UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________________________________________________________________
Form 10-Q
________________________________________________________________________________________________________________________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021
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)
________________________________________________________________________________________________________________________________________________
MARYLAND 46-3082016
(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 Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share TPVG The 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 30,917,113 shares of the Registrant’s common stock outstanding as of May 5, 2021.



TriplePoint Venture Growth BDC Corp.
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1.
1
1
2
3
4
5
25
Item 2.
43
Item 3.
57
Item 4.
58
PART II. OTHER INFORMATION
Item 1.
59
Item 1A.
59
Item 2.
59
Item 3.
59
Item 4.
59
Item 5.
59
Item 6.
59
60



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, 2021 December 31, 2020
(unaudited)
Assets
Investments at fair value (amortized cost of $643,690 and $662,423, respectively) $ 633,696  $ 633,779 
Cash and cash equivalents 114,964  38,219 
Restricted cash 1,135  6,458 
Deferred credit facility costs 2,886  3,152 
Prepaid expenses and other assets 2,467  1,901 
Total assets $ 755,148  $ 683,509 
Liabilities
Revolving Credit Facility $ —  $ 118,000 
2022 Notes, net 74,092  73,964 
2025 Notes, net 69,198  69,148 
2026 Notes, net 197,901  — 
Base management fee payable 2,924  3,067 
Income incentive fee payable 2,227  2,782 
Dividends payable —  3,087 
Other accrued expenses and liabilities 7,006  13,026 
Total liabilities $ 353,348  $ 283,074 
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 share 309  309 
Paid-in capital in excess of par value 413,138  412,514 
Total distributable earnings (loss) (11,647) (12,388)
Total net assets $ 401,800  $ 400,435 
Total liabilities and net assets $ 755,148  $ 683,509 
Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized) 30,917  30,871 
Net asset value per share $ 13.00  $ 12.97 

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,
2021 2020
Investment income
Interest income from investments $ 19,191  $ 20,274 
Other income
Expirations / terminations of unfunded commitments 328  548 
Other fees 455  19 
Total investment and other income 19,974  20,841 
Operating expenses
Base management fee 2,924  2,774 
Income incentive fee 2,227  — 
Interest expense and amortization of fees 4,351  4,162 
Administration agreement expenses 519  681 
General and administrative expenses 1,046  987 
Total operating expenses 11,067  8,604 
Net investment income 8,907  12,237 
Net realized and unrealized gains (losses)
Net realized gains (losses) on investments (15,697) (330)
Net change in unrealized gains (losses) on investments 18,649  (17,025)
Net realized and unrealized gains (losses) 2,952  (17,355)
Net increase (decrease) in net assets resulting from operations $ 11,859  $ (5,118)
Basic and diluted net investment income per share $ 0.29  $ 0.41 
Basic and diluted net increase (decrease) in net assets per share $ 0.38  $ (0.17)
Basic and diluted weighted average shares of common stock outstanding 30,881  29,883 
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 value Total distributable earnings (loss) Net assets
Common stock
Shares Par value
Balance at December 31, 2019 24,923  $ 249  $ 333,052  $ (795) $ 332,506 
Net increase (decrease) in net assets resulting from operations —  —  —  (5,118) (5,118)
Issuance of common stock 5,750  57  78,180  —  78,237 
Distributions reinvested in common stock 73  1  412  —  413 
Distributions from distributable earnings —  —  —  (11,042) (11,042)
Balance at March 31, 2020 30,746  $ 307  $ 411,644  $ (16,955) $ 394,996 
Balance at December 31, 2020 30,871  $ 309  $ 412,514  $ (12,388) $ 400,435 
Net increase (decrease) in net assets resulting from operations —  —  —  11,859  11,859 
Distributions reinvested in common stock 46  —  624  —  624 
Distributions from distributable earnings —  —  —  (11,118) (11,118)
Balance at March 31, 2021 30,917  $ 309  $ 413,138  $ (11,647) $ 401,800 

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,
2021 2020
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations $ 11,859  $ (5,118)
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 (59,906) (79,519)
Principal payments and proceeds from investments 66,035  6,813 
Payment-in-kind interest on investments (1,981) (852)
Net change in unrealized (gains) losses on investments (18,649) 17,025 
Net realized (gains) losses on investments 15,697  330 
Amortization and (accretion) of premiums and discounts, net (921) (1,335)
(Accretion) reduction of end-of-term payments, net of prepayments (192) (2,488)
Amortization of debt fees and issuance costs 705  412 
Change in operating assets and liabilities:
Prepaid expenses and other assets (566) 4 
Base management fee payable (143) 312 
Income incentive fee payable (555) (1,362)
Payable to directors and officers —  (86)
Other accrued expenses and liabilities (6,020) (6,358)
Net cash (used in) provided by operating activities 5,363  (72,222)
Cash Flows from Financing Activities:
Borrowings under revolving credit facility 40,000  74,000 
Repayments under revolving credit facility (158,000) (79,300)
Distributions paid (13,580) (10,629)
Deferred credit facility costs (226) — 
Debt issuance costs 2026 Notes (2,135) — 
Proceeds from issuance of 2026 Notes 200,000  — 
Proceeds from issuance of 2025 Notes —  69,054 
Proceeds from issuance of common stock —  78,236 
Net cash provided by (used in) financing activities 66,059  131,361 
Net change in cash, cash equivalents and restricted cash 71,422  59,139 
Cash, cash equivalents and restricted cash at beginning of period 44,677  26,441 
Cash, cash equivalents and restricted cash at end of period $ 116,099  $ 85,580 
For the Three Months Ended March 31,
2021 2020
Cash and cash equivalents $ 114,964  $ 84,693 
Restricted cash 1,135  887 
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 116,099  $ 85,580 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest $ 3,789  $ 3,685 
Distributions reinvested $ 624  $ 413 
Excise tax paid $ 478  $ 259 

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, 2021
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Debt Investments
Business Applications Software
Envoy, Inc. Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment) 5/22/2020 $ 1,000  $ 999  $ 999  5/31/2023
Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment)(2)
3/31/2021 2,000  1,947  1,947  3/31/2024
3,000  2,946  2,946 
Hi.Q, Inc. Growth Capital Loan (10.75% interest rate, 2.00% EOT payment) 12/17/2018 13,250  13,225  13,225  6/30/2023
Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 1.00% EOT payment)(2)
12/31/2020 6,868  6,829  6,829  8/31/2025
20,118  20,054  20,054 
OneSource Virtual, Inc. Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment) 6/29/2018 5,315  5,583  5,598  6/30/2022
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment) 11/5/2019 4,516  4,554  4,579  11/30/2023
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment) 1/31/2020 2,855  2,876  2,894  1/31/2024
12,686  13,013  13,071 
Passport Labs, Inc. Growth Capital Loan (9.75% interest rate, 5.25% EOT payment) 10/11/2018 19,000  19,241  19,057  8/31/2023
Growth Capital Loan (10.25% interest rate, 5.25% EOT payment) 5/15/2019 6,000  6,018  5,949  3/31/2024
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 5/15/2019 5,000  5,054  4,995  5/31/2024
30,000  30,313  30,001 
Total Business Applications Software - 16.44%* 65,804  66,326  66,072 
Commercial Services
Transfix, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 2.00% EOT payment) 12/23/2019 10,000  10,042  10,042  12/31/2021
Total Commercial Services - 2.50%* 10,000  10,042  10,042 
Consumer Finance
Activehours, Inc.
Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)(2)
10/8/2020 6,000  5,923  5,923  10/31/2023
Total Consumer Finance - 1.47%* 6,000  5,923  5,923 
Consumer Non-Durables
Imperfect Foods, Inc. Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment) 9/30/2020 19,000  18,852  18,852  9/30/2024
Total Consumer Non-Durables - 4.69%* 19,000  18,852  18,852 
Consumer Products and Services
Clutter Inc.
Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)(2)
12/23/2020 3,000  2,942  2,942  12/31/2023
Growth Capital Loan (9.00% interest rate, 7.00% EOT payment)(2)
3/26/2021 6,000  5,832  5,832  3/31/2024
9,000  8,774  8,774 
Hydrow, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
2/9/2021 3,350  3,327  3,327  12/31/2024
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
2/9/2021 6,700  6,514  6,514  12/31/2024
10,050  9,841  9,841 
Outdoor Voices, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 11.75% EOT payment) 2/26/2019 4,000  4,187  4,187  2/29/2024
Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 11.75% EOT payment) 4/4/2019 5,000  5,143  5,143  2/29/2024
9,000  9,330  9,330 
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)
2/1/2021 8,654  8,424  8,155  1/31/2025
Total Consumer Products and Services - 8.98%* 36,704  36,369  36,100 

5

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2021
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Consumer Retail
Savage X, Inc. Growth Capital Loan (Prime + 2.75% interest rate, 7.50% floor, 3.50% EOT payment) 4/15/2020 $ 1,000  $ 1,030  $ 1,031  4/30/2021
Total Consumer Retail - 0.26%* 1,000  1,030  1,031 
E-Commerce - Clothing and Accessories
Minted, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment) 9/30/2020 15,000  14,649  14,649  3/31/2024
Outfittery GMBH(1)(3)
Growth Capital Loan (5.50% interest rate, 5.50% PIK, 9.00% EOT payment)(2)
1/8/2021 18,777  19,482  19,275  12/31/2023
Revolver (4.50% interest rate, 4.50% PIK, 5.00% EOT payment)(2)
3/5/2020 3,298  3,377  3,522  12/31/2022
22,075  22,859  22,797 
TFG Holding, Inc.
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)
12/4/2020 10,500  10,127  10,127  12/31/2023
Total E-Commerce - Clothing and Accessories - 11.84%* 47,575  47,635  47,573 
E-Commerce - Personal Goods
Grove Collaborative, Inc.
Growth Capital Loan (Prime + 2.25% interest rate, 7.75% floor, 4.75% EOT payment)(2)
1/31/2020 8,250  8,605  8,605  4/30/2021
Growth Capital Loan (Prime + 2.25% interest rate, 7.75% floor, 4.75% EOT payment)(2)
1/31/2020 2,667  2,782  2,782  4/30/2021
Total E-Commerce - Personal Goods - 2.83%* 10,917  11,387  11,387 
Entertainment
Mind Candy Limited(1)(3)
Growth Capital Loan (12.00% PIK interest rate, 9.50% EOT payment)(2)
6/25/2014 14,754  14,667  14,506  6/30/2022
Growth Capital Loan (9.00% PIK interest rate)(2)
3/17/2020 1,099  1,099  1,079  3/31/2023
Growth Capital Loan (9.00% PIK interest rate)(2)
12/21/2020 1,025  1,025  1,000  12/31/2023
16,878  16,791  16,585 
Roli, Ltd.(1)(3)(7)
Growth Capital Loan (11.00% PIK interest rate, 9.50% EOT payment)(2)
5/23/2018 10,732  10,767  8,036  5/31/2021
Growth Capital Loan (11.00% PIK interest rate, 9.50% EOT payment)(2)
5/23/2018 1,342  1,346  1,005  5/31/2021
Growth Capital Loan (11.25% PIK interest rate, 9.50% EOT payment)(2)
7/16/2018 1,325  1,317  995  7/31/2021
Revolver (8.75% PIK interest rate, 4.00% EOT payment)(2)
7/5/2018 129  129  98  10/31/2020
Revolver (9.75% PIK interest rate, 4.00% EOT payment)(2)
7/5/2018 1,898  1,898  1,439  10/31/2020
Revolver (9.75% PIK interest rate, 4.00% EOT payment)(2)
9/27/2018 4,556  4,556  3,470  10/31/2020
Growth Capital Loan (10.00% PIK interest rate, 10.00% EOT payment)(2)
6/5/2019 1,283  1,340  1,053  10/31/2020
Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)(2)
7/9/2019 627  627  501  10/31/2020
Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)(2)
8/28/2019 538  538  441  10/31/2020
Growth Capital Loan (10.00% PIK interest rate)(2)
10/24/2019 4,925  4,925  3,796  10/31/2020
Growth Capital Loan (10.00% PIK interest rate)(2)
4/23/2020 1,390  1,390  1,126  7/31/2020
Convertible Note (8.00% interest rate)(2)
7/15/2020 2,525  2,525  —  7/15/2023
31,270  31,358  21,960 
Total Entertainment - 9.59%* 48,148  48,149  38,545 
Financial Institution and Services
Prodigy Finance Limited(1)(3)
Growth Capital Loan (8.00% PIK interest rate)(2)
12/31/2020 36,967  35,907  35,655  12/1/2023
Growth Capital Loan (9.00% PIK interest rate)(2)
1/19/2021 4,324  4,304  4,304  6/30/2021
Growth Capital Loan (9.00% PIK interest rate)(2)
1/19/2021 766  763  763  6/30/2021
Total Financial Institution and Services - 10.13%* 42,057  40,974  40,722 
Food & Drug
Capsule Corporation
Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)(2)
12/30/2020 15,000  14,649  14,649  12/31/2024
Total Food & Drug - 3.65%* 15,000  14,649  14,649 

