions that allow us relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences material adverse events that affect the financial condition or business outlook for the portfolio company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. We generally expect 50% - 75% of our gross unfunded commitments to eventually be drawn before the expiration of their corresponding availability periods.
The fair value at the inception of the delay draw credit agreements with our portfolio companies is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments. As of March 31, 2022 and December 31, 2021, the fair value for these unfunded commitments totaled $3.9 million and $3.2 million, respectively, and was included in “other accrued expenses and liabilities” in our consolidated statements of assets and liabilities.
Distributions
We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our net ordinary income and net realized short-term capital gains in excess of our net realized long-term capital losses, if any, to our stockholders. In order to avoid a non-deductible 4% U.S. federal excise tax on certain of our undistributed income, we would need to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of our ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and (c) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the tax years ended December 31, 2021 and 2020, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.
To the extent our taxable earnings fall below the total amount of our distributions for the year, a portion of those distributions may be deemed a return of capital to our stockholders. Our Adviser monitors available taxable earnings, including net investment income and realized capital gains, to determine if a return of capital may occur for the year. We estimate the source of our distributions as required by Section 19(a) of the 1940 Act to determine whether payment of dividends are expected to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods, but we will not be able to determine whether any specific distribution will be treated as made out of our taxable earnings or as a return of capital until after the end of our taxable year. Any amount treated as a return of capital will reduce a stockholder’s adjusted tax basis in his or her common stock, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her common stock. On a quarterly basis, for any payment of dividends estimated to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods based on the Section 19(a) requirement, we post a Section 19(a) notice through the Depository Trust Company’s Legal Notice System and our website, as well as send our registered stockholders a printed copy of such notice along with the dividend payment. The estimates of the source of the distribution are interim estimates based on GAAP that are subject to revision, and the exact character of the distributions for tax purposes cannot be determined until the final books and records are finalized for the calendar year. Therefore, these estimates are made solely in order to comply with the requirements of Section 19(a) of the 1940 Act and should not be relied upon for tax reporting or any other purposes and could differ significantly from the actual character of distributions for tax purposes.
The following table shows our cash distributions per share that have been authorized by our Board since our initial public offering to March 31, 2022. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2017 and December 31, 2018, distributions represent ordinary income as our earnings exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains. Depending on the duration of the COVID-19 pandemic and the extent of its impact on our portfolio companies’ operations and our net investment income, any future distributions to our stockholders may be for amounts less than our historical distributions, may be made less frequently than historical practices, and may be made in part cash and part stock (as per each stockholder’s election), subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution.

