UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~WASHINGTON,~~

Washington, D.C. 20549

Form 10-Q

~~FORM 10-Q~~

~~(Mark One)~~

☒

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED ~~SEPTEMBER 30, 2017~~

MARCH 31, 2020

☐

¨	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~~

MARYLAND	46-3082016
(State or other jurisdiction of	~~(I.R.S. Employer~~
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
5.75% Notes due 2022	TPVY	The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

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 ~~and posted on its corporate web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ 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 ~~and post~~ such files). Yes ☐¨ No ¨ 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	☒ x

Non-accelerated filer	☐ ~~(Do not check if a small reporting company)~~ ¨	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

As of ~~November~~May 6, ~~2017,~~2020, the ~~registrant~~Registrant had ~~17,711,184~~30,746,131 shares of common stock, $0.01 par value per share, outstanding.

TriplePoint Venture Growth BDC Corp.

TABLE OF CONTENTS



			~~PAGE~~ Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited) ~~(unaudited)~~
	~~Condensed~~ Consolidated Statements of Assets and Liabilities as of ~~September 30, 2017~~March 31, 2020 (unaudited) and December 31, ~~2016~~2019		3 1
	~~Condensed~~ Consolidated Statements of Operations for the Three ~~and Nine~~ Months Ended ~~September 30, 2017~~March 31, 2020 (unaudited) and ~~September 30, 2016~~March 31, 2019 (unaudited)		4 2
	~~Condensed~~ Consolidated Statements of Changes in Net Assets for the ~~Nine~~Three Months Ended ~~September 30, 2017~~March 31, 2020 (unaudited) and ~~September 30, 2016~~March 31, 2019 (unaudited)		5 3
	~~Condensed~~ Consolidated Statements of Cash Flows for the ~~Nine~~Three Months Ended ~~September 30, 2017~~March 31, 2020 (unaudited) and ~~September 30, 2016~~March 31, 2019 (unaudited)		6 4
	~~Condensed~~ Consolidated Schedules of Investments as of ~~September 30, 2017~~March 31, 2020 (unaudited) and December 31, ~~2016~~2019		7 5
	Notes to ~~Condensed~~ Consolidated Financial Statements ~~as of September 30, 2017~~(unaudited)		16 27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		34 43
	~~Forward-Looking Statements~~		34
	~~Overview~~		35
	~~Portfolio Composition, Investment Activity and Asset Quality~~		36
	~~Results of Operations~~		42
	~~Critical Accounting Policies~~		47
	~~Liquidity and Capital Resources~~		47
	~~Recent Developments~~		51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		52 57
Item 4.	Controls and Procedures		53 58

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		54 59
Item 1A.	Risk Factors		54 59
Item 2 2.	Unregistered Sales of Equity Securities and Use of Proceeds		54 61
Item 3.	Defaults Upon Senior Securities		54 61
Item 4.	Mine Safety Disclosures		54 61
Item 5.	Other Information		54 61
Item 6.	Exhibits		55 61
~~SIGNATURES~~	Signatures	56 62

PART I - FINANCIAL INFORMATION

~~PART I—FINANCIAL INFORMATION~~

Item 1. Financial Statements

~~Item 1. Financial Statements~~

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

~~CONDENSED~~

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

September 30, 2017

December 31, 2016

(unaudited)

Assets

Investments at fair value (amortized cost of $309,219 and $370,116, respectively)

$
311,136

$
374,311

Short-term investments at fair value (cost of $94,962 and $39,990, respectively)

94,962

39,990

Cash

5,145

7,776

Restricted cash

3,327

7,702

Deferred credit facility costs

1,155

1,774

Prepaid expenses and other assets

1,880

2,669

Total assets

$
417,605

$
434,222

Liabilities

Revolving Credit Facility

$
25,500

$
115,000

2020 Notes, net

—

53,288

2022 Notes, net

72,302

—

Payable for U.S. Treasury bill assets

94,962

39,990

Base management fee payable

1,567

1,449

Income incentive fee payable

1,066

1,208

Accrued capital gains incentive fee

—

—

Payable to directors and officers

60

63

Other accrued expenses and liabilities

7,389

7,361

Total liabilities

$
202,846

$
218,359

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 (450,000 shares authorized; 16,043 and 15,981 shares issued and outstanding, respectively)

160

160

Paid-in capital in excess of par value

232,317

231,518

Undistributed net investment income

4,862

1,025

Accumulated net realized losses

(24,498
)

(21,035
)
Accumulated net unrealized gains on investments

1,918

4,195

Total net assets

$
214,759

$
215,863

Total liabilities and net assets

$
417,605

$
434,222

Net asset value per share

$
13.39

$
13.51



	March 31, 2020			December 31, 2019
	(unaudited)
Assets
Investments at fair value (amortized cost of $737,726 and $660,675, respectively)	$	713,155		$	653,129
Cash	84,693			20,285
Restricted cash	887			6,156
Deferred credit facility costs	1,319			1,603
Prepaid expenses and other assets	2,971			2,975
Total assets	$	803,025		$	684,148

Liabilities
Revolving Credit Facility	$	257,000		$	262,300
2022 Notes, net	73,581			73,454
2025 Notes, net	69,054			—
Base management fee payable	2,774			2,462
Income incentive fee payable	—			1,362
Payable to directors and officers	—			86
Other accrued expenses and liabilities	5,620			11,978
Total liabilities	$	408,029		$	351,642
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 (450,000 shares authorized; 30,746 and 24,923 shares issued and outstanding, respectively)	307			249
Paid-in capital in excess of par value	411,644			333,052
Total distributable earnings (loss)	(16,955		)	(795		)
Total net assets	$	394,996		$	332,506
Total liabilities and net assets	$	803,025		$	684,148

Net asset value per share	$	12.85		$	13.34

See accompanying notes to ~~condensed~~ consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

~~CONDENSED~~

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2017

2016

2017

2016

Investment income

Interest income from investments

$
10,310

$
11,207

$
39,061

$
31,214

Other income

Expirations / terminations of unfunded commitments

—

1,133

418

1,558

Other fees

109

162

926

214

Total investment and other income

10,419

12,502

40,405

32,986

Operating expenses

Base management fee

1,567

1,376

4,805

4,076

Income incentive fee

1,066

1,568

4,520

1,568

Capital gains incentive fee

—

—

—

—

Interest expense and amortization of fees

2,306

2,036

6,861

5,733

Administration agreement expenses

346

395

1,058

1,190

General and administrative expenses

767

632

2,044

2,238

Total operating expenses

6,052

6,007

19,288

14,805

Net investment income

4,367

6,495

21,117

18,181

Net realized and unrealized gains (losses)

Net realized gains (losses) on investments

1,044

1,081

(2,351
)

(20,906
)
Net change in unrealized (losses) gains on investments

(620
)

3,859

(2,277
)

6,906

Net realized loss on extinguishment of debt

(1,112
)

—

(1,112
)

—

Net realized and unrealized (losses) gains

(688
)

4,940

(5,740
)

(14,000
)

Net increase in net assets resulting from operations

$
3,679

$
11,435

$
15,377

$
4,181

Basic and diluted net investment income per share

$
0.27

$
0.40

$
1.32

$
1.12

Basic and diluted net increase in net assets per share

$
0.23

$
0.71

$
0.96

$
0.26

Basic and diluted weighted average shares of common stock outstanding

16,023

16,091

16,001

16,227



	For the Three Months Ended March 31,
	2020			2019
Investment income
Interest income from investments	$	20,274		$	17,147
Other income
Expirations / terminations of unfunded commitments	548			158
Other fees	19			186
Total investment and other income	20,841			17,491

Operating expenses
Base management fee	2,774			1,761
Income incentive fee	—			2,479
Interest expense and amortization of fees	4,162			2,203
Administration agreement expenses	681			422
General and administrative expenses	987			711
Total operating expenses	8,604			7,576

Net investment income	12,237			9,915

Net realized and unrealized gains (losses)
Net realized gains (losses) on investments	(330		)	(29		)
Net change in unrealized gains (losses) on investments	(17,025		)	1,183
Net realized and unrealized gains (losses)	(17,355		)	1,154

Net increase (decrease) in net assets resulting from operations	$	(5,118	)	$	11,069

Basic and diluted net investment income per share	$	0.41		$	0.40
Basic and diluted net increase (decrease) in net assets per share	$	(0.17	)	$	0.45
Basic and diluted weighted average shares of common stock outstanding	29,883			24,782

See accompanying notes to ~~condensed~~ consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

~~CONDENSED~~

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

Shares of Common Stock

Total Net Assets

Balance as of January 1, 2016

16,302

$
231,646

Net increase in net assets resulting from operations

—

4,181

Distributions declared

—

(17,475
)
Common stock issuance, net

142

1,416

Acquisition of common stock under repurchase plan

(486
)

(5,376
)
Balance as of September 30, 2016

15,958

214,392

Balance as of January 1, 2017

15,981

215,863

Net increase in net assets resulting from operations

—

15,377

Distributions declared

—

(17,280
)
Common stock issuance, net

62

799

Balance as of September 30, 2017

16,043

$
214,759



				Paid-in capital in excess of par value		Total distributable earnings (loss)			Net assets
	Common stock
	Shares	Par value
Balance at December 31, 2018	24,780	$	248	$	331,329	$	2,954		$	334,531
Net increase (decrease) in net assets resulting from operations	—	—		—		11,069			11,069
Distributions reinvested in common stock	40	—		518		—			518
Distributions from net investment income	—	—		—		(8,919		)	(8,919		)
Balance at March 31, 2019	24,820	$	248	$	331,847	$	5,104		$	337,199

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 net investment income	—	—		—		(11,042		)	(11,042		)
Balance at March 31, 2020	30,746	$	307	$	411,644	$	(16,955	)	$	394,996

See accompanying notes to ~~condensed~~ consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

~~CONDENSED~~

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)

For the Nine Months Ended September 30,

2017

2016

Cash Flows from Operating Activities:

Net increase (decrease) in net assets resulting from operations

$
15,377

$
4,181

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

(153,127
)

(93,805
)
(Purchase) sale of short-term investments, net

(54,972
)

(9,839
)
Principal payments and proceeds from investments

213,801

46,773

Payment-in-kind interest on investments

(1,501
)

(1,284
)
Net change in unrealized losses (gains) on investments

2,277

(6,906
)
Realized losses

3,463

20,906

Amortization and accretion of premiums and discounts, net

(1,551
)

(1,596
)
Accretion of end-of-term payments, net of prepayments

914

(3,225
)
Amortization of debt fees and issuance costs

961

940

Change in restricted cash

4,375

(237
)
Change in operating assets and liabilities:

Payable for U.S. Treasury bill assets

54,972

9,839

Prepaid expenses and other assets

791

(340
)
Base management fee payable

118

1

Income incentive fee payable

(142
)

115

Payable to directors and officers

(3
)

(12
)
Other accrued expenses and liabilities

29

50

Net cash provided by (used in) operating activities

85,782

(34,439
)
Cash Flows from Financing Activities:

(Repayments) borrowings under revolving credit facility, net

(89,500
)

39,000

Repurchase of common stock

—

(5,376
)
Distributions paid, net

(16,481
)

(16,059
)
Deferred credit facility costs

—

(1,080
)
Repayment of 2020 Notes

(54,625
)

—

Net proceeds from issuance of 2022 Notes

72,193

—

Net cash (used in) provided by financing activities

(88,413
)

16,485

Net change in cash

(2,631
)

(17,954
)
Cash at beginning of period

7,776

32,451

Cash at end of period

$
5,145

$
14,497

Supplemental Disclosure of Non-Cash Financing Activities:

Distributions reinvested

$
799

$
1,416

Accrued 2022 Notes issuance costs

$
211

$
—

Supplemental Disclosures of Cash Flow Information:

Cash paid for interest

$
5,757

$
4,615



	For the Three Months Ended March 31,
	2020			2019
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(5,118	)	$	11,069
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, net	(79,519		)	(89,629		)
Sales (purchase) of short-term investments, net	—			(29,995		)
Principal payments and proceeds from investments	6,813			70,550
Payment-in-kind interest on investments	(852		)	(771		)
Net change in unrealized (gains) losses on investments	17,025			(1,183		)
Net realized (gains) losses on investments	330			29
Amortization and accretion of premiums and discounts, net	(1,335		)	(906		)
(Accretion) reduction of end-of-term payments, net of prepayments	(2,488		)	(2,329		)
Amortization of debt fees and issuance costs	412			390
Change in operating assets and liabilities:
Payable for U.S. Treasury bill assets	—			29,995
Prepaid expenses and other assets	4			(1,273		)
Base management fee payable	312			36
Income incentive fee payable	(1,362		)	(79		)
Payable to directors and officers	(86		)	3
Other accrued expenses and liabilities	(6,358		)	(3,244		)
Net cash (used in) provided by operating activities	(72,222		)	(17,337		)
Cash Flows from Financing Activities:
(Repayments) borrowings under revolving credit facility, net	(5,300		)	57,776
Distributions paid, net	(10,629		)	(8,401		)
Proceeds from issuance of 2025 Notes	69,054			—
Proceeds from issuance of common stock	78,236			—
Net cash provided by (used in) financing activities	131,361			49,375
Net change in cash and restricted cash	59,139			32,038
Cash and restricted cash at beginning of period	26,441			9,949
Cash and restricted cash at end of period	$	85,580		$	41,987

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	3,685		$	1,693
Distributions reinvested	$	413		$	518
Offering costs yet to be paid	$	—		$	20

	For the Three Months Ended March 31,
	2020			2019
Cash	$	84,693		$	35,973
Restricted cash	887			6,014
Total cash and restricted cash shown in the statement of cash flows	$	85,580		$	41,987

See accompanying notes to ~~condensed~~ consolidated financial statements.

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

~~CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS~~

~~(unaudited)~~

~~(dollars in thousands)~~

~~As of September 30, 2017~~

Venture Growth Stage Company

Industry

Type of Investment

Outstanding Principal

Cost

Fair Value

Maturity Date
Debt Investments

Biofuels / Biomass

Harvest Power, Inc.

Biofuels / Biomass

Growth Capital Loan (13.00% interest rate, 9.00% EOT payment)

$
13,250

$
14,374

$
13,811

5/31/2018
Total Biofuels / Biomass  - 6.43%*

13,250

14,374

13,811

Building Materials/Construction Machinery

View, Inc.

Building Materials/Construction Machinery

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

13,276

12,737

12,742

6/30/2021

Building Materials/Construction Machinery

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

6,356

6,086

6,087

6/30/2021

Building Materials/Construction Machinery

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

8,568

8,177

8,180

7/31/2021

Building Materials/Construction Machinery

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

1,935

1,832

1,831

9/30/2021

Building Materials/Construction Machinery

Convertible Note (10.10% PIK interest rate, 14.00% EOT Payment)

1,031

1,043

1,138

1/25/2020
Total Building Materials/Construction Machinery  - 13.96%*

31,166

29,875

29,978

Business Applications Software

FinancialForce.com, Inc.

Business Applications Software

Growth Capital Loan (Prime + 7.50% interest rate, 4.00% EOT payment)

15,000

14,559

14,739

12/31/2020

Business Applications Software

Growth Capital Loan (Prime + 7.50% interest rate, 4.00% EOT payment)

15,000

14,392

14,569

6/30/2021

Business Applications Software

Growth Capital Loan (Prime + 7.50% interest rate, 4.00% EOT payment)

15,000

14,291

14,284

9/30/2021

45,000

43,242

43,592

MapR Technologies, Inc.

Business Applications Software

Equipment Loan (8.00% interest rate,10.00% EOT payment)

1,594

1,811

1,817

9/30/2018

Business Applications Software

Equipment Lease  (8.25% interest rate, 10.00% EOT payment) (1)

105

105

106

1/31/2019

Business Applications Software

Equipment Lease  (8.25% interest rate, 10.00% EOT payment) (1)

1,322

1,322

1,331

6/30/2019

Business Applications Software

Equipment Loan (6.50% interest rate,10.00% EOT payment)

617

644

646

6/30/2019

Business Applications Software

Equipment Lease  (8.50% interest rate, 10.00% EOT payment) (1)

140

140

141

12/31/2019

Business Applications Software

Equipment Loan (6.75% interest rate,10.00% EOT payment)

275

279

279

10/31/2019

Business Applications Software

Equipment Lease  (8.75% interest rate, 10.00% EOT payment) (1)

409

409

410

4/30/2020

Business Applications Software

Equipment Loan (7.00% interest rate,10.00% EOT payment)

139

138

138

1/31/2020

Business Applications Software

Equipment Lease  (9.00% interest rate, 10.00% EOT payment) (1)

503

504

504

7/31/2020

5,104

5,352

5,372

Total Business Applications Software  - 22.80%*

50,104

48,594

48,964

Database Software

SimpliVity Corporation

Database Software

Equipment Lease (6.75% interest rate, 10.00% EOT payment) (1)

1,974

1,974

2,148

12/31/2018

Database Software

Equipment Lease (6.75% interest rate, 7.50% EOT payment) (1)

1,125

1,125

1,188

6/30/2018

Database Software

Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)

920

920

997

12/31/2018

Database Software

Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)

643

643

706

2/28/2019

Database Software

Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)

40

40

44

3/31/2019

Database Software

Equipment Lease (9.00% interest rate, 10.00% EOT payment) (1)

3,669

3,669

4,122

9/30/2018
Total Database Software  - 4.29%*

8,371

8,371

9,205

E-Commerce - Clothing and Accessories

Outfittery GMBH (1) (2) (3)

E-Commerce - Clothing and Accessories

Growth Capital Loan (12.25% interest rate, 9.00% EOT payment)

7,127

6,719

6,676

8/31/2021

7,127

6,719

6,676

Rent the Runway, Inc.

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 7.00% interest rate, 6.25% EOT payment)

10,000

10,346

10,619

11/30/2018

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.25% interest rate, 6.25% EOT payment)

6,000

6,099

6,285

6/30/2019

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.25% interest rate, 6.25% EOT payment)

2,000

2,013

2,085

10/31/2019

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.25% interest rate, 4.50% EOT payment)

4,000

3,989

4,086

11/30/2019

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.50% interest rate, 5.25% EOT payment)

5,500

5,165

5,435

6/30/2021

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.50% interest rate, 5.25% EOT payment)

4,500

4,188

4,187

9/30/2021

32,000

31,800

32,697

Total E-Commerce - Clothing and Accessories  - 18.33%*

39,127

38,519

39,373

Entertainment

Mind Candy Limited (1) (3)

Entertainment

Growth Capital Loan (11.00% PIK, 3.00% Cash,9.50% EOT payment)

9,163

10,051

7,608

1/31/2019
Total Entertainment  - 3.54%*

9,163

10,051

7,608

Financial Institution and Services

BlueVine Capital, Inc.

Financial Institution and Services

Growth Capital Loan (8.75% interest rate, 3.05% EOT payment)

10,000

9,839

9,837

3/31/2019

10,000

9,839

9,837

KnCMiner AB (1) (3) (8) (11)

Financial Institution and Services

Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)

3,544

3,595

3,335

6/30/2018

Financial Institution and Services

Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)

1,695

1,692

1,596

6/30/2018

5,239

5,287

4,931

WorldRemit Limited (1) (3)

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

5,218

5,256

12/31/2018

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

5,092

5,172

6/30/2019

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

5,085

5,172

6/30/2019

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

4,989

5,106

11/30/2019

Financial Institution and Services

Growth Capital Loan (Prime + 3.75% interest rate, 4.00% EOT payment)

5,000

5,012

5,017

3/31/2018

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 4.00% EOT payment)

5,000

4,871

4,869

7/31/2020

30,000

30,267

30,592

Total Financial Institution and Services  - 21.12%*

45,239

45,393

45,360

Food & Beverage

Blue Bottle Coffee, Inc.

Food & Beverage

Growth Capital Loan (Prime + 1.50% interest rate, 0.25% EOT payment)

5,000

5,001

5,013

10/31/2017

Food & Beverage

Growth Capital Loan (Prime + 1.50% interest rate)

5,000

4,944

5,000

12/31/2017
Total Food & Beverage  - 4.66%*

10,000

9,945

10,013

Food & Drug

PillPack, Inc.

Food & Drug

Growth Capital Loan (Prime + 5.75% interest rate, 9.00% EOT payment)

5,000

4,918

4,916

8/31/2020
Total Food & Drug  - 2.29%*

5,000
��

4,918

4,916

Network Systems Management Software

Virtual Instruments Corporation

Network Systems Management Software

Growth Capital Loan (10.00% interest rate)

5,000

5,000

4,993

4/4/2020

Network Systems Management Software

Growth Capital Loan (5.00% PIK interest rate)

21,941

21,941

20,853

4/4/2021

Network Systems Management Software

Growth Capital Loan (5.00% PIK interest rate)

5,264

5,264

4,917

4/4/2021
Total Network Systems Management Software  - 14.32%*

32,205

32,205

30,763

Restaurant / Food Service

Munchery, Inc.

Restaurant / Food Service

Growth Capital Loan (Prime + 8.25% interest rate, 8.75% EOT payment)

2,589

2,664

2,636

6/30/2019
Total Restaurant / Food Service  - 1.23%*

2,589

2,664

2,636

Security Products

Ring, Inc.

Security Products

Growth Capital Loan (Prime + 2.75% interest rate, 3.50% EOT payment)

20,000

19,838

19,832

8/31/2018
Total Security Products  - 9.23%*

20,000

19,838

19,832

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)

~~(dollars in thousands)~~

~~As of September 30, 2017~~

Venture Growth Stage Company

Industry

Type of Investment

Outstanding Principal

Cost

Fair Value

Maturity Date
Debt Investments (continued)

Security Services

Forgerock, Inc.

Security Services

Growth Capital Loan (Prime + 6.75% interest rate, 8.50% EOT payment)

$
8,214

$
8,572

$
8,678

9/30/2019

Security Services

Growth Capital Loan (Prime + 6.75% interest rate, 8.50% EOT payment)

4,854

4,943

5,009

2/29/2020
Total Security Services  - 6.37%*

13,068

13,515

13,687

Wireless Communications Equipment

Cambridge Broadband Network Limited (1) (3)
Wireless Communications Equipment

Growth Capital Loan (Prime + 10.75% interest rate)

6,045

6,585

6,592

12/31/2017
Eero, Inc.

Wireless Communications Equipment

Growth Capital Loan (Prime + 8.25% interest rate)

10,000

9,892

9,945

11/30/2019
Total Wireless Communications Equipment  - 7.70%*

16,045

16,477

16,537

Total Debt Investments  - 136.28%*

$
295,327

$
294,739

$
292,683

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)

~~(dollars in thousands)~~

~~As of September 30, 2017~~

Venture Growth Stage Company

Industry

Type of Warrant

Shares

Cost

Fair Value

Warrants

Advertising / Marketing

InMobi Pte Ltd. (1) (2) (3)

Advertising / Marketing

Ordinary Shares

48,500

$
35

$
103

Total Advertising / Marketing  - 0.05%*

48,500

35

103

Biofuels / Biomass

Harvest Power, Inc.

Biofuels / Biomass

Common Stock

350

77

—

Total Biofuels / Biomass - 0.00%*

350

77

—

Building Materials/Construction Machinery

View, Inc.

Building Materials/Construction Machinery

Preferred Stock

2,222,222

500

500

Total Building Materials/Construction Machinery  - 0.23%*

2,222,222

500

500

Business Applications Software

FinancialForce.com, Inc.

Business Applications Software

Preferred Stock

547,440

1,540

1,655

Lattice Engines, Inc. (2)

Business Applications Software

Preferred Stock

396,652

48

95

MapR Technologies, Inc.