6

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2021
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
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  $ 4,849  $ 4,849  12/31/2023
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment) 12/11/2020 5,000  4,849  4,849  12/31/2023
10,000  9,698  9,698 
Nurx Inc. Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 7.75% EOT payment) 11/5/2019 18,062  18,471  18,471  11/30/2023
Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)(2)
12/31/2020 10,000  9,899  9,899  12/31/2025
28,062  28,370  28,370 
Total Healthcare Technology Systems - 9.47%* 38,062  38,068  38,068 
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  15,173  15,173  8/31/2023
Growth Capital Loan (Prime + 6.00% interest rate, 11.25% floor, 6.25% EOT payment) 11/1/2019 15,000  15,216  15,216  10/31/2022
Total Household & Office Goods - 7.56%* 30,000  30,389  30,389 
Multimedia and Design Software
Pencil and Pixel, Inc. Growth Capital Loan (10.00% interest rate, 6.50% EOT payment) 3/20/2020 10,000  10,086  10,086  3/31/2023
Growth Capital Loan (9.75% interest rate, 4.25% EOT payment)(2)
12/31/2020 5,000  4,917  4,917  12/31/2023
Total Multimedia and Design Software - 3.73%* 15,000  15,003  15,003 
Network Systems Management Software
Signifyd, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 12.25% floor, 8.75% EOT payment) 4/8/2020 6,000  6,009  6,009  10/31/2023
Virtual Instruments Corporation Growth Capital Loan (10.00% interest rate) 4/4/2016 5,000  5,000  4,971  4/4/2022
Growth Capital Loan (5.00% PIK interest rate)(2)
8/7/2018 32,352  32,352  28,136  4/4/2022
37,352  37,352  33,107 
Total Network Systems Management Software - 9.74%* 43,352  43,361  39,116 
Other Financial Services
Monzo Bank Limited(1)(3)
Growth Capital Loan (12.00% interest rate)(2)
3/8/2021 7,035  6,646  6,502  3/8/2031
Upgrade, Inc.
Growth Capital Loan (12.00% interest rate)(2)
1/29/2021 18,170  18,170  18,170  1/31/2024
Total Other Financial Services - 6.14%* 25,205  24,816  24,672 
Real Estate Services
Sonder USA, Inc. Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.25% EOT payment) 12/28/2018 12,993  13,673  13,673  6/30/2022
Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment) 3/6/2020 5,000  5,027  5,027  3/31/2024
Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment) 3/6/2020 2,000  2,003  2,003  3/31/2024
Total Real Estate Services - 5.15%* 19,993  20,703  20,703 
Security Services
ForgeRock, Inc. Growth Capital Loan (Prime + 2.90% interest rate, 8.40% floor, 8.00% EOT payment) 3/27/2019 10,000  10,241  10,241  9/30/2023
Growth Capital Loan (Prime + 3.70% interest rate, 9.20% floor, 8.00% EOT payment) 9/30/2019 10,000  10,130  10,130  12/31/2023
Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 8.00% EOT payment) 12/23/2019 10,000  10,084  10,084  12/31/2023
Total Security Services - 7.58%* 30,000  30,455  30,455 

7

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2021
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Shopping Facilitators
Moda Operandi, Inc. Growth Capital Loan (Prime + 6.25% interest rate, 11.75% floor, 7.25% EOT payment) 10/21/2019 $ 10,000  $ 10,267  $ 9,922  4/30/2022
Growth Capital Loan (Prime + 6.25% interest rate, 11.75% floor, 7.25% EOT payment) 11/27/2019 5,000  5,116  4,932  5/31/2022
Growth Capital Loan (Prime + 6.25% interest rate, 11.75% floor, 7.25% EOT payment) 1/6/2020 10,000  10,179  9,764  7/31/2022
Total Shopping Facilitators - 6.13%* 25,000  25,562  24,618 
Social/Platform Software
ClassPass Inc. Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 8.25% EOT payment) 8/15/2019 15,000  15,368  15,278  8/31/2023
Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 8.25% EOT payment) 9/30/2019 15,000  15,321  15,227  9/30/2023
Total Social/Platform Software - 7.59%* 30,000  30,689  30,505 
Travel & Leisure
GoEuro Corp.(1)(3)
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 10/30/2019 20,000  19,981  19,666  10/31/2023
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 3/27/2020 10,000  9,929  9,745  3/31/2024
Convertible Note (5.00% interest rate)(2)
8/11/2020 300  300  295  2/11/2023
Total Travel & Leisure - 7.39%* 30,300  30,210  29,706 
Total Debt Investments - 142.89%* $ 589,117  $ 590,592  $ 574,131 


8

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2021
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Warrant Investments(8)
Advertising / Marketing
InMobi Pte Ltd.(1)(3)
Ordinary Shares(2)
12/13/2013 48,500  $ 35  $ 13 
Total Advertising / Marketing - 0.00%* 48,500  35  13 
Building Materials/Construction Machinery
View, Inc.
Preferred Stock(2)
6/13/2017 105,682  500  35 
Total Building Materials/Construction Machinery - 0.01%* 105,682  500  35 
Business Applications Software
DialPad, Inc.
Preferred Stock(2)
8/3/2020 28,980  102  102 
Envoy, Inc. Preferred Stock 5/8/2020 35,893  82  86 
Farmer's Business Network, Inc.
Preferred Stock(2)
1/3/2020 37,666  33  252 
FinancialForce.com, Inc.
Preferred Stock(2)
6/20/2016 547,440  1,540  2,480 
Hi.Q, Inc. Preferred Stock 12/17/2018 606,952  196  971 
Preferred Stock(2)
12/31/2020 36,498  45  45 
643,450  241  1,016 
Narvar, Inc.
Preferred Stock(2)
8/28/2020 21,790  102  102 
OneSource Virtual, Inc. Preferred Stock 6/25/2018 70,773  161  335 
Passport Labs, Inc. Preferred Stock 9/28/2018 21,929  303  590 
Quantcast Corporation
Cash Exit Fee(2)(5)
8/9/2018 —  213  161 
Toast, Inc.
Preferred Stock(2)
2/1/2018 26,325  27  401 
Total Business Applications Software - 1.38%* 1,434,246  2,804  5,525 
Business to Business Marketplace
Grey Orange International Inc.
Preferred Stock(2)
3/16/2021 13,939  92  92 
Optoro, Inc.
Preferred Stock(2)
7/13/2015 10,346  40  33 
RetailNext, Inc.
Preferred Stock(2)
11/16/2017 123,420  80  111 
Total Business to Business Marketplace - 0.06%* 147,705  212  236 
Commercial Services
Transfix, Inc. Preferred Stock 5/31/2019 133,502  188  188 
Total Commercial Services - 0.05%* 133,502  188  188 
Conferencing Equipment / Services
Fuze, Inc. (fka Thinking Phone Networks, Inc.)
Preferred Stock(2)
9/29/2015 323,381  670  205 
Total Conferencing Equipment / Services - 0.05%* 323,381  670  205 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
10/8/2020 36,972  97  97 
Hello Digit, Inc.
Preferred Stock(2)
9/8/2020 723  12  12 
Total Consumer Finance - 0.03%* 37,695  109  109 
Consumer Non-Durables
Hims & Hers Health, Inc. (fka Hims, Inc.)
Preferred Stock(2)
11/27/2019 217,943  73  1,388 
Imperfect Foods, Inc.
Preferred Stock(2)
6/6/2019 49,709  189  275 
Common Stock 9/30/2020 48,391  208  354 
98,100  397  629 
Total Consumer Non-Durables - 0.50%* 316,043  470  2,017 

9

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2021
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Consumer Products and Services
Clutter Inc.
Preferred Stock(2)
10/18/2018 77,434  $ 363  $ 567 
Preferred Stock(2)
9/30/2020 29,473  169  169 
106,907  532  736 
Hydrow, Inc.
Common Stock(2)
2/9/2021 103,267  143  267 
Outdoor Voices, Inc. Common Stock 2/26/2019 732,387  369  15 
Quip NYC, Inc.
Preferred Stock(2)
11/26/2018 41,272  455  1,020 
Tempo Interactive Inc.
Preferred Stock(2)
3/31/2021 14,709  143  143 
VanMoof Global Holding B.V.(1)(3)
Preferred Stock(2)
2/1/2021 704,689  145  140 
Total Consumer Products and Services - 0.58%* 1,703,231  1,787  2,321 
Consumer Retail
LovePop, Inc.
Preferred Stock(2)
10/23/2018 163,463  168  127 
Savage X, Inc. Preferred Stock 4/7/2020 28,977  471  499 
Total Consumer Retail - 0.16%* 192,440  639  626 
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
11/20/2017 173,341  521  714 
Minted, Inc. Preferred Stock 9/30/2020 44,554  432  432 
Outfittery GMBH(1)(3)
Cash Exit Fee(2)(5)
8/10/2017 —  1,850  2,806 
Rent the Runway, Inc.
Preferred Stock(2)
11/25/2015 88,037  213  387 
Common Stock(2)
11/25/2015 149,203  1,081  1,010 
237,240  1,294  1,397 
Stance, Inc.
Preferred Stock(2)
3/31/2017 75,000  41  70 
TFG Holding, Inc.
Common Stock(2)
11/30/2020 163,807  580  600 
Untuckit LLC
Cash Exit Fee(2)(5)
5/11/2018 —  39  57 
Total E-Commerce - Clothing and Accessories - 1.51%* 693,942  4,757  6,076 
E-Commerce - Personal Goods
Enjoy Technology, Inc.
Preferred Stock(2)
9/7/2018 336,304  269  538 
Grove Collaborative, Inc. Preferred Stock 4/2/2018 264,140  219  1,305 
Preferred Stock 5/22/2019 109,114  228  347 
373,254  447  1,652 
Total E-Commerce - Personal Goods - 0.55%* 709,558  716  2,190 
Educational/Training Software
Live Learning Technologies LLC (fka Varsity Tutors LLC)
Preferred Stock(2)(5)
3/13/2017 240,590  65  185 
Total Educational/Training Software - 0.05%* 240,590  65  185 
Entertainment
Mind Candy, Inc.(1)(3)
Preferred Stock(2)
3/24/2017 278,209  922  274 
Roli, Ltd.(1)(3)
Preferred Stock(2)
5/23/2018 102,247  644  — 
Total Entertainment - 0.07%* 380,456  1,566  274 

10

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2021
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Financial Institution and Services
BlueVine Capital, Inc.
Preferred Stock(2)
9/15/2017 271,293  361  909 
Prodigy Investments Limited(1)(3)
Ordinary Shares(2)
12/5/2017 56,241  869  190 
Revolut Ltd.(1)(3)
Preferred Stock(2)
4/16/2018 6,253  40  285 
Preferred Stock(2)
10/29/2019 7,945  324  117 
14,198  364  402 
WorldRemit Group Limited(1)(3)
Preferred Stock(2)
12/23/2015 128,288  382  479 
Preferred Stock(2)
12/23/2015 46,548  136  136 
174,836  518  615 
Total Financial Institution and Services - 0.53%* 516,568  2,112  2,116 
Food & Drug
Capsule Corporation
Preferred Stock(2)
1/17/2020 202,533  437  1,177 
Cash Exit Fee(2)(5)
12/28/2018 —  129  245 
Total Food & Drug - 0.35%* 202,533  566  1,422 
General Media and Content
Thrillist Media Group, Inc.
Common Stock(2)
9/24/2014 774,352  625  1,092 
Total General Media and Content - 0.27%* 774,352  625  1,092 
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
5/23/2019 36,020  58  43 
Groop Internet Platfom, Inc.
Preferred Stock(2)
5/15/2019 50,881  128  219 
Medly Health Inc. Preferred Stock 11/20/2020 1,083,470  195  195 
Nurx Inc. Preferred Stock 8/19/2019 170,716  270  270 
Total Healthcare Technology Systems - 0.18%* 1,341,087  651  727 
Household & Office Goods
Casper Sleep Inc. Preferred Stock 3/1/2019 21,736  240  31 
Total Household & Office Goods - 0.01%* 21,736  240  31 
Medical Software and Information Services
AirStrip Technologies, Inc.
Preferred Stock(2)
10/9/2013 8,036  112  — 
Total Medical Software and Information Services - 0.00%* 8,036  112  — 
Multimedia and Design Software
Pencil and Pixel, Inc. Preferred Stock 2/28/2020 179,211  199  289 
Total Multimedia and Design Software - 0.07%* 179,211  199  289 
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
1/10/2020 18,945  54  54 
Signifyd, Inc. Preferred Stock 12/19/2019 33,445  132  332 
Total Network Systems Management Software - 0.10%* 52,390  186  386 
Other Financial Services
Monzo Bank Limited(1)(3)
Ordinary Shares(2)
3/8/2021 64,813  323  316 
Upgrade, Inc.
Preferred Stock(2)
1/18/2019 744,225  223  193 
Total Other Financial Services - 0.13%* 809,038  546  509 

11

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2021
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Real Estate Services
HomeLight, Inc.
Preferred Stock(2)
12/21/2018 54,004  44  113 
Preferred Stock(2)
11/5/2020 55,326  76  76 
109,330  120  189 
Sonder Holdings Inc. Preferred Stock 12/28/2018 136,511  232  1,140 
Preferred Stock 3/4/2020 14,291  42  70 
150,802  274  1,210 
Total Real Estate Services - 0.35%* 260,132  394  1,399 
Security Services
ForgeRock, Inc.
Preferred Stock(2)
3/30/2016 195,992  155  823 
Preferred Stock 3/29/2019 161,724  340  354 
Total Security Services - 0.29%* 357,716  495  1,177 
Shopping Facilitators
Moda Operandi, Inc. Preferred Stock 9/27/2019 34,538  343  141 
OfferUp Inc.
Preferred Stock(2)
12/23/2019 131,006  42  138 
Total Shopping Facilitators - 0.07%* 165,544  385  279 
Social/Platform Software
ClassPass Inc. Preferred Stock 3/18/2019 84,507  281  151 
Total Social/Platform Software - 0.04%* 84,507  281  151 
Transportation
Bird Rides, Inc.
Preferred Stock(2)
4/18/2019 68,111  193  55 
Total Transportation - 0.01%* 68,111  193  55 
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Units 9/18/2019 12,027  362  111 
Inspirato, LLC
Preferred Units(2)
4/25/2013 1,994  37  45 
Total Travel & Leisure - 0.04%* 14,021  399  156 
Total Warrant Investments - 7.41%* $ 21,902  $ 29,789 