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Period EndedDate DeclaredRecord DatePayment DatePer Share Amount
March 31, 2014April 3, 2014April 15, 2014April 30, 2014$0.09 
(1)
June 30, 2014May 13, 2014May 30, 2014June 17, 20140.30 
September 30, 2014August 11, 2014August 29, 2014September 16, 20140.32 
December 31, 2014October 27, 2014November 28, 2014December 16, 20140.36 
December 31, 2014December 3, 2014December 22, 2014December 31, 20140.15 
(2)
March 31, 2015March 16, 2015March 26, 2015April 16, 20150.36 
June 30, 2015May 6, 2015May 29, 2015June 16, 20150.36 
September 30, 2015August 11, 2015August 31, 2015September 16, 20150.36 
December 31, 2015November 10, 2015November 30, 2015December 16, 20150.36 
March 31, 2016March 14, 2016March 31, 2016April 15, 20160.36 
June 30, 2016May 9, 2016May 31, 2016June 16, 20160.36 
September 30, 2016August 8, 2016August 31, 2016September 16, 20160.36 
December 31, 2016November 7, 2016November 30, 2016December 16, 20160.36 
March 31, 2017March 13, 2017March 31, 2017April 17, 20170.36 
June 30, 2017May 9, 2017May 31, 2017June 16, 20170.36 
September 30, 2017August 8, 2017August 31, 2017September 15, 20170.36 
December 31, 2017November 6, 2017November 17, 2017December 1, 20170.36 
March 31, 2018March 12, 2018March 23, 2018April 6, 20180.36 
June 30, 2018May 2, 2018May 31, 2018June 15, 20180.36 
September 30, 2018August 1, 2018August 31, 2018September 14, 20180.36 
December 31, 2018October 31, 2018November 30, 2018December 14, 20180.36 
December 31, 2018December 6, 2018December 20, 2018December 28, 20180.10 
(2)
March 31, 2019March 1, 2019March 20, 2019March 29, 20190.36 
June 30, 2019May 1, 2019May 31, 2019June 14, 20190.36 
September 30, 2019July 31, 2019August 30, 2019September 16, 20190.36 
December 31, 2019October 30, 2019November 29, 2019December 16, 20190.36 
March 31, 2020February 28, 2020March 16, 2020March 30, 20200.36 
June 30, 2020April 30, 2020June 16, 2020June 30, 20200.36 
September 30, 2020July 30, 2020August 31, 2020September 15, 20200.36 
December 31, 2020October 29, 2020November 27, 2020December 14, 20200.36 
December 31, 2020December 21, 2020December 31, 2020January 13, 20210.10 
(2)
March 31, 2021February 24, 2021March 15, 2021March 31, 20210.36 
June 30, 2021April 29, 2021June 16, 2021June 30, 20210.36 
September 30, 2021July 28, 2021August 31, 2021September 15, 20210.36 
December 31, 2021October 29, 2021November 30, 2021December 15, 20210.36 
March 31, 2022February 22, 2022March 15, 2022March 31, 20220.36 
Total cash distributions$11.86 
_____________
(1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of our initial public offering on March 5, 2014 (commencement of operations), through March 31, 2014.
(2)Represents a special distribution.
For the three months ended March 31, 2022, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 72.4% of total distributions paid. As of March 31, 2022, we had estimated undistributed taxable earnings from net investment income of $12.8 million, or $0.41 per share.
Recent Accounting Pronouncements
In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. The adoption of these rules did not have a material impact on the consolidated financial statements.

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Recent Developments
Distribution
On April 28, 2022, the Board declared a $0.36 per share regular quarterly distribution, payable on June 30, 2022 to stockholders of record on June 16, 2022.
Recent Portfolio Activity
From April 1, 2022 through May 4, 2022, we closed $66.0 million of additional debt commitments and funded $49.2 million in new investments. TPC’s direct originations platform entered into $223.3 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for us are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with TPC’s allocation policy. From April 1, 2022 through May 4, 2022, we received $26.4 million of principal prepayments generating more than $1.0 million of accelerated income.
Item 3.    Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including changes in interest rates. We are also subject to risks relating to the capital markets; changes in foreign currency exchange rates; conditions affecting the general economy; legislative reform; and local, regional, national or global political, social or economic instability. U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and in values of publicly-traded securities. Any continuation of the stresses on capital markets and credit markets, or a further increase in volatility could result in a contraction of available credit for us and/or an inability by us to access the equity or debt capital markets or could otherwise cause an inability or unwillingness of our lenders to fund their commitments to us, any of which may have a material adverse effect on our results of operations and financial condition.
Interest Rate Risk
Interest rate sensitivity refers to the change in our earnings and in the relative values of our portfolio that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a change in market interest rates will not have a material adverse effect on our net investment income.
Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rates or reference rates to the extent that any debt investments include floating interest rates. Debt investments are made with either floating rates that are subject to contractual minimum interest rates for the term of the investment or fixed interest rates.
A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the Prime Rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities.
As of March 31, 2022, approximately 52.5%, or $379.5 million in principal balance, of the debt investments in our portfolio bore interest at floating rates, which generally are Prime-based, and all of which have interest rate floors of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime Rate from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the interest rate in connection with our Credit Facility to the extent it goes above the interest rate floor; however, our 2025 Notes, 2026 Notes and 2027 Notes bear interest at a fixed rate (subject to a 1.00% increase in the fixed rate in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement (as modified by the First Supplement with respect to the 2026 Notes and the Second Supplement with respect to the 2027 Notes)) occurs).
As of March 31, 2022, our floating rate borrowings totaled $25.0 million, which represented 6.0% of our outstanding debt. As of March 31, 2022, all of our floating rate debt investments were subject to interest-rate floors set at 3.25% or higher. Because the Prime Rate as of March 31, 2022 was 3.50%, which is at or above the interest-rate floors applicable to our floating rate debt investments, decreases in interest rates will impact our interest income to a limited extent until Prime Rate reaches 3.25%, while increases in interest rates will increase our interest income to the extent that such rates exceed the applicable interest-rate floor. In addition, with respect to interest expense on our floating rate borrowings under the Credit Facility, we will benefit from any decreases in interest rates up to the point that the LIBOR rate decreases to 0.50%, which is the LIBOR interest-rate floor under our Credit Facility as of March 31, 2022. However, because current interest rates exceed the LIBOR interest-rate floor under our Credit Facility as of March 31, 2022, our interest expense on floating rate borrowings will increase as rates rise. The following table illustrates the annual impact on our net investment income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure from the March 31, 2022 consolidated statements of assets and liabilities:

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Change in Interest Rates
(in thousands)		Increase (decrease) in interest income(Increase) decrease in interest expenseNet increase (decrease) in net investment income
Up 300 basis points$10,647 $(750)$9,897 
Up 200 basis points$6,852 $(500)$6,352 
Up 100 basis points$3,372 $(250)$3,122 
Up 50 basis points$1,686 $(125)$1,561 
Down 50 basis points$(843)$6 $(837)
Down 100 basis points$(843)$6 $(837)
Down 200 basis points$(843)$6 $(837)
Down 300 basis points$(843)$6 $(837)
This analysis is indicative of the potential impact on our investment income as of March 31, 2022, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings and such additional borrowings, all else being equal, will increase our investment income sensitivity to interest rates to the extent such borrowings have floating interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.
Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of March 31, 2022, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.
Foreign Currency Exchange Rate Risk
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. Based on our assessment of the foreign currency exchange rate risk, as of March 31, 2022, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.
While hedging activities may mitigate our exposure to adverse fluctuations in interest rates or foreign currency exchange rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements or foreign currency forward contracts, may also limit our ability to participate in the benefits of higher interest rates or beneficial movements in foreign currency exchange rates with respect to our portfolio investments. In addition, there can be no assurance that we will be able to effectively hedge our interest rate risk or foreign currency exchange rate risk.
Substantially all of our assets and liabilities are financial in nature. As a result, changes in interest rates, foreign currency exchange rates and other factors drive our performance more directly than does inflation. Changes in interest rates and foreign currency exchange rates do not necessarily correlate with inflation rates or changes in inflation rates.
Item 4.    Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of March 31, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
Changes in Internal Controls Over Financial Reporting
Management has not identified any change in the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION
Item 1.    Legal Proceedings
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A.    Risk Factors
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended March 31, 2022 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 (filed with the SEC on March 2, 2022), which could materially affect our business, financial condition or operating results.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
Dividend Reinvestment Plan
During the three months ended March 31, 2022, we issued 25,669 shares of common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements under the Securities Act of 1933, as amended. The cash paid for shares of common stock issued under our dividend reinvestment plan during the three months ended March 31, 2022 was $0.4 million.
Item 3.    Defaults Upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
None.

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Item 6.    Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:
3.1
3.2
10.1
31.1
31.2
32.1
32.2
(1)Incorporated by reference to Exhibit (a) to Pre-Effective Amendment No. 1 to TriplePoint Venture Growth BDC Corp.’s registration statement on Form N-2 (File No. 333-191871) filed on January 22, 2014.
(2)Incorporated by reference to Exhibit (b) to Pre-Effective Amendment No. 1 to TriplePoint Venture Growth BDC Corp.’s registration statement on Form N-2 (File No. 333-191871) filed on January 22, 2014.
(3)Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01044) filed on March 1, 2022.
(*)    Filed herewith.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TriplePoint Venture Growth BDC Corp.
Date: May 4, 2022By:/s/ James P. Labe
James P. Labe
Chief Executive Officer and Chairman of the Board of Directors
(Principal Executive Officer)
Date: May 4, 2022By:/s/ Christopher M. Mathieu
Christopher M. Mathieu
Chief Financial Officer
(Principal Financial and Accounting Officer)

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