Business Applications Software

Preferred Stock

256,388

42

46

Medallia, Inc. (2)

Business Applications Software

Preferred Stock

55,814

11

76

Total Business Applications Software  - 0.87%*

1,256,294

1,641

1,872

Business to Business Marketplace

Optoro, Inc. (2)

Business to Business Marketplace

Preferred Stock

10,346

40

7

Total Business to Business Marketplace  - 0.00%*

10,346

40

7

Conferencing Equipment / Services

Fuze, Inc. (fka Thinking Phone Networks, Inc.) (2)

Conferencing Equipment / Services

Preferred Stock

323,381

670

639

Total Conferencing Equipment / Services  - 0.30%*

323,381

670

639

E-Commerce - Clothing and Accessories

JackThreads, Inc. (2)

E-Commerce - Clothing and Accessories

Common Stock

283,401

88

—

Outfittery GMBH (1) (2) (3) (10)

E-Commerce - Clothing and Accessories

Cash Exit Fee

—

404

401

Rent the Runway, Inc.

E-Commerce - Clothing and Accessories

Preferred Stock

88,037

213

828

Rent the Runway, Inc.

E-Commerce - Clothing and Accessories

Common Stock

116,047

793

1,617

Stance, Inc. (2)

E-Commerce - Clothing and Accessories

Preferred Stock

75,000

41

41

Total E-Commerce - Clothing and Accessories  - 1.34%*

562,485

1,539

2,887

E-Commerce - Personal Goods

Birchbox, Inc. (2)

E-Commerce - Personal Goods

Preferred Stock

60,052

690

1,271

Total E-Commerce - Personal Goods  - 0.59%*

60,052

690

1,271

Educational/Training Software

Varsity Tutors LLC (2) (10)

Educational/Training Software

Preferred Stock

240,590

65

65

Total Educational/Training Software  - 0.03%*

240,590

65

65

Entertainment

Mind Candy, Inc. (1) (3)

Entertainment

Preferred Stock

287,187

751

—

Total Entertainment  - 0.00%*

287,187

751

—

Financial Institution and Services

BlueVine Capital, Inc.

Financial Institution and Services

Preferred Stock

180,865

241

241

WorldRemit Limited (1) (3)

Financial Institution and Services

Preferred Stock

128,288

382

409

Total Financial Institution and Services  - 0.30%*

309,153

623

650

Food & Beverage

Blue Bottle Coffee, Inc.

Food & Beverage

Preferred Stock

9,004

80

122

Total Food & Beverage  - 0.06%*

9,004

80

122

Food & Drug

PillPack, Inc.

Food & Drug

Common Stock

28,297

55

55

Total Food & Drug  - 0.03%*

28,297

55

55

General Media and Content

TechMediaNetwork, Inc. (2)

General Media and Content

Preferred Stock

72,234

31

28

Thrillist Media Group, Inc. (2)

General Media and Content

Common Stock

774,352

624

1,378

Total General Media and Content  - 0.65%*

846,586

655

1,406

Medical Software and Information Services

AirStrip Technologies, Inc. (2)

Medical Software and Information Services

Preferred Stock

31,063

112

74

Total Medical Software and Information Services  - 0.03%*

31,063

112

74

Multimedia / Streaming Software

Shazam Entertainment Limited (1) (2) (3)

Multimedia / Streaming Software

Ordinary Shares

2,669,479

134

139

Total Multimedia / Streaming Software  - 0.06%*

2,669,479

134

139

Restaurant / Food Service

Munchery, Inc.

Restaurant / Food Service

Preferred Stock

21,537

45

—

Total Restaurant / Food Service  - 0.00%*

21,537

45

0

Security Products

Ring, Inc.

Security Products

Preferred Stock

31,192

57

57

Total Security Products  - 0.03%*

31,192

57

57

Security Services

CrowdStrike, Inc. (2)

Security Services

Preferred Shares

99,344

72

92

Forgerock, Inc.

Security Services

Preferred Stock

195,992

155

459

Total Security Services  - 0.26%*

295,336

227

551

Shopping Facilitators

Farfetch UK Limited (1) (2) (3)

Shopping Facilitators

Preferred Stock

37,998

170

250

Total Shopping Facilitators  - 0.12%*

37,998

170

250

Travel and Leisure

Inspirato, LLC (2)

Travel and Leisure

Preferred Units

1,994

36

9

Total Travel and Leisure  - 0.00%*

1,994

36

9

Wireless Communications Equipment

Cambridge Broadband Network Limited (1) (3)

Wireless Communications Equipment

Preferred Shares

33,000

95

4

Eero, Inc.

Wireless Communications Equipment

Preferred Stock

35,446

80

80

Total Wireless Communications Equipment  - 0.04%*

68,446

175

84

Total Warrants  - 5.00%*

$
8,377

$
10,741



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Debt Investments

Biofuels / Biomass
Harvest Power, Inc.⁽⁷⁾	Growth Capital Loan (7.00% interest rate, 9.00% EOT payment)	3/5/2014	$	9,579	$	11,085	$	400	4/30/2021
Total Biofuels / Biomass - 0.10%*			9,579		11,085		400

Buildings and Property
Knotel, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	2/28/2019	9,000		9,179		8,732		8/31/2022
	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	3/25/2019	6,000		6,104		5,792		9/30/2022
	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	4/18/2019	9,000		9,134		8,646		10/31/2022
	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	9/30/2019	6,000		6,002		5,615		3/31/2023
Total Buildings and Property - 7.29%*			30,000		30,419		28,785

Business Applications Software
Farmer's Business Network, Inc.	Growth Capital Loan (12.00% interest rate)	2/13/2020	3,333		3,296		3,272		2/28/2022
	Growth Capital Loan (12.00% interest rate)	3/11/2020	6,667		6,590		6,539		3/31/2022
			10,000		9,886		9,811
HI.Q, Inc.	Growth Capital Loan (11.00% interest rate, 2.00% EOT payment)	12/17/2018	13,250		13,153		13,050		6/30/2023
OneSource Virtual, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 2.00% EOT payment)	6/29/2018	9,109		9,533		9,580		6/30/2022
	Growth Capital Loan (Prime + 2.00% interest rate, 0.25% EOT payment)	11/5/2019	5,000		5,012		5,016		5/31/2020
	Growth Capital Loan (Prime + 0.75% interest rate, 0.25% EOT payment)	1/31/2020	3,000		2,986		2,987		4/30/2020
			17,109		17,531		17,583
Passport Labs, Inc.	Growth Capital Loan (9.75% interest rate, 5.25% EOT payment)	10/11/2018	19,000		18,983		18,266		8/31/2023
	Growth Capital Loan (10.25% interest rate, 5.25% EOT payment)	5/15/2019	6,000		5,940		5,689		3/31/2024
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/15/2019	5,000		4,971		4,760		5/31/2024
			30,000		29,894		28,715
Quantcast Corporation	Growth Capital Loan (Prime + 6.25% interest rate, 6.00% EOT payment)	3/12/2018	7,930		8,557		8,575		3/31/2021
Total Business Applications Software - 19.68%*			78,289		79,021		77,734

Business to Business Marketplace
Adjust GmbH⁽¹⁾⁽³⁾	Growth Capital Loan (Prime + 4.75% interest rate, 2.50% PIK interest rate)	1/29/2019	20,603		20,366		20,473		1/31/2022
	Growth Capital Loan (Prime + 4.75% interest rate, 2.50% PIK interest rate)	1/18/2019	8,247		8,153		8,196		1/31/2022
			28,850		28,519		28,669
Factual, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 7.75% EOT payment)	12/23/2019	10,000		9,904		9,981		12/31/2022
Total Business to Business Marketplace - 9.78%*			38,850		38,423		38,650

Commercial Services
Transfix, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 2.00% EOT payment)	12/23/2019	10,000		9,853		9,785		12/31/2021
Total Commercial Services - 2.48%*			10,000		9,853		9,785

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)

~~(dollars in thousands)~~

~~As of September 30, 2017~~

Venture Growth Stage Company

Industry

Type of Equity

Shares

Cost

Fair Value

Equity Investments (2)

Business Applications Software

MapR Technologies, Inc.

Business Applications Software

Preferred Stock

39,018

$
161

$
161

Total Business Applications Software  - 0.07%*

39,018

161

161

Communications Software

Pluribus Networks, Inc.

Communications Software

Preferred Stock

722,073

2,000

2,000

Total Communications Software  - 0.93%*

722,073

2,000

2,000

Database Software

Nutanix, Inc. (7)

Database Software

Common Stock

113,731

705

2,546

Total Database Software  - 1.19%*

113,731

705

2,546

E-Commerce - Personal Goods

Birchbox, Inc.

E-Commerce - Personal Goods

Preferred Stock

2,839

250

319

Birchbox, Inc.

E-Commerce - Personal Goods

Convertible Note (8.00% interest rate)
—

45

125

Total E-Commerce - Personal Goods  - 0.21%*

2,839

295

444

Financial Institution and Services

Revolut Ltd. (1) (3)

Financial Institution and Services

Preferred Stock

4,325

49

49

Financial Institution and Services

Ordinary Shares

21,595

243

243

Total Financial Institution and Services  - 0.14%*

25,920

292

292

Household & Office Goods

Casper Sleep Inc.

Household & Office Goods

Preferred Stock

8,000

250

250

Casper Sleep Inc.

Household & Office Goods

Common Stock

26,669

750

750

Total Household & Office Goods  - 0.47%*

34,669

1,000

1,000

Network Systems Management Software

Cohesity Inc.

Network Systems Management Software

Preferred Stock

60,342

400

400

Total Network Systems Management Software  - 0.19%*

60,342

400

400

Software Development Tools

MongoDB, Inc.

Software Development Tools

Common Stock

74,742

1,000

622

Total Software Development Tools  - 0.29%*

74,742

1,000

622

Travel and Leisure

Inspirato, LLC (1) (4)

Travel and Leisure

Preferred Units

1,948

250

247

Total Travel and Leisure  - 0.12%*

1,948

250

247

Total Equity Investments  - 3.59%*

$
6,103

$
7,712

Total Investments in Portfolio Companies  - 144.88%*

$
309,219

$
311,136

Short-Term Investments (2)

Cost

Fair Value

U.S. Treasury Bills

$95,000 Face Value, Maturity Date 10/19/2017, Yield to Maturity 0.91%

$
94,962

$
94,962

Total Short-Term Investments  - 44.22%*

$
94,962

$
94,962

Total Investments  - 189.09%*

$
404,181

$
406,098

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

~~CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS~~

~~(dollars in thousands)~~

~~As of December 31, 2016~~

Venture Growth Stage Company

Industry

Type of Investment

Outstanding Principal

Cost

Fair Value

Maturity
Date
Debt Investments

Biofuels / Biomass

Harvest Power, Inc.

Biofuels / Biomass

Growth Capital Loan (13.00% interest rate, 9.00% EOT payment)

$
15,000

$
16,121

$
16,065

11/30/2017
Total Biofuels / Biomass  - 7.44%*

15,000

16,121

16,065

Business Applications Software

Birst, Inc.

Business Applications Software

Growth Capital Loan (Prime + 6.90% interest rate, 2.00% EOT payment)

10,000

10,086

10,109

11/30/2017

Business Applications Software

Growth Capital Loan (Prime + 6.90% interest rate, 2.00% EOT payment)

15,000

14,908

14,990

3/31/2019

Business Applications Software

Growth Capital Loan (Prime + 6.90% interest rate, 2.00% EOT payment)

2,000

1,983

1,995

6/30/2019

27,000

26,977

27,094

FinancialForce.com, Inc.

Business Applications Software

Growth Capital Loan (Prime + 7.50% interest rate, 4.00% EOT payment)

15,000

14,308

14,396

12/31/2020
MapR Technologies, Inc.

Business Applications Software

Equipment Loan (8.00% interest rate,10.00% EOT payment)

2,708

2,810

2,853

9/30/2018

Business Applications Software

Equipment Lease (8.25% interest rate, 10.00% EOT payment) (1)

145

145

146

1/31/2019

Business Applications Software

Equipment Lease (8.25% interest rate, 10.00% EOT payment) (1)

1,434

1,434

1,441

6/30/2019

Business Applications Software

Equipment Loan (6.50% interest rate,10.00% EOT payment)

860

845

845

6/30/2019

Business Applications Software

Equipment Lease (8.50% interest rate, 10.00% EOT payment) (1)

135

135

135

12/31/2019

5,282

5,369

5,420

Total Business Applications Software  - 21.73%

47,282

46,654

46,910

Conferencing Equipment / Services

Fuze, Inc. (fka Thinking Phone Networks, Inc.)
Conferencing Equipment / Services

Growth Capital Loan (11.25% interest rate, 2.85% EOT payment)

30,000

29,453

30,096

9/30/2019

Conferencing Equipment / Services

Growth Capital Loan (11.50% interest rate, 2.85% EOT payment)

5,000

4,900

4,898

9/30/2019

Conferencing Equipment / Services

Growth Capital Loan (11.50% interest rate, 2.85% EOT payment)

5,000

4,899

4,897

9/30/2019
Total Conferencing Equipment / Services  - 18.48%

40,000

39,252

39,891

Database Software

SimpliVity Corporation

Database Software

Growth Capital Loan (10.00% interest rate, 8.50% EOT payment)

7,000

7,241

7,631

6/30/2018

Database Software

Growth Capital Loan (10.00% interest rate, 8.50% EOT payment)

3,000

3,074

3,271

10/31/2018

Database Software

Growth Capital Loan (11.50% interest rate, 9.00% EOT payment)

7,000

7,175

7,684

10/31/2018

Database Software

Growth Capital Loan (11.50% interest rate, 9.00% EOT payment)

3,000

3,057

3,293

12/31/2018

Database Software

Growth Capital Loan (12.75% interest rate, 9.50% EOT payment)

10,000

10,158

11,047

1/31/2019

Database Software

Equipment Lease (6.75% interest rate, 10.00% EOT payment) (1)

2,808

2,808

3,176

12/31/2018

Database Software

Equipment Lease (6.75% interest rate, 7.50% EOT payment) (1)

1,939

1,939

2,133

6/30/2018

Database Software

Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)

1,311

1,311

1,475

12/31/2018

Database Software

Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)

885

885

1,010

2/28/2019

Database Software

Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)

54

54

61

3/31/2019

Database Software

Equipment Lease (9.00% interest rate, 10.00% EOT payment) (1)

4,556

4,554

5,677

9/30/2018
Total Database Software  - 21.52%*

41,553

42,256

46,458

E-Commerce - Clothing and Accessories

ModCloth, Inc.

E-Commerce - Clothing and Accessories

Growth Capital Loan (11.50% interest rate, 13.42% EOT payment)

684

809

789

6/30/2017

E-Commerce - Clothing and Accessories

Growth Capital Loan (11.50% interest rate, 13.69% EOT payment)

1,475

1,725

1,688

6/30/2017

E-Commerce - Clothing and Accessories

Growth Capital Loan (13.00% interest rate, 15.50% EOT payment)

2,000

2,232

2,255

8/31/2017

E-Commerce - Clothing and Accessories

Growth Capital Loan (13.00% interest rate, 16.00% EOT payment)

5,000

5,545

5,606

11/30/2017

E-Commerce - Clothing and Accessories

Growth Capital Loan (13.00% interest rate, 16.50% EOT payment)

5,000

5,504

5,574

2/28/2018

E-Commerce - Clothing and Accessories

Growth Capital Loan (13.00% interest rate, 11.61% EOT payment)

4,114

4,548

4,571

6/30/2017

E-Commerce - Clothing and Accessories

Equipment Lease (7.50% interest rate, 15.00% EOT payment) (1)

36

36

37

3/31/2017

E-Commerce - Clothing and Accessories

Equipment Lease  (7.50% interest rate, 15.00% EOT payment) (1)

7

7

7

6/30/2017

E-Commerce - Clothing and Accessories

Equipment Lease (7.50% interest rate, 15.00% EOT payment) (1)

5

5

5

7/31/2017

18,321

20,411

20,532

Rent the Runway, Inc.

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 7.00% interest rate, 6.25% EOT payment)

10,000

10,116

10,554

11/30/2018

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.25% interest rate, 6.25% EOT payment)

6,000

5,970

6,221

6/30/2019

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.25% interest rate, 6.25% EOT payment)

2,000

1,972

2,065

10/31/2019

E-Commerce - Clothing and Accessories

Growth Capital Loan (Prime + 6.25% interest rate, 4.50% EOT payment)

4,000

3,934

4,034

11/30/2019

22,000

21,992

22,874

Total E-Commerce - Clothing and Accessories  - 20.11%*

40,321

42,403

43,406

E-Commerce - Personal Goods

Birchbox, Inc.

E-Commerce - Personal Goods

Growth Capital Loan (10.00% interest rate, 8.00% EOT payment)

5,000

5,104

5,095

2/28/2019

E-Commerce - Personal Goods

Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)

5,000

5,111

5,057

2/28/2019

E-Commerce - Personal Goods

Growth Capital Loan (10.25% interest rate, 8.00% EOT payment)

10,000

10,082

10,096

7/31/2019
Total E-Commerce - Personal Goods  - 9.38%*

20,000

20,297

20,248

Entertainment

Mind Candy Limited (1) (3)

Entertainment

Growth Capital Loan (12.00% interest rate, 9.50% EOT payment)

9,000

9,781

7,430

6/30/2017
Total Entertainment  - 3.44%*

9,000

9,781

7,430

Financial Institution and Services

KnCMiner AB (1) (3) (8)

Financial Institution and Services

Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)

3,758

3,809

3,231

6/30/2018

Financial Institution and Services

Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)

1,798

1,795

1,546

6/30/2018

5,556

5,604

4,777

WorldRemit Limited (1) (3)

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

5,075

5,088

12/31/2018

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

4,950

5,005

6/30/2019

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

4,941

5,005

6/30/2019

Financial Institution and Services

Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)

5,000

4,851

4,940

11/30/2019

20,000

19,817

20,038

Total Financial Institution and Services  - 11.50%*

25,556

25,421

24,815

Network Systems Management Software

Virtual Instruments Corporation

Network Systems Management Software

Growth Capital Loan (10.00% interest rate)

5,000

5,000

4,994

4/4/2020

Network Systems Management Software

Growth Capital Loan (5.00% interest rate) (5)

21,155

21,155

18,662

4/4/2021

Network Systems Management Software

Growth Capital Loan (5.00% interest rate) (5)

5,076

5,076

4,291

4/4/2021
Total Network Systems Management Software  - 12.95%*

31,231

31,231

27,947

Restaurant / Food Service

Munchery, Inc.

Restaurant / Food Service

Growth Capital Loan (Prime + 7.00% interest rate, 6.75% EOT payment)

3,000

2,972

3,003

6/30/2019
Total Restaurant / Food Service  - 1.39%*

3,000

2,972

3,003

Security Services

CrowdStrike, Inc.

Security Services

Growth Capital Loan (Prime + 7.75% interest rate, 0.50% EOT payment)

20,000

18,715

18,715

12/31/2020
Forgerock, Inc.

Security Services

Growth Capital Loan (Prime + 6.75% interest rate, 8.50% EOT payment)

10,000

10,085

10,150

9/30/2019

Security Services

Growth Capital Loan (Prime + 6.75% interest rate, 8.50% EOT payment)

5,000

4,948

4,976

2/29/2020

15,000

15,033

15,126

Total Security Services  - 15.68%*

35,000

33,748

33,841

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

~~As of December 31, 2016~~

Venture Growth Stage Company

Industry

Type of Investment

Outstanding Principal

Cost

Fair Value

Maturity
Date
Debt Investments (continued)

Shopping Facilitators

Farfetch UK Limited (1) (3)

Shopping Facilitators

Growth Capital Loan (Prime + 8.25% interest rate, 9.00% EOT payment)

$
10,000

$
9,975

$
10,410

3/31/2020

Shopping Facilitators

Growth Capital Loan (Prime + 6.75% interest rate, 8.50% EOT payment)

5,000

5,008

5,211

1/31/2020

Shopping Facilitators

Growth Capital Loan (Prime + 6.75% interest rate, 8.50% EOT payment)

5,000

4,842

5,034

6/30/2020
Total Shopping Facilitators  - 9.57%*

20,000

19,825

20,655

Wireless Communications Equipment

Cambridge Broadband Network Limited (1) (3)
Wireless Communications Equipment

Growth Capital Loan (Prime + 10.75% interest rate)

6,045

6,271

6,271

12/31/2017
Xirrus, Inc.

Wireless Communications Equipment

Growth Capital Loan (Prime + 10.25% interest rate, 12.04% EOT payment) (5)
1,378

1,719

1,684

12/31/2016 (9)

Wireless Communications Equipment

Growth Capital Loan (Prime + 10.25% interest rate, 13.01% EOT payment) (5)
3,029

3,627

3,566

12/31/2016 (9)

Wireless Communications Equipment

Growth Capital Loan (Prime + 10.25% interest rate, 13.75% EOT payment) (5)
3,547

4,135

4,106

3/31/2017

Wireless Communications Equipment

Growth Capital Loan (Prime + 10.25% interest rate, 15.82% EOT payment) (5)
9,982

10,794

11,224

12/31/2017

Wireless Communications Equipment

Growth Capital Loan (12.00% interest rate) (2) (5)

2,564

2,552

2,487

10/16/2017

20,500

22,827

23,067

Total Wireless Communications Equipment  - 13.59%*

26,545

29,098

29,338

Total Debt Investments  - 166.78%*

$
354,488

$
359,059

$
360,007



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Consumer Non-Durables
Imperfect Foods, Inc.	Growth Capital Loan (Prime + 4.10% interest rate, 5.35% EOT payment)	10/11/2019	$	10,000	$	9,832	$	9,751	4/30/2023
Total Consumer Non-Durables - 2.47%*			10,000		9,832		9,751

Consumer Products and Services
Clutter, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 4.00% EOT payment)	10/30/2018	6,303		6,416		6,416		10/31/2020
	Growth Capital Loan (Prime + 4.50% interest rate, 4.00% EOT payment)	10/30/2018	5,000		5,040		5,040		10/31/2021
	Growth Capital Loan (Prime + 3.00% interest rate, 4.00% EOT payment)	12/27/2018	1,391		1,408		1,408		12/31/2020
	Growth Capital Loan (Prime + 4.50% interest rate, 4.00% EOT payment)	2/1/2019	1,932		1,934		1,934		1/31/2022
			14,626		14,798		14,798
Outdoor Voices, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 9.75% EOT payment)	2/26/2019	4,000		4,030		3,912		2/28/2022
	Growth Capital Loan (Prime + 5.00% interest rate, 9.75% EOT payment)	4/4/2019	6,000		6,014		5,824		4/30/2022
			10,000		10,044		9,736
Quip NYC, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	4/16/2019	10,000		9,961		9,730		4/30/2022
	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	6/26/2019	5,000		4,956		4,833		6/30/2022
	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	6/26/2019	5,000		4,956		4,833		6/30/2022
	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	9/26/2019	5,000		4,923		4,789		9/30/2022
			25,000		24,796		24,185
Total Consumer Products and Services - 12.33%*			49,626		49,638		48,719

Consumer Retail
LovePop, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 6.75% EOT payment)	11/5/2018	10,000		10,174		10,031		11/30/2021
Total Consumer Retail - 2.54%*			10,000		10,174		10,031

Database Software
Qubole Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 6.75% EOT payment)	12/27/2019	10,000		9,897		9,795		12/31/2023
	Growth Capital Loan (Prime + 6.00% interest rate, 6.75% EOT payment)	12/27/2019	5,000		4,948		4,897		12/31/2023
Total Database Software - 3.72%*			15,000		14,845		14,692

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (10.50% interest rate, 6.00% EOT payment)	2/26/2018	3,149		3,357		3,357		2/28/2021
	Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)	11/19/2019	5,000		4,887		4,887		11/30/2022
	Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)	11/19/2019	5,000		4,887		4,887		11/30/2022
	Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)	11/19/2019	5,000		4,887		4,887		11/30/2022
			18,149		18,018		18,018

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

~~As of December 31, 2016~~

Venture Growth Stage Company

Industry

Type of Warrant

Shares

Cost

Fair Value

Warrants

Advertising / Marketing

InMobi Pte Ltd. (1) (2) (3)

Advertising / Marketing

Ordinary Shares

48,500

$
35

$
106

Total Advertising / Marketing  - 0.05%*

48,500

35

106

Biofuels / Biomass

Harvest Power, Inc.

Biofuels / Biomass

Common Stock

350

77

—

Total Biofuels / Biomass  - 0.00%*

350

77

—

Business Applications Software

Birst, Inc.