12

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2021
Venture Growth Stage Company Type of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Equity Investments(8)
Business Applications Software
Convoy, Inc.
Preferred Stock(2)
9/27/2018 35,208  $ 250  $ 355 
DialPad, Inc.
Preferred Stock(2)
9/22/2020 15,456  120  120 
Farmer's Business Network, Inc.
Preferred Stock(2)
7/31/2020 5,041  167  167 
Passport Labs, Inc.
Preferred Stock(2)
6/11/2019 1,302  100  103 
Total Business Applications Software - 0.19%* 57,007  637  745 
Communications Software
Pluribus Networks, Inc.
Preferred Stock(2)
1/10/2017 722,073  2,000  2,000 
Total Communications Software - 0.50%* 722,073  2,000  2,000 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
11/10/2020 14,788  150  150 
Total Consumer Finance - 0.04%* 14,788  150  150 
Consumer Non-Durables
Hims & Hers Health, Inc. (fka Hims, Inc.)
Preferred Stock(2)
4/29/2019 79,258  500  839 
Imperfect Foods, Inc.
Preferred Stock(2)
1/29/2021 35,649  500  500 
Total Consumer Non-Durables - 0.33%* 114,907  1,000  1,339 
Consumer Products and Services
Hydrow, Inc.
Preferred Stock(2)
12/14/2020 85,542  333  470 
Preferred Stock(2)
3/19/2021 46,456  335  335 
Total Consumer Products and Services - 0.20%* 131,998  668  805 
Consumer Retail
Savage X, Inc.
Preferred Stock(2)
1/20/2021 17,249  500  500 
Total Consumer Retail - 0.12%* 17,249  500  500 
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
1/17/2019 67,934  500  768 
Total E-Commerce - Clothing and Accessories - 0.19%* 67,934  500  768 
E-Commerce - Personal Goods
Grove Collaborative, Inc.
Preferred Stock(2)
6/5/2018 134,249  500  977 
Total E-Commerce - Personal Goods - 0.24%* 134,249  500  977 
Educational/Training Software
Live Learning Technologies LLC (fka Varsity Tutors LLC)
Preferred Stock(2)
1/5/2018 92,470  250  256 
Total Educational/Training Software - 0.06%* 92,470  250  256 
Entertainment
Mind Candy, Inc.(1)(3)
Preferred Stock(2)
3/9/2020 511,665  1,000  1,177 
Total Entertainment - 0.29%* 511,665  1,000  1,177 
Financial Institution and Services
GoGreenHost AB(1)(3)
Preferred Stock(2)
12/1/2017 1  2,134  657 
Prodigy Investments Limited(1)(3)
Preference Shares(2)
12/31/2020 1,552  15,828  13,214 
Revolut Ltd.(1)(3)
Preferred Stock(2)
8/3/2017 25,920  292  1,446 
Total Financial Institution and Services - 3.81%* 27,473  18,254  15,317 
Food & Drug
Capsule Corporation
Preferred Stock(2)
7/25/2019 75,013  500  814 
Total Food & Drug - 0.20%* 75,013  500  814 

13

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2021
Venture Growth Stage Company Type of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
11/26/2019 66,000  $ 196  $ 224 
Common Stock(2)
1/14/2020 142,855  404  264 
208,855  600  488 
Groop Internet Platfom, Inc.
Preferred Stock(2)
5/15/2019 90,859  250  627 
Nurx Inc.
Preferred Stock(2)
5/31/2019 136,572  1,000  1,004 
Total Healthcare Technology Systems - 0.53%* 436,286  1,850  2,119 
Household & Office Goods
Casper Sleep Inc.
Common Stock(2)(10)
6/19/2017 35,722  1,000  259 
Total Household & Office Goods - 0.06%* 35,722  1,000  259 
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
3/24/2017 60,342  400  606 
Preferred Stock(2)
4/7/2020 9,022  125  125 
Total Network Systems Management Software - 0.18%* 69,364  525  731 
Other Financial Services
Monzo Bank Limited(1)(3)
Ordinary Shares(2)
3/8/2021 92,901  1,000  986 
Total Other Financial Services - 0.25%* 92,901  1,000  986 
Real Estate Services
Sonder Holdings Inc.
Preferred Stock(2)
5/21/2019 29,773  312  396 
Total Real Estate Services - 0.10%* 29,773  312  396 
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Stock(2)
10/5/2017 2,362  300  171 
Inspirato, LLC
Preferred Units(2)(4)
9/11/2014 1,948  250  266 
Total Travel & Leisure - 0.11%* 4,310  550  437 
Total Equity Investments - 7.41%* $ 31,196  $ 29,776 
Total Investments in Portfolio Companies - 157.71%*(11)
$ 643,690  $ 633,696 
Total Investments - 157.71%*(9)
$ 643,690  $ 633,696 
_______________
(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, 2021 non-qualifying assets represented 22.5% of the Company’s total assets, at fair value.
(2)As of March 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 losses for federal income tax purposes totaled $16.5 million, $26.5 million and $10.0 million, respectively, for the March 31, 2021 investment portfolio. The tax cost of investments is $643.7 million.
(7)Debt is on non-accrual status at March 31, 2021 and is therefore considered non-income producing. Non-accrual investments at March 31, 2021 had a total cost and fair value of $31.4 million and $22.0 million, respectively.
(8)Non-income producing investments.
(9)Except for equity in one public company, 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 New York Stock Exchange 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, 2021, the Company’s portfolio company investments that were subject to restrictions on sales totaled $633.4 million at fair value and represented 157.6% of the Company’s net assets. In addition, unless otherwise indicated, as of March 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.
*    Value as a percentage of net assets.

14

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Debt Investments
Buildings and Property
Knotel, Inc.(7)
Growth Capital Loan (Prime + 4.25% interest rate, 9.50% floor, 9.00% EOT payment) 2/28/2019 $ 8,855  $ 9,195  $ 4,500  8/31/2022
Growth Capital Loan (Prime + 4.25% interest rate, 9.50% floor, 9.00% EOT payment) 3/25/2019 5,903  6,113  3,000  9/30/2022
Growth Capital Loan (Prime + 4.25% interest rate, 9.50% floor, 9.00% EOT payment) 4/18/2019 8,855  9,145  4,500  10/31/2022
Growth Capital Loan (Prime + 4.25% interest rate, 9.50% floor, 9.00% EOT payment) 9/30/2019 5,903  6,006  3,000  3/31/2023
Total Buildings and Property - 3.75%* 29,516  30,459  15,000 
Business Applications Software
Envoy, Inc. Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment) 5/22/2020 1,000  993  993  5/31/2023
Hi.Q, Inc. Growth Capital Loan (11.00% interest rate, 2.00% EOT payment) 12/17/2018 13,250  13,196  13,196  6/30/2023
Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 1.00% EOT payment)(2)
12/31/2020 6,868  6,823  6,823  8/31/2025
20,118  20,019  20,019 
OneSource Virtual, Inc. Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment) 6/29/2018 6,302  6,600  6,622  6/30/2022
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment) 11/5/2019 4,881  4,911  4,941  11/30/2023
Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment) 1/31/2020 3,000  3,017  3,037  1/31/2024
14,183  14,528  14,600 
Passport Labs, Inc. Growth Capital Loan (9.75% interest rate, 5.25% EOT payment) 10/11/2018 19,000  19,175  18,975  8/31/2023
Growth Capital Loan (10.25% interest rate, 5.25% EOT payment) 5/15/2019 6,000  5,998  5,925  3/31/2024
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 5/15/2019 5,000  5,033  4,970  5/31/2024
30,000  30,206  29,870 
Quantcast Corporation Growth Capital Loan (Prime + 6.25% interest rate, 10.50% floor, 6.00% EOT payment) 3/12/2018 2,063  2,919  2,921  3/31/2021
Total Business Applications Software - 17.08%* 67,364  68,665  68,403 
Commercial Services
Transfix, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 2.00% EOT payment) 12/23/2019 10,000  9,993  9,993  12/31/2021
Total Commercial Services - 2.50%* 10,000  9,993  9,993 
Consumer Finance
Activehours, Inc.
Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)(2)
10/8/2020 6,000  5,891  5,891  10/31/2023
Total Consumer Finance - 1.47%* 6,000  5,891  5,891 
Consumer Non-Durables
Imperfect Foods, Inc. Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment) 9/30/2020 19,000  18,799  18,799  9/30/2024
Total Consumer Non-Durables - 4.69%* 19,000  18,799  18,799 

15

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Consumer Products and Services
Clutter Inc.
Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)(2)
12/23/2020 $ 3,000  $ 2,916  $ 2,916  12/31/2023
Outdoor Voices, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 9.75% EOT payment) 2/26/2019 4,000  4,160  4,160  2/28/2022
Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 9.75% EOT payment) 4/4/2019 6,000  6,202  6,202  4/30/2022
10,000  10,362  10,362 
Quip NYC, Inc. Growth Capital Loan (Prime + 6.75% interest rate, 12.00% floor, 6.25% EOT payment) 4/16/2019 10,000  10,178  10,232  4/30/2022
Growth Capital Loan (Prime + 6.75% interest rate, 12.00% floor, 6.25% EOT payment) 6/26/2019 5,000  5,062  5,092  6/30/2022
Growth Capital Loan (Prime + 6.75% interest rate, 12.00% floor, 6.25% EOT payment) 6/26/2019 5,000  5,062  5,092  6/30/2022
Growth Capital Loan (Prime + 6.75% interest rate, 12.00% floor, 6.25% EOT payment) 9/26/2019 5,000  5,025  5,059  9/30/2022
25,000  25,327  25,475 
Total Consumer Products and Services - 9.68%* 38,000  38,605  38,753 
Consumer Retail
Savage X, Inc. Growth Capital Loan (Prime + 2.75% interest rate, 7.50% floor, 3.50% EOT payment) 4/15/2020 1,000  1,016  1,018  4/30/2021
Total Consumer Retail - 0.25%* 1,000  1,016  1,018 
E-Commerce - Clothing and Accessories
Minted, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment) 9/30/2020 15,000  14,533  14,533  3/31/2024
Outfittery GMBH(1)(3)
Growth Capital Loan (Prime + 8.25% interest rate, 13.75% floor, 11.00% EOT payment)(2)
8/11/2017 6,180  6,443  6,587  8/31/2022
Growth Capital Loan (12.00% interest rate, 9.00% EOT payment)(2)
6/7/2018 1,511  1,661  1,722  6/30/2021
Growth Capital Loan (12.75% interest rate, 9.00% EOT payment)(2)
12/28/2018 1,987  2,053  2,183  12/31/2021
Growth Capital Loan (Prime + 7.25% interest rate, 12.75% floor, 9.00% EOT payment)(2)
8/7/2019 3,947  3,983  4,287  8/31/2022
Growth Capital Loan (Prime + 7.25% interest rate, 12.75% floor, 9.00% EOT payment)(2)
9/23/2019 3,305  3,226  3,552  9/30/2022
Growth Capital Loan (Prime + 7.25% interest rate, 12.75% floor, 9.00% EOT payment)(2)
7/27/2020 1,166  1,103  1,137  7/31/2023
Revolver (11.00% interest rate, 2.00% EOT payment)(2)
3/5/2020 3,298  3,364  3,753  12/31/2020
21,394  21,833  23,221 
TFG Holding, Inc.
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)
12/4/2020 10,500  10,151  10,151  12/31/2023
Total E-Commerce - Clothing and Accessories - 11.96%* 46,894  46,517  47,905 
E-Commerce - Personal Goods
Grove Collaborative, Inc.
Growth Capital Loan (Prime + 2.25% interest rate, 7.75% floor, 4.75% EOT payment)(2)
1/31/2020 8,250  8,498  8,498  4/30/2021
Growth Capital Loan (Prime + 2.25% interest rate, 7.75% floor, 4.75% EOT payment)(2)
1/31/2020 2,667  2,747  2,747  4/30/2021
Total E-Commerce - Personal Goods - 2.81%* 10,917  11,245  11,245 

16

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Entertainment
Mind Candy Limited(1)(3)
Growth Capital Loan (12.00% PIK interest rate, 9.50% EOT payment) 6/25/2014 $ 14,320  $ 14,219  $ 14,033  6/30/2022
Growth Capital Loan (9.00% PIK interest rate)(2)
3/17/2020 1,075  1,075  1,053  3/31/2023
Growth Capital Loan (9.00% PIK interest rate)(2)
12/21/2020 1,003  1,003  976  12/31/2023
16,398  16,297  16,062 
Roli, Ltd.(1)(3)(7)
Growth Capital Loan (11.00% PIK interest rate, 9.50% EOT payment)(2)
5/23/2018 10,732  10,767  7,823  5/31/2021
Growth Capital Loan (11.00% PIK interest rate, 9.50% EOT payment)(2)
5/23/2018 1,342  1,346  978  5/31/2021
Growth Capital Loan (11.25% PIK interest rate, 9.50% EOT payment)(2)
7/16/2018 1,325  1,317  969  7/31/2021
Revolver (8.75% PIK interest rate, 4.00% EOT payment)(2)
7/5/2018 129  129  95  10/31/2020
Revolver (9.75% PIK interest rate, 4.00% EOT payment)(2)
7/5/2018 1,898  1,898  1,401  10/31/2020
Revolver (9.75% PIK interest rate, 4.00% EOT payment)(2)
9/27/2018 4,556  4,556  3,378  10/31/2020
Growth Capital Loan (10.00% PIK interest rate, 10.00% EOT payment)(2)
6/5/2019 1,283  1,340  1,025  10/31/2020
Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)(2)
7/9/2019 627  627  487  10/31/2020
Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)(2)
8/28/2019 538  538  429  10/31/2020
Growth Capital Loan (10.00% PIK interest rate)(2)
10/24/2019 4,925  4,925  3,696  10/31/2020
Growth Capital Loan (10.00% PIK interest rate)(2)
4/23/2020 1,390  1,390  1,097  7/31/2020
Convertible Note (8.00% interest rate)(2)
7/15/2020 2,525  2,525  —  7/15/2023
31,270  31,358  21,378 
Total Entertainment - 9.35%* 47,668  47,655  37,440 
Financial Institution and Services
Prodigy Finance Limited(1)(3)
Growth Capital Loan (8.00% PIK interest rate) 12/31/2020 36,237  35,104  34,859  12/1/2023
Total Financial Institution and Services - 8.71%* 36,237  35,104  34,859 
Food & Drug
Capsule Corporation
Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)(2)
12/30/2020 15,000  14,542  14,542  12/31/2024
Total Food & Drug - 3.63%* 15,000  14,542  14,542 
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  4,811  4,811  12/31/2023
Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment) 12/11/2020 5,000  4,811  4,811  12/31/2023
10,000  9,622  9,622 
Nurx Inc. Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 7.75% EOT payment) 11/5/2019 19,526  19,785  19,785  11/30/2023
Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)(2)
12/31/2020 10,000  9,847  9,847  12/31/2025
29,526  29,632  29,632 
Total Healthcare Technology Systems - 9.80%* 39,526  39,254  39,254 
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  15,093  15,093  8/31/2023
Growth Capital Loan (Prime + 6.00% interest rate, 11.25% floor, 6.25% EOT payment) 11/1/2019 15,000  15,117  15,117  10/31/2022
Total Household & Office Goods - 7.54%* 30,000  30,210  30,210 
Multimedia and Design Software
Pencil and Pixel, Inc. Growth Capital Loan (10.00% interest rate, 6.50% EOT payment) 3/20/2020 10,000  9,999  9,999  3/31/2023
Growth Capital Loan (9.75% interest rate, 4.25% EOT payment)(2)
12/31/2020 5,000  4,884  4,884  12/31/2023
Total Multimedia and Design Software - 3.72%* 15,000  14,883  14,883 