Business Applications Software

Preferred Stock

428,491

129

39

FinancialForce.com, Inc. (2)

Business Applications Software

Preferred Stock

195,170

508

508

Lattice Engines, Inc. (2)

Business Applications Software

Preferred Stock

396,652

48

95

MapR Technologies, Inc.

Business Applications Software

Preferred Stock

256,388

42

92

Medallia, Inc. (2)

Business Applications Software

Preferred Stock

55,814

11

87

Total Business Applications Software  - 0.38%*

1,332,515

738

821

Business to Business Marketplace

Optoro, Inc. (2)

Business to Business Marketplace

Preferred Stock

10,346

40

9

Total Business to Business Marketplace  - 0.00%*

10,346

40

9

Conferencing Equipment / Services

Fuze, Inc. (fka Thinking Phone Networks, Inc.)

Conferencing Equipment / Services

Preferred Stock

323,471

670

633

Total Conferencing Equipment / Services  - 0.29%*

323,471

670

633

Database Software

SimpliVity Corporation

Database Software

Preferred Stock

770,201

936

—

Total Database Software  - 0.00%*

770,201

936

—

E-Commerce - Clothing and Accessories

JackThreads, Inc. (2)

E-Commerce - Clothing and Accessories

Common Stock

283,401

88

77

ModCloth, Inc.

E-Commerce - Clothing and Accessories

Preferred Stock

5,590,041

746

503

Rent the Runway, Inc.

E-Commerce - Clothing and Accessories

Preferred Stock

88,037

213

828

Rent the Runway, Inc.

E-Commerce - Clothing and Accessories

Common Stock

82,891

331

1,155

Total E-Commerce - Clothing and Accessories  - 1.19%*

6,044,370

1,378

2,563

E-Commerce - Personal Goods

Birchbox, Inc.

E-Commerce - Personal Goods

Preferred Stock

60,052

690

1,406

Total E-Commerce - Personal Goods  - 0.65%*

60,052

690

1,406

Entertainment

Mind Candy, Inc. (1) (3)

Entertainment

Preferred Stock

287,187

751

—

Total Entertainment  - 0.00%*

287,187

751

—

Financial Institution and Services

WorldRemit Limited (1) (3)

Financial Institution and Services

Preferred Stock

96,216

279

307

Total Financial Institution and Services  - 0.14%*

96,216

279

307

General Media and Content

TechMediaNetwork, Inc. (2)

General Media and Content

Preferred Stock

72,234

31

28

Thrillist Media Group, Inc. (2)

General Media and Content

Common Stock

774,352

624

1,394

Total General Media and Content  - 0.66%*

846,586

655

1,422

Medical Software and Information Services

AirStrip Technologies, Inc. (2)

Medical Software and Information Services

Preferred Stock

31,063

112

74

Total Medical Software and Information Services  - 0.03%*

31,063

112

74

Multimedia / Streaming Software

Shazam Entertainment Limited (1) (2) (3)

Multimedia / Streaming Software

Ordinary Shares

2,669,479

134

166

Total Multimedia / Streaming Software  - 0.08%*

2,669,479

134

166

Restaurant / Food Service

Green Chef Corporation (2)

Restaurant / Food Service

Preferred Stock

315,211

98

98

Munchery, Inc.

Restaurant / Food Service

Preferred Stock

222,640

45

45

Total Restaurant / Food Service  - 0.07%*

537,851

143

143

Security Services

CrowdStrike, Inc.

Security Services

Preferred Shares

99,344

72

72

Forgerock, Inc.

Security Services

Preferred Stock

97,996

155

209

Total Security Services  - 0.13%*

197,340

227

281

Shopping Facilitators

Farfetch UK Limited (1) (3)

Shopping Facilitators

Preferred Stock

37,998

170

183

Total Shopping Facilitators  - 0.08%*

37,998

170

183

Travel and Leisure

Inspirato, LLC (2)

Travel and Leisure

Preferred Units

1,994

37

40

Total Travel and Leisure  - 0.02%*

1,994

37

40

Wireless Communications Equipment

Cambridge Broadband Network Limited (1) (3)

Wireless Communications Equipment

Preferred Shares

33,000

95

4

Eero, Inc. (2)

Wireless Communications Equipment

Preferred Stock

35,446

80

80

Xirrus, Inc.

Wireless Communications Equipment

Preferred Stock

6,446,763

787

—

Total Wireless Communications Equipment  - 0.04%*

6,515,209

962

84

Total Warrants  - 3.82%*

$
8,034

$
8,238

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

~~CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS~~

~~(dollars in thousands)~~

~~As of December 31, 2016~~

Venture Growth Stage Company

Industry

Type of Warrant

Shares

Cost

Fair Value

Equity Investments (2)

Business Applications Software

Birst, Inc.

Business Applications Software

Preferred Stock

42,801

$
250

$
184

MapR Technologies, Inc.

Business Applications Software

Preferred Stock

36,264

150

150

Total Business Applications Software  - 0.15%*

79,065

400

334

Database Software

Nutanix, Inc. (7)

Database Software

Common Stock

173,731

1,078

4,430

Total Database Software  - 2.05%*

173,731

1,078

4,430

E-Commerce - Personal Goods

Birchbox, Inc.

E-Commerce - Personal Goods

Preferred Stock

2,839

250

292

Birchbox, Inc.

E-Commerce - Personal Goods

Convertible Note (8.00% interest rate)

—

45

130

Total E-Commerce - Personal Goods  - 0.20%*

2,839

295

422

Software Development Tools

Inspirato, LLC (1) (4)

Travel and Leisure

Preferred Units

1,948

250

258

Total Software Development Tools  - 0.12%*

1,948

250

258

Software Development Tools

MongoDB, Inc.

Software Development Tools

Common Stock

74,742

1,000

622

Total Software Development Tools  - 0.29%*

74,742

1,000

622

Total Equity Investments  - 2.81%*

$
3,023

$
6,066

Total Investments in Portfolio Companies  - 173.40%*

$
370,116

$
374,311

Short-Term Investments (2)

Cost

Fair Value

U.S. Treasury Bills

$40,000 Face Value Maturity Date 1/26/2017 Yield to Maturity 0.40%

$
39,990

$
39,990

Total Short-Term Investments  - 18.53%*

$
39,990

$
39,990

Total Investments  - 191.93%*

$
410,106

$
414,301

~~See accompanying notes to condensed consolidated financial statements.~~

~~TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES~~

~~CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS~~

~~(unaudited)~~

~~As of September 30, 2017 and as of December 31, 2016~~

~~NOTES TO CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS~~



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Outfittery GMBH⁽¹⁾⁽³⁾	Growth Capital Loan (Prime + 8.25% interest rate, 11.00% EOT payment)⁽²⁾	8/11/2017	$	6,925	$	7,149	$	6,519	8/31/2022
	Growth Capital Loan (12.00% interest rate, 9.00% EOT payment)⁽²⁾	6/7/2018	2,118		2,196		2,031		6/30/2021
	Growth Capital Loan (12.75% interest rate, 9.00% EOT payment)⁽²⁾	12/28/2018	2,294		2,292		2,173		12/31/2021
	Growth Capital Loan (Prime + 7.25% interest rate, 9.00% EOT payment)⁽²⁾	8/7/2019	3,947		3,802		3,642		8/31/2022
	Growth Capital Loan (Prime + 7.25% interest rate, 9.00% EOT payment)⁽²⁾	9/23/2019	3,305		3,028		2,968		9/30/2022
	Revolver (11.00% interest rate, 2.00% EOT payment)⁽²⁾	3/5/2020	1,673		1,571		1,536		12/31/2020
			20,262		20,038		18,869
Stance, Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 5.50% EOT payment)	11/1/2018	2,000		2,103		2,104		4/30/2020
Total E-Commerce - Clothing and Accessories - 9.87%*			40,411		40,159		38,991

E-Commerce - Personal Goods
Enjoy Technology, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 5.50% EOT payment)	9/28/2018	10,000		10,155		10,063		9/30/2021
Grove Collaborative, Inc.	Growth Capital Loan (Prime + 1.25% interest rate, 1.25% EOT payment)	12/31/2019	2,750		2,746		2,743		6/30/2020
	Growth Capital Loan (Prime + 1.25% interest rate, 1.25% EOT payment)⁽²⁾	1/31/2020	11,000		10,933		10,917		7/31/2020
	Growth Capital Loan (Prime + 2.25% interest rate, 4.75% EOT payment)⁽²⁾	1/31/2020	8,250		8,190		8,153		4/30/2021
	Growth Capital Loan (Prime + 2.25% interest rate, 4.75% EOT payment)⁽²⁾	1/31/2020	2,667		2,647		2,635		4/30/2021
			24,667		24,516		24,448
Total E-Commerce - Personal Goods - 8.74%*			34,667		34,671		34,511

Entertainment
Mind Candy Limited⁽¹⁾⁽³⁾	Growth Capital Loan (9.00% PIK interest rate, 9.50% EOT payment)	6/25/2014	13,039		12,900		12,387		6/30/2022
	Growth Capital Loan (9.00% PIK interest rate)⁽²⁾	3/17/2020	1,004		1,004		938		3/31/2023
			14,043		13,904		13,325
Roli, Ltd.^(1)(3)(7)	Growth Capital Loan (11.00% interest rate, 9.50% EOT payment)⁽²⁾	5/23/2018	10,732		10,767		6,952		5/31/2021
	Growth Capital Loan (11.00% interest rate, 9.50% EOT payment)⁽²⁾	5/23/2018	1,341		1,346		869		5/31/2021
	Growth Capital Loan (11.25% interest rate, 9.50% EOT payment)⁽²⁾	7/16/2018	1,325		1,317		861		7/31/2021
	Revolver (Prime + 3.25% interest rate, 5.00% EOT payment)⁽²⁾	7/5/2018	129		129		85		10/31/2020
	Revolver (Prime + 4.25% interest rate, 5.00% EOT payment)⁽²⁾	7/5/2018	1,898		1,898		1,245		10/31/2020
	Revolver (Prime + 4.25% interest rate, 5.00% EOT payment)⁽²⁾	9/27/2018	4,556		4,556		3,001		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate, 10.00% EOT payment)⁽²⁾	6/5/2019	1,283		1,340		911		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)⁽²⁾	7/9/2019	627		627		433		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)⁽²⁾	8/28/2019	538		538		381		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate)⁽²⁾	10/24/2019	4,925		4,925		3,292		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate)⁽²⁾	2/21/2020	387		387		371		3/15/2020
			27,741		27,830		18,401
Total Entertainment - 8.03%*			41,784		41,734		31,726



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Financial Institution and Services
Prodigy Finance Limited⁽¹⁾⁽³⁾	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	12/5/2017	$	18,000	$	19,124	$	18,448	12/31/2020
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	3/7/2018	2,200		2,310		2,204		3/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	7/31/2018	3,300		3,413		3,210		7/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	8/8/2018	2,500		2,579		2,417		8/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	9/5/2018	1,500		1,542		1,440		9/30/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	9/5/2018	2,500		2,570		2,401		9/30/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	11/15/2018	6,000		6,124		5,681		11/30/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	12/6/2018	4,000		4,068		3,761		12/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	4/30/2019	133		134		122		4/30/2022
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	8/6/2019	267		264		238		8/31/2022
Total Financial Institution and Services - 10.11%*			40,400		42,128		39,922

Food & Drug
Freshly Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 5.00% EOT payment)	10/9/2019	6,000		5,745		5,691		10/31/2022
	Growth Capital Loan (Prime + 4.50% interest rate, 6.75% EOT payment)	12/30/2019	3,000		2,865		2,843		12/31/2022
	Growth Capital Loan (Prime + 6.00% interest rate, 6.50% EOT payment)	12/30/2019	3,000		2,863		2,839		6/30/2022
	Growth Capital Loan (Prime + 4.50% interest rate, 6.75% EOT payment)	3/20/2020	3,000		2,837		2,812		3/31/2023
Total Food & Drug - 3.59%*			15,000		14,310		14,185

Healthcare Technology Systems
Nurx Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 7.75% EOT payment)	11/5/2019	20,000		19,809		19,638		11/30/2023
Total Healthcare Technology Systems - 4.97%*			20,000		19,809		19,638

Household & Office Goods
Brooklinen, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 7.75% EOT payment)	11/5/2019	1,000		852		852		11/30/2022
Casper Sleep Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 7.50% EOT payment)	8/9/2019	15,000		14,867		14,349		8/31/2023
	Growth Capital Loan (Prime + 6.00% interest rate, 6.25% EOT payment)	11/1/2019	15,000		14,836		14,413		10/31/2022
			30,000		29,703		28,762
Total Household & Office Goods - 7.50%*			31,000		30,555		29,614

Human Resources/Recruitment
Hired, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 6.00% EOT payment)	3/6/2019	5,000		5,016		4,986		9/30/2022
	Growth Capital Loan (Prime + 6.50% interest rate, 7.25% EOT payment)	3/6/2019	5,000		5,019		4,980		3/31/2022
Total Human Resources/Recruitment - 2.52%*			10,000		10,035		9,966

Multimedia and Design Software
Pencil and Pixel, Inc.	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	3/20/2020	10,000		9,753		9,502		3/31/2023
Total Multimedia and Design Software - 2.41%*			10,000		9,753		9,502



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Network Systems Management Software
Virtual Instruments Corporation	Growth Capital Loan (10.00% interest rate)	4/4/2016	$	5,000	$	5,000	$	5,218	4/4/2021
	Growth Capital Loan (5.00% PIK interest rate)	8/7/2018	30,816		30,816		28,462		4/4/2022
Total Network Systems Management Software - 8.53%*			35,816		35,816		33,680

Other Financial Services
Upgrade, Inc.	Growth Capital Loan (9.50% interest rate, 8.50% EOT payment)	1/18/2019	6,000		6,077		5,942		1/31/2023
	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	1/18/2019	1,522		1,539		1,505		1/31/2023
	Growth Capital Loan (9.25% interest rate, 2.75% EOT payment)	1/18/2019	6,391		6,604		6,535		1/31/2021
	Growth Capital Loan (9.50% interest rate, 6.25% EOT payment)	3/1/2019	5,857		5,957		5,886		2/28/2022
Total Other Financial Services - 5.03%*			19,770		20,177		19,868

Real Estate Services
HomeLight, Inc.	Growth Capital Loan (13.00% interest rate)	4/16/2019	2,000		1,973		1,973		4/30/2022
Sonder USA, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 5.25% EOT payment)	12/28/2018	20,000		20,174		19,868		6/30/2022
	Growth Capital Loan (Prime + 5.75% interest rate, 4.75% EOT payment)	3/6/2020	5,000		4,934		4,792		3/31/2024
	Growth Capital Loan (Prime + 5.75% interest rate, 4.75% EOT payment)	3/6/2020	2,000		1,961		1,905		3/31/2024
			27,000		27,069		26,565
Total Real Estate Services - 7.22%*			29,000		29,042		28,538

Restaurant / Food Service
Munchery, Inc.⁽⁷⁾	Growth Capital Loan (Prime + 8.25% interest rate, 8.75% EOT payment)	6/30/2016	2,589		2,729		1,435		6/30/2019
	Growth Capital Loan (Prime + 8.25% interest rate)⁽²⁾	4/25/2018	300		300		158		6/30/2019
Total Restaurant / Food Service - 0.40%*			2,889		3,029		1,593

Security Services
ForgeRock, Inc.	Growth Capital Loan (Prime + 2.90% interest rate, 8.00% EOT payment)	3/27/2019	10,000		10,040		9,940		9/30/2022
	Growth Capital Loan (Prime + 3.70% interest rate, 8.00% EOT payment)	9/30/2019	10,000		9,919		9,813		12/31/2022
	Growth Capital Loan (Prime + 4.50% interest rate, 8.00% EOT payment)	12/23/2019	10,000		9,863		9,760		12/31/2022
Total Security Services - 7.47%*			30,000		29,822		29,513

Shopping Facilitators
Moda Operandi, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 7.25% EOT payment)	10/21/2019	10,000		9,907		9,677		4/30/2022
	Growth Capital Loan (Prime + 6.25% interest rate, 7.25% EOT payment)	11/27/2019	5,000		4,937		4,819		5/31/2022
	Growth Capital Loan (Prime + 6.25% interest rate, 7.25% EOT payment)	1/6/2020	10,000		9,836		9,584		7/31/2022
Total Shopping Facilitators - 6.10%*			25,000		24,680		24,080

Social/Platform Software
ClassPass, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% EOT payment)	8/15/2019	15,000		14,948		14,669		8/31/2023
	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% EOT payment)	9/30/2019	15,000		14,902		14,616		9/30/2023
Total Social/Platform Software - 7.41%*			30,000		29,850		29,285



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Travel & Leisure
GoEuro Corp.⁽¹⁾⁽³⁾	Growth Capital Loan (10.25% interest rate, 4.00% EOT payment)	10/30/2019	$	20,000	$	19,595	$	19,179	10/31/2022
	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	3/27/2020	10,000		9,664		9,312		3/31/2024
Total Travel & Leisure - 7.21%*			30,000		29,259		28,491

Wireless Communications Equipment
Cambridge Broadband Network Limited^(1)(3)(7)	Growth Capital Loan (Prime + 11.75% interest rate)	9/3/2014	6,701		6,701		—		12/31/2021
	Growth Capital Loan (12.00% PIK interest rate)⁽²⁾	3/5/2019	375		375		50		12/31/2019
	Growth Capital Loan (12.00% PIK interest rate)⁽²⁾	4/4/2019	375		375		50		12/31/2019
Total Wireless Communications Equipment - 0.03%*			7,451		7,451		100

Total Debt Investments - 167.53%*			$	704,532	$	705,570	$	661,750



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 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	$	148
Total Advertising / Marketing - 0.04%*			48,500	35		148

Building Materials/Construction Machinery
View, Inc.	Preferred Stock⁽²⁾	6/13/2017	4,545,455	500		591
Total Building Materials/Construction Machinery - 0.15%*			4,545,455	500		591

Buildings and Property
Knotel, Inc.	Preferred Stock	2/19/2019	360,260	159		288
Total Buildings and Property - 0.07%*			360,260	159		288

Business Applications Software
Farmer's Business Network, Inc.	Preferred Stock	1/3/2020	30,568	27		27
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		437
OneSource Virtual, Inc.	Preferred Stock	6/25/2018	70,773	161		222
Passport Labs, Inc.	Preferred Stock	9/28/2018	21,929	303		518
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 - 1.07%*			1,303,987	2,467		4,246

Business to Business Marketplace
Factual, Inc.	Preferred Stock	9/4/2018	47,072	86		56
Optoro, Inc.	Preferred Stock⁽²⁾	7/13/2015	10,346	40		37
RetailNext, Inc.	Preferred Stock⁽²⁾	11/16/2017	123,420	80		111
Total Business to Business Marketplace - 0.05%*			180,838	206		204

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 Non-Durables
Hims, Inc.	Preferred Stock⁽²⁾	11/27/2019	198,126	73		131
Imperfect Foods, Inc.	Preferred Stock	6/6/2019	43,746	189		279
Total Consumer Non-Durables - 0.10%*			241,872	262		410

Consumer Products and Services
Clutter, Inc.	Preferred Stock	10/18/2018	77,434	363		403
Outdoor Voices, Inc.	Common Stock	2/26/2019	255,000	360		43
Quip NYC, Inc.	Preferred Stock	11/26/2018	41,272	455		455
Total Consumer Products and Services - 0.23%*			373,706	1,178		901

Consumer Retail
LovePop, Inc.	Preferred Stock	10/23/2018	163,463	168		127
Total Consumer Retail - 0.03%*			163,463	168		127



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Warrant	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

Database Software
Qubole Inc.	Preferred Stock	11/21/2018	265,266	$	122	$	122
Total Database Software - 0.03%*			265,266	122		122

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	11/20/2017	173,341	521		364
Outfittery GMBH⁽¹⁾⁽³⁾	Cash Exit Fee⁽²⁾⁽⁵⁾	8/10/2017	—	1,426		1,155
Rent the Runway, Inc.	Preferred Stock⁽²⁾	11/25/2015	88,037	213		591
	Common Stock⁽²⁾	11/25/2015	149,203	1,081		1,611
			237,240	1,294		2,202
Stance, Inc.	Preferred Stock	3/31/2017	75,000	41		70
Untuckit LLC	Cash Exit Fee⁽²⁾⁽⁵⁾	5/11/2018	—	39		52
Total E-Commerce - Clothing and Accessories - 0.97%*			485,581	3,321		3,843

E-Commerce - Personal Goods
Enjoy Technology, Inc.	Preferred Stock	9/7/2018	336,304	269		424
Grove Collaborative, Inc.	Preferred Stock	4/2/2018	202,506	168		964
	Preferred Stock	5/22/2019	109,114	228		313
			311,620	396		1,277
Total E-Commerce - Personal Goods - 0.43%*			647,924	665		1,701

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		5
Total Entertainment - 0.05%*			380,456	1,566		198

Financial Institution and Services
BlueVine Capital, Inc.	Preferred Stock	9/15/2017	271,293	361		909
Prodigy Investments Limited⁽¹⁾⁽³⁾	Preferred Stock	12/5/2017	41,046	775		958
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 Ltd.⁽¹⁾⁽³⁾	Preferred Stock⁽²⁾	12/23/2015	128,288	382		478
	Preferred Stock⁽²⁾	12/23/2015	46,548	136		136
			174,836	518		614
Total Financial Institution and Services - 0.73%*			501,373	2,018		2,883

Food & Drug
Capsule Corp.	Preferred Stock⁽²⁾	1/17/2020	135,022	254		254
	Cash Exit Fee⁽²⁾⁽⁵⁾	12/28/2018	—	129		129
			135,022	383		383
Freshly Inc.	Preferred Stock	10/7/2019	107,732	580		580
	Preferred Stock	10/7/2019	31,299	109		109
			139,031	689		689
Total Food & Drug - 0.27%*			274,053	1,072		1,072



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Warrant	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

General Media and Content
BZ Holdings, Inc. (fka TechMediaNetwork, Inc.)	Preferred Stock⁽²⁾	3/17/2014	72,234	$	31	$	68
Thrillist Media Group, Inc.	Common Stock⁽²⁾	9/24/2014	774,352	624		1,347
Total General Media and Content - 0.36%*			846,586	655		1,415

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		38
Nurx Inc.	Preferred Stock	8/19/2019	136,573	216		216
Total Healthcare Technology Systems - 0.08%*			223,474	402		312

Household & Office Goods
Brooklinen, Inc.	Preferred Stock	10/31/2019	—	—		—
Casper Sleep Inc.	Preferred Stock	3/1/2019	21,736	240		24
Total Household & Office Goods - 0.01%*			21,736	240		24

Human Resources/Recruitment
Hired, Inc.	Preferred Stock	9/21/2018	93,141	156		74
Total Human Resources/Recruitment - 0.02%*			93,141	156		74

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	119,474	133		133
Total Multimedia and Design Software - 0.03%*			119,474	133		133

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		112
Total Network Systems Management Software - 0.04%*			52,390	186		166

Other Financial Services
Upgrade, Inc.	Preferred Stock	1/18/2019	744,225	223		112
Total Other Financial Services - 0.03%*			744,225	223		112

Real Estate Services
HomeLight, Inc.	Preferred Stock⁽²⁾	12/21/2018	54,004	44		124
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%*			204,806	318		779

Security Services
ForgeRock, Inc.	Preferred Stock	3/30/2016	195,992	155		110
	Preferred Stock	3/30/2016	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		1,099
OfferUp Inc.	Preferred Stock⁽²⁾	12/23/2019	44,788	42		42
Total Shopping Facilitators - 0.29%*			79,326	385		1,141



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Warrant	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

Social/Platform Software
ClassPass, Inc.	Preferred Stock	3/18/2019	84,507	$	281	$	280
Total Social/Platform Software - 0.07%*			84,507	281		280

Transportation
Bird Rides, Inc.	Preferred Stock⁽²⁾	4/18/2019	68,111	193		264
Total Transportation - 0.07%*			68,111	193		264