17

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Investment
Acquisition
Date(12)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Network Systems Management Software
Signifyd, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 12.25% floor, 8.75% EOT payment) 4/8/2020 $ 6,000  $ 5,970  $ 5,970  10/31/2023
Virtual Instruments Corporation Growth Capital Loan (10.00% interest rate) 4/4/2016 5,000  5,000  4,971  4/4/2021
Growth Capital Loan (5.00% PIK interest rate) 8/7/2018 31,967  31,967  27,802  4/4/2022
36,967  36,967  32,773 
Total Network Systems Management Software - 9.68%* 42,967  42,937  38,743 
Other Financial Services
Upgrade, Inc. Growth Capital Loan (9.50% interest rate, 8.50% EOT payment) 1/18/2019 6,000  6,217  6,500  1/31/2023
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 1/18/2019 1,522  1,574  1,649  1/31/2023
Growth Capital Loan (9.25% interest rate, 6.50% EOT payment) 1/18/2019 6,391  6,785  6,792  1/31/2021
Growth Capital Loan (9.50% interest rate, 6.25% EOT payment) 3/1/2019 3,694  3,942  4,064  2/28/2022
Total Other Financial Services - 4.75%* 17,607  18,518  19,005 
Real Estate Services
Sonder USA, Inc. Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.25% EOT payment) 12/28/2018 15,397  15,965  15,866  6/30/2022
Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment) 3/6/2020 5,000  5,003  4,932  3/31/2024
Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment) 3/6/2020 2,000  1,992  1,964  3/31/2024
Total Real Estate Services - 5.68%* 22,397  22,960  22,762 
Security Services
ForgeRock, Inc. Growth Capital Loan (Prime + 2.90% interest rate, 8.40% floor, 8.00% EOT payment) 3/27/2019 10,000  10,194  10,194  9/30/2023
Growth Capital Loan (Prime + 3.70% interest rate, 9.20% floor, 8.00% EOT payment) 9/30/2019 10,000  10,079  10,079  12/31/2023
Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 8.00% EOT payment) 12/23/2019 10,000  10,031  10,031  12/31/2023
Total Security Services - 7.57%* 30,000  30,304  30,304 
Shopping Facilitators
Moda Operandi, Inc. Growth Capital Loan (Prime + 6.25% interest rate, 11.75% floor, 7.25% EOT payment) 10/21/2019 10,000  10,173  9,912  4/30/2022
Growth Capital Loan (Prime + 6.25% interest rate, 11.75% floor, 7.25% EOT payment) 11/27/2019 5,000  5,069  4,932  5/31/2022
Growth Capital Loan (Prime + 6.25% interest rate, 11.75% floor, 7.25% EOT payment) 1/6/2020 10,000  10,089  9,786  7/31/2022
Total Shopping Facilitators - 6.15%* 25,000  25,331  24,630 
Social/Platform Software
ClassPass Inc. Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 8.25% EOT payment) 8/15/2019 15,000  15,259  15,156  8/31/2023
Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 8.25% EOT payment) 9/30/2019 15,000  15,213  15,105  9/30/2023
Total Social/Platform Software - 7.56%* 30,000  30,472  30,261 
Travel & Leisure
GoEuro Corp.(1)(3)
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 10/30/2019 20,000  19,825  19,479  10/31/2023
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 3/27/2020 10,000  9,860  9,662  3/31/2024
Convertible Note (5.00% interest rate)(2)
8/11/2020 300  300  294  2/11/2023
Total Travel & Leisure - 7.35%* 30,300  29,985  29,435 
Total Debt Investments - 145.68%* $ 610,393  $ 613,345  $ 583,335 

18

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Warrant Investments(8)
Advertising / Marketing
InMobi Pte Ltd.(1)(3)
Ordinary Shares(2)
12/13/2013 48,500  $ 35  $ 13 
Total Advertising / Marketing - 0.00%* 48,500  35  13 
Building Materials/Construction Machinery
View, Inc.
Preferred Stock(2)
6/13/2017 4,545,455  500  71 
Total Building Materials/Construction Machinery - 0.02%* 4,545,455  500  71 
Buildings and Property
Knotel, Inc. Preferred Stock 2/19/2019 360,260  159  — 
Total Buildings and Property - 0.00%* 360,260  159  — 
Business Applications Software
DialPad, Inc.
Preferred Stock(2)
8/3/2020 14,490  51  51 
Envoy, Inc. Preferred Stock 5/8/2020 35,893  82  86 
Farmer's Business Network, Inc. Preferred Stock 1/3/2020 37,666  33  252 
FinancialForce.com, Inc.
Preferred Stock(2)
6/20/2016 547,440  1,540  2,480 
Hi.Q, Inc. Preferred Stock 12/17/2018 606,952  196  971 
Preferred Stock(2)
12/31/2020 36,498  45  45 
643,450  241  1,016 
Narvar, Inc.
Preferred Stock(2)
8/28/2020 21,790  102  102 
OneSource Virtual, Inc. Preferred Stock 6/25/2018 70,773  161  335 
Passport Labs, Inc. Preferred Stock 9/28/2018 21,929  303  590 
Quantcast Corporation
Cash Exit Fee(5)
8/9/2018 —  213  161 
Toast, Inc.
Preferred Stock(2)
2/1/2018 26,325  27  401 
Total Business Applications Software - 1.37%* 1,419,756  2,753  5,474 
Business to Business Marketplace
Factual, Inc.
Preferred Stock(2)
9/4/2018 47,072  86  56 
Optoro, Inc.
Preferred Stock(2)
7/13/2015 10,346  40  33 
RetailNext, Inc.
Preferred Stock(2)
11/16/2017 123,420  80  111 
Total Business to Business Marketplace - 0.05%* 180,838  206  200 
Commercial Services
Transfix, Inc. Preferred Stock 5/31/2019 133,502  188  188 
Total Commercial Services - 0.05%* 133,502  188  188 
Conferencing Equipment / Services
Fuze, Inc. (fka Thinking Phone Networks, Inc.)
Preferred Stock(2)
9/29/2015 323,381  670  205 
Total Conferencing Equipment / Services - 0.05%* 323,381  670  205 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
10/8/2020 36,972  97  97 
Hello Digit, Inc.
Preferred Stock(2)
9/8/2020 723  12  12 
Total Consumer Finance - 0.03%* 37,695  109  109 
Consumer Non-Durables
Hims, Inc. Preferred Stock(2) 11/27/2019 217,943  73  425 
Imperfect Foods, Inc. Preferred Stock(2) 6/6/2019 49,709  189  275 
Common Stock 9/30/2020 48,391  208  354 
98,100  397  629 
Total Consumer Non-Durables - 0.26%* 316,043  470  1,054 

19

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Consumer Products and Services
Clutter Inc.
Preferred Stock(2)
10/18/2018 77,434  $ 363  $ 567 
Preferred Stock(2)
9/30/2020 9,824  57  57 
87,258  420  624 
Outdoor Voices, Inc. Common Stock 2/26/2019 255,000  360  — 
Quip NYC, Inc. Preferred Stock 11/26/2018 41,272  455  1,020 
Total Consumer Products and Services - 0.41%* 383,530  1,235  1,644 
Consumer Retail
LovePop, Inc.
Preferred Stock(2)
10/23/2018 163,463  168  128 
Savage X, Inc. Preferred Stock 4/7/2020 11,591  171  200 
Total Consumer Retail - 0.08%* 175,054  339  328 
E-Commerce - Clothing and Accessories
FabFitFun, Inc. Preferred Stock 11/20/2017 173,341  521  714 
Minted, Inc. Preferred Stock 9/30/2020 44,554  432  432 
Outfittery GMBH(1)(3)
Cash Exit Fee(2)(5)
8/10/2017 —  1,850  2,934 
Rent the Runway, Inc.
Preferred Stock(2)
11/25/2015 88,037  213  387 
Common Stock(2)
11/25/2015 149,203  1,081  1,010 
237,240  1,294  1,397 
Stance, Inc.
Preferred Stock(2)
3/31/2017 75,000  41  70 
TFG Holding, Inc.
Common Stock(2)
11/30/2020 163,807  401  401 
Untuckit LLC
Cash Exit Fee(2)(5)
5/11/2018 —  39  57 
Total E-Commerce - Clothing and Accessories - 1.50%* 693,942  4,578  6,005 
E-Commerce - Personal Goods
Enjoy Technology, Inc. Preferred Stock 9/7/2018 336,304  269  323 
Grove Collaborative, Inc. Preferred Stock 4/2/2018 202,506  168  1,000 
Preferred Stock 5/22/2019 109,114  228  347 
311,620  396  1,347 
Total E-Commerce - Personal Goods - 0.42%* 647,924  665  1,670 
Educational/Training Software
Varsity Tutors LLC
Preferred Stock(2)(5)
3/13/2017 240,590  65  185 
Total Educational/Training Software - 0.05%* 240,590  65  185 
Entertainment
Mind Candy, Inc.(1)(3)
Preferred Stock 3/24/2017 278,209  922  193 
Roli, Ltd.(1)(3)
Preferred Stock(2)
5/23/2018 102,247  644  — 
Total Entertainment - 0.05%* 380,456  1,566  193 
Financial Institution and Services
BlueVine Capital, Inc.
Preferred Stock(2)
9/15/2017 271,293  361  909 
Prodigy Investments Limited(1)(3)
Ordinary Shares 12/5/2017 44,064  828  148 
Revolut Ltd.(1)(3)
Preferred Stock(2)
4/16/2018 6,253  40  285 
Preferred Stock(2)
10/29/2019 7,945  324  117 
14,198  364  402 
WorldRemit Group Limited(1)(3)
Preferred Stock(2)
12/23/2015 128,288  382  479 
Preferred Stock(2)
12/23/2015 46,548  136  136 
174,836  518  615 
Total Financial Institution and Services - 0.52%* 504,391  2,071  2,074 
Food & Drug
Capsule Corporation
Preferred Stock(2)
1/17/2020 202,533  437  549 
Cash Exit Fee(2)(5)
12/28/2018 —  129  129 
Total Food & Drug - 0.17%* 202,533  566  678 

20

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
General Media and Content
Thrillist Media Group, Inc.
Common Stock(2)
9/24/2014 774,352  $ 624  $ 1,092 
Total General Media and Content - 0.27%* 774,352  624  1,092 
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
5/23/2019 36,020  58  58 
Groop Internet Platfom, Inc.
Preferred Stock(2)
5/15/2019 50,881  128  198 
Medly Health Inc. Preferred Stock 11/20/2020 1,083,470  195  195 
Nurx Inc. Preferred Stock 8/19/2019 170,716  270  270 
Total Healthcare Technology Systems - 0.18%* 1,341,087  651  721 
Household & Office Goods
Casper Sleep Inc. Preferred Stock 3/1/2019 21,736  240  17 
Total Household & Office Goods - 0.00%* 21,736  240  17 
Medical Software and Information Services
AirStrip Technologies, Inc.
Preferred Stock(2)
10/9/2013 8,036  112  — 
Total Medical Software and Information Services - 0.00%* 8,036  112  — 
Multimedia and Design Software
Pencil and Pixel, Inc. Preferred Stock 2/28/2020 179,211  199  199 
Total Multimedia and Design Software - 0.05%* 179,211  199  199 
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
1/10/2020 18,945  54  54 
Signifyd, Inc.
Preferred Stock(2)
12/19/2019 33,445  132  332 
Total Network Systems Management Software - 0.10%* 52,390  186  386 
Other Financial Services
Upgrade, Inc. Preferred Stock 1/18/2019 744,225  223  193 
Total Other Financial Services - 0.05%* 744,225  223  193 
Real Estate Services
HomeLight, Inc.
Preferred Stock(2)
12/21/2018 54,004  44  113 
Preferred Stock(2)
11/5/2020 31,615  44  44 
85,619  88  157 
Sonder Holdings Inc. Preferred Stock 12/28/2018 136,511  232  613 
Preferred Stock 3/4/2020 14,291  42  42 
150,802  274  655 
Total Real Estate Services - 0.20%* 236,421  362  812 
Security Services
ForgeRock, Inc.
Preferred Stock(2)
3/30/2016 195,992  155  110 
Preferred Stock 3/29/2019 161,724  340  45 
Total Security Services - 0.04%* 357,716  495  155 
Shopping Facilitators
Moda Operandi, Inc. Preferred Stock 9/27/2019 34,538  343  161 
OfferUp Inc.
Preferred Stock(2)
12/23/2019 44,788  42  42 
Total Shopping Facilitators - 0.05%* 79,326  385  203 
Social/Platform Software
ClassPass Inc. Preferred Stock 3/18/2019 84,507  281  151 
Total Social/Platform Software - 0.04%* 84,507  281  151 
Transportation
Bird Rides, Inc.
Preferred Stock(2)
4/18/2019 68,111  193  55 
Total Transportation - 0.01%* 68,111  193  55 

21

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Warrant
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Units 9/18/2019 12,027  $ 362  $ 111 
Inspirato, LLC
Preferred Units(2)
4/25/2013 1,994  37  45 
Total Travel & Leisure - 0.04%* 14,021  399  156 
Total Warrant Investments - 6.05%* $ 20,525  $ 24,231 

22

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Equity Investments(8)
Business Applications Software
Convoy, Inc.
Preferred Stock(2)
9/27/2018 35,208  $ 250  $ 356 
DialPad, Inc.
Preferred Stock(2)
9/22/2020 15,456  120  120 
Farmer's Business Network, Inc.
Preferred Stock(2)
7/31/2020 5,041  167  167 
Passport Labs, Inc.
Preferred Stock(2)
6/11/2019 1,302  100  103 
Total Business Applications Software - 0.19%* 57,007  637  746 
Communications Software
Pluribus Networks, Inc.
Preferred Stock(2)
1/10/2017 722,073  2,000  2,000 
Total Communications Software - 0.50%* 722,073  2,000  2,000 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
11/10/2020 14,788  150  150 
Total Consumer Finance - 0.04%* 14,788  150  150 
Consumer Non-Durables
Hims, Inc.
Preferred Stock(2)
4/29/2019 158,501  500  574 
Prodigy Investments Limited(1)
Preference Shares(2)
12/31/2020 1,552  15,520  12,957 
Total Consumer Non-Durables - 3.38%* 160,053  16,020  13,531 
Consumer Products and Services
Hydrow, Inc.
Preferred Stock(2)
12/14/2020 85,542  333  333 
Total Consumer Products and Services - 0.08%* 85,542  333  333 
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
1/17/2019 67,934  500  768 
Total E-Commerce - Clothing and Accessories - 0.19%* 67,934  500  768 
E-Commerce - Personal Goods
Grove Collaborative, Inc.
Preferred Stock(2)
6/5/2018 134,249  500  977 
Total E-Commerce - Personal Goods - 0.24%* 134,249  500  977 
Educational/Training Software
Varsity Tutors LLC
Preferred Stock(2)
1/5/2018 92,470  250  256 
Total Educational/Training Software - 0.06%* 92,470  250  256 
Entertainment
Mind Candy, Inc.(1)(3)
Preferred Stock(2)
3/9/2020 511,665  1,000  1,003 
Total Entertainment - 0.25%* 511,665  1,000  1,003 
Financial Institution and Services
GoGreenHost AB(1)(3)
Preferred Stock(2)
12/1/2017 1  2,134  657 
Revolut Ltd.(1)(3)
Preferred Stock(2)
8/3/2017 25,920  292  1,447 
Total Financial Institution and Services - 0.53%* 25,921  2,426  2,104 
Food & Drug
Capsule Corporation
Preferred Stock(2)
7/25/2019 75,013  500  500 
Total Food & Drug - 0.12%* 75,013  500  500 
Healthcare Technology Systems
Curology, Inc.
Preferred Stock(2)
11/26/2019 66,000  196  237 
Common Stock(2)
1/14/2020 142,855  404  320 
208,855  600  557 
Groop Internet Platfom, Inc.
Preferred Stock(2)
5/15/2019 90,859  250  584 
Nurx Inc.
Preferred Stock(2)
5/31/2019 136,572  1,000  1,004 
Total Healthcare Technology Systems - 0.54%* 436,286  1,850  2,145 

23

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2020
Venture Growth Stage Company Type of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
Household & Office Goods
Casper Sleep Inc.
Common Stock(2)(10)
6/19/2017 35,722  $ 1,000  $ 220 
Total Household & Office Goods - 0.05%* 35,722  1,000  220 
Network Systems Management Software
Cohesity, Inc.
Preferred Stock(2)
3/24/2017 60,342  400  605 
Preferred Stock(2)
4/7/2020 9,022  125  125 
Total Network Systems Management Software - 0.18%* 69,364  525  730 
Real Estate Services
Sonder Holdings Inc.
Preferred Stock(2)
5/21/2019 29,773  312  313 
Total Real Estate Services - 0.08%* 29,773  312  313 
Travel & Leisure
GoEuro Corp.(1)(3)
Preferred Stock(2)
10/5/2017 2,362  300  171 
Inspirato, LLC
Preferred Units(2)(4)
9/11/2014 1,948  250  266 
Total Travel & Leisure - 0.11%* 4,310  550  437 
Total Equity Investments - 6.55%* $ 28,553  $ 26,213 
Total Investments in Portfolio Companies - 158.27%*(11)
$ 662,423  $ 633,779 
Total Investments - 158.27%*(9)
$ 662,423  $ 633,779 
_______________
(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2020 non-qualifying assets represented 21.5% of the Company’s total assets, at fair value.
(2)As of December 31, 2020, 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 losses for federal income tax purposes totaled $13.8 million, $42.4 million and $28.6 million, respectively, for the December 31, 2020 investment portfolio. The tax cost of investments is $662.4 million.
(7)Debt is on non-accrual status at December 31, 2020 and is therefore considered non-income producing. Non-accrual investments at December 31, 2020 had a total cost and fair value of $61.8 million and $36.4 million, respectively.
(8)Non-income producing investments.
(9)Except for equity in one public company, 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 New York Stock Exchange.
(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
(12)Acquisition date represents the date of the investment in the portfolio investment.
*    Value as a percentage of net assets.
_______________

Notes applicable to the investments presented in the foregoing schedules of investments:
•No investment represents 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:
•Interest rate is the annual 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.
•For each debt investment tied to the U.S. Prime rate (“Prime Rate”) as of March 31, 2021, Prime was 3.25%. As of March 31, 2021, approximately 49.6% or $292.1 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 have 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.

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TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(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, life sciences 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, 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, 2020, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 3, 2021, 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;
•executes, closes, services and monitors investments;

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•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 Adviser has agreed to exclude the U.S. Treasury bills acquired at the end of each applicable quarter in the calculation of gross assets for purposes of determining its base management fee. The Company had cumulative realized and unrealized losses as of March 31, 2021 and 2020, and, as a result, no capital gains incentive fees were recorded for the three months ended March 31, 2021 and 2020.
Management and Incentive Fees
(in thousands) 		For the Three Months Ended March 31,
2021 2020
Base management fee $ 2,924  $ 2,774 
Income incentive fee $ 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, 2021 and 2020, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.5 million and $0.7 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.

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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.
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, 2021 and December 31, 2020. 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, 2021 December 31, 2020
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Debt investments $ —  $ —  $ 574,131  $ 574,131  $ —  $ —  $ 583,335  $ 583,335 
Warrant investments —  —  29,789  29,789  —  —  24,231  24,231 
Equity investments 259  —  29,517  29,776  220  —  25,993  26,213 
Total investments $ 259  $ —  $ 633,437  $ 633,696  $ 220  $ —  $ 633,559  $ 633,779 

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The following tables show information about Level 3 investments measured at fair value for the three months ended March 31, 2021 and 2020. 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, 2021
Debt Investments Warrant Investments Equity Investments Total Investments
Fair value as of December 31, 2020 $ 583,335  $ 24,231  $ 25,993  $ 633,559 
Funding and purchases of investments, at cost 55,642  1,621  2,643  59,906 
Principal payments and sale proceeds received from investments (66,035) —  —  (66,035)
Amortization and accretion of premiums and discounts, net and end-of term payments 1,119  —  —  1,119 
Net realized gains (losses) on investments (15,459) (244) —  (15,703)
Net change in unrealized gains (losses) included in earnings 13,548  4,181  881  18,610 
Payment-in-kind coupon 1,981  —  —  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 
_______________
(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.
Level 3
Investment Activity (in thousands) 		For the Three Months Ended March 31, 2020
Debt Investments Warrant Investments Equity Investments Total Investments
Fair value as of December 31, 2019 $ 604,518  $ 22,090  $ 11,168  $ 637,776 
Funding and purchases of investments, at cost 77,025  1,074  1,420  79,519 
Principal payments and sale proceeds received from investments (6,813) —  —  (6,813)
Amortization and accretion of premiums and discounts, net and end-of term payments 3,782  —  —  3,782 
Net realized gains (losses) on investments —  (289) —  (289)
Net change in unrealized gains (losses) included in earnings (17,614) (374) 272  (17,716)
Payment-in-kind coupon 852  —  —  852 
Gross transfers out of Level 3(1)
—  —  (592) (592)
Fair value as of March 31, 2020 $ 661,750  $ 22,501  $ 12,268  $ 696,519 
Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2020 $ (17,614) $ (374) $ 272  $ (17,716)
_______________
(1)Transfers out of Level 3 are measured as of the date of the transfer. During the three months ended March 31, 2020, the only transfer relates to an equity investment in a publicly traded company.
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, 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.
During the three months ended March 31, 2020, the Company recognized net realized losses on investments of $0.3 million, primarily as a result of the termination of warrants in one portfolio company.
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 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.
Net change in unrealized losses during the three months ended March 31, 2020 was $17.0 million, resulting primarily from mark-to-market related changes, as well as credit-related adjustments.
For the three months ended March 31, 2021, the Company recognized $0.8 million in other income consisting of $0.3 million due to 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. For the three months ended March 31, 2020, the Company recognized $0.6 million in other income, primarily consisting of $0.5 million due to the termination or expiration of unfunded commitments.

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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, 2021 and December 31, 2020. 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, 2021
Fair Value Valuation Technique Unobservable Inputs Range Weighted Average
Debt investments $ 552,173  Discounted Cash Flows Discount Rate 7.35% - 37.77% 14.84%
21,958  Probability-Weighted Expected Return Method Probability Weighting of Alternative Outcomes 50.00% - 50.00%
Warrant investments 24,693  Black Scholes Option Pricing Model Revenue Multiples 0.38x - 18.21x 5.49x
Volatility 40.00% - 85.00% 61.29%
Term 0.20 - 6.00 Years 3.04 Years
Discount for Lack of Marketability 5.00% - 20.00% 19.41%
Risk Free Rate 0.06% - 0.92% 0.27%
1,642  Option-Pricing Method and Probability-Weighted Expected Return Method Term 3.00 - 4.00 Years 3.45 Years
Discount for Lack of Marketability 20.00% - 20.00%
3,454  Discounted Expected Return Discount Rate 15.00% - 40.00% 32.81%
Term 1.00 - 4.00 Years 2.11 Years
Expected Recovery Rate 18.75% - 100.00% 72.63%
Equity investments 27,394  Black Scholes Option Pricing Model Revenue Multiples 1.15x - 6.85x 3.59x
Volatility 45.00% - 75.00% 60.26%
Term 0.50 - 4.00 Years 2.98 Years
Discount for Lack of Marketability 5.00% - 5.00%
Risk Free Rate 0.06% - 0.64% 0.23%
1,466  Option-Pricing Method and Probability-Weighted Expected Return Method Term 3.00 - 4.00 Years 3.50 Years
Discount for Lack of Marketability 20.00% - 20.00%
657  Discounted Expected Recovery Expected Recovery Rate 27.10% - 27.10%
Total investments $ 633,437 


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Level 3 Investments
(dollars in thousands) 		December 31, 2020
Fair Value Valuation Technique Unobservable Inputs Range Weighted Average
Debt investments $ 546,958  Discounted Cash Flows Discount Rate 6.61% - 35.63% 15.24%
36,377  Probability-Weighted Expected Return Method Probability Weighting of Alternative Outcomes 50.00% - 50.00%
Warrant investments 20,071  Black Scholes Option Pricing Model Revenue Multiples 1.15x - 18.21x 6.38x
Volatility 40.00% - 85.00% 60.34%
Term 0.20 - 6.00 Years 3.19 Years
Discount for Lack of Marketability 5.00% - 20.00% 19.41%
Risk Free Rate 0.09% - 0.43% 0.20%
694  Option-Pricing Method and Probability-Weighted Expected Return Method Term 3.00 - 4.00 Years 3.40 Years
Discount for Lack of Marketability 20.00% - 20.00%
3,466  Discounted Expected Return Discount Rate 20.00% - 40.00% 34.13%
Term 1.00 - 4.00 Years 2.11 Years
Expected Recovery Rate 18.75% - 100.00% 71.02%
Equity investments 24,178  Black Scholes Option Pricing Model Revenue Multiples 0.89x - 4.50x 2.56x
Volatility 45.00% - 70.00% 59.06%
Term 1.00 - 4.50 Years 3.08 Years
Discount for Lack of Marketability 5.00% - 5.00%
Risk Free Rate 0.10% - 0.27% 0.18%
1,158  Option-Pricing Method and Probability-Weighted Expected Return Method Term 3.00 - 4.00 Years 3.50 Years
Discount for Lack of Marketability 20.00% - 20.00%
657  Discounted Expected Recovery Expected Recovery Rate 27.10% - 27.10%
Total investments $ 633,559 
    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, 2021 and December 31, 2020:
Liability
(in thousands) 		March 31, 2021 December 31, 2020
Total Commitment Balance Outstanding Unused Commitment Total Commitment Balance Outstanding Unused Commitment
Revolving Credit Facility $ 350,000  $ —  $ 350,000  $ 325,000  $ 118,000  $ 207,000 
2022 Notes 74,750  74,750  —  74,750  74,750  — 
2025 Notes 70,000  70,000  —  70,000  70,000  — 
2026 Notes 200,000  200,000  —  —  —  — 
Total before deferred financing and issuance costs 694,750  344,750  350,000  469,750  262,750  207,000 
Unamortized deferred financing and issuance costs —  (6,445) —  —  (4,790) — 
Total borrowings outstanding, net of deferred financing and issuance costs $ 694,750  $ 338,305  $ 350,000  $ 469,750  $ 257,960  $ 207,000 

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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,
2021 2020
Revolving Credit Facility
Interest cost $ 577  $ 2,424 
Unused fee 340  101 
Amortization of costs and other fees 603  316 
Revolving Credit Facility Total $ 1,520  $ 2,841 
2022 Notes
Interest cost $ 1,075  $ 1,075 
Amortization of costs and other fees 133  132 
2022 Notes Total $ 1,208  $ 1,207 
2025 Notes
Interest cost $ 787  $ 114 
Amortization of costs and other fees 50  — 
2025 Notes Total $ 837  $ 114 
2026 Notes
Interest cost $ 750  $ — 
Amortization of costs and other fees 36  — 
2026 Notes Total $ 786  $ — 
Total interest expense and amortization of fees $ 4,351  $ 4,162 
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, 2021, 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, 2021 and December 31, 2020, the Company was in compliance with all covenants under the Credit Facility.
During the three months ended March 31, 2021, gross borrowings and gross repayments under the Credit Facility were $40.0 million and $158.0 million, respectively. During the three months ended March 31, 2020, gross borrowings and gross repayments under the Credit Facility were $74.0 million and $79.3 million, respectively. At March 31, 2021, the Company did not have any outstanding borrowings under the Credit Facility and $2.9 million of deferred credit facility costs which is included in the Company’s consolidated statements of assets and liabilities. As of December 31, 2020, the Company had outstanding borrowings under the Credit Facility of $118.0 million, excluding deferred credit facility costs of $3.2 million, 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.