Travel & Leisure
GoEuro Corp.⁽¹⁾⁽³⁾	Preferred Units	3/26/2018	12,027	362		289
Inspirato, LLC	Preferred Units⁽²⁾	4/25/2013	1,994	37		45
Total Travel & Leisure - 0.08%*			14,021	399		334

Wireless Communications Equipment
Cambridge Broadband Network Limited⁽¹⁾⁽³⁾	Preferred Shares	9/3/2014	33,000	95		—
Total Wireless Communications Equipment - 0.00%*			33,000	95		—

Total Warrant Investments - 5.70%*				$	18,935	$	22,501



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 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
Medallia, Inc.	Common Stock^(2)(10)	11/13/2014	48,616	11		974
Passport Labs, Inc.	Preferred Stock⁽²⁾	6/11/2019	1,302	100		103
Total Business Applications Software - 0.36%*			85,126	361		1,433

Communications Software
Pluribus Networks, Inc.	Preferred Stock⁽²⁾	1/10/2017	722,073	2,000		2,000
Total Communications Software - 0.51%*			722,073	2,000		2,000

Consumer Non-Durables
Hims, Inc.	Preferred Stock⁽²⁾	4/29/2019	144,092	500		506
Total Consumer Non-Durables - 0.13%*			144,092	500		506

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock⁽²⁾	1/17/2019	67,934	500		611
Total E-Commerce - Clothing and Accessories - 0.15%*			67,934	500		611

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Preferred Stock⁽²⁾	6/5/2018	134,249	500		975
Total E-Commerce - Personal Goods - 0.25%*			134,249	500		975

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		1,000
Total Entertainment - 0.25%*			511,665	1,000		1,000

Financial Institution and Services
GoGreenHost AB⁽¹⁾⁽³⁾	Preferred Stock⁽²⁾	12/1/2017	1	2,134		1,168
Revolut Ltd.⁽¹⁾⁽³⁾	Preferred Stock⁽²⁾	8/3/2017	25,920	292		1,447
Total Financial Institution and Services - 0.66%*			25,921	2,426		2,615

Food & Drug
Capsule Corp.	Preferred Stock⁽²⁾	7/25/2019	75,013	500		500
Total Food & Drug - 0.13%*			75,013	500		500

Healthcare Technology Systems
Curology, Inc.	Preferred Stock⁽²⁾	11/26/2019	66,000	196		238
	Common Stock⁽²⁾	1/14/2020	142,855	404		404
			208,855	600		642
Groop Internet Platfom, Inc.	Preferred Stock⁽²⁾	5/15/2019	90,859	250		250
Nurx Inc.	Preferred Stock⁽²⁾	5/31/2019	136,572	1,000		1,004
Total Healthcare Technology Systems - 0.48%*			436,286	1,850		1,896

Household & Office Goods
Casper Sleep Inc.	Common Stock^(2)(10)	6/19/2017	35,722	1,000		141
Total Household & Office Goods - 0.04%*			35,722	1,000		141



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2020
Venture Growth Stage Company	Type of Equity	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

Network Systems Management Software
Cohesity, Inc.	Preferred Stock⁽²⁾	3/24/2017	60,342	$	400	$	606
Total Network Systems Management Software - 0.15%*			60,342	400		606

Real Estate Services
Sonder Holdings Inc.⁽¹⁾	Preferred Stock⁽²⁾	5/17/2019	29,773	312		312
Total Real Estate Services - 0.08%*			29,773	312		312

Security Services
CrowdStrike, Inc.	Common Stock^(2)(10)	10/13/2017	278,747	1,072		15,521
Total Security Services - 3.93%*			278,747	1,072		15,521

Travel & Leisure
GoEuro Corp.⁽¹⁾⁽³⁾	Preferred Stock⁽²⁾	10/5/2017	2,362	300		266
Inspirato, LLC	Preferred Units⁽²⁾⁽⁴⁾	9/11/2014	1,948	250		266
Total Travel & Leisure - 0.13%*			4,310	550		532

Total Equity Investments - 7.32%*				$	13,221	$	28,904

Total Investments in Portfolio Companies - 180.55%*⁽¹¹⁾				$	737,726	$	713,155

Total Investments - 180.55%*⁽⁹⁾				$	737,726	$	713,155

_______________


(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, 2020 non-qualifying assets represented 19.4% of the Company’s total assets, at fair value.


(2)	As of March 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 $25.7 million, $50.2 million, and $24.6 million, respectively. The tax cost of investments is $737.7 million.


(7)	Debt is on non-accrual status at March 31, 2020 and is therefore considered non-income producing. Non-accrual investments at March 31, 2020 had a total cost and fair value of $49.4 million and $20.5 million, respectively.


(8)	Non-income producing investments.


(9)	Except for equity in three public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).


(10)	Investment is publicly traded and listed on New York Stock Exchange or NASDAQ.


(11)	The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (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.



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Debt Investments

Biofuels / Biomass
Harvest Power, Inc.⁽⁷⁾	Growth Capital Loan (7.00% interest rate, 9.00% EOT payment)	3/5/2014	$	10,880	$	12,385	$	1,797	4/30/2021
Total Biofuels / Biomass - 0.54%*			10,880		12,385		1,797

Buildings and Property
Knotel, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	2/28/2019	9,000		9,102		9,102		8/31/2022
	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	3/25/2019	6,000		6,054		6,054		9/30/2022
	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	4/18/2019	9,000		9,060		9,060		10/31/2022
	Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)	9/30/2019	6,000		5,955		5,955		3/31/2023
Total Buildings and Property - 9.07%*			30,000		30,171		30,171

Business Applications Software
HI.Q, Inc.	Growth Capital Loan (11.00% interest rate, 2.00% EOT payment)	12/17/2018	13,250		13,119		13,119		6/30/2023
OneSource Virtual, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 2.00% EOT payment)	6/29/2018	10,000		10,475		10,533		6/30/2022
	Growth Capital Loan (Prime + 0.75% interest rate, 0.25% EOT payment)	11/5/2019	5,000		4,957		4,961		2/29/2020
			15,000		15,432		15,494
Passport Labs, Inc.	Growth Capital Loan (9.75% interest rate, 5.25% EOT payment)	10/11/2018	19,000		18,923		18,923		8/31/2023
	Growth Capital Loan (10.25% interest rate, 5.25% EOT payment)	5/15/2019	6,000		5,921		5,921		3/31/2024
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/15/2019	5,000		4,952		4,952		5/31/2024
			30,000		29,796		29,796
Quantcast Corporation	Growth Capital Loan (Prime + 6.25% interest rate, 6.00% EOT payment)	3/12/2018	9,780		10,303		10,330		3/31/2021
Total Business Applications Software - 20.67%*			68,030		68,650		68,739

Business to Business Marketplace
Adjust GmbH⁽¹⁾⁽³⁾	Growth Capital Loan (Prime + 4.75% interest rate, 2.50% PIK interest rate)	1/29/2019	20,473		20,199		20,324		1/31/2022
	Growth Capital Loan (Prime + 4.75% interest rate, 2.50% PIK interest rate)	1/18/2019	8,195		8,087		8,137		1/31/2022
			28,668		28,286		28,461
Factual, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 7.75% EOT payment)	12/23/2019	10,000		9,822		9,822		12/31/2022
Total Business to Business Marketplace - 11.51%*			38,668		38,108		38,283

Commercial Services
Transfix, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 2.00% EOT payment)	12/23/2019	10,000		9,810		9,810		12/31/2021
Total Commercial Services - 2.95%*			10,000		9,810		9,810

Consumer Non-Durables
Imperfect Foods, Inc.	Growth Capital Loan (Prime + 4.10% interest rate, 5.35% EOT payment)	10/11/2019	10,000		9,767		9,767		4/30/2023
Total Consumer Non-Durables - 2.94%*			10,000		9,767		9,767



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
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 (Prime + 3.00% interest rate, 4.00% EOT payment)	10/30/2018	$	6,303	$	6,360	$	6,383	10/31/2020
	Growth Capital Loan (Prime + 4.50% interest rate, 4.00% EOT payment)	10/30/2018	5,000		5,002		5,025		10/31/2021
	Growth Capital Loan (Prime + 3.00% interest rate, 4.00% EOT payment)	12/27/2018	1,391		1,396		1,402		12/31/2020
	Growth Capital Loan (Prime + 4.50% interest rate, 4.00% EOT payment)	2/1/2019	1,932		1,920		1,930		1/31/2022
			14,626		14,678		14,740
Outdoor Voices, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 9.75% EOT payment)	2/26/2019	4,000		3,990		3,990		2/28/2022
	Growth Capital Loan (Prime + 5.00% interest rate, 9.75% EOT payment)	4/4/2019	6,000		5,957		5,957		4/30/2022
			10,000		9,947		9,947
Quip NYC, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	4/16/2019	10,000		9,895		9,895		4/30/2022
	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	6/26/2019	5,000		4,923		4,923		6/30/2022
	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	6/26/2019	5,000		4,923		4,923		6/30/2022
	Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)	9/26/2019	5,000		4,891		4,891		9/30/2022
			25,000		24,632		24,632
Total Consumer Products and Services - 14.83%*			49,626		49,257		49,319

Consumer Retail
LovePop, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 6.75% EOT payment)	11/5/2018	10,000		10,088		10,030		11/30/2021
Total Consumer Retail - 3.02%*			10,000		10,088		10,030

Database Software
Qubole Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 6.75% EOT payment)	12/27/2019	10,000		9,846		9,846		12/31/2023
	Growth Capital Loan (Prime + 6.00% interest rate, 6.75% EOT payment)	12/27/2019	5,000		4,923		4,923		12/31/2023
Total Database Software - 4.44%*			15,000		14,769		14,769

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (10.50% interest rate, 6.00% EOT payment)	2/26/2018	3,957		4,125		4,135		2/28/2021
	Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)	11/19/2019	5,000		4,848		4,892		11/30/2022
	Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)	11/19/2019	5,000		4,848		4,892		11/30/2022
	Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)	11/19/2019	5,000		4,848		4,892		11/30/2022
			18,957		18,669		18,811
Outfittery GMBH⁽¹⁾⁽³⁾	Growth Capital Loan (Prime + 8.25% interest rate, 11.00% EOT payment)⁽²⁾	8/11/2017	6,925		7,080		6,684		8/31/2022
	Growth Capital Loan (12.00% interest rate, 9.00% EOT payment)⁽²⁾	6/7/2018	2,360		2,399		2,281		6/30/2021
	Growth Capital Loan (12.75% interest rate, 9.00% EOT payment)⁽²⁾	12/28/2018	2,294		2,254		2,204		12/31/2021
	Growth Capital Loan (Prime + 7.25% interest rate, 9.00% EOT payment)⁽²⁾	8/7/2019	3,947		3,748		3,727		8/31/2022
	Growth Capital Loan (Prime + 7.25% interest rate, 9.00% EOT payment)⁽²⁾	9/23/2019	3,305		2,969		3,023		9/30/2022
			18,831		18,450		17,919



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Stance, Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 5.50% EOT payment)	11/1/2018	$	2,000	$	2,078	$	2,081	4/30/2020
Total E-Commerce - Clothing and Accessories - 11.67%*			39,788		39,197		38,811

E-Commerce - Personal Goods
Enjoy Technology, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 5.50% EOT payment)	9/28/2018	10,000		10,056		10,056		9/30/2021
Grove Collaborative, Inc.	Growth Capital Loan (Prime + 1.25% interest rate, 1.25% EOT payment)	12/31/2019	2,750		2,709		2,709		6/30/2020
Total E-Commerce - Personal Goods - 3.84%*			12,750		12,765		12,765

Entertainment
Mind Candy Limited⁽¹⁾⁽³⁾	Growth Capital Loan (11.00% PIK, 3.00% Cash, 9.50% EOT payment)	6/25/2014	12,746		12,596		11,186		6/30/2022
Roli, Ltd.^(1)(3)(7)	Growth Capital Loan (11.00% interest rate, 9.50% EOT payment)⁽²⁾	5/23/2018	10,732		10,767		9,291		5/31/2021
	Growth Capital Loan (11.00% interest rate, 9.50% EOT payment)⁽²⁾	5/23/2018	1,341		1,346		1,162		5/31/2021
	Growth Capital Loan (11.25% interest rate, 9.50% EOT payment)⁽²⁾	7/16/2018	1,325		1,317		1,162		7/31/2021
	Revolver (Prime + 3.25% interest rate, 5.00% EOT payment)⁽²⁾	7/5/2018	129		129		102		10/31/2020
	Revolver (Prime + 4.25% interest rate, 5.00% EOT payment)⁽²⁾	7/5/2018	1,898		1,898		1,682		10/31/2020
	Revolver (Prime + 4.25% interest rate, 5.00% EOT payment)⁽²⁾	9/27/2018	4,556		4,556		3,704		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate, 10.00% EOT payment)⁽²⁾	6/5/2019	1,283		1,340		1,243		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)⁽²⁾	7/9/2019	627		627		651		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)⁽²⁾	8/28/2019	538		538		567		10/31/2020
	Growth Capital Loan (10.00% PIK interest rate)⁽²⁾	10/24/2019	4,141		4,141		3,392		10/31/2020
			26,570		26,659		22,956
Total Entertainment - 10.27%*			39,316		39,255		34,142

Financial Institution and Services
Prodigy Finance Limited⁽¹⁾⁽³⁾	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	12/5/2017	18,000		18,918		18,918		12/31/2020
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	3/7/2018	2,200		2,286		2,286		3/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	7/31/2018	3,300		3,377		3,377		7/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	8/8/2018	2,500		2,553		2,553		8/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	9/5/2018	1,500		1,527		1,527		9/30/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	9/5/2018	2,500		2,545		2,545		9/30/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	11/15/2018	6,000		6,063		6,063		11/30/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	12/6/2018	4,000		4,028		4,028		12/31/2021
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	4/30/2019	133		132		132		4/30/2022
	Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)	8/6/2019	267		262		262		8/31/2022
Total Financial Institution and Services - 12.54%*			40,400		41,691		41,691



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Food & Drug
Freshly Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 5.00% EOT payment)	10/9/2019	$	6,000	$	5,703	$	5,703	10/31/2022
	Growth Capital Loan (Prime + 4.50% interest rate, 6.75% EOT payment)	12/30/2019	3,000		2,833		2,833		12/31/2022
	Growth Capital Loan (Prime + 6.00% interest rate, 6.50% EOT payment)	12/30/2019	3,000		2,833		2,833		6/30/2022
Total Food & Drug - 3.42%*			12,000		11,369		11,369

Healthcare Technology Systems
Nurx Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 7.75% EOT payment)	11/5/2019	20,000		19,669		19,669		11/30/2023
Total Healthcare Technology Systems - 5.92%*			20,000		19,669		19,669

Household & Office Goods
Brooklinen, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 7.75% EOT payment)	11/5/2019	2,000		1,848		1,848		11/30/2022
Casper Sleep Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 7.50% EOT payment)	8/9/2019	15,000		14,798		14,798		8/31/2023
	Growth Capital Loan (Prime + 6.00% interest rate, 6.25% EOT payment)	11/1/2019	15,000		14,749		14,749		10/31/2022
			30,000		29,547		29,547
Total Household & Office Goods - 9.44%*			32,000		31,395		31,395

Human Resources/Recruitment
Hired, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 6.00% EOT payment)	3/6/2019	5,000		4,981		4,946		9/30/2022
	Growth Capital Loan (Prime + 6.50% interest rate, 7.25% EOT payment)	3/6/2019	5,000		4,983		4,940		3/31/2022
Total Human Resources/Recruitment - 2.97%*			10,000		9,964		9,886

Network Systems Management Software
Virtual Instruments Corporation	Growth Capital Loan (10.00% interest rate)	4/4/2016	5,000		5,000		5,120		4/4/2020
	Growth Capital Loan (5.00% PIK interest rate)	8/7/2018	30,441		30,441		28,386		4/4/2021
Total Network Systems Management Software - 10.08%*			35,441		35,441		33,506

Other Financial Services
Upgrade, Inc.	Growth Capital Loan (9.50% interest rate, 8.50% EOT payment)	1/18/2019	6,000		6,033		6,033		1/31/2023
	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	1/18/2019	1,522		1,528		1,528		1/31/2023
	Growth Capital Loan (8.50% interest rate, 2.75% EOT payment)	1/18/2019	6,391		6,540		6,540		1/31/2020
	Growth Capital Loan (9.50% interest rate, 6.25% EOT payment)	3/1/2019	6,087		6,131		6,131		2/28/2022
Total Other Financial Services - 6.08%*			20,000		20,232		20,232

Real Estate Services
HomeLight, Inc.	Growth Capital Loan (13.00% interest rate)	4/16/2019	2,000		1,969		1,983		4/30/2022
Sonder USA, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 5.25% EOT payment)	12/28/2018	20,000		20,044		20,044		6/30/2022
Total Real Estate Services - 6.62%*			22,000		22,013		22,027

Restaurant / Food Service
Munchery, Inc.⁽⁷⁾	Growth Capital Loan (Prime + 8.25% interest rate, 8.75% EOT payment)	6/30/2016	2,589		2,729		1,435		6/30/2019
	Growth Capital Loan (Prime + 8.25% interest rate)⁽²⁾	4/25/2018	300		300		158		6/30/2019
Total Restaurant / Food Service - 0.48%*			2,889		3,029		1,593



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Investment	Acquisition Date⁽¹²⁾	Outstanding Principal		Cost⁽⁶⁾		Fair Value		Maturity Date

Security Services
ForgeRock, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 8.50% EOT payment)	8/15/2016	$	370	$	784	$	784	2/29/2020
	Growth Capital Loan (Prime + 2.90% interest rate, 8.00% EOT payment)	3/27/2019	10,000		9,975		9,975		9/30/2022
	Growth Capital Loan (Prime + 3.70% interest rate, 8.00% EOT payment)	9/30/2019	10,000		9,852		9,852		12/31/2022
	Growth Capital Loan (Prime + 4.50% interest rate, 8.00% EOT payment)	12/23/2019	10,000		9,794		9,794		12/31/2022
Total Security Services - 9.14%*			30,370		30,405		30,405

Shopping Facilitators
Moda Operandi, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 7.25% EOT payment)	10/21/2019	10,000		9,825		9,825		4/30/2022
	Growth Capital Loan (Prime + 6.25% interest rate, 7.25% EOT payment)	11/27/2019	5,000		4,897		4,897		5/31/2022
Total Shopping Facilitators - 4.43%*			15,000		14,722		14,722

Social/Platform Software
ClassPass, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% EOT payment)	8/15/2019	15,000		14,851		15,005		8/31/2023
	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% EOT payment)	9/30/2019	15,000		14,805		14,962		9/30/2023
Total Social/Platform Software - 9.01%*			30,000		29,656		29,967

Travel & Leisure
GoEuro Corp.⁽¹⁾	Growth Capital Loan (10.25% interest rate, 4.00% EOT payment)	10/30/2019	20,000		19,465		19,465		10/31/2022
Total Travel & Leisure - 5.85%*			20,000		19,465		19,465

Wireless Communications Equipment
Cambridge Broadband Network Limited^(1)(3)(7)	Growth Capital Loan (Prime + 11.75% interest rate)	9/3/2014	6,701		6,701		—		12/31/2021
	Growth Capital Loan (12.00% PIK interest rate)⁽²⁾	3/5/2019	375		375		94		12/31/2019
	Growth Capital Loan (12.00% PIK interest rate)⁽²⁾	4/4/2019	375		375		94		12/31/2019
Total Wireless Communications Equipment - 0.06%*			7,451		7,451		188

Total Debt Investments - 181.81%*			$	631,609	$	630,724	$	604,518



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Warrant	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

Warrant Investments⁽⁸⁾

Advertising / Marketing
InMobi Pte Ltd.^(1)(2)(3)	Ordinary Shares	12/13/2013	48,500	$	35	$	148
Total Advertising / Marketing - 0.04%*			48,500	35		148

Building Materials/Construction Machinery
View, Inc.	Preferred Stock	6/13/2017	4,545,455	500		500
Total Building Materials/Construction Machinery - 0.15%*			4,545,455	500		500

Buildings and Property
Knotel, Inc.	Preferred Stock	2/19/2019	360,260	159		288
Total Buildings and Property - 0.09%*			360,260	159		288

Business Applications Software
FinancialForce.com, Inc.	Preferred Stock	6/20/2016	547,440	1,540		2,696
HI.Q, Inc.	Preferred Stock	12/17/2018	606,952	196		437
OneSource Virtual, Inc.	Preferred Stock	6/25/2018	58,977	134		185
Passport Labs, Inc.	Preferred Stock	9/28/2018	21,929	303		518
Quantcast Corporation⁽⁵⁾	Cash Exit Fee	8/9/2018	—	213		188
Toast, Inc.⁽²⁾	Preferred Stock	2/1/2018	26,325	27		269
Total Business Applications Software - 1.29%*			1,261,623	2,413		4,293

Business to Business Marketplace
Factual, Inc.	Preferred Stock	9/4/2018	47,072	86		73
Optoro, Inc.⁽²⁾	Preferred Stock	7/13/2015	10,346	40		37
RetailNext, Inc.	Preferred Stock	11/16/2017	123,420	80		111
Total Business to Business Marketplace - 0.07%*			180,838	206		221

Commercial Services
Transfix, Inc.	Preferred Stock	5/31/2019	133,502	188		188
Total Commercial Services - 0.06%*			133,502	188		188

Conferencing Equipment / Services
Fuze, Inc. (fka Thinking Phone Networks, Inc.)⁽²⁾	Preferred Stock	9/29/2015	323,381	670		205
Total Conferencing Equipment / Services - 0.06%*			323,381	670		205

Consumer Non-Durables
Hims, Inc.⁽²⁾	Preferred Stock	11/27/2019	198,126	73		73
Imperfect Foods, Inc.	Preferred Stock	6/6/2019	43,746	189		280
Total Consumer Non-Durables - 0.11%*			241,872	262		353

Consumer Products and Services
Clutter, Inc.	Preferred Stock	10/18/2018	77,434	363		530
Outdoor Voices, Inc.	Common Stock	2/26/2019	255,000	360		360
Quip NYC, Inc.	Preferred Stock	11/26/2018	41,272	455		455
Total Consumer Products and Services - 0.40%*			373,706	1,178		1,345

Consumer Retail
LovePop, Inc.	Preferred Stock	10/23/2018	163,463	168		128
Total Consumer Retail - 0.04%*			163,463	168		128

Database Software
Qubole Inc.	Preferred Stock	11/21/2018	265,266	122		122
Total Database Software - 0.04%*			265,266	122		122



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Warrant	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	11/20/2017	173,341	$	521	$	364
Outfittery GMBH^(1)(2)(3)(5)	Cash Exit Fee	8/10/2017	—	1,170		942
Rent the Runway, Inc.	Preferred Stock	11/25/2015	88,037	213		428
	Common Stock	11/25/2015	149,203	1,081		1,277
			237,240	1,294		1,705
Stance, Inc.	Preferred Stock	3/31/2017	75,000	41		70
Untuckit LLC⁽⁵⁾	Cash Exit Fee	5/11/2018	—	39		52
Total E-Commerce - Clothing and Accessories - 0.94%*			485,581	3,065		3,133

E-Commerce - Personal Goods
Enjoy Technology, Inc.	Preferred Stock	9/7/2018	336,304	269		424
Grove Collaborative, Inc.	Preferred Stock	4/2/2018	202,506	168		964
	Preferred Stock	5/22/2019	60,013	126		172
			262,519	294		1,136
Total E-Commerce - Personal Goods - 0.47%*			598,823	563		1,560

Educational/Training Software
Varsity Tutors LLC⁽²⁾⁽⁵⁾	Preferred Stock	3/13/2017	240,590	65		185
Total Educational/Training Software - 0.06%*			240,590	65		185

Entertainment
Mind Candy, Inc.⁽¹⁾⁽³⁾	Preferred Stock	3/24/2017	278,209	922		199
Roli, Ltd.^(1)(2)(3)	Preferred Stock	5/23/2018	102,247	644		5
Total Entertainment - 0.06%*			380,456	1,566		204

Financial Institution and Services
BlueVine Capital, Inc.	Preferred Stock	9/15/2017	271,293	361		909
Prodigy Investments Limited⁽¹⁾⁽³⁾	Preferred Stock	12/5/2017	41,046	775		958
Revolut Ltd.^(1)(2)(3)	Preferred Stock	4/16/2018	6,253	40		121
	Preferred Stock	10/29/2019	17,190	324		324
			23,443	364		445
WorldRemit Ltd.⁽¹⁾⁽³⁾	Preferred Stock	12/23/2015	128,288	382		478
	Preferred Stock	12/23/2015	46,548	136		136
			174,836	518		614
Total Financial Institution and Services - 0.88%*			510,618	2,018		2,926

Food & Drug
Capsule Corp.⁽²⁾⁽⁵⁾	Cash Exit Fee	12/28/2018	—	129		129
Freshly Inc.⁽¹⁾	Preferred Stock	10/7/2019	107,732	580		580
	Preferred Stock	10/7/2019	31,299	109		109
			139,031	689		689
Total Food & Drug - 0.25%*			139,031	818		818

General Media and Content
BZ Holdings, Inc. (fka TechMediaNetwork, Inc.)⁽²⁾	Preferred Stock	3/17/2014	72,234	31		51
Thrillist Media Group, Inc.⁽²⁾	Common Stock	9/24/2014	774,352	624		1,022
Total General Media and Content - 0.32%*			846,586	655		1,073

Healthcare Technology Systems
Curology, Inc.⁽²⁾	Preferred Stock	5/23/2019	25,214	20		20
Groop Internet Platfom, Inc.⁽²⁾	Preferred Stock	5/15/2019	50,881	128		38
Nurx Inc.	Preferred Stock	8/19/2019	136,573	216		216
Total Healthcare Technology Systems - 0.08%*			212,668	364		274



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Warrant	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

Household & Office Goods
Brooklinen, Inc.	Preferred Stock	10/31/2019	44,822	$	289	$	289
Casper Sleep Inc.	Preferred Stock	3/1/2019	19,201	240		22
Total Household & Office Goods - 0.09%*			64,023	529		311

Human Resources/Recruitment
Hired, Inc.	Preferred Stock	9/21/2018	93,141	157		89
Total Human Resources/Recruitment - 0.03%*			93,141	157		89

Medical Software and Information Services
AirStrip Technologies, Inc.⁽²⁾	Preferred Stock	10/9/2013	8,036	112		—
Total Medical Software and Information Services - 0.00%*			8,036	112		—

Network Systems Management Software
Signifyd, Inc.⁽²⁾	Preferred Stock	12/19/2019	33,445	132		132
Total Network Systems Management Software - 0.04%*			33,445	132		132

Other Financial Services
Upgrade, Inc.	Preferred Stock	1/18/2019	744,225	223		112
Total Other Financial Services - 0.03%*			744,225	223		112

Real Estate Services
HomeLight, Inc.⁽²⁾	Preferred Stock	12/21/2018	54,004	44		124
Sonder USA, Inc.	Preferred Stock	12/28/2018	136,511	232		613
Total Real Estate Services - 0.22%*			190,515	276		737

Security Services
ForgeRock, Inc.	Preferred Stock	3/30/2016	195,992	155		606
	Preferred Stock	3/30/2016	161,724	340		340
Total Security Services - 0.28%*			357,716	495		946

Shopping Facilitators
Moda Operandi, Inc.	Preferred Stock	9/27/2019	30,849	306		981
OfferUp, Inc.⁽²⁾	Preferred Stock	12/23/2019	44,788	42		42
Total Shopping Facilitators - 0.31%*			75,637	348		1,023

Social/Platform Software
ClassPass, Inc.	Preferred Stock	3/18/2019	84,507	281		281
Total Social/Platform Software - 0.08%*			84,507	281		281

Transportation
Bird Rides, Inc.	Preferred Stock	4/18/2019	68,111	193		193
Total Transportation - 0.06%*			68,111	193		193

Travel & Leisure
GoEuro Corp.^(1)(2)(3)	Preferred Units	3/26/2018	8,558	257		257
Inspirato, LLC⁽²⁾⁽³⁾	Preferred Units	4/25/2013	1,994	37		45
Total Travel & Leisure - 0.09%*			10,552	294		302

Wireless Communications Equipment
Cambridge Broadband Network Limited⁽¹⁾⁽³⁾	Preferred Shares	9/3/2014	33,000	95		—
Total Wireless Communications Equipment - 0.00%*			33,000	95		—

Total Warrant Investments - 6.64%*				$	18,150	$	22,090



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Equity	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

Equity Investments⁽⁸⁾

Business Applications Software
Convoy, Inc.⁽²⁾	Preferred Stock	9/27/2018	35,208	$	250	$	353
Medallia, Inc.^(2)(10)	Common Stock	11/13/2014	48,616	11		1,452
Passport Labs, Inc.⁽²⁾	Preferred Stock	6/11/2019	1,302	100		100
Total Business Applications Software - 0.57%*			85,126	361		1,905

Communications Software
Pluribus Networks, Inc.⁽²⁾	Preferred Stock	1/10/2017	722,073	2,000		2,000
Total Communications Software - 0.60%*			722,073	2,000		2,000

Consumer Non-Durables
Hims, Inc.⁽²⁾	Preferred Stock	4/29/2019	144,092	500		506
Total Consumer Non-Durables - 0.15%*			144,092	500		506

E-Commerce - Clothing and Accessories
FabFitFun, Inc.⁽²⁾	Preferred Stock	1/17/2019	67,934	500		595
Total E-Commerce - Clothing and Accessories - 0.18%*			67,934	500		595

E-Commerce - Personal Goods
Grove Collaborative, Inc.⁽²⁾	Preferred Stock	6/5/2018	134,249	500		975
Total E-Commerce - Personal Goods - 0.29%*			134,249	500		975

Educational/Training Software
Varsity Tutors LLC⁽²⁾	Preferred Stock	1/5/2018	92,470	250		249
Total Educational/Training Software - 0.07%*			92,470	250		249

Financial Institution and Services
GoGreenHost AB^(1)(2)(3)	Preferred Stock	12/1/2017	1	2,134		1,236
Revolut Ltd.^(1)(2)(3)	Preferred Stock	8/3/2017	25,920	292		1,189
Total Financial Institution and Services - 0.73%*			25,921	2,426		2,425

Food & Drug
Capsule Corp.⁽²⁾	Preferred Stock	7/25/2019	75,013	500		500
Total Food & Drug - 0.15%*			75,013	500		500

Healthcare Technology Systems
Curology, Inc.⁽²⁾	Preferred Stock	11/26/2019	60,514	180		213
Groop Internet Platfom, Inc.⁽²⁾	Preferred Stock	5/15/2019	90,859	250		250
Nurx Inc.⁽²⁾	Preferred Stock	5/31/2019	136,572	1,000		1,004
Total Healthcare Technology Systems - 0.44%*			287,945	1,430		1,467

Household & Office Goods
Casper Sleep Inc.⁽²⁾	Preferred Stock	6/19/2017	8,000	250		252
	Common Stock	6/30/2019	26,669	750		340
Total Household & Office Goods - 0.18%*			34,669	1,000		592

Network Systems Management Software
Cohesity Inc.⁽²⁾	Preferred Stock	3/24/2017	60,342	400		550
Total Network Systems Management Software - 0.17%*			60,342	400		550

Real Estate Services
Sonder Canada, Inc.^(1)(2)(3)	Preferred Stock	5/17/2019	29,773	312		312
Total Real Estate Services - 0.09%*			29,773	312		312



TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2019
Venture Growth Stage Company	Type of Equity	Acquisition Date⁽¹²⁾	Shares	Cost⁽⁶⁾		Fair Value

Security Services
CrowdStrike, Inc.^(2)(10)	Common Stock	10/13/2017	278,747	$	1,072	$	13,901
Total Security Services - 4.18%*			278,747	1,072		13,901

Travel & Leisure
GoEuro Corp.^(1)(2)(3)	Preferred Stock	10/5/2017	2,362	300		278
Inspirato, LLC⁽²⁾⁽⁴⁾	Preferred Units	9/11/2014	1,948	250		266
Total Travel & Leisure - 0.16%*			4,310	550		544

Total Equity Investments - 7.98%*				$	11,801	$	26,521

Total Investments in Portfolio Companies - 196.43%*⁽¹¹⁾				$	660,675	$	653,129

Total Investments - 196.43%*⁽⁹⁾				$	660,675	$	653,129

_______________


(1)	Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2019 non-qualifying assets represented 21.9% of the Company’s total assets, at fair value.


(2)	As of December 31, 2019, 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 $24.0 million, $31.5 million, and $7.5 million, respectively. The tax cost of investments is $660.7 million.


(7)	Debt is on non-accrual status at December 31, 2019 and is therefore considered non-income producing. Non-accrual investments at December 31, 2019 had a total cost and fair value of $49.5 million and $26.5 million, respectively.


(8)	Non-income producing investments.


(9)	Except for equity in two public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board.


(10)	Entity is publicly traded and listed on New York Stock Exchange or NASDAQ.


(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 tables:

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 tables:

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 Prime ~~Rate, “Prime”, the current~~ rate ~~is 4.25%~~(“Prime”) as of ~~September 30, 2017.~~

March 31, 2020, Prime was 3.25%. As of March 31, 2020, a majority of the debt investments (approximately 70.8% or $498.9 million in principal balance) in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which have interest rate floors of 3.25% or higher and some of which have interest rate caps for a limited period.

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 tables are subject to change based on certain events such as prepayments.

~~Notes applicable to the equipment leases presented in the foregoing tables:~~

At the end of the term of certain equipment leases, the lessee has the option to purchase the underlying assets at fair market value in certain cases subject to a cap, return the equipment or continue to finance the assets. The fair market values of the financed assets have been estimated as a percentage of original cost for purposes of the EOT payment value.

~~Notes applicable to the warrants presented in the foregoing tables:~~

~~Warrants are associated with funded debt instruments as well as certain commitments to provide future funding.~~

~~Specific notes applicable to specific investments in the foregoing tables:~~

(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 September 30, 2017 and December 31, 2016, non-qualifying assets as a percentage of total assets were 16.6% and 17.4%, respectively.

(2) As of September 30, 2017 or December 31, 2016, these debt investments, warrants, equity investments and short-term investments were 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) Debt investment has a payment-in-kind (“PIK”) feature.~~

~~(6) Unused.~~

~~(7) Entity is publicly traded and listed on The Nasdaq Global Select Market (the “NASDAQ”).~~

(8) As of September 30, 2017, the Company’s debt investments in KnCMiner AB include risk and time discounted expected recoveries of cash from completed asset sales and equity in GoGreen Light AB, which acquired certain assets from KnCMiner AB.

~~(9) The maturity date was extended to March 31, 2017 during the first quarter of 2017.~~

~~(10) Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.~~

~~(11) Debt is non-performing.~~

* Value as a percentage of net assets

~~See accompanying notes to condensed consolidated financial statements.~~

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

NOTES TO ~~CONDENSED~~THE CONSOLIDATED FINANCIAL STATEMENTS

~~September 30, 2017~~

March 31, 2020

(unaudited)

Note 1. Organization

TriplePoint Venture Growth BDC Corp. (the “Company”), a Maryland corporation, was formed on June 28, 2013 and priced its initial public offering 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 ~~regulated~~treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). ~~As a BDC, the~~The Company ~~expects~~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 ~~lending~~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 ~~TPVG~~TriplePoint Advisers LLC (the “Adviser”), which is registered as an investment adviser under the Investment Advisers Act of 1940, ~~Act~~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 ~~TPVG~~TriplePoint Administrator LLC (the “Administrator”), a wholly owned subsidiary of the Adviser, ~~for which it~~and pays fees and expenses 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 ~~Company~~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 ~~status.~~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 ~~condensed~~ 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 1012 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted.

The ~~condensed~~ consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. ~~In the opinion of management, all~~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 ~~condensed~~ consolidated financial statements have been ~~reclassified to conform~~conformed to the current period’s presentation. These ~~reclassifications~~presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations.

These unaudited ~~condensed~~ consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March ~~13, 2017.~~

~~Foreign Currency Translation~~

~~The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:~~

~~Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period; and~~

4, 2020.

~~Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.~~

~~Results of operations based on changes in foreign exchange rates are included as a component of “Net realized and unrealized gains (losses)” in the statement of operations, if any.~~

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement

~~The Company has entered into an~~

In accordance with the Board approved investment advisory agreement (the “Advisory Agreement”) ~~with the Adviser. Subject~~, subject to the overall supervision of the ~~Company’s~~ Board ~~of Directors (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 pursuant to the Advisory Agreement.~~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;

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 ~~issuance~~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—~~components- net investment income and net capital ~~gains—which~~gains-which are largely independent of each other, and may result in one ~~or both components~~component being payable in a given ~~period.~~

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 incentive fee even if it has incurred a loss in that quarter due to realized and unrealized ~~losses, subject to the total return requirement.~~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 ~~pro-rated for any period of less than three months and~~ adjusted for any share issuance or repurchase during the ~~current~~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 gains 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.

The base management fee accrued and payable, income incentive fee accrued and payable, and capital gains incentive fee accrued are included in the Company’s ~~condensed~~ consolidated financial statements and summarized in the table below. 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. ~~There were no net realized capital gains since the inception of the Company and, thus, no capital gains incentive fee was earned or is payable.~~ The Company had cumulative realized and unrealized losses ~~during the three~~as of March 31, 2020 and ~~nine months ended September 30, 2017 and September 30, 2016,~~2019, and, as a result, no capital gains incentive fees were recorded for the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2020 and ~~September 30, 2016.~~

2019.

Management and Incentive Fees

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

(dollars in thousands)

2017

2016

2017

2016

Base management fee

$
1,567

$
1,376

$
4,805

$
4,076

Income incentive fee

$
1,066

$
1,568

$
4,520

$
1,568

Capital gains incentive fee

$
—

$
—

$
—

$
—



Base Management and Incentive Fees (in thousands)	For the Three Months Ended March 31,
Base Management and Incentive Fees (in thousands)	2020		2019
Base management fee	$	2,774	$	1,761
Income incentive fee	$	—	$	2,479
Capital gains incentive fee	$	—	$	—

The table above presents the base management and incentive fees accrued during the period which are paid in the quarter after they are earned. During the three ~~and nine~~ months ended ~~September 30, 2017, approximately $1.7~~March 31, 2020 and 2019, the Company paid $2.5 million and ~~$4.7~~$1.7 million, respectively, of base management fees earned in prior ~~periods were~~periods. During the three months ended March 31, 2020 and 2019, the Company paid ~~and approximately $2.0~~$1.4 million and ~~$4.7~~$2.6 million, respectively, of income incentive fees earned in prior periods were paid. During the three and nine months ended September 30, 2016, approximately $1.3 million and $4.1 million, respectively, of base management fees earned in prior periods were paid, and approximately $0.0 and $1.5 million, respectively, of income incentive fees earned in prior periods were paid.

periods.

Administration Agreement

~~Prior to the commencement of operations, the Board approved an~~

The Board-approved administration agreement ~~dated February 18, 2014~~ (the “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 ~~September 30, 2017~~March 31, 2020 and ~~2016,~~2019, expenses paid or payable by the Company to the Administrator under the Administration Agreement were ~~approximately $0.3~~$0.7 million and $0.4 million, respectively, of which approximately $62 thousand and $63 thousand, respectively, were paid or payable to third party service providers. For the nine months ended September 30, 2017 and 2016, expenses paid or payable by the Company to the Administrator under the Administration Agreement were approximately $1.1 million and $1.2 million, respectively, of which approximately $186 thousand and $184 thousand, respectively, were paid or payable to third party service providers.

respectively.

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”,~~820,” issued by the ~~Financial Accounting Standards Board, or “FASB”.~~FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Valuation Committee of the Board is responsible for assisting the Board in valuing investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Board, with the assistance of the Adviser and its senior investment team and independent valuation agents, is responsible for determining, in good faith, the fair value in accordance with the valuation policy approved by the Board. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Adviser considers a range of fair values based upon the valuation techniques utilized and selects a value within that range that most accurately represents fair value based on current market conditions as well as other factors the Adviser’s senior investment team considers relevant. The Board determines fair value of its investments on at least a quarterly basis or at such other times when the Board feels it would be appropriate to do so given the circumstances. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of portfolio investments that do not have a readily available market value, fair value of investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below.

Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2—Valuations are based on quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not ~~active or for which all significant inputs~~directly observable but are corroborated by observable ~~either directly or indirectly and model-based valuation techniques for which all significant inputs are 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 it considers 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 debt investments identified on the ~~condensed~~ 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 ~~original issue discount,~~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, or the use of multiple probability weighted cash flow ~~model~~models when the expected future cash flows contain elements of variability or estimates of proceeds that would be received in a liquidation scenario.

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, ~~includes,~~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:

•

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.

Under certain circumstances alternative techniques may be used to value certain warrants that more accurately reflect the ~~warrants’~~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.

These valuation methodologies involve a significant degree of judgment. There is no single standard for determining the estimated fair value of investments ~~which~~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.

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 ~~make adjustments to~~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. There is no single standard for determining the estimated fair value of investments which do not have an active public 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.

Investment Valuation

Investments measured at fair value on a recurring basis are categorized in the ~~tables~~table below based upon the lowest level of significant input to the valuations as of ~~September 30, 2017~~March 31, 2020 and ~~as of~~ December 31, ~~2016.~~2019. The Company transfers investments in and out of Level 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. ~~During the three months ended September 30, 2017, there were no transfers between Levels 1, 2, or 3.~~

Investment Type

As of September 30, 2017

(dollars in thousands)

Level 1

Level 2

Level 3

Total

Debt investments

$
—

$
—

$
292,683

$
292,683

Warrants

—

—

10,741

10,741

Equity investments

2,546

—

5,166

7,712

Short-term investments

94,962

—

—

94,962

Total investments

$
97,508

$
—

$
308,590

$
406,098



Investment Type (in thousands)	March 31, 2020								December 31, 2019
Investment Type (in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	661,750	$	661,750	$	—	$	—	$	604,518	$	604,518
Warrant investments	—		—		22,501		22,501		—		—		22,090		22,090
Equity investments	16,495		141		12,268		28,904		13,901		1,452		11,168		26,521
Total investments	$	16,495	$	141	$	696,519	$	713,155	$	13,901	$	1,452	$	637,776	$	653,129

Investment Type

As of December 31, 2016

(dollars in thousands)

Level 1

Level 2

Level 3

Total

Debt investments

$
—

$
—

$
360,007

$
360,007

Warrants

—

—

8,238

8,238

Equity investments

—

4,430

1,636

6,066

Short-term investments

39,990

—

—

39,990

Total investments

$
39,990

$
4,430

$
369,881

$
414,301

Level 3

For the Three Months Ended September 30, 2017

Investment Activity (dollars in thousands)

Debt Investments

Warrants

Equity Investments

Total Investments

Fair value as of July 1, 2017

$
235,899

$
9,551

$
4,853

$
250,303

Funding and purchases of investments, at cost

79,996

1,538

304

81,838

Principal payments and sale proceeds received from investments

(24,886
)

—

—

(24,886
)
Amortization and accretion of premiums and discounts, net and end-of term payments

775

—

—

775

Realized gains (losses) on investments

—

—

—

—

Net change in unrealized gains (losses) included in earnings

288

(348
)

9

(51
)
Payment-in-kind coupon

611

—

—

611

Totals

$
292,683

$
10,741

$
5,166

$
308,590

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2017

$
406

$
(348
)

$
10

$
69

Level 3

For the Nine Months Ended September 30, 2017

Investment Activity (dollars in thousands)

Debt Investments

Warrants

Equity Investments

Total Investments

Fair value as of January 1, 2017

$
360,007

$
8,238

$
1,636

$
369,881

Funding and purchases of investments, at cost

146,485

2,939

3,703

153,127

Principal payments and sale proceeds received from investments

(212,320
)

—

(74
)

(212,394
)
Amortization and accretion of premiums and discounts, net and end-of term payments

637

—

—

637

Realized losses on investments

(622
)

(2,597
)

(176
)

(3,395
)
Net change in unrealized gains (losses) included in earnings

(3,005
)

2,161

77

(767
)
Payment-in-kind coupon

1,501

—

—

1,501

Totals

$
292,683

$
10,741

$
5,166

$
308,590

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2017

$
1,115

$
104

$
11

$
1,230

Level 3

For the Three Months Ended September 30, 2016

Investment Activity (dollars in thousands)

Debt Investments

Warrants

Equity Investments

Total Investments

Fair value as of July 1, 2016

$
286,816

$
8,763

$
3,820

$
299,399

Fundings of investments, at cost

14,659

334

196

15,189

Principal payments and sale proceeds received from investments

(11,650
)

(1,095
)

(790
)

(13,535
)
Amortization and accretion of premiums and discounts, net and end-of term payments

2,296

—

—

2,296

Gross transfers out of Level 3 (1)

—

(374
)

(1,809
)

(2,183
)
Realized gains on investments

65

726

290

1,081

Net change in unrealized gains (losses) included in earnings

63

(190
)

100

(27
)
Payment-in-kind coupon

316

—

—

316

Totals

$
292,565

$
8,164

$
1,807

$
302,536

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2016

$
64

$
(191
)

$
103

$
(24
)



Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2020
Level 3 Investment Activity (in thousands)	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
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	)

Level 3

For the Nine Months Ended September 30, 2016

Investment Activity (dollars in thousands)

Debt Investments

Warrants

Equity Investments

Total Investments

Fair value as of January 1, 2016

$
259,585

$
8,067

$
3,639

$
271,291

Fundings of investments, at cost

91,932

1,677

196

93,805

Principal payments and sale proceeds received from investments

(46,890
)

(1,095
)

(790
)

(48,775
)
Amortization and accretion of premiums and discounts, net and end-of term payments

4,821

—

—

4,821

Gross transfers out of Level 3 (1)

—

(374
)

(1,809
)

(2,183
)
Realized gains (losses) on investments

(20,448
)

(595
)

290

(20,753
)
Net change in unrealized gains included in earnings

2,281

484

281

3,046

Payment-in-kind coupon

1,284

—

—

1,284

Totals

$
292,565

$
8,164

$
1,807

$
302,536

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2016

$
(1,750
)

$
(474
)

$
105

$
(2,119
)



Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2019
Level 3 Investment Activity (in thousands)	Debt Investments			Warrant Investments		Equity Investments			Total Investments
Fair value as of December 31, 2018	$	405,347		$	15,518	$	10,556		$	431,421
Funding and purchases of investments, at cost	87,641			1,322		666			89,629
Principal payments and sale proceeds received from investments	(70,550		)	—		—			(70,550		)
Amortization and accretion of premiums and discounts, net and end-of term payments	3,235			—		—			3,235
Realized gains (losses) on investments	—			7		—			7
Net change in unrealized gains (losses) included in earnings	(2,048		)	1,193		4,037			3,182
Payment-in-kind coupon	771			—		—			771
Gross transfers out of Level 3⁽¹⁾	—			—		(4,003		)	(4,003		)
Fair value as of March 31, 2019	$	424,396		$	18,040	$	11,256		$	453,692

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2019	$	(2,334	)	$	1,023	$	4,037		$	2,726

Realized gains and losses are included as a component of net realized gains (losses) in the ~~condensed~~ consolidated statements of operations.