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During the three months ended March 31, 2021 and 2020, the Company had average outstanding borrowings under the Credit Facility of $70.3 million and $220.5 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 5.29% and 4.60%, respectively. As of March 31, 2021 and December 31, 2020, $335.7 million and $484.5 million, respectively, of the Company’s assets, including restricted cash, were pledged for borrowings under the Credit Facility, leaving $419.4 million and $199.0 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. As of March 31, 2021, the 2022 Notes were listed on the NYSE under the symbol “TPVY”.
The 2022 Notes mature on July 15, 2022. The 2022 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at a redemption price of 100% of the outstanding principal amount of the 2022 Notes plus all accrued and unpaid interest. The 2022 Notes are unsecured obligations and rank pari passu, or equal in right of payment, with any of the Company’s outstanding and future unsecured indebtedness; senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; effectively subordinated to all of the Company’s future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all of the Company’s existing and future indebtedness and other obligations of any subsidiaries, financing vehicles, or similar facilities the Company may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including, without limitation, borrowings under the Credit Facility.
The indenture governing the 2022 Notes contains certain covenants, including covenants (i) requiring the Company's compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act, whether or not the Company is subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; (ii) if the Company’s asset coverage has been below the 1940 Act minimum asset coverage requirements (after giving effect to any exemptive relief granted to the Company by the SEC) for more than six consecutive months, prohibiting the declaration of any cash dividend or distribution on the Company’s common stock (except to the extent necessary for the Company to maintain its treatment as a RIC under Subchapter M of the Code), or purchasing any of the Company’s common stock, unless, at the time of the declaration of the dividend or distribution or the purchase, and after deducting the amount of such dividend, distribution, or purchase, the Company is in compliance with the 1940 Act asset coverage requirements (after giving effect to any exemptive relief granted to the Company by the SEC); and (iii) requiring the Company to provide financial information to the trustee, if the Company ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. These covenants are subject to limitations and exceptions that are described in the indenture. As of March 31, 2021, the Company was in compliance with these covenants.
At March 31, 2021, the 2022 Notes had a market price of $25.30 per unit, resulting in an aggregate fair value of $75.6 million. The 2022 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.7 million of deferred issuance cost at March 31, 2021, which is amortized and expensed over the five-year term of the 2022 Notes based on an effective yield method.
As discussed under “Note 12. Subsequent Events,” the entire $74.75 million aggregate principal amount of 2022 Notes was redeemed in full on April 5, 2021 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.
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.

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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.
The 2025 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.8 million of deferred issuance cost at March 31, 2021, 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.
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.
The 2026 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $2.1 million of deferred issuance cost at March 31, 2021, 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.
The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of March 31, 2021 and December 31, 2020:
Liability
(in thousands) 		March 31, 2021 December 31, 2020
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Revolving Credit Facility $ —  $ —  $ —  $ —  $ —  $ —  $ 118,000  $ 118,000 
2022 Notes, net(1)
—  74,992  —  74,992  —  74,592  —  74,592 
2025 Notes, net(2)
—  —  69,198  69,198  —  —  69,148  69,148 
2026 Notes, net(3)
—  —  197,901  197,901  —  —  —  — 
Total $ —  $ 74,992  $ 267,099  $ 342,091  $ —  $ 74,592  $ 187,148  $ 261,740 
_______________
(1)Net of debt issuance costs as of March 31, 2021 and December 31, 2020 of $0.7 million and $0.8 million, respectively.
(2)Net of debt issuance costs as of March 31, 2021 and December 31, 2020 of $0.8 million and $0.9 million, respectively.
(3)Net of debt issuance costs as of March 31, 2021 of $2.1 million.


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Note 7. Commitments and Contingencies
Commitments
As of March 31, 2021 and December 31, 2020, the Company’s unfunded commitments totaled $168.8 million to 18 portfolio companies and $132.3 million to 16 portfolio companies, respectively, of which $35.3 million and $17.5 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them. As of March 31, 2021, of the $168.8 million of unfunded commitments, $121.8 million will expire during 2021, $44.0 million will expire during 2022 and $3.0 million will expire during 2024.
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, 2021 and December 31, 2020:
March 31, 2021 December 31, 2020
Unfunded Commitments(1)
(in thousands)
Unfunded Commitments Fair Value of Unfunded Commitment Liability Unfunded Commitments Fair Value of Unfunded Commitment Liability
Tempo Interactive Inc. $ 25,000  $ 237  $ —  $ — 
Farmer's Business Network, Inc. 20,000  18  20,000  18 
HomeLight, Inc. 14,000  146  14,000  84 
DialPad, Inc. 12,000  152  5,000  101 
Savage X, Inc. 11,500  574  4,000  200 
Grove Collaborative, Inc. 11,000  —  11,000  — 
OfferUp Inc. 10,000  192  10,000  192 
Grey Orange International Inc. 10,000  132  —  — 
Activehours, Inc. 9,000  64  9,000  64 
Curology, Inc. 9,000  44  9,000  44 
Narvar, Inc. 7,500  140  3,750  140 
TFG Holding, Inc. 7,000  319  7,000  248 
VanMoof Global Holding B.V. 6,282  186  —  — 
Imperfect Foods, Inc. 6,000  55  6,000  55 
Sonder USA, Inc. 3,000  25  3,000  25 
Clutter Inc. 3,000  —  9,000  60 
Hello Digit, Inc. 2,500  18  2,500  18 
Envoy, Inc. 2,000  53  4,000  105 
Minted, Inc. —  25  —  25 
Capsule Corporation —  —  15,000  277 
Total $ 168,782  $ 2,380  $ 132,250  $ 1,656 
_______________
(1)Does not include $2.5 million and $20.8 million backlog of potential future commitments as of March 31, 2021 and December 31, 2020, respectively. 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 $2.4 million and $1.7 million as of March 31, 2021 and December 31, 2020, 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, 2021 and 2020:
Commitments Activity
(in thousands) 		For the Three Months Ended March 31,
2021 2020
Unfunded commitments at beginning of period(1)
$ 153,000  $ 241,583 
New commitments(1)
90,398  102,573 
Fundings (56,908) (78,761)
Expirations / Terminations (15,000) (55,333)
Foreign currency adjustments (208) 21 
Unfunded commitments and backlog of potential future commitments at end of period $ 171,282  $ 210,083 
Backlog of potential future commitments 2,500  1,100 
Unfunded commitments at end of period $ 168,782  $ 208,983 
_______________
(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, 2021 and December 31, 2020.
Unfunded Commitments(1)
(in thousands)
March 31, 2021 December 31, 2020
Dependent on milestones $ 35,250  $ 17,500 
Expiring during:
2021 $ 121,750  $ 122,250 
2022 44,032  7,000 
2024 3,000  3,000 
Unfunded commitments $ 168,782  $ 132,250 
_______________
(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, 2021 and December 31, 2020, this backlog of potential future commitments totaled $2.5 million and $20.8 million, respectively.




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Note 8. Financial Highlights
The following table shows the financial highlights for the three months ended March 31, 2021 and 2020:
Financial Highlights
(in thousands, except per share data) 		For the Three Months Ended March 31, or as of March 31,
2021 2020
Per Share Data(1)(2)
Net asset value at beginning of period $ 12.97  $ 13.34 
Changes in net asset value due to:
Net investment income 0.29  0.41 
Net realized gains (losses) on investments (0.51) (0.01)
Net change in unrealized gains (losses) on investments 0.60  (0.57)
Net increase (decrease) from capital share transactions(2)
—  0.04 
Distributions from distributable earnings (0.36) (0.36)
Net asset value at end of period $ 13.00  $ 12.85 
Net investment income per share $ 0.29  $ 0.41 
Net increase in net assets resulting from operations per share $ 0.38  $ (0.17)
Weighted average shares of common stock outstanding for period 30,881  29,883 
Shares of common stock outstanding at end of period 30,917  30,746 
Ratios / Supplemental Data
Net asset value at beginning of period $ 400,435  $ 332,506 
Net asset value at end of period $ 401,800  $ 394,996 
Average net asset value $ 402,043  $ 404,355 
Stock price at end of period $ 14.45  $ 5.74 
Total return based on net asset value per share(3)
3.6  % 2.4  %
Total return based on stock price(4)
14.6  % (57.1) %
Net investment income to average net asset value(5)
9.0  % 12.2  %
Net increase (decrease) in net assets to average net asset value(5)
12.0  % (5.1) %
Ratio of expenses to average net asset value(5)
11.2  % 8.6  %
Operating expenses excluding incentive fees to average net asset value(5)
8.9  % 8.6  %
Income incentive fees to average net asset value(5)
2.2  % —  %
Capital gains incentive fees to average net asset value(5)
0.0  % 0.0  %
_____________
(1)Table may not foot due to rounding.
(2)All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.
(3)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.
(4)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.
(5)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, 2021 and 2020:
Ratios
(Percentages, on an annualized basis)(1)
For the Three Months Ended March 31,
2021 2020
Weighted average portfolio yield on total debt investments(2)
13.3  % 12.7  %
Coupon income 9.7  % 9.8  %
Accretion of discount 0.9  % 1.2  %
Accretion of end-of-term payments 1.3  % 1.7  %
Impact of prepayments during the period 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, 2021 and 2020:
Basic and Diluted Share Information
(in thousands, except per share data) 		For the Three Months Ended March 31,
2021 2020
Net investment income $ 8,907  $ 12,237 
Net increase (decrease) in net assets resulting from operations $ 11,859  $ (5,118)
Basic and diluted weighted average shares of common stock outstanding 30,881  29,883 
Basic and diluted net investment income per share of common stock $ 0.29  $ 0.41 
Basic and diluted net increase/(decrease) in net assets resulting from operations per share of common stock $ 0.38  $ (0.17)
Note 10.    Equity
Since inception through March 31, 2021, 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 to cause the Company to file a shelf registration statement covering the GSAM Shares to be sold by them. As of March 31, 2021, there was no effective shelf registration statement filed with the SEC covering the GSAM Shares.
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, 2021 and the year ended December 31, 2020:
Issuance of Common Stock for the Three Months Ended March 31, 2021 (in thousands, except per share data) Date Number of Shares of 
Common Stock Issued 		Gross Proceeds Raised Underwriting Sales Load Offering Expenses Gross Offering Price
Fourth quarter 2020 special distribution reinvestment 1/13/2021 11  142  —  —  $12.76 per share
First quarter 2021 distribution reinvestment 3/31/2021 35  482  —  —  $13.73 per share
Total issuance 46  $ 624  $ —  $ — 
Issuance of Common Stock for the Year Ended December 31, 2020 (in thousands, except per share data) Date Number of Shares of 
Common Stock Issued 		Gross Proceeds Raised Underwriting Sales Load Offering Expenses Gross Offering Price
Public follow-on 1/13/2020 5,000  $ 70,400  $ 2,150  $ 218  $14.08 per share
Public follow-on (over-allotment) 1/17/2020 750  10,560  323  33  $14.08 per share
First quarter 2020 distribution reinvestment 3/30/2020 73  413  —  —  $5.63 per share
Second quarter 2020 distribution reinvestment 6/30/2020 38  373  —  —  $9.77 per share
Third quarter 2020 distribution reinvestment 9/15/2020 44  471  —  —  $10.87 per share
Fourth quarter 2020 distribution reinvestment 12/14/2020 43  506  —  —  $11.73 per share
Total issuance 5,948  $ 82,723  $ 2,473  $ 251 

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The Company had 30,917,113 and 30,870,815 shares of common stock outstanding as of March 31, 2021 and December 31, 2020, 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, 2020, 2019 and 2018, 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 $478,000 and $259,000 for the years ended December 31, 2020 and 2019, respectively.
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, 2021. 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, 2020 and 2019, distributions represent ordinary income and long term capital gains.


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Period Ended Date Declared Record Date Payment Date Per Share Amount
March 31, 2014 April 3, 2014 April 15, 2014 April 30, 2014 $ 0.09 
(1)
June 30, 2014 May 13, 2014 May 30, 2014 June 17, 2014 0.30 
September 30, 2014 August 11, 2014 August 29, 2014 September 16, 2014 0.32 
December 31, 2014 October 27, 2014 November 28, 2014 December 16, 2014 0.36 
December 31, 2014 December 3, 2014 December 22, 2014 December 31, 2014 0.15 
(2)
March 31, 2015 March 16, 2015 March 26, 2015 April 16, 2015 0.36 
June 30, 2015 May 6, 2015 May 29, 2015 June 16, 2015 0.36 
September 30, 2015 August 11, 2015 August 31, 2015 September 16, 2015 0.36 
December 31, 2015 November 10, 2015 November 30, 2015 December 16, 2015 0.36 
March 31, 2016 March 14, 2016 March 31, 2016 April 15, 2016 0.36 
June 30, 2016 May 9, 2016 May 31, 2016 June 16, 2016 0.36 
September 30, 2016 August 8, 2016 August 31, 2016 September 16, 2016 0.36 
December 31, 2016 November 7, 2016 November 30, 2016 December 16, 2016 0.36 
March 31, 2017 March 13, 2017 March 31, 2017 April 17, 2017 0.36 
June 30, 2017 May 9, 2017 May 31, 2017 June 16, 2017 0.36 
September 30, 2017 August 8, 2017 August 31, 2017 September 15, 2017 0.36 
December 31, 2017 November 6, 2017 November 17, 2017 December 1, 2017 0.36 
March 31, 2018 March 12, 2018 March 23, 2018 April 6, 2018 0.36 
June 30, 2018 May 2, 2018 May 31, 2018 June 15, 2018 0.36 
September 30, 2018 August 1, 2018 August 31, 2018 September 14, 2018 0.36 
December 31, 2018 October 31, 2018 November 30, 2018 December 14, 2018 0.36 
December 31, 2018 December 6, 2018 December 20, 2018 December 28, 2018 0.10 
(2)
March 31, 2019 March 1, 2019 March 20, 2019 March 29, 2019 0.36 
June 30, 2019 May 1, 2019 May 31, 2019 June 14, 2019 0.36 
September 30, 2019 July 31, 2019 August 30, 2019 September 16, 2019 0.36 
December 31, 2019 October 30, 2019 November 29, 2019 December 16, 2019 0.36 
March 31, 2020 February 28, 2020 March 16, 2020 March 30, 2020 0.36 
June 30, 2020 April 30, 2020 June 16, 2020 June 30, 2020 0.36 
September 30, 2020 July 30, 2020 August 31, 2020 September 15, 2020 0.36 
December 31, 2020 October 29, 2020 November 27, 2020 December 14, 2020 0.36 
December 31, 2020 December 21, 2020 December 31, 2020 January 13, 2021 0.10 
(2)
March 31, 2021 February 24, 2021 March 15, 2021 March 31, 2021 0.36 
Total cash distributions $ 10.42 
_______________
(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; thus, no provision for income tax has been recorded in the Company's consolidated statements of operations for the three months ended March 31, 2021 and 2020, respectively. 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 defer the payment of distributions associated with the excess taxable income for future calendar years. For the three months ended March 31, 2021 and 2020, 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, 2021, the Company estimated it had undistributed taxable earnings from net investment income (or “spillover income”) of $14.0 million, or $0.45 per share. The Company expects to pay this spillover income as part of the 2021 dividends. Since March 5, 2014 (commencement of operations) to March 31, 2021, total distributions of $10.42 per share have been paid.
Note 12. Subsequent Events
Redemption of 2022 Notes
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.
Distribution
On April 29, 2021, the Board declared a $0.36 per share regular quarterly distribution, payable on June 30, 2021 to stockholders of record on June 16, 2021.