During the three months ended September 30, 2017, the Company recognized net realized gains from the sale of investments of $1.0 million, consisting entirely of realized gains from the sale of 60,000 shares of Nutanix, Inc., a publicly traded company. During the same period, the Company elected to exercise its option to redeem, in full, its 6.75% Notes dueMarch 31, 2020, ~~(the "2020 Notes") at par plus accrued and unpaid interest which resulted in a realized loss on debt extinguishment of approximately $1.1 million.~~

~~During the nine months ended September 30, 2017,~~ the Company recognized net realized losses ~~from the sale of~~on investments of ~~approximately $2.4~~$0.3 million, ~~consisting~~primarily as a result of ~~gross realized gains~~the termination of ~~$1.0 million from the sale of equity~~warrants in one portfolio company, offset by gross realized losses of $3.4 million, of which $2.8 million consisted of warrant and equity losses related to the acquisition of four portfolio companies and $0.6 million related to the reversal of accrued loan modification fees in connection with the pay-off of one portfolio company. ~~During the same period, the Company recognized a realized loss on debt extinguishment of approximately $1.1 million in relation to the acceleration of unamortized fees on its 2020 Notes redemption.~~

During the three months ended ~~September 30, 2016,~~March 31, 2019, the Company ~~had realized gains of approximately $1.1 million primarily due to warrant and equity gains related to the acquisition of two portfolio companies.~~

~~During the nine months ended September 30, 2016, there were~~recognized net realized losses on investments of approximately ~~$20.9 million, which consisted~~$29,000, as a result of ~~realized losses~~changes in foreign currency between the time of ~~$20.4 million from two portfolio companies,~~investment and ~~net realized losses of $0.8 million on warrants from nine portfolio companies, which were offset by realized gains of $0.3 million on equity from one portfolio company.~~

liquidation.

Unrealized gains and losses are included in net change in unrealized gains (losses) on investments in the ~~condensed~~ consolidated statements of operations.

~~The~~

Net change in ~~net~~ unrealized ~~gains (losses) for Level 3 investments in debt, equity and warrants are summarized in the tables above. In addition to the unrealized gains and losses for Level 3 investments,~~depreciation during the three ~~and nine~~ months ended ~~September 30, 2017, there were~~March 31, 2020 was $17.0 million, resulting primarily from mark-to-market related changes, as well as credit-related adjustments.

Net change in unrealized appreciation during the three months ended March 31, 2019 was $1.2 million, which primarily consisted of $3.6 million of net unrealized appreciation on the investment portfolio related to mark to market activity, offset by the reversal and recognition of previously recorded net unrealized appreciation of $2.4 million into income or realized gains due to the disposition of ~~approximately $12 thousand and $0, respectively, on U.S. Treasury bills.~~ four portfolio companies.

For the three ~~and nine~~ months ended ~~September 30, 2016, there were changes~~March 31, 2020, the Company recognized $0.6 million in ~~unrealized losses~~other income, primarily consisting of ~~approximately $3 thousand and unrealized losses~~$0.5 million due to the termination or expiration of ~~approximately $5 thousand, respectively, on U.S. Treasury bills.~~

unfunded commitments. For the three ~~and nine~~ months ended ~~September 30, 2017,~~March 31, 2019, the Company recognized ~~approximately $0.1~~$0.3 million ~~and $1.3 million, respectively,~~ in other income consisting of ~~approximately $0~~$0.1 million ~~and $0.4 million, respectively, from~~due to the termination or expiration of unfunded commitments and ~~approximately $0.1~~$0.2 million ~~and $0.9 million, respectively~~ from ~~amortization~~the realization of certain fees paid by portfolio companies and other ~~income.~~

~~For the three and nine months ended September 30, 2016, the Company recognized approximately $1.3 million and $1.8 million, respectively, in other~~ income consisting of $1.1 million and $1.6 million, respectively, from the termination or expiration of unfunded commitments and approximately $0.2 million in each period, from amortization of certain fees paid by companies and other income.

related to prepayment activity.

The following tables provide a summary of quantitative information about the Level 3 fair value measurements of investments as of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016.~~2019. 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. ~~The tables below are not intended to be all inclusive, but rather provide information on significant Level 3~~



Level 3 Investments (dollars in thousands)	March 31, 2020
Level 3 Investments (dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	641,257	Discounted Cash Flows	Discount Rate	6.47% - 26.39%	15.87%
	20,493		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	5.00% - 90.00%
Warrant investments	20,814		Black Scholes Option Pricing Model	Revenue Multiples	0.00x - 86.16x	7.10x
				Volatility	40.00% - 85.00%	59.75%
				Term	1.25 - 4.50 Years	2.99 Years
				Discount for Lack of Marketability	5.00% - 20.00%	26.55%
				Risk Free Rate	0.19% - 0.50%	0.35%
	5		Option-Pricing Method and Probability-Weighted Expected Return Method	Weighted Average Cost of Capital	20.00% - 35.00%	24.75%
				Term	1.25 - 2.25 Years	1.75 Years
	1,682		Discounted Expected Return	Discount Rate	20.00% - 40.00%	29.49%
				Term	2.00 - 4.00 Years	2.92 Years
				Expected Recovery Rate	18.75% - 100.00%	58.96%
Equity investments	11,100		Black Scholes Option Pricing Model	Revenue Multiples	0.89x - 8.07x	3.31x
				Volatility	45.00% - 75.00%	58.98%
				Term	1.00 - 4.50 Years	3.07 Years
				Discount for Lack of Marketability	5.00%	5.00%
				Risk Free Rate	0.20% - 0.50%	0.32%
	1,168		Discounted Expected Recovery	Expected Recovery Rate	48.18%	48.18%
Total investments	$	696,519



Level 3 Investments (dollars in thousands)	December 31, 2019
Level 3 Investments (dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	577,984	Discounted Cash Flows	Discount Rate	9.91% - 25.75%	15.01%
	26,534		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	0%-100.00%
Warrant investments	20,752		Black Scholes Option Pricing Model	Revenue Multiples	1.50x - 94.7x	7.21x
				Volatility	30.0% - 61.7%	57.86%
				Term	2.00 - 4.00 Years	3.00 Years
				Discount for Lack of Marketability	0.00% - 27.50%	26.55%
				Risk Free Rate	1.56% - 1.70%	1.61%
	27		Option-Pricing Method and Probability-Weighted Expected Return Method	Weighted Average Cost of Capital	27.50%	27.50%
				Term	2.00 - 3.50 Years	3.21 Years
	1,311		Discounted Expected Return	Discount Rate	18.00% - 35.00%	30.94%
				Term	2.40 - 4.00 Years	2.69 Years
				Expected Recovery Rate	50.00% - 80.00%	65.91%
Equity investments	9,340		Black Scholes Option Pricing Model	Revenue Multiples	0.85x - 10.25x	4.13x
				Volatility	30.00% - 80.00%	58.30%
				Term	1.50 - 4.00 Years	3.03 Years
				Discount for Lack of Marketability	0.00% - 5.00%	5.00%
				Risk Free Rate	1.40% - 1.70%	1.62%
	592		Option-Pricing Method and Probability-Weighted Expected Return Method	Weighted Average Cost of Capital	27.50% - 32.50%	30.37%
				Term	3.50 Years	3.50 Years
	1,236		Discounted Expected Recovery	Expected Recovery Rate	50.98%	50.98%
Total investments	$	637,776

Increases or decreases in any of the above unobservable inputs ~~as they relate to the~~in isolation would result in a lower or higher fair value ~~measurements of investments.~~

Level 3 Investments

As of September 30, 2017

(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Debt investments

$
287,752

Discounted Cash Flows

Discount Rate

2.50% - 34.35% (14.30%)

4,931

Discounted Expected Recovery

Expected Recovery Rate

94.00%

Warrants

7,756

Black Scholes Option Pricing Model

Revenue Multiples

0.90x – 8.00x (4.11x)

Volatility

27.80% - 75.00% (53.30%)

Term

0.25– 7.00 Years (3.19 Years)

Discount for Lack of Marketability

0.00% - 32.70% (14.30%)

Risk Free Rate

1.03% - 2.16% (1.63%)

2,584

Option-Pricing Method and Probability-Weighted Expected Return Method

Weighted Average Cost of Capital

25.00% – 30.00% (25.30%)

Term

1.25 – 1.25 Years (1.25 Years)

401

Discounted Expected Return

Discount Rate

17.25%

Term

3.50 Years

Probability of non-payment

25.00%

Equity investments

1,474

Black Scholes Option Pricing Model

Revenue Multiples

1.80x – 6.00x (3.88x)

Volatility

27.80% - 60.00% (41.50%)

Term

1.25– 2.50 Years (1.86 Years)

Discount for Lack of Marketability

0.00% - 23.70% (16.1%)

Risk Free Rate

1.39% - 1.55% (1.52%)

3,692

Last Equity Financing

Price per share

$2.77 - $31.25

Total investments

$
308,590

Level 3 Investments

As of December 31, 2016
(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)
Debt investments

$
355,230

Discounted Cash Flows

Discount Rate

2.50% - 25.00% (14.32%)

4,777

Discounted Expected Recovery

N/A

N/A
Warrants

6,089

Black Scholes Option Pricing Model

Share Price and Equity Value

N/A

Revenue Multiples

0.34x – 8.00x (3.43x)

Volatility

40.00% - 70.00% (53.30%)

Term

1.00– 7.00 Years (2.98 Years)

Discount for Lack of Marketability

0.00% - 32.70% (14.10%)

2,149

Option-Pricing Method and Probability-Weighted Expected Return Method

Weighted Average Cost of Capital

25.00% – 30.00% (25.40%)

Term

1.25 – 2.25 Years (1.33 Years)
Equity investments

1,636

Black Scholes Option Pricing Model

Share Price and Equity Value

N/A

Revenue Multiples

1.50x – 6.00x (3.57x)

Volatility

45.00% - 60.00% (51.70%)

Term

1.00– 2.50 Years (1.55 Years)

Discount for Lack of Marketability

0.00% - 23.70% (12.90%)
Total investments

$
369,881

~~As of September 30, 2017 and December 31, 2016, the fair values~~measurement for all of the Company’s debt investments, other than KnCMiner AB, were estimated using discounted cash flow models based on anticipated cash flows and a discount rate deemed most appropriate for each investment given the facts and circumstances specific to each portfolio company and market yields at the reporting date. The fair values for the Company’s debt investments in KnCMiner AB include risk and time discounted expected recoveries as well as preferred shares received from GoGreen Light AB, which acquired certain assets from KnCMiner AB. Such preferred shares entitle the Company to receive annual cash distributions based on a percentage of the net income of GoGreen Light AB.

As of September 30, 2017 and December 31, 2016, fair values for all but 3 warrant positions were estimated using an Option-Pricing Method that values individual equity classes based on their economic rights and preferences using the Black Scholes Option-Pricing Model. Two warrant positions were valued using a combination of the Option-Pricing Method and the Probability-Weighted Expected Return Method given the outlook for those portfolio companies. Certain investments within the portfolio contain fee conditions which may result in cash proceeds to the Company upon a qualifying liquidity event. These fees were valued using a discounted expected return method. As of September 30, 2017, all but 6 equity investments were valued using the market approach. The fair market value for 6 investments as of September 30, 2017 was derived based on the last equity financing round. As of December 31, 2016, all the equity investments were valued using the market approach.

~~The range of the various assumptions and weighted averages of these assumptions are summarized in the tables above.~~

As of September 30, 2017 and December 31, 2016, approximately $289.3 million and $363.0 million, respectively, of the Company’s assets were pledged for borrowings under its revolving credit facility.

such assets.

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 fluctuate.

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

~~Revolving~~

The following table shows the Company's outstanding debt as of March 31, 2020 and December 31, 2019.



Liability (in thousands)	March 31, 2020							December 31, 2019
Liability (in thousands)	Total Commitment		Balance Outstanding			Unused Commitment		Total Commitment		Balance Outstanding			Unused Commitment
Revolving Credit Facility	$	300,000	$	257,000		$	43,000	$	300,000	$	262,300		$	37,700
2022 Notes	74,750		74,750			—		74,750		74,750			—
2025 Notes	70,000		70,000			—		—		—			—
Total before deferred financing costs	444,750		401,750			43,000		374,750		337,050			37,700
Unamortized deferred financing costs	—		(3,434		)	—		—		(2,899		)	—
Total borrowings outstanding, net of deferred financing costs	$	444,750	$	398,316		$	43,000	$	374,750	$	334,151		$	37,700

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. These expenses are summarized in the table below.



Interest Expense and Amortization of Fees (in thousands)	For the Three Months Ended March 31,
Interest Expense and Amortization of Fees (in thousands)	2020		2019
Revolving Credit Facility
Interest cost	$	2,424	$	488
Unused fee	101		219
Amortization of costs and other fees	316		289
Revolving Credit Facility Total	$	2,841	$	996
2022 Notes
Interest cost	$	1,075	$	1,075
Amortization of costs and other fees	132		132
2022 Notes Total	$	1,207	$	1,207
2025 Notes
Interest cost	$	114	$	—
2025 Notes Total	$	114	$	—
Total interest expense and amortization of fees	$	4,162	$	2,203

In February 2014, the Company, along with its Financing Subsidiary as borrower, entered into a credit agreement with Deutsche Bank AG, acting as administrative agent and a lender, and KeyBank National Association, ~~Everbank Commercial Lender Finance, Inc.,~~TIAA Bank, and AloStar Bank of Commerce, as other lenders, which provided the Company with a $150.0 million commitment, subject to borrowing base requirements ~~(the “Revolving Credit~~(as amended and restated from time to time, the “Credit Facility”). In August 2014, the Company amended the ~~Revolving~~ Credit Facility to increase the total commitments available thereunder to ~~$200.0~~$200 million in aggregate.

~~Pursuant~~ In January 2018, the Company amended and renewed the Credit Facility, which, among other things, increased the total commitment by $10 million to $210 million and replaced AloStar Bank of Commerce with MUFG Union Bank, N.A as a lender. In May 2019, the Company amended and renewed the Credit Facility, which, among other things, (i) increased the total commitment by $55 million to $265 million, (ii) added an accordion feature under the Credit Facility, which allows the Company to increase the size of the Credit Facility to an ~~amendment~~amount not to exceed $400 million; and (iii) extended the revolving period of the Credit Facility from February 21, 2020 to May 31, 2021 and the maturity date of the Credit Facility from August 21, 2021 to November 30, 2022. In August 2019, the Company amended the Credit Facility to (i) increase its total commitments from $265 million to $300 million and (ii) add two new lenders, Hitachi Capital America Corporation and NBH Bank. The $35 million increase in total commitments to the ~~Revolving~~ Credit Facility ~~effective as of January 2016, borrowings~~was made under the ~~Revolving~~accordion feature in the Credit Facility.

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, plus (ii) a margin of ~~3.0% during the revolving period~~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 ~~Revolving~~ Credit Facility are secured only by the assets of the Financing Subsidiary. The Company agreed to pay Deutsche Bank AG a syndication fee ~~in 12 monthly installments, of approximately 1% of the committed facility amount. The Company also agreed~~and to pay to Deutsche Bank AG a fee to act as administrative agent under the ~~Revolving~~ Credit Facility ~~and~~as well as to pay each lender (i) a commitment fee ~~of 0.65% multiplied by such~~based on each lender’s commitment ~~on the effective date payable in 12 equal monthly installments~~ and (ii) a fee of ~~approximately 0.75%~~0.50% per annum for any unused borrowings under the ~~Revolving~~ Credit Facility on a monthly basis. The ~~Revolving~~ Credit Facility contains affirmative and restrictive covenants including, but not limited to, an advance rate limitation of ~~approximately 55%~~55.0% of the applicable ~~net loan~~ balance of net assets held by the Financing Subsidiary, maintenance of minimum net worth, ~~at an agreed level,~~ a ratio of total assets to total indebtedness of not less than ~~approximately 2:1,~~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, ~~Mr.~~ James P. Labe, and the Company’s President and Chief Investment Officer, ~~Mr.~~ 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 ~~Revolving~~ 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’s failure~~Company to maintain ~~compliance with RIC provisions at all times. The revolving period of~~its qualification as a BDC under the ~~Revolving Credit Facility ends on February 21, 2018 and the maturity date of the Revolving Credit Facility is February 21, 2019~~.1940 Act. As of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016,~~2019, the Company was in compliance with all covenants under the ~~Revolving~~ Credit Facility.

At ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016,~~2019, the Company had outstanding borrowings under the ~~Revolving~~ Credit Facility of ~~$25.5~~$257.0 million and ~~$115.0~~$262.3 million, respectively, net of deferred credit facility costs of $1.3 million and $1.6 million, respectively, which is included in the Company’s ~~condensed~~ consolidated statements of assets and liabilities. The book value of the ~~Revolving~~ 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 ~~Revolving~~ Credit Facility would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

Interest expense includes the interest cost charged on borrowings, the unused fee on the Revolving Credit Facility, third party administrative fees, and the amortization of deferred Revolving Credit Facility fees and expenses. These expenses are summarized in the table below.

Interest Expense and Amortization of Fees

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

(dollars in thousands)

2017

2016

2017

2016

Revolving Credit Facility

Interest cost charged on borrowings

$
217

$
506

$
1,822

$
983

Unused fee

345

275

787

930

Amortization of costs and other fees

235

234

698

758

Revolving Credit Facility Total

$
797

$
1,015

$
3,307

$
2,671

2020 Notes

Interest cost

$
430

$
922

$
2,274

$
2,765

Amortization of costs and other fees

47

99

248

297

2020 Notes Total

$
477

$
1,021

$
2,522

$
3,062

2022 Notes

Interest cost

$
919

$
—

$
919

$
—

Amortization of costs and other fees

113

—

113

—

2022 Notes Total

$
1,032

$
—

$
1,032

$
—

Total interest expense and amortization of fees

$
2,306

$
2,036

$
6,861

$
5,733

During the three ~~and nine~~ months ended ~~September 30, 2017,~~March 31, 2020 and 2019, the Company had average outstanding borrowings under the ~~Revolving~~ Credit Facility of ~~$20.1~~$220.5 million and ~~$61.4~~$35.5 million, respectively, at a weighted average interest rate of ~~4.22%~~4.60% and ~~3.89%~~5.49%, respectively. ~~During~~As of March 31, 2020 and December 31, 2019, $612.8 million and $581.2 million, respectively, of the ~~three and nine months ended September 30, 2016, the Company had average outstanding~~Company’s assets were pledged for borrowings under the ~~Revolving~~ Credit ~~Facility of $56.7 million and $37.1 million, respectively, at a weighted average interest of 3.49% and 3.48%, respectively.~~

~~2020 Notes~~

On August 4, 2015, the Company completed a public offering of $50.0 million in aggregate principal amount of its 2020 Notes and received net proceeds of approximately $48.3 million after the payment of fees and offering costs. On September 2, 2015, the Company issued an additional $4.6 million in aggregate principal amount of its 2020 Notes and received net proceeds of approximately $4.5 million after the payment of fees and offering costs as a result of the underwriters’ partial exercise of their option to purchase additional 2020 Notes. The 2020 Notes are disclosed under “2020 Notes” in the condensed consolidated statements of assets and liabilities, net of unamortized issuance costs. The interest expense, including amortization of debt issuance costs are summarized in the table above. The interest on the 2020 Notes was payable quarterly on January 15, April 15, July 15 and October 15, beginning on October 15, 2015. Until August 15, 2017, the 2020 Notes were listed on the New York Stock Exchange (“NYSE”) under the symbol “TPVZ”. The 2020 Notes were issued in integral principal amount multiples ("units") of $25.

On July 14, 2017, the Company elected to exercise its option to redeem, in full, the 2020 Notes and on August 13, 2017 (the “Redemption Date”). The 2020 Notes were redeemed at par plus accrued and unpaid interest which resulted in a realized loss on debt extinguishment of approximately $1.1 million. As of the Redemption Date, the outstanding 2020 Notes had an aggregate principal amount of $54.6 million and accrued but unpaid interest of approximately $0.3 million. The 2020 Notes were delisted on the NYSE effective as of August 15, 2017.

At December 31, 2016, the 2020 Notes had a market price of $25.50 per unit, resulting in an aggregate fair value of approximately $55.7 million. The 2020 Notes are recorded at amortized cost in the condensed consolidated statements of assets and liabilities. Amortized cost includes approximately $1.3 million at December 31, 2016, of deferred issuance cost which is amortized and expensed over the five year term of the 2020 Notes based on an effective yield method.

Facility.

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 ~~approximately~~ $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 ~~approximately~~ $9.5 million after the payment of fees and offering costs. The interest on the 2022 Notes is payable quarterly on January 15, April 15, July 15 and October ~~15, beginning October 15, 2017.~~15. The 2022 Notes are listed on the NYSE under the symbol “TPVY”. The 2022 Notes were issued in ~~integral~~units of $25.

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 ~~multiples ("units") of $25. The Company used a portion of the net proceeds from the offering~~ 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 future unsecured indebtedness; senior to ~~redeem~~any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; effectively subordinated to all of the ~~outstanding~~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; 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 the 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 us 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, 2020, ~~Notes.~~

the Company was in compliance with these covenants.

At ~~September 30, 2017,~~March 31, 2020, the 2022 Notes had a market price of ~~$25.28~~$21.75 per unit, resulting in an aggregate fair value of ~~approximately $75.6~~$65.0 million. The 2022 Notes are recorded at amortized cost in the ~~condensed~~ consolidated statements of assets and liabilities. Amortized cost includes ~~approximately $2.5~~$1.2 million of deferred issuance cost at ~~September 30, 2017,~~March 31, 2020, which is amortized and expensed over the ~~five year~~five-year term of the 2022 Notes based on an effective yield method.

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, beginning on September 19, 2020.

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 or a subsidiary guarantor (which excludes financing subsidiaries) creates, incurs, assumes or permits to exist liens of more than an aggregate principal amount of $25 million on or with respect to any of their property or assets in connection with future secured indebtedness, the 2025 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness.

The Master Note Purchase Agreement (the “Note Purchase Agreement”) under which the 2025 Notes were issued contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $216,129,000, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2019. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2025 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava.

The 2025 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.9 million of deferred issuance cost at March 31, 2020, 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.

The following ~~tables provide~~table provides additional information about the level in the fair value hierarchy of the Company’s liabilities ~~at September 30, 2017~~as of March 31, 2020 and December 31, ~~2016.~~

2019.

Liability

As of September 30, 2017

(dollars in thousands)

Level 1

Level 2

Level 3

Total

Revolving Credit Facility

$
—

$
—

$
25,500

$
25,500

2022 Notes, net *

—

73,139

—

73,139

Total

$
—

$
73,139

$
25,500

$
98,639



Liability (in thousands)	March 31, 2020								December 31, 2019
Liability (in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Revolving Credit Facility	$	—	$	—	$	257,000	$	257,000	$	—	$	—	$	262,300	$	262,300
2022 Notes, net⁽¹⁾	—		73,581		—		73,581		—		73,454		—		73,454
2025 Notes, net⁽²⁾	—		—		69,054		69,054		—		—		—		—
Total	$	—	$	73,581	$	326,054	$	399,635	$	—	$	73,454	$	262,300	$	335,754

_______________

*
(1)	Net of ~~approximately $2.5~~debt issuance costs as of March 31, 2020 and December 31, 2019, of $1.2 million ~~of deferred issuance cost~~ and $1.3 million, respectively.

Liability

As of December 31, 2016

(dollars in thousands)

Level 1

Level 2

Level 3

Total

Revolving Credit Facility

$
—

$
—

$
115,000

$
115,000

2020 Notes, net *

—

54,381

—

54,381

Total

$
—

$
54,381

$
115,000

$
169,381

*
(2)	Net of ~~approximately $1.3 million~~debt issuance costs as of ~~deferred issuance cost~~. March 31, 2020 of $0.9 million.

~~Other Payables~~

On September 29, 2017, the Company purchased $95.0 million in face value of U.S. Treasury bills for settlement on October 3, 2017. On December 30, 2016, the Company purchased $40.0 million of U.S. Treasury bills for settlement on January 4, 2017. The associated payable was included in the Company’s condensed consolidated statements of assets and liabilities as of September 30, 2017 and December 31, 2016.

Note 7. Commitments and Contingencies

Commitments

As of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016,~~2019, the Company’s unfunded commitments totaled ~~approximately $158.2~~$209.0 million to 1117 portfolio companies and ~~approximately $117.4~~$226.1 million to ~~nine~~16 portfolio companies, respectively, of which ~~$50.0~~$41.0 million and ~~$60.0~~$59.3 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them. OfAs of March 31, 2020, of the ~~approximately $158.2~~$209.0 million of unfunded commitments, ~~as of September 30, 2017, approximately $31.0 million will expire in 2017, $97.2~~$173.0 million will expire during ~~2018,~~2020 and ~~$30.0~~$36.0 million will expire during ~~2019, if not drawn prior to expiration.~~

2021.

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 ~~materially~~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 ~~Company generally expects more than 75% of its gross unfunded commitments to eventually be drawn before the expiration of their corresponding availability periods.~~

~~The tables~~table below ~~provide~~provides the Company’s unfunded commitments by portfolio company as of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016.~~

2019.

As of September 30, 2017

Unfunded Commitments for Growth Capital Loans (unless otherwise noted)*
(dollars in thousands)

Principal Balance

Fair Value of Unfunded Commitment Liability

Blue Bottle Coffee, Inc.

$
20,000

$
40

BlueVine Capital, Inc.

10,000

170

Eero, Inc.

5,000

—

MapR Technologies, Inc. (Equipment Lease)

2,956

8

Outfittery GMBH

2,376

148

PillPack, Inc.

30,000

200

Rent the Runway, Inc.

18,000

329

Ring, Inc.

30,000

—

Stance, Inc.

15,000

166

Varsity Tutors LLC

15,000

159

View, Inc. (Equipment Loan)

9,865

197

Total

$
158,197

$
1,417

~~______________~~

*~~Does not include $27.4 million backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.~~

As of December 31, 2016

Unfunded Commitments for Growth Capital Loans (unless otherwise noted)*
(dollars in thousands)

Principal Balance

Fair Value of Unfunded Commitment Liability

CrowdStrike, Inc.

$
5,000

$
81

Eero, Inc.

15,000

130

Farfetch UK Limited

5,000

53

FinancialForce.com, Inc.

15,000

94

Green Chef Corporation

10,000

173

MapR Technologies, Inc. (Equipment Lease)

4,352

12

Optoro, Inc.

25,000

40

Rent the Runway, Inc.

28,000

511

WorldRemit Ltd.

10,000

124

Total

$
117,352

$
1,218



	March 31, 2020				December 31, 2019
Unfunded Commitments⁽¹⁾ (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
BlueVine Capital, Inc.	$	30,000	$	—	$	30,000	$	—
Capsule Corp.	30,000		404		10,000		179
Cohesity, Inc.	30,000		142		—		—
Hims, Inc.	25,000		198		25,000		198
Curology, Inc.	15,000		73		15,000		35
Freshly Inc.	15,000		—		18,000		168
Farmer's Business Network, Inc.	10,000		59		—		—
OfferUp Inc.	10,000		192		20,000		192
Signifyd, Inc.	10,000		182		10,000		182
Transfix, Inc.	10,000		194		10,000		194
Adjust GmbH	6,000		120		—		—
Grove Collaborative, Inc.	5,333		80		21,750		407
Pencil and Pixel, Inc.	5,000		—		—		—
Sonder USA, Inc.	3,000		25		8,333		98
OneSource Virtual, Inc.	2,000		—		5,000		—
Outfittery GMBH	1,650		146		—		—
Mind Candy Limited	1,000		—		—		—
Toast, Inc.	—		—		35,000		115
Moda Operandi, Inc.	—		—		10,000		200
Nurx Inc.	—		—		5,000		—
Brooklinen, Inc.	—		—		3,000		174
GoEuro Corp.	—		—		—		35
Total	$	208,983	$	1,815	$	226,083	$	2,177

~~______________~~

*~~Does not include $40.0 million backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.~~

_______________


(1)	Does not include $1.1 million and $15.5 million backlog of potential future commitments as of March 31, 2020 and December 31, 2019, respectively. Refer to the “Backlog of Potential Future Commitments” below.

The ~~tables~~table above also ~~provide~~provides the fair value of the Company’s unfunded commitment liability totaling ~~approximately $1.4~~$1.8 million and ~~$1.2~~$2.2 million as of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016,~~2019, 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 counterparties’ 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 ~~condensed~~ consolidated statements of assets and liabilities.

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 below table provides additional details regarding the ~~Company’s~~Company's unfunded ~~commitments~~commitment activity during the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2020 and ~~2016.~~

2019.



Commitments Activity (in thousands)	For the Three Months Ended March 31,
Commitments Activity (in thousands)	2020			2019
Activity during the period:
New commitments⁽¹⁾	$	102,573		$	190,960
Fundings	(78,761		)	(89,517		)
Expirations / Terminations	(55,333		)	(41,000		)
Foreign currency adjustments	21			—
Unfunded commitments at beginning of period⁽²⁾	$	226,083		$	294,306
Unfunded commitments at end of period⁽²⁾	$	208,983		$	379,749

Backlog of potential future commitments	$	1,100		$	—

_______________


(1)	Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

Commitments Activity (dollars in thousands)

2017

2016

2017

2016

Activity during the period:

New commitments *

121,879

69,000

264,879

194,000

Fundings

(82,790
)

(15,000
)

(151,658
)

(93,805
)
Expirations / Terminations

—

(83,000
)

(85,000
)

(154,656
)

Unfunded commitments at beginning of period

$
146,484

$
164,500

$
117,352

**
$
189,961

Unfunded commitments at end of period **

$
158,197

$
115,500

$
158,197

$
115,500

Backlog of potential future commitments

$
27,376

$
20,000

$
67,374

$
20,000

Unfunded Commitments*
(dollars in thousands)

As of September 30, 2017

As of December 31, 2016

Dependent on milestones

$
50,000

$
60,000

Expiring during:

2017

30,956

102,352

2018

97,241

10,000

2019

30,000

5,000

Growth capital loans

145,376

113,000

Equipment leases and loans

12,821

4,352

~~______________~~

*~~Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.~~



Unfunded Commitments⁽¹⁾ (in thousands)	March 31, 2020		December 31, 2019
Dependent on milestones	$	40,983	$	59,333
Expiring during:
2020	$	172,983	$	188,083
2021	36,000		38,000
Unfunded Commitments	$	208,983	$	226,083

Backlog of Potential Future Commitments

The Company ~~may enter~~entered into commitments with certain ~~of its~~ portfolio companies ~~which~~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 ~~the Company’s commitments~~ are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016,~~2019, this backlog of potential future commitments totaled ~~$27.4~~$1.1 million and ~~$40.0~~$15.5 million, respectively.

Note 8. Financial Highlights

The financial highlights presented below are for the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2020 and ~~2016.~~

2019.

Financial Highlights

For the Three Months Ended September 30, or as of September 30,

For the Nine Months Ended September 30, or as of September 30,

(dollars in thousands, except per share data)

2017

2016

2017

2016

Per Share Data (1)

Net asset value at beginning of period

$
13.52

$
13.05

$
13.51

$
14.21

Changes in net asset value due to:

Share repurchases

—

0.04

—

0.07

Dividend reinvestment plan

—

—

—

(0.03
)
Net investment income

0.27

0.40

1.32

1.12

Net realized gains (losses) on investments

0.07

0.07

(0.15
)

(1.29
)
Net change in unrealized gains (losses) on investments

(0.04
)

0.24

(0.14
)

0.44

Net realized loss on extinguishment of debt

(0.07
)

—

(0.07
)

—

Distributions

(0.36
)

(0.36
)

(1.08
)

(1.08
)
Net asset value at end of period

$
13.39

$
13.44

$
13.39

$
13.44

Net investment income per share

$
0.27

$
0.40

$
1.32

$
1.12

Net increase (decrease) in net assets resulting from operations per share

$
0.23

$
0.71

$
0.96

$
0.26

Weighted average shares of common stock outstanding for period

16,023

16,091

16,001

16,227

Shares of common stock outstanding at end of period

16,043

15,958

16,043

15,958

Ratios / Supplemental Data

Net asset value at beginning of period

$
216,533

$
211,807

$
215,863

$
231,646

Net asset value at end of period

$
214,759

$
214,392

$
214,759

$
214,392

Average net asset value

$
215,730

$
210,740

$
215,763

$
220,869

Total return based on net asset value per share (2)

1.9
%

6.6
%

7.7
%

5.1
%
Net asset value per share at beginning of period

$
13.52

$
13.05

$
13.51

$
14.21

Distributions per share during period

$
0.36

$
0.36

$
1.08

$
1.08

Net asset value per share at end of period

$
13.39

$
13.44

$
13.39

$
13.44

Total return based on stock price (3)

3.6
%

3.6
%

23.6
%

(1.5
)%
Stock price at beginning of period

$
13.31

$
10.59

$
11.78

$
11.96

Distributions per share during period

$
0.36

$
0.36

$
1.08

$
1.08

Stock price at end of period

$
13.40

$
10.60

$
13.40

$
10.60

Net investment income to average net asset value (4)

8.0
%

12.3
%

13.1
%

11.0
%
Net increase (decrease) in net assets to average net asset value (4)

6.8
%

21.6
%

9.5
%

2.5
%
Ratio of expenses to average net asset value (4) (5)

11.1
%

11.3
%

12.0
%

9.0
%



Financial Highlights (in thousands, except per share data)	For the Three Months Ended March 31, or as of March 31,
Financial Highlights (in thousands, except per share data)	2020			2019
Per Share Data⁽¹⁾
Net asset value at beginning of period	$	13.34		$	13.50
Changes in net asset value due to:
Net investment income	0.41			0.40
Net realized gains (losses) on investments	(0.01		)	—
Net change in unrealized gains (losses) on investments	(0.57		)	0.05
Net increase (decrease) from capital share transactions⁽¹⁾	0.04			—
Distributions from net investment income	(0.36		)	(0.36		)
Net asset value at end of period	$	12.85		$	13.59

Net investment income per share	$	0.41		$	0.40
Net increase (decrease) in net assets resulting from operations per share	$	(0.17	)	$	0.45
Weighted average shares of common stock outstanding for period	29,883			24,782
Shares of common stock outstanding at end of period	30,746			24,820

Ratios / Supplemental Data
Net asset value at beginning of period	$	332,506		$	334,531
Net asset value at end of period	$	394,996		$	337,199
Average net asset value	$	404,355		$	337,414
Stock price at end of period	$	5.74		$	13.76

Total return based on net asset value per share⁽²⁾	2.4		%	3.4		%
Total return based on stock price⁽³⁾	(57.1		)%	29.8		%

Net investment income to average net asset value⁽⁴⁾	12.2		%	11.9		%
Net increase (decrease) in net assets to average net asset value⁽⁴⁾	(5.1		)%	13.3		%
Ratio of expenses to average net asset value⁽⁴⁾	8.6		%	9.1		%
Operating expenses excluding incentive fees to average net asset value⁽⁴⁾	8.6		%	6.1		%
Income incentive fees to average net asset value⁽⁴⁾	—		%	3.0		%
Capital gains incentive fees to average net asset value⁽⁴⁾	0.0		%	0.0		%

_______________

~~(1)~~
(1)	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.

~~(2)~~
(2)	Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share.

~~(3)~~
(3)	Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. The total return is for the period shown and is not annualized.

~~(4)~~
(4)	Percentage is presented on an annualized basis.

~~(5)~~

~~Additional financial ratios are provided below:~~

Ratios

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

(Percentages, on an annualized basis)

2017

2016

2017

2016

Operating expenses excluding incentive fees to average net asset value

9.2
%

8.4
%

9.2
%

8.0
%
Income component of incentive fees to average net asset value

2.0
%

3.0
%

2.8
%

1.0
%
Capital gains component of incentive fees to average net asset value

0.0
%

0.0
%

0.0
%

0.0
%



Ratios (Percentages, on an annualized basis)⁽¹⁾	For the Three Months Ended March 31, or as of March 31,
Ratios (Percentages, on an annualized basis)⁽¹⁾	2020		2019
Weighted average portfolio yield on total debt investments⁽²⁾	12.7	%	16.5	%
Coupon income	9.8	%	10.7	%
Accretion of discount	1.2	%	0.9	%
Accretion of end-of-term payments	1.7	%	2.2	%
Impact of prepayments during the period	—	%	2.7	%

_______________

Ratios

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

(Percentages, on an annualized basis) (1)

2017

2016

2017

2016

Weighted average portfolio yield on debt investments

15.4
%

15.1
%

17.4
%

14.7
%
Coupon income

10.4
%

10.5
%

10.4
%

10.5
%
Accretion of discount

0.9
%

0.8
%

0.7
%

0.7
%
Accretion of end-of-term payments

2.2
%

2.4
%

1.9
%

2.6
%
Impact of prepayments during the period

1.9
%

1.4
%

4.4
%

0.9
%

Note 9. Net Increase (Decrease) in Net Assets per Share

The following information sets forth the computation of basic and diluted ~~earnings~~net increase (decrease) in net assets per share for the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2020 and ~~2016.~~

2019.

Basic and Diluted Share Information

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

(dollars in thousands, except per share data)

2017

2016

2017

2016

Net investment income

$
4,367

$
6,495

$
21,117

$
18,181

Net increase in net assets resulting from operations

$
3,679

$
11,435

$
15,377

$
4,181

Basic and diluted weighted average shares of common stock outstanding

16,023

16,091

16,001

16,227

Basic and diluted net investment income per share of common stock

$
0.27

$
0.40

$
1.32

$
1.12

Basic and diluted net increase in net assets resulting from operations per share of common stock

$
0.23

$
0.71

$
0.96

$
0.26



Basic and Diluted Share Information (in thousands, except per share data)	For the Three Months Ended March 31,
	2020			2019
Net investment income	$	12,237		$	9,915
Net increase (decrease) in net assets resulting from operations	$	(5,118	)	$	11,069
Basic and diluted weighted average shares of common stock outstanding	29,883			24,782
Basic and diluted net investment income per share of common stock	$	0.41		$	0.40
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock	$	(0.17	)	$	0.45

Since inception through ~~September 30, 2017,~~March 31, 2020, the Company has issued ~~16,494,683~~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.~~offering in 2020. The Company received net proceeds from these offerings of ~~approximately $237.5~~$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.

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 ~~nine~~three months ended ~~September 30, 2017~~March 31, 2020 and the year ended December 31, ~~2016~~2019, is provided in the following tables.

Issuance of Common Stock for the Nine Months Ended September 30, 2017 (dollars 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
First quarter 2017 distribution reinvestment

4/17/2017

21

271

—

—

$13.21 per share
Second quarter 2017 distribution reinvestment

6/16/2017

17

214

—

—

$12.73 per share
Third quarter 2017 distribution reinvestment

9/15/2017

25

314

—

—

$12.43 per share
Total issuance

63

$
799

$
—

$
—



Issuance of Common Stock for the Three Months Ended March 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
Total issuance		5,823	$	81,373	$	2,473	$	251

Issuance of Common Stock for the Year Ended December 31, 2016 (dollars 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
First quarter 2016 distribution reinvestment

4/15/2016

46

452

—

—

$9.80 per share
Second quarter 2016 distribution reinvestment

6/16/2016

69

691

—

—

$10.03 per share
Third quarter 2016 distribution reinvestment

9/16/2016

27

273

—

—

$10.29 per share
Fourth quarter 2016 distribution reinvestment

12/16/2016

23

271

—

—

$11.68 per share
Total issuance

165

$
1,687

$
—

$
—



Issuance of Common Stock for the Year Ended December 31, 2019 (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
First quarter 2019 distribution reinvestment	3/29/2019	40	$	519	$	—	$	—	$13.07 per share
Second quarter 2019 distribution reinvestment	6/14/2019	39	528		—		—		$13.40 per share
Third quarter 2019 distribution reinvestment	9/16/2019	35	555		—		—		$15.68 per share
Fourth quarter 2019 distribution reinvestment	12/16/2019	28	382		—		—		$13.64 per share
Total issuance		142	$	1,984	$	—	$	—

During the fourth quarter of 2015, the Board authorized the repurchase of up to $25 million of its common stock at prices below the Company’s NAV per share as reported in its most recent financial statements. This repurchase program expired on October 31, 2017. There was no repurchase of common stock during the nine months ended September 30, 2017. The Company repurchased 485,986 shares of common stock for approximately $5.4 million during the year ended December 31, 2016.

Shares Repurchased for the Year Ended December 31, 2016 (dollars in thousands, except per share data)

Date

Number of Shares Repurchased

Approximate Dollar Value of Shares Repurchased

Average Price per Share
Shares Repurchased

5/12/2016 to 6/16/2016

190

$
2,002

$ 10.52 per share
Shares Repurchased

8/11/2016 to 8/29/2016

296

$
3,374

$ 11.41 per share
Total Shares Repurchased

486

$
5,376

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, beginning with the Company’s taxable year ended December 31, 2014.~~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, ~~2014~~2019, 2018, 2017, 2015 and ~~2015,~~2014, 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 $259,000 for the year ended December 31, 2019.

The following table summarizes the ~~Company’s~~Company's cash distributions per share ~~during~~that have been authorized by the ~~nine months ended September 30, 2017,~~Board since the Company's initial public offering to March 31, 2020. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, ~~2016~~2017 and December 31, ~~2015.~~

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 year ended December 31, 2019, distributions represent ordinary income and long term capital gains.

Period Ended

Date Announced

Record Date

Payment Date

Per Share Amount

September 30, 2017

August 8, 2017

August 31, 2017

September 15, 2017

$
0.36

June 30, 2017

May 9, 2017

May 31, 2017

June 16, 2017

$
0.36

March 31, 2017

March 13, 2017

March 31, 2017

April 17, 2017

$
0.36

December 31, 2016

November 7, 2016

November 30, 2016

December 16, 2016

$
0.36

September 30, 2016

August 8, 2016

August 31, 2016

September 16, 2016

$
0.36

June 30, 2016

May 9, 2016

May 31, 2016

June 16, 2016

$
0.36

March 31, 2016

March 14, 2016

March 31, 2016

April 15, 2016

$
0.36

December 31, 2015

November 10, 2015

November 30, 2015

December 16, 2015

$
0.36

September 30, 2015

August 11, 2015

August 31, 2015

September 16, 2015

$
0.36

June 30, 2015

May 6, 2015

May 29, 2015

June 16, 2015

$
0.36

March 31, 2015

March 16, 2015

March 26, 2015

April 16, 2015

$
0.36



Period Ended	Date Announced	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
Total cash distributions				$	8.88

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 condensed~~Company's consolidated statements of operations during the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2020 and ~~2016, respectively.~~2019. 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 ~~year~~three months ended ~~December~~March 31, ~~2016,~~2020, total distributions of ~~$1.44~~$0.36 per share were declared and ~~paid. Approximately $1.20 of the declared distribution represents a return of capital due to realized losses on debt investments. The remaining balance represents~~paid and represented a distribution of ordinary ~~income.~~income as a result of the Company’s earnings and profits exceeding its distributions. As of December 31, 2019, the Company estimated it had undistributed 2019 taxable earnings of $7.3 million. Since March 5, 2014 (commencement of operations) to ~~September 30, 2017,~~March 31, 2020, total distributions of ~~$5.54~~$8.88 per share have been ~~declared and~~ paid.

Note 12. Subsequent Events

~~Distributions~~

On ~~November 6, 2017, the Company announced that~~April 30, 2020, the Board declared a $0.36 per share regular quarterly distribution, payable on ~~December 1, 2017,~~June 30, 2020 to stockholders of record on ~~November 17, 2017.~~

June 16, 2020.

Recent Portfolio Activity

From ~~October~~April 1, ~~2017~~2020 through ~~November 6, 2017,~~May 5, 2020, the Company closed $5.4 million of additional debt commitments and funded ~~$35.5~~$16.7 million in new investments. TPC’s direct originations platform entered into ~~$10.0~~$46.5 million of additional non-binding signed term sheets with venture growth stage companies, subject to due diligence, definitive documentation and investment committee approval, as well as compliance with TPC’s allocation policy.

~~Private Placement~~

~~On October 25, 2017,~~ From April 1, 2020 through May 5, 2020, the Company ~~sold in a private placement transaction: (i) 1,594,007 shares~~received $10.0 million of principal prepayments generating approximately $1.1 million of accelerated income.

In addition, subsequent to March 31, 2020, the COVID-19 pandemic, and the related effect on the U.S. and global economies, has had adverse consequences for the business operations of some of the Company’s ~~common stock at a price~~portfolio companies and has adversely affected, and threatens to continue to adversely affect, the Company’s operations and the operations of ~~$13.54 per share to certain investment funds managed by~~ the ~~Alternative Investments & Manager Selection Group~~Adviser. Given the dynamic nature of ~~Goldman Sachs Asset Management, L.P.~~this situation and ~~(ii) 73,855 shares~~the fact that there may be developments outside of the Company’s ~~common stock~~control that require the Company or its portfolio companies to adjust plans of operation, the Company cannot reasonably estimate the full impact of COVID-19 on its financial condition, results of operations or cash flows in the future.

On May 6, 2020, the Company entered into an unsecured revolving loan agreement with the Adviser as the lender (the “Adviser Revolver”). The Adviser Revolver has a maximum credit limit of $50.0 million, with $25.0 million available at ~~a price~~close and an accordion feature for an additional $25.0 million in commitments from the Adviser. Any advance of ~~$13.65 per share to certain~~funds under the Adviser Revolver, and any exercise of the accordion feature, must be approved by the Adviser in advance in its sole discretion. The Adviser Revolver expires on December 31, 2020, and borrowings thereunder bear an annual interest rate of 6.0%, payable quarterly. Any of the Company’s ~~executive officers,~~obligations under the Adviser Revolver are unsecured and are expressly subordinated and junior in right of payment to all of the Company’s other indebtedness for ~~total gross proceeds of approximately $22.6 million.~~

borrowed funds.

~~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 ~~condensed~~ 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 ~~TriplePoint Venture Growth BDC Corp.,~~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 expected financings and investments;

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:

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, ~~certain margins~~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. ~~These risks and uncertainties include those described in “Risk Factors” in our Annual Report on Form 10-K under Part I, Item 1A.~~ 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.

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, ~~thereafter,~~ as a RIC under Subchapter M of the Code for U.S. federal income tax ~~purposes beginning with our taxable year ending December 31, 2014.~~

purposes.

Our shares are currently listed on the New York Stock Exchange (the “NYSE”) under the symbol “TPVG”. ~~Our 5.75%~~The 2022 Notes ~~due 2022 (the "2022 Notes")~~ are currently listed on the NYSE under the symbol “TPVY”.

~~Our investment objective is~~

We were formed to maximize our total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by primarily lending with warrants to venture growth stage companies focused in technology, life sciences and other high growth industries which are backed by TPC’s select group of leading venture capital investors.

~~We serve as the primary financing source for~~expand the venture growth stage business segment of ~~TriplePoint Capital LLC’s global~~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.

We commenced investment activities on March 5, 2014. In order to expedite the ramp-up of our investment activities and further our ability to meet our investment objectives, on March 5, 2014, we acquired our initial portfolio. On March 11, 2014, we completed our initial public offering and received $141.6 million of net proceeds in connection with the initial public offering and a concurrent private placement, net of the portion of the underwriting sales load and offering costs we paid. In 2015, we completed a follow-on public offering of our common stock raising ~~approximately~~ $95.9 million after offering costs.

~~Borrowings~~

In ~~February 2014,~~October 2017, we ~~entered into~~sold in a ~~credit agreement with Deutsche Bank AG acting as administrative agent~~private placement transaction 1,594,007 shares of our common stock to certain investment funds managed by the Alternative Investments & Manager Selection Group of Goldman Sachs Asset Management, L.P. and ~~a lender, and KeyBank National Association, Everbank Commercial Lender Finance, Inc., and AloStar Bank~~73,855 shares of ~~Commerce, as other lenders, which provided us with a $150.0 million commitment, subject~~our common stock to ~~borrowing base requirements (the “Revolving Credit Facility”).~~certain of our executive officers, for total gross proceeds of $22.6 million. In August 2014, we amended the Revolving Credit Facility to increase the total commitments by $50.0 million to $200.0 million in aggregate. Effective as of a January 2016 amendment to the Credit Facility, 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, plus (ii) a margin of 3.0% during the Revolving Credit Facility’s revolving period. ~~The revolving period under the amended Revolving Credit Facility expires on February 21,~~ 2018, ~~and the maturity date of the Revolving Credit Facility is February 21, 2019.~~

~~On August 4, 2015,~~ we completed a public offering and a concurrent private placement offering of ~~$50.0~~an aggregate 6,925,000 shares of our common stock, raising $94.6 million after offering costs. In January 2020, we completed follow-on public offering of an aggregate 5,750,000 shares of our common stock, raising $78.2 million after offering costs.