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Recent Portfolio Activity
From April 1, 2021 through May 4, 2021, the Company closed $52.0 million of additional debt commitments and funded $23.7 million in new investments. TPC’s direct originations platform entered into $67.0 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, 2021 through May 4, 2021, the Company received $46.0 million of principal prepayments generating more than $2.0 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 the ability of us and our portfolio companies 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 our Adviser to attract, retain and have access to highly talented professionals, including our Adviser’s senior management team;
•our ability to qualify and 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;
•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;

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•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, life sciences 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, life sciences 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 recent economic downturn and 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 has adversely affected, 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 growth stage companies. As a result of our focus on maintaining adequate liquidity amid current market uncertainty, our interest expense has modestly increased from comparable prior year periods due to maintaining a higher weighted average outstanding principal balance on borrowings and increased cash reserves.
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 have already taken 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, due to the completion of equity rounds by certain portfolio companies at lower valuations than rounds completed prior to the onset of the COVID-19 pandemic, we have experienced unrealized depreciation on certain of our warrant and equity investments despite the relevant companies’ ability to mitigate disruptions on their business strategies and operations. 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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In part due to these COVID-19-related developments, the fair value of certain of our portfolio investments as of March 31, 2021 and our expected recoveries for certain investments have decreased as compared to their fair value and expected recoveries as of March 31, 2020 and December 31, 2019. As of March 31, 2021, we had one portfolio company in which our investments were on non-accrual status (which was generally caused by events unrelated to the COVID-19 pandemic), with an aggregate cost and fair value of $31.4 million and $22.0 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 and the 2026 Notes, or otherwise triggering an event of default under the relevant borrowing arrangement. 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, 2020 for more information. As of March 31, 2021, we were in compliance with the asset coverage requirements under the 1940 Act, and we were not in breach of any covenants under the Credit Facility or under the governing agreements for the 2022 Notes, the 2025 Notes or the 2026 Notes. We do not expect to breach any of these covenants in the near term assuming that conditions do not materially deteriorate further or for a prolonged period of time.
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 the results of operations and financial condition of us and our portfolio companies. 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 that allow us to participate in any equity appreciation of our borrowers and enhance our overall investment returns.
As of March 31, 2021, we had 192 investments in 71 companies. Our investments included 84 debt investments, 78 warrant investments, and 30 direct equity and related investments. As of March 31, 2021, the aggregate cost and fair value of these investments were $643.7 million and $633.7 million, respectively. As of March 31, 2021, one of our portfolio companies was publicly traded. As of March 31, 2021, the 84 debt investments had an aggregate fair value of $574.1 million and a weighted average loan to enterprise value ratio at the time of underwriting of 8.9%. 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, 2020, we had 195 investments in 69 companies. Our investments included 94 debt investments, 75 warrant investments, and 26 direct equity and related investments. As of December 31, 2020, the aggregate cost and fair value of these investments were $662.4 million and $633.8 million, respectively. As of December 31, 2020, one of our portfolio companies was publicly traded. As of December 31, 2020, the 94 debt investments had an aggregate fair value of $583.3 million and a weighted average loan to enterprise value ratio at the time of underwriting of 8.9%. 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, 2021 and December 31, 2020:
March 31, 2021
Investments by Type
(dollars in thousands) 		Cost Fair Value Net Unrealized Gains (losses) Number of
Investments 		Number of
Companies
Debt investments $ 590,592  $ 574,131  $ (16,461) 84  33 
Warrant investments 21,902  29,789  7,887  78  67 
Equity investments 31,196  29,776  (1,420) 30  27 
Total Investments in Portfolio Companies $ 643,690  $ 633,696  $ (9,994) 192  71 
(1)
_______________
(1)Represents non-duplicative number of companies.

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December 31, 2020
Investments by Type
(dollars in thousands) 		Cost Fair Value Net Unrealized Gains (losses) Number of
Investments 		Number of
Companies
Debt investments $ 613,345  $ 583,335  $ (30,010) 94  33 
Warrant investments 20,525  24,231  3,706  75  64 
Equity investments 28,553  26,213  (2,340) 26  24 
Total Investments in Portfolio Companies $ 662,423  $ 633,779  $ (28,644) 195  69 
(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, 2021 and December 31, 2020:
March 31, 2021
Investments in Portfolio Companies by Industry
(dollars in thousands) 		At Fair Value Percentage of Total Investments
Business Applications Software $ 72,342  11.4  %
Financial Institution and Services 58,155  9.2 
E-Commerce - Clothing and Accessories 54,417  8.6 
Healthcare Technology Systems 40,914  6.5 
Network Systems Management Software 40,233  6.3 
Entertainment 39,996  6.3 
Consumer Products and Services 39,226  6.2 
Security Services 31,632  5.0 
Household & Office Goods 30,679  4.8 
Social/Platform Software 30,656  4.8 
Travel & Leisure 30,299  4.8 
Other Financial Services 26,167  4.1 
Shopping Facilitators 24,897  3.9 
Real Estate Services 22,498  3.6 
Consumer Non-Durables 22,208  3.5 
Food & Drug 16,885  2.7 
Multimedia and Design Software 15,292  2.4 
E-Commerce - Personal Goods 14,554  2.3 
Commercial Services 10,230  1.6 
Consumer Finance 6,182  1.0 
Consumer Retail 2,157  0.3 
Communications Software 2,000  0.3 
General Media and Content 1,092  0.2 
Educational/Training Software 441  0.1 
Business to Business Marketplace 236  *
Conferencing Equipment / Services 205  *
Transportation 55  *
Building Materials/Construction Machinery 35  *
Advertising / Marketing 13  *
Medical Software and Information Services —  *
Total portfolio company investments $ 633,696  100.0  %
_______________
*Amount represents less than 0.05% of the total portfolio investments.



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December 31, 2020
Investments in Portfolio Companies by Industry
(dollars in thousands) 		At Fair Value Percentage of Total Investments
Business Applications Software $ 74,623  11.8  %
E-Commerce - Clothing and Accessories 54,678  8.6 
Healthcare Technology Systems 42,120  6.6 
Consumer Products and Services 40,730  6.4 
Network Systems Management Software 39,859  6.3 
Financial Institution and Services 39,037  6.2 
Entertainment 38,636  6.1 
Consumer Non-Durables 33,384  5.3 
Security Services 30,459  4.8 
Household & Office Goods 30,447  4.8 
Social/Platform Software 30,412  4.8 
Travel & Leisure 30,028  4.7 
Shopping Facilitators 24,833  3.9 
Real Estate Services 23,887  3.8 
Other Financial Services 19,198  3.0 
Food & Drug 15,720  2.5 
Multimedia and Design Software 15,082  2.4 
Buildings and Property 15,000  2.4 
E-Commerce - Personal Goods 13,892  2.2 
Commercial Services 10,181  1.6 
Consumer Finance 6,150  1.0 
Communications Software 2,000  0.3 
Consumer Retail 1,346  0.2 
General Media and Content 1,092  0.2 
Educational/Training Software 441  0.1 
Conferencing Equipment / Services 205  *
Business to Business Marketplace 200  *
Building Materials/Construction Machinery 71  *
Transportation 55  *
Advertising / Marketing 13  *
Medical Software and Information Services —  — 
Total portfolio company investments $ 633,779  100.0  %
_______________
*Amount represents less than 0.05% of the total portfolio investments.
The following table shows the financing product type of our debt investments as of March 31, 2021 and December 31, 2020:
March 31, 2021 December 31, 2020
Debt Investments By Financing Product
(dollars in thousands) 		Fair Value Percentage of Total Debt Investments Fair Value Percentage of Total Debt Investments
Growth capital loans $ 565,307  98.4  % $ 574,414  98.4  %
Revolver loans 8,529  1.5  8,627  1.5 
Convertible notes 295  0.1  294  0.1 
Total debt investments $ 574,131  100.0  % $ 583,335  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 28.7% and 30.6% of our debt investments at fair value as of March 31, 2021 and December 31, 2020, respectively.
Investment Activity
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, 2020, we entered into debt commitments with three new portfolio companies and four existing portfolio companies totaling $102.6 million, funded 17 debt investments for $78.8 million in principal value, acquired warrant investments representing $1.1 million of value and made equity investments of $1.4 million.

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During the three months ended March 31, 2021, we received $36.0 million of principal prepayments and $15.1 million of scheduled principal amortization.
During the three months ended March 31, 2020, we received $1.0 million of debt prepayments and $5.8 million of scheduled amortization and repayments.
The following table shows the total portfolio investment activity for the three months ended March 31, 2021 and 2020 was as follows:
For the Three Months Ended March 31,
(in thousands) 2021 2020
Beginning portfolio at fair value $ 633,779  $ 653,129 
New debt investments, net(1)
55,642  77,025 
Scheduled principal amortization (15,069) (5,813)
Principal prepayments and early repayments (35,966) (1,000)
Accretion of debt investment fees 1,119  3,782 
Payment-in-kind coupon 1,981  852 
New warrant investments 1,621  1,074 
New equity investments 2,643  1,420 
Proceeds from dispositions of investments (15,000) — 
Net realized gains (losses) on investments (15,703) (289)
Net unrealized gains (losses) on investments 18,649  (17,025)
Ending portfolio at fair value $ 633,696  $ 713,155 
_______________
(1)Debt balance is net of fees and discounts applied to the loan at origination.
As of March 31, 2021, our unfunded commitments to 18 companies totaled $168.8 million. During the three months ended March 31, 2021, $15.0 million in unfunded commitments expired or were terminated.
As of December 31, 2020, our unfunded commitments to 16 companies totaled $132.3 million. During the year ended December 31, 2020, $160.7 million in unfunded commitments expired or were terminated.
The following table shows additional information on our unfunded commitments regarding milestones, expirations, and types of loans as of March 31, 2021 and December 31, 2020:
Unfunded Commitments(1)
(in thousands)
March 31, 2021 December 31, 2020
Dependent on milestones $ 35,250  $ 17,500 
Expiring during:
2021 $ 121,750  $ 122,250 
2022 44,032  7,000 
2024 3,000  3,000 
Total $ 168,782  $ 132,250 
_______________
(1)Does not include backlog of potential future commitments.
Our credit agreements contain customary lending provisions that allow us 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 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, 2021 and December 31, 2020, the fair value for these unfunded commitments totaled $2.4 million and $1.7 million, respectively, and was included in “other accrued expenses and liabilities” in our consolidated statements of assets and liabilities.
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.


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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, 2021 and 2020:
Commitments and Fundings
(in thousands) 		For the Three Months Ended March 31,
2021 2020
Debt Commitments
New portfolio companies $ 57,179  $ 65,000 
Existing portfolio companies 33,219  37,573 
Total(1)
$ 90,398  $ 102,573 
Funded Debt Investments $ 56,908  $ 78,761 
Equity Investments $ 2,335  $ 1,420 
Non-Binding Term Sheets $ 192,172  $ 79,530 
_______________
(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, 2021 and December 31, 2020, this backlog of potential future commitments totaled $2.5 million and $20.8 million, respectively.
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.
Category Category Definition Action 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. 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, 2021 and December 31, 2020:
March 31, 2021 December 31, 2020
Credit Category
(dollars in thousands) 		Fair Value Percentage of Total Debt Investments Number of Portfolio Companies Fair Value Percentage of Total Debt Investments Number of Portfolio Companies
Clear (1) $ 44,607  7.8  % 3 $ 74,276  12.7  % 5
White (2) 442,224  77.0  27 413,193  70.8  24
Yellow (3) 65,342  11.4  2 59,489  10.2  2
Orange (4) 21,958  3.8  1 21,377  3.7  1
Red (5) —  —  — 15,000  2.6  1
$ 574,131  100.0  % 33 $ 583,335  100.0  % 33
As of March 31, 2021 and December 31, 2020, the weighted average investment ranking of our debt investment portfolio was 2.11 and 2.13, respectively. During the three months ended March 31, 2021, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $25.0 million was removed from Clear (1) due to prepayment, and one portfolio company investment with a principal balance of $29.5 million was sold and removed from Red (5) and from our investment portfolio.

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Results of Operations
Comparison of operating results for the three months ended March 31, 2021 and 2020
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, 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, 2021, net investment income was $0.29 per share and the net increase in net assets from operations was $0.38 per share.
For the three months ended March 31, 2020, our net decrease in net assets resulting from operations was $5.1 million, which was comprised of $12.2 million of net investment income and $17.4 million of net realized and unrealized losses. On a per share basis for the three months ended March 31, 2020, net investment income was $0.41 per share and the net decrease in net assets from operations was $0.17 per share.
Investment Income
For the three months ended March 31, 2021, total investment and other income was $20.0 million as compared to $20.8 million for the three months ended March 31, 2020. The decrease in total investment and other income for the three months ended March 31, 2021, compared to the 2020 period, is primarily due to lower weighted average principal outstanding on our income-bearing debt investment portfolio, partially offset by greater 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. For the three months ended March 31, 2020, we recognized $0.6 million in other income, consisting primarily of $0.5 million from the termination or expiration of unfunded commitments.
Operating Expenses
Total operating expenses consist of 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, 2021, total operating expenses were $11.1 million as compared to $8.6 million for the three months ended March 31, 2020.
Base management fees totaled $2.9 million and $2.8 million for the three months ended March 31, 2021 and 2020, respectively. Base management fees for the three months ended March 31, 2021, as compared to the three months ended March 31, 2020, increased primarily due to an increase in the average size of our portfolio during the applicable periods used in the calculation.
Income incentive fees totaled $2.2 million for the three months ended March 31, 2021. For the three months ended March 31, 2020, our income incentive fee was reduced by $2.4 million due to the total return requirement under the income component of our incentive fee structure, which resulted in a corresponding increase of approximately $2.4 million in net investment income.
There was no capital gains incentive fee expense calculated for the three months ended March 31, 2021 and 2020.
For the three months ended March 31, 2021 and 2020, interest and fees on our borrowings totaled $4.4 million and $4.2 million, respectively. Interest and fee expenses for the three months ended March 31, 2021, as compared to the three months ended March 31, 2020, increased due to the issuance of the 2026 Notes, partially offset by a lower weighted-average outstanding principal balance under our Credit Facility.
Administration agreement and general and administrative expenses totaled $1.6 million and $1.7 million for the three months ended March 31, 2021 and three months ended March 31, 2020, respectively. The slight decrease for the three months ended March 31, 2021, as compared to the three months ended March 31, 2020, was primarily due to a lower allocation of administration expenses under the Administration Agreement.


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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, 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.
During the three months ended March 31, 2020, we recognized net realized losses on investments of $0.3 million, primarily as a result of the termination of warrants in one portfolio company.
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 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 unrealized losses during the three months ended March 31, 2020 was $17.0 million, resulting primarily from mark-to-market related changes, as well as credit-related adjustments.
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, 2021 and 2020, interest income totaled $19.2 million and $20.3 million, respectively, representing a weighted average annualized portfolio yield on total debt investments for the period held of 13.3% and 12.7%, respectively.
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.
The yield on our total debt portfolio, excluding the impact of prepayments, was 11.9% and 12.7% for the three months ended March 31, 2021 and 2020, respectively.
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,
2021 2020
Weighted average annualized portfolio yield on total debt investments(2)
13.3  % 12.7  %
Coupon income 9.7  % 9.8  %
Accretion of discount 0.9  % 1.2  %
Accretion of end-of-term payments 1.3  % 1.7  %
Impact of prepayments during the period 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.

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For the three months ended March 31, 2021 and 2020 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 2.4%, respectively, 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% and (57.1)%, respectively. These total return figures are for the periods shown 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, 2021 and 2020:
Returns on Net Asset Value and Total Assets
(dollars in thousands) 		For the Three Months Ended March 31,
2021 2020
Net investment income $ 8,907  $ 12,237 
Net increase (decrease) in net assets $ 11,859  $ (5,118)
Average net asset value(1)
$ 402,043  $ 404,355 
Average total assets(1)
$ 695,203  $ 724,389 
Net investment income to average net asset value(2)
9.0  % 12.2  %
Net increase (decrease) in net assets to average net asset value(2)
12.0  % (5.1) %
Net investment income to average total assets(2)
5.2  % 6.8  %
Net increase (decrease) in net assets to average total assets(2)
6.9  % (2.8) %
_______________
(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.
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, 2020 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, 2020 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, 2021, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented approximately 83.9% of our total assets, as compared to approximately 92.7% of our total assets as of December 31, 2020.
See “Note 4. Investments” in the notes to consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC on March 3, 2021 and under “Note 4. Investments” in the notes to consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.

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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, 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.
During the three months ended March 31, 2020, net cash used by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $72.2 million and net cash provided by financing activities was $131.4 million due to net proceeds received from our January 2020 public follow-on offering of common stock and the issuance of the 2025 Notes in March 2020, partially offset by net repayments under the Credit Facility of $5.3 million and $10.6 million in distributions paid. As of March 31, 2020, cash and cash equivalents, including restricted cash, was $85.6 million.
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, 2021, 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 consolidated financial statements for more information regarding the terms of the Credit Facility.
As of March 31, 2021 there were no outstanding borrowings under the Credit Facility and $2.9 million of deferred credit facility costs, which is included in the consolidated statements of assets and liabilities. As of December 31, 2020, we had outstanding borrowings of $118.0 million under the Credit Facility, excluding deferred credit facility costs of $3.2 million, which is included in the consolidated statements of assets and liabilities. We had $350.0 million and $207.0 million of remaining capacity on our Credit Facility as of March 31, 2021 and December 31, 2020, 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, which accrues at an annual rate of 5.75%, is payable quarterly on January 15, April 15, July 15 and October 15. The maturity date of the 2022 Notes is July 15, 2022.
As of March 31, 2021 and December 31, 2020, we have recorded in the consolidated statements of assets and liabilities our liability for the 2022 Notes, net of deferred issuance costs, of $74.1 million and $74.0 million, respectively. See “Note 6. Borrowings” in the notes to consolidated financial statements for more information regarding the 2022 Notes.
As discussed under “Recent Developments” below, the entire $74.75 million aggregate principal amount of 2022 Notes was redeemed in full on April 5, 2021 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.
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.

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As of March 31, 2021 and December 31, 2020, we have recorded in the consolidated statements of assets and liabilities our liability for the 2025 Notes, net of deferred issuance costs, of $69.2 million and $69.1 million, respectively. See “Note 6. Borrowings” in the notes to 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, 2021, we have recorded in the consolidated statements of assets and liabilities our liability for the 2026 Notes, net of deferred issuance costs, of $197.9 million. See “Note 6. Borrowings” in the notes to consolidated financial statements for more information regarding the 2026 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, 2021, our asset coverage for borrowed amounts was 217%.
Contractual Obligations
The following table shows a summary of our payment obligations for repayment of debt as of March 31, 2021:
Payments Due By Period
(in thousands) 		March 31, 2021
Total Less than 1 year 1-3 years 3-5 years More than 5 years
Credit Facility $ —  $ —  $ —  $ —  $ — 
2022 Notes 74,750  —  74,750  —  — 
2025 Notes 70,000  —  —  70,000  — 
2026 Notes 200,000  —  —  200,000  — 
Total $ 344,750  $ —  $ 74,750  $ 270,000  $ — 

Off-Balance Sheet Arrangements
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, 2021 and December 31, 2020, our unfunded commitments totaled $168.8 million and $132.3 million, respectively, of which $35.3 million and $17.5 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them. 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.


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The following table shows our unfunded commitments by portfolio company as of March 31, 2021 and December 31, 2020:
Unfunded Commitments(1)
(in thousands)
March 31, 2021 December 31, 2020
Tempo Interactive Inc. $ 25,000  $ — 
Farmer's Business Network, Inc. 20,000  20,000 
HomeLight, Inc. 14,000  14,000 
DialPad, Inc. 12,000  5,000 
Savage X, Inc. 11,500  4,000 
Grove Collaborative, Inc. 11,000  11,000 
OfferUp Inc. 10,000  10,000 
Grey Orange International Inc. 10,000  — 
Activehours, Inc. 9,000  9,000 
Curology, Inc. 9,000  9,000 
Narvar, Inc. 7,500  3,750 
TFG Holding, Inc. 7,000  7,000 
VanMoof Global Holding B.V. 6,282  — 
Imperfect Foods, Inc. 6,000  6,000 
Sonder USA, Inc. 3,000  3,000 
Clutter Inc. 3,000  9,000 
Hello Digit, Inc. 2,500  2,500 
Envoy, Inc. 2,000  4,000 
Capsule Corporation —  15,000 
Total $ 168,782  $ 132,250 
_____________
(1)Does not include backlog of potential future commitments. Refer to “Investment Activity” above. 
Distributions
We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To obtain and 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, 2020 and 2019, 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 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 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.

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The following table shows our cash distributions per share that have been authorized by our Board since our initial public offering to March 31, 2021. 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, 2019 and 2020, 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.
Period Ended Date Declared Record Date Payment Date Per Share Amount
March 31, 2014 April 3, 2014 April 15, 2014 April 30, 2014 $ 0.09 
(1)
June 30, 2014 May 13, 2014 May 30, 2014 June 17, 2014 0.30 
September 30, 2014 August 11, 2014 August 29, 2014 September 16, 2014 0.32 
December 31, 2014 October 27, 2014 November 28, 2014 December 16, 2014 0.36 
December 31, 2014 December 3, 2014 December 22, 2014 December 31, 2014 0.15 
(2)
March 31, 2015 March 16, 2015 March 26, 2015 April 16, 2015 0.36 
June 30, 2015 May 6, 2015 May 29, 2015 June 16, 2015 0.36 
September 30, 2015 August 11, 2015 August 31, 2015 September 16, 2015 0.36 
December 31, 2015 November 10, 2015 November 30, 2015 December 16, 2015 0.36 
March 31, 2016 March 14, 2016 March 31, 2016 April 15, 2016 0.36 
June 30, 2016 May 9, 2016 May 31, 2016 June 16, 2016 0.36 
September 30, 2016 August 8, 2016 August 31, 2016 September 16, 2016 0.36 
December 31, 2016 November 7, 2016 November 30, 2016 December 16, 2016 0.36 
March 31, 2017 March 13, 2017 March 31, 2017 April 17, 2017 0.36 
June 30, 2017 May 9, 2017 May 31, 2017 June 16, 2017 0.36 
September 30, 2017 August 8, 2017 August 31, 2017 September 15, 2017 0.36 
December 31, 2017 November 6, 2017 November 17, 2017 December 1, 2017 0.36 
March 31, 2018 March 12, 2018 March 23, 2018 April 6, 2018 0.36 
June 30, 2018 May 2, 2018 May 31, 2018 June 15, 2018 0.36 
September 30, 2018 August 1, 2018 August 31, 2018 September 14, 2018 0.36 
December 31, 2018 October 31, 2018 November 30, 2018 December 14, 2018 0.36 
December 31, 2018 December 6, 2018 December 20, 2018 December 28, 2018 0.10 
(2)
March 31, 2019 March 1, 2019 March 20, 2019 March 29, 2019 0.36 
June 30, 2019 May 1, 2019 May 31, 2019 June 14, 2019 0.36 
September 30, 2019 July 31, 2019 August 30, 2019 September 16, 2019 0.36 
December 31, 2019 October 30, 2019 November 29, 2019 December 16, 2019 0.36 
March 31, 2020 February 28, 2020 March 16, 2020 March 30, 2020 0.36 
June 30, 2020 April 30, 2020 June 16, 2020 June 30, 2020 0.36 
September 30, 2020 July 30, 2020 August 31, 2020 September 15, 2020 0.36 
December 31, 2020 October 29, 2020 November 27, 2020 December 14, 2020 0.36 
December 31, 2020 December 21, 2020 December 31, 2020 January 13, 2021 0.10 
(2)
March 31, 2021 February 24, 2021 March 15, 2021 March 31, 2021 0.36 
Total cash distributions $ 10.42 
_____________
(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, 2021, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 79.1% total distributions paid. As of March 31, 2021, we had estimated undistributed taxable earnings from net investment income of $14.0 million, or $0.45 per share.
Recent Accounting Pronouncements
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement”, which is intended to improve the effectiveness of fair value measurement disclosures. The amendment, among other things, affects certain disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy, and Level 3 fair value measurements as they relate to valuation process, unrealized gains and losses, measurement uncertainty, and significant unobservable inputs. The new guidance is effective for interim and annual periods beginning after December 15, 2019. The adoption of these rules did not have a material impact on the consolidated financial statements and disclosures.

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In March 2020, the FASB issued ASU 2020-04, “Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting.” The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The standard is effective as of March 12, 2020 through December 31, 2022. The adoption of these rules did not have a material impact on the consolidated financial statements.
Recent Developments
Redemption of 2022 Notes
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.
Distribution
On April 29, 2021, the Board declared a $0.36 per share regular quarterly distribution, payable on June 30, 2021 to stockholders of record on June 16, 2021.
Recent Portfolio Activity
From April 1, 2021 through May 4, 2021, we closed $52.0 million of additional debt commitments and funded $23.7 million in new investments. TPC’s direct originations platform entered into $67.0 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, 2021 through May 4, 2021, we received $46.0 million of principal prepayments generating more than $2.0 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; 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, including LIBOR and the Prime Rate, 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.
In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. 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 tied to LIBOR.
As of March 31, 2021, approximately 49.6%, or $292.1 million in principal balance, of the debt investments in our portfolio bore interest at floating rates, which generally are Prime-based, all of which have interest rate floors. 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 published LIBOR rate in connection with our Credit Facility to the extent it goes above the floor; however, our 2025 Notes and 2026 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) occurs).

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As of March 31, 2021, we had no outstanding floating rate borrowings. Due to the fact that our floating rate debt investment portfolio is subject to interest-rate floors set at the current Prime Rate, any increase in interest rates would increase our net investment income as our interest expense would remain constant; however, a decrease in interest rates would not impact our net investment income because all of our floating rate debt investment portfolio has interest rate floors above the current Prime Rate. This is illustrated in the following table which shows the annual impact on 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, 2021 consolidated statement of assets and liabilities:
Change in Interest Rates
(in thousands) 		Increase (decrease) in interest income (Increase) decrease in interest expense Net increase (decrease) in net investment income
Up 300 basis points $ 4,360  $ —  $ 4,360 
Up 200 basis points $ 1,674  $ —  $ 1,674 
Up 100 basis points $ 744  $ —  $ 744 
Up 50 basis points $ 372  $ —  $ 372 
Down 50 basis points $ —  $ —  $ — 
Down 100 basis points $ —  $ —  $ — 
Down 200 basis points $ —  $ —  $ — 
Down 300 basis points $ —  $ —  $ — 
This analysis is indicative of the potential impact on our investment income as of March 31, 2021, 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, 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 rate 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, 2021, 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, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest 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.
Substantially all of our assets and liabilities are financial in nature. As a result, changes in interest rates and other factors drive our performance more directly than does inflation. Changes in interest 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, 2021 (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, 2021 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, 2021 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 (filed with the SEC on March 3, 2021), 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, 2021, we issued 46,298 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, 2021 was $0.6 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
4.1
4.2
Form of 4.50% Series 2020A Senior Note, due March 19, 2025 (incorporated by reference to Exhibit 4.1 hereto)
4.3
4.4 Form of 4.50% Series 2021A Senior Note, due March 1, 2026 (incorporated by reference to Exhibit 4.3 hereto)
10.1
31.1
31.2
32.1
32.2
(1)Incorporated by reference to Exhibit (a) to the Registrant’s 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 the Registrant’s 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 10.1 to the Registrant’s Form 8-K (File No. 814-01044) filed on March 19, 2020.
(4)Incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K (File No. 814-01044) filed on March 1, 2021.
(5)Incorporated by reference to Exhibit 10.7 to the Registrant’s Form 10-K (File No. 814-01044) filed on March 3, 2021.
(*)    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 5, 2021 By: /s/ James P. Labe
James P. Labe
Chief Executive Officer and Chairman of the Board of Directors
(Principal Executive Officer)
TriplePoint Venture Growth BDC Corp.
Date: May 5, 2021 By: /s/ Christopher M. Mathieu
Christopher M. Mathieu
Chief Financial Officer
(Principal Financial and Accounting Officer)

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