COVID-19 Developments

The COVID-19 pandemic, and the related effect on the U.S. and global economies, including the current 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 ~~aggregate principal~~new investment opportunities in venture growth stage companies. While we have not seen a material reduction in demand in the venture growth stage market, we do expect to see reduced originations in 2020, as compared to 2019 levels, as we and others, including potential venture growth stage portfolio companies, navigate the current challenging environment.

We have seen, and expect to 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, expect that certain of our portfolio companies may default on their financial obligations to us and their other capital providers. 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 we expect that additional portfolio companies may take similar steps if subjected to prolonged and severe financial distress, which may impair their business on a permanent basis.

As of March 31, 2020, we are permitted under the 1940 Act, as a BDC, to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. In addition, the indenture governing the 2022 Notes contains certain covenants, including covenants (i) requiring our compliance with the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act (after giving effect to any exemptive relief granted to us by the SEC); and (ii) if our asset coverage has been below the 1940 Act minimum asset coverage requirements (after giving effect to any exemptive relief granted to us by the SEC) for more than six consecutive months, prohibiting the declaration of any cash dividend or distribution on our common stock (except to the extent necessary for us to maintain our treatment as a RIC under Subchapter M of the Code), or purchasing any of our common stock, unless, at the time of the declaration of the dividend or distribution or the purchase, and after deducting the amount of ~~our 6.75%~~such dividend, distribution, or purchase, we are in compliance with the 1940 Act asset coverage requirements (after giving effect to any exemptive relief granted to us by the SEC). The Credit Facility also includes certain covenants, including without limitation, a covenant requiring 150% asset coverage in accordance with the 1940 Act, and the Note Purchase Agreement governing the 2025 Notes ~~due 2020 (the “2020 Notes”)~~contains certain covenants, including without limitation, a minimum asset coverage ratio of 150%, a minimum interest coverage ratio of 125%, and ~~received net proceeds of $48.3 million after~~a minimum stockholders’ equity threshold. Moreover, the payment of fees and offering costs. On September 2, 2015, we issued an additional $4.6 million in aggregate principal amount of our 2020 Notes and received net proceeds of approximately $4.5 million, after the paymentfixed rate of the ~~underwriting sales load and offering costs,~~2025 Notes is subject to a 1.00% increase in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, which risk is increased as a result of the underwriters’ partial exercise of their option to purchase additional 2020 Notes. The interest on the 2020 Notes was payable quarterly on January 15, April 15, July 15 and October 15, beginning on October 15, 2015.

~~On July 14, 2017, we elected to exercise our option to redeem, in full, the 2020 Notes. On August 13, 2017, we redeemed all~~impact of the ~~issued and outstanding 2020 Notes~~COVID-19 pandemic. See “Note 6. Borrowings” in ~~an aggregate principal amount~~the notes to consolidated financial statements for more information regarding the terms of ~~$54.6 million and paid an aggregate accrued interest of approximately $0.3 million. The 2020 Notes have been delisted on~~ the ~~NYSE effective August 15, 2017.~~

~~On July 14, 2017, we completed a public offering of $65.0 million in aggregate principal amount of our newly issued~~Credit Facility, the 2022 Notes, and ~~received~~the 2025 Notes.

As discussed below under “Results of Operations,” our net ~~proceeds~~asset value per share as of ~~approximately $62.8 million, after~~March 31, 2020 decreased as compared to our net asset value per share as of December 31, 2019, in part due to the ~~payment~~aggregate unrealized depreciation of ~~fees~~our investment portfolio caused by the immediate adverse economic effects of the COVID-19 pandemic and ~~offering costs. On July 24, 2017,~~uncertainty regarding the extent and duration of its impact. Any continued significant increase in aggregate unrealized depreciation of our investment portfolio or further significant reductions in our net asset value as a result of the ~~underwriters’ full exercise~~effects of ~~their option~~the COVID-19 pandemic or otherwise increases the risk of failing to ~~purchase additional 2022 Notes, we issued an additional $9.75 million in aggregate principal amount of~~meet the 1940 Act asset coverage requirements and breaching covenants under the Credit Facility, under the indenture governing the 2022 Notes, and ~~received net proceeds~~under the Note Purchase Agreement governing the 2025 Notes, or otherwise triggering an event of ~~approximately $9.5 million, after~~default under the ~~payment~~relevant borrowing arrangement. Any such breach of ~~fees~~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 ~~offering costs. The interest~~ability to pay distributions to our stockholders. See “Risk Factors” in this Quarterly Report on Form 10-Q and “Risk Factors” in Part I of our Annual Report on Form 10‑K for the year ended December 31, 2019 for more information. As of March 31, 2020, 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, under the indenture governing the 2022 Notes, ~~is payable quarterly~~or under the Note Purchase Agreement governing the 2025 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 rapidly 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 ~~January 15, April 15, July 15~~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, the fair value of our portfolio investments, and ~~October 15, beginning October 15, 2017.~~

the results of operations and financial condition of us and our portfolio companies. See “Risk Factors” in this Quarterly Report on Form 10-Q for more information.

Portfolio Composition, ~~Investment~~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 ~~warrants~~warrant investments that allow us to participate in any equity appreciation of our borrowers and enhance our overall investment returns.

As of ~~September 30, 2017,~~March 31, 2020, we ~~held 97~~had 209 investments in ~~41 companies and our four largest portfolio companies represented approximately 45.7% of our portfolio investments.~~70 companies. Our investments included 53118 debt investments, 3269 warrant investments, and ~~twelve~~22 direct equity and related investments. As of ~~September 30, 2017,~~March 31, 2020, the ~~total~~aggregate cost and fair value of these investments were ~~approximately $309.2~~$737.7 million and ~~approximately $311.1~~$713.2 million, respectively. As of ~~September 30, 2017, one~~March 31, 2020, three of our portfolio companies ~~was~~were publicly traded. As of ~~September 30, 2017,~~March 31, 2020, the 53118 debt investments ~~with~~had an aggregate fair value of ~~approximately $292.7~~$661.7 million ~~had~~and a weighted average loan to enterprise value ratio at the time of underwriting ~~ratio~~ of ~~approximately 6.09%~~9.3%. Enterprise value of ~~the~~a portfolio company is estimated based on information available, including any information regarding the most recent rounds of ~~capital raised by~~equity funding, at the ~~portfolio company.~~

time of origination.

As of December 31, ~~2016,~~2019, we ~~held 99~~had 187 investments in ~~33 companies and our four largest portfolio companies represented approximately 38% of our portfolio investments.~~68 companies. Our investments included 63102 debt investments, 2964 warrant investments, and ~~seven~~21 direct equity and related investments. As of December 31, ~~2016,~~2019, the ~~total~~aggregate cost and fair value of these investments were ~~approximately $370.1~~$660.7 million and ~~approximately $374.3~~$653.1 million, respectively. As of December 31, ~~2016, one~~2019, two of our portfolio companies ~~was~~were publicly traded. As of December 31, ~~2016,~~2019, the 63102 debt investments ~~with~~had an aggregate fair value of ~~approximately $360.0~~$604.5 million ~~had~~and a weighted average loan to enterprise value ratio at the time of underwriting ~~ratio~~ of ~~approximately 8.6%~~9.3%. Enterprise value of ~~the borrower~~a portfolio company is estimated based on information available, including any information regarding the most recent rounds of ~~borrower funding.~~

equity funding, at the time of origination.

The following tables provide information on the cost and fair value of our investments in companies along with the number of companies in our portfolio as of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016.~~

2019.

As of September 30, 2017

Investments by Type
(dollars in thousands)

Cost

Fair Value

Net Unrealized Gains (losses)

Number of
Investments

Number of
Companies

Debt investments

$
294,739

$
292,683

$
(2,056
)

53

19

Warrants

8,377

10,741

2,364

32

32

Equity investments

6,103

7,712

1,609

12

9

Total Investments in Portfolio Companies

$
309,219

$
311,136

$
1,917

97

41

*

*	~~Represents non-duplicative number of companies.~~

(1)Represents non-duplicative number of companies.



	December 31, 2019
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (losses)			Number of Investments	Number of Companies
Debt investments	$	630,724	$	604,518	$	(26,206	)	102	38
Warrant investments	18,150		22,090		$	3,940		64	58
Equity investments	11,801		26,521		$	14,720		21	20
Total Investments in Portfolio Companies	$	660,675	$	653,129	$	(7,546	)	187	68	⁽¹⁾

_______________

(1)Represents non-duplicative number of companies.

The following tables present the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016.~~2019.



	March 31, 2020
Investments in Portfolio Companies by Industry (dollars in thousands)‍	At Fair Value		Percentage of Total Investments
Business Applications Software	$	83,413	11.7	%
Consumer Products and Services	49,620		7.0
Financial Institution and Services	45,420		6.4
Security Services	45,189		6.3
E-Commerce - Clothing and Accessories	43,445		6.1
Business to Business Marketplace	38,854		5.4
E-Commerce - Personal Goods	37,187		5.2
Network Systems Management Software	34,452		4.8
Entertainment	32,924		4.6
Household & Office Goods	29,779		4.2
Real Estate Services	29,629		4.2
Social/Platform Software	29,565		4.1
Travel & Leisure	29,357		4.1
Buildings and Property	29,073		4.1
Shopping Facilitators	25,221		3.5
Healthcare Technology Systems	21,846		3.1
Other Financial Services	19,980		2.8
Food & Drug	15,757		2.2
Database Software	14,814		2.1
Consumer Non-Durables	10,667		1.5
Consumer Retail	10,158		1.4
Human Resources/Recruitment	10,040		1.4
Commercial Services	9,973		1.4
Multimedia and Design Software	9,635		1.4
Communications Software	2,000		0.3
Restaurant / Food Service	1,593		0.2
General Media and Content	1,415		0.2
Building Materials/Construction Machinery	591		0.1
Educational/Training Software	441		0.1
Biofuels / Biomass	400		0.1
Transportation	264		*
Conferencing Equipment / Services	205		*
Advertising / Marketing	148		*
Wireless Communications Equipment	100		*
Medical Software and Information Services	—		—
Total portfolio company investments	$	713,155	100.0	%

_______________

As of September 30, 2017

Investments in Portfolio Companies by Industry
(dollars in thousands)‍

At Fair Value

Percentage of Total Investments

Business Applications Software

$
50,997

16.5

%
Financial Institution and Services

46,302

14.9

E-Commerce - Clothing and Accessories

42,260

13.6

Network Systems Management Software

31,163

10.0

Building Materials/Construction Machinery

30,478

9.8

Security Products

19,889

6.4

Wireless Communications Equipment

16,621

5.3

Security Services

14,238

4.6

Biofuels / Biomass

13,811

4.4

Database Software

11,751

3.8

Food & Beverage

10,135

3.3

Entertainment

7,608

2.4

Food & Drug

4,971

1.6

Restaurant / Food Service

2,636

0.8

Communications Software

2,000

0.6

E-Commerce - Personal Goods

1,715

0.6

General Media and Content

1,406

0.5

Household & Office Goods

1,000

0.3

Conferencing Equipment / Services

639

0.2

Software Development Tools

622

0.2

Travel and Leisure

256

0.1

Shopping Facilitators

250

0.1

Multimedia / Streaming Software

139

*

Advertising / Marketing

103

*

Medical Software and Information Services

74

*

Educational/Training Software

65

*

Business to Business Marketplace

7

*

Total portfolio company investments

$
311,136

100.0

%

~~______________~~

*
*	Amount represents less than 0.05% of the total portfolio investments.

As of December 31, 2016

Investments in Portfolio Companies by Industry
(dollars in thousands)

At Fair Value

Percentage of Total Investments

Database Software

$
50,888

13.6

%
Business Applications Software

48,065

12.8

E-Commerce - Clothing and Accessories

45,969

12.3

Conferencing Equipment / Services

40,524

10.8

Security Services

34,122

9.1

Wireless Communications Equipment

29,422

7.9

Network Systems Management Software

27,947

7.5

Financial Institution and Services

25,122

6.7

E-Commerce - Personal Goods

22,076

5.9

Shopping Facilitators

20,838

5.6

Biofuels / Biomass

16,065

4.3

Entertainment

7,430

2.0

Restaurant / Food Service

3,146

0.8

General Media and Content

1,422

0.4

Software Development Tools

622

0.2

Travel and Leisure

298

0.1

Multimedia / Streaming Software

166

*

Advertising / Marketing

106

*

Medical Software and Information Services

74

*

Business to Business Marketplace

9

*

Total portfolio company investments

$
374,311

100.0

%

~~______________~~



	December 31, 2019
Investments in Portfolio Companies by Industry (dollars in thousands)‍	At Fair Value		Percentage of Total Investments
Business Applications Software	$	74,937	11.5	%
Consumer Products and Services	50,664		7.8
Financial Institution and Services	47,042		7.2
Security Services	45,252		6.9
E-Commerce - Clothing and Accessories	42,539		6.5
Business to Business Marketplace	38,504		5.9
Entertainment	34,346		5.3
Network Systems Management Software	34,188		5.2
Household & Office Goods	32,298		4.9
Buildings and Property	30,459		4.7
Social / Platform Software	30,248		4.6
Real Estate Services	23,076		3.5
Healthcare Technology Systems	21,410		3.3
Other Financial Services	20,344		3.1
Travel & Leisure	20,311		3.1
Shopping Facilitators	15,745		2.4
E-Commerce - Personal Goods	15,300		2.3
Database Software	14,891		2.3
Food & Drug	12,687		1.9
Consumer Non-Durables	10,626		1.6
Consumer Retail	10,158		1.6
Commercial Services	9,998		1.5
Human Resources/Recruitment	9,975		1.5
Communications Software	2,000		0.3
Biofuels / Biomass	1,797		0.3
Restaurant / Food Service	1,593		0.2
General Media and Content	1,073		0.2
Building Materials / Construction Machinery	500		0.1
Educational / Training Software	434		0.1
Conferencing Equipment / Services	205		*
Transportation	193		*
Wireless Communications Equipment	188		*
Advertising / Marketing	148		*
Medical Software and Information Services	—		—
Total portfolio company investments	$	653,129	100.0	%

_______________

*
*	Amount represents less than 0.05% of the total portfolio investments.

The following ~~tables present~~table presents the financing product type of our debt investments as of ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016.~~

2019.

As of September 30, 2017

Debt Investments By Financing Product
(dollars in thousands)

Fair Value

Percentage of Total Debt Investments

Growth capital loans

$
248,128

84.8

%
Equipment leases

11,697

4.0

Equipment loans

31,720

10.8

Convertible notes

1,138

0.4

Total debt investments

$
292,683

100.0

%


	As of December 31, 2016					March 31, 2020				December 31, 2019
Debt Investments By Financing Product (dollars in thousands)	Fair Value		Percentage of Total Debt Investments			Fair Value		Percentage of Total Debt Investments		Fair Value		Percentage of Total Debt Investments
Growth capital loans	$	341,006		94.7	%	$	655,883	99.1	%	$	599,030	99.1	%
Equipment leases		15,303		4.3
Equipment loans		3,698		1.0
Revolver loans						5,867		0.9		5,488		0.9
Total debt investments	$	360,007		100.0	%	$	661,750	100.0	%	$	604,518	100.0	%

During the three months ended ~~September 30, 2017,~~March 31, 2020, we entered into commitments with three new portfolio companies and ~~one~~four existing portfolio ~~company~~companies totaling ~~$121.9~~$102.6 million, funded ~~twelve~~17 debt investments for ~~approximately $82.8~~$78.8 million in principal value, acquired ~~warrants~~warrant investments representing ~~approximately $1.5~~$1.1 million of value and made ~~$0.3 million of~~ equity investments ~~and sold equity in one company for~~of $1.4 million.

During the ~~nine~~three months ended ~~September 30, 2017,~~March 31, 2019, we entered into commitments with ~~eight~~five new portfolio companies and ~~three~~four existing portfolio companies totaling ~~$264.9~~$191.0 million, funded ~~twenty-four~~thirteen debt investments for approximately ~~$151.7~~$89.5 million in principal value, acquired ~~warrants~~warrant investments representing approximately ~~$3.0~~$1.8 million of value and made ~~$3.7 million~~an equity investment of ~~equity and related investments and sold equity in one company for $1.4~~$0.5 million.

During the three months ended ~~September 30, 2016,~~March 31, 2020, we entered into commitments with one new portfolio company and five existing portfolio companies totaling $69.0 million, funded three debt investments for approximately $15.0 million in principal value and acquired warrants representing approximately $0.3received $1.0 million of ~~value~~debt prepayments and ~~made $0.2~~$5.8 million of ~~equity~~scheduled amortization and related investments. During the nine months ended September 30, 2016, we entered into commitments with six new portfolio companies and five existing portfolio companies totaling $194.0 million, funded seventeen debt investments for approximately $93.8 million in principal value, acquired warrants representing approximately $1.7 million of value and made $0.2 million of equity and related investments.

repayments.

During the three months ended ~~September 30, 2017,~~March 31, 2019, we received ~~$21.8~~$57.6 million of debt prepayments from ~~two~~three portfolio ~~companies. During the nine months ended September 30, 2017,~~companies and one portfolio company repaid at maturity its outstanding growth capital ~~loans~~loan of approximately ~~$22.5 million and seven portfolio companies prepaid prior to maturity all their outstanding growth capital loans of approximately $182.0 million.~~

During the three months ended September 30, 2016, one of our portfolio companies fully prepaid its outstanding principal of approximately $10.0 million. During the nine months ended September 30, 2016, three of our portfolio companies fully prepaid their outstanding principal of approximately $34.8 million and one of our portfolio companies made a partial prepayment of $5.0 million.

~~Total~~

The following table presents the total portfolio investment activity for the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2020 and ~~September 30, 2016 was as follows:~~

2019:

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

(dollars in thousands)

2017

2016

2017

2016

Beginning portfolio at fair value

$
253,804

$
299,649

$
374,311

$
271,717

New debt investments

79,996

14,659

146,485

91,932

Principal payments from debt investments

(3,136
)

(1,650
)

(7,796
)

(5,768
)
Early principal prepayments and repayments

(21,750
)

(10,000
)

(204,524
)

(41,115
)
Accretion of debt investment fees

775

2,296

637

4,821

Payment-in-kind coupon

611

316

1,501

1,284

New warrants

1,538

334

2,939

1,677

New equity investments

304

196

3,703

196

Proceeds from the sale of investments

(1,417
)

(1,885
)

(1,491
)

(1,892
)
Net realized (losses) on investments

1,044

1,081

(2,351
)

(20,906
)
Net change in unrealized gains (losses) on investments

(633
)

3,861

(2,278
)

6,911

Ending portfolio at fair value

$
311,136

$
308,857

$
311,136

$
308,857



	For the Three Months Ended March 31,
(in thousands)	2020			2019
Beginning portfolio at fair value	$	653,129		$	433,417
New debt investments, net⁽¹⁾	77,025			87,639
Scheduled principal payments from debt investments	(5,813		)	(12,960		)
Early principal payments, repayments and recoveries	(1,000		)	(57,553		)
Accretion of debt investment fees	3,782			3,235
Payment-in-kind coupon	852			771
New warrant investments	1,074			1,814
New equity investments	1,420			500
Proceeds and dispositions of investments	—			(322		)
Net realized gains (losses)	(289		)	(29		)
Net unrealized gains (losses) on investments	(17,025		)	1,183
Ending portfolio at fair value	$	713,155		$	457,695

_______________

(1)Debt balance is net of fees and discounts applied to the loan at origination.

As of ~~September 30, 2017,~~March 31, 2020, our unfunded commitments to ~~eleven portfolio~~17 companies totaled ~~approximately $158.2 million. As of December 31, 2016, our unfunded commitments to nine portfolio companies totaled approximately $117.4~~$209.0 million. During the three months ended ~~September 30, 2017, $0 in unfunded commitments expired or were terminated and approximately $82.8 million were funded. During the nine months ended September 30, 2017, $85.0~~March 31, 2020, $55.3 million in unfunded commitments expired or were ~~terminated and approximately $151.7~~terminated.

As of December 31, 2019, our unfunded commitments to 16 companies totaled $226.1 million. During the year ended December 31, 2019, $167.1 million in unfunded commitments expired or were ~~funded.~~

terminated.

The following table provides additional information on our unfunded commitments regarding milestones, expirations, and types of ~~loans.~~loans as of March 31, 2020 and December 31, 2019.



Unfunded Commitments⁽¹⁾ (in thousands)	March 31, 2020		December 31, 2019
Dependent on milestones	$	40,983	$	59,333
Expiring during:
2020	172,983		188,083
2021	36,000		38,000
Total	$	208,983	$	226,083

_______________

Our credit agreements ~~with our portfolio companies~~ contain customary lending provisions ~~which~~that allow us relief from funding obligations for previously made commitments in instances where the underlying company experiences ~~materially~~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.~~us. We generally expect ~~more than~~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 counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments. As of ~~September 30, 2017,~~March 31, 2020 and December 31, ~~2016,~~2019, the fair value for these unfunded commitments totaled ~~approximately $1.4~~$1.8 million and ~~$1.2~~$2.2 million, respectively, and was included in “other accrued expenses and liabilities” in our ~~condensed~~ 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 ~~Revolving~~ Credit Facility and our ability or inability to raise equity or debt capital), and other market dynamics.

The following table shows the debt commitments, fundings of debt investments (principal balance) and equity investments and non-binding term sheet activity for the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2020 and ~~2016.~~

2019.

Commitments and Fundings

(1)Includes backlog of potential future commitments.

We may enter into commitments with certain portfolio companies ~~which~~that permit an increase in the commitment amount in the future in the event that conditions to such increases are ~~met.~~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 ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016,~~2019, this backlog of potential future commitments totaled ~~$27.4~~$1.1 million and ~~$40.0~~$15.5 million, respectively.

~~Payables~~

On September 30, 2017, we acquired $95.0 million in face value of U.S. Treasury bills which were sold on October 3, 2017. On December 30, 2016, we acquired $40.0 million in face value of U.S. Treasury bills which were sold on January 4, 2017. The purchase and sale of U.S. Treasury bills were done to efficiently meet certain diversification tests.

Consistent with TPC’s existing policies, our Adviser maintains a credit watch list ~~with~~which places borrowers ~~placed~~ into five ~~groups~~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~~

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. ~~All~~Generally, all new loans are initially graded White.	Contact portfolio company ~~regularly~~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 ~~September 30, 2017~~March 31, 2020 and December 31, ~~2016.~~

2019.

As of September 30, 2017

Credit Category
(dollars in thousands)

Fair Value

Percentage of Total Debt Investments

Number of Portfolio Companies

Clear (1)

$
65,602

22.4

%

4

White (2)

167,332

57.2

10

Yellow (3)

47,210

16.1

3

Orange (4)

12,539

4.3

2

Red (5)

—

—

—

$
292,683

100.0

%

19

As of March 31, 2020 and December 31, 2019, the weighted average investment ranking of our debt investment portfolio was 2.00 and 1.94, respectively. During the three months ended March 31, 2020, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: two portfolio companies with a combined principal balance of $11.0 million were upgraded from White (2) to Clear (1); two portfolio companies with a combined principal balance of $20.0 million were upgraded from Yellow (3) to White (2); and three portfolio companies with a combined principal balance of $80.4 million were downgraded from White (2) to Yellow (3).

Results of Operations

~~Operating~~

Comparison of operating results for the three ~~and nine~~ months ended ~~September 30, 2017~~ ~~compared to~~March 31, 2020 and 2019

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 ~~three~~difference between our income from interest, dividends, fees and ~~nine months ended September 30, 2016.~~

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 ~~September 30, 2017,~~March 31, 2020, our net ~~increase~~decrease in net assets resulting from operations was ~~approximately $3.7~~$5.1 million, which was comprised of ~~approximately $4.4~~$12.2 million of net investment income and ~~approximately $0.7~~$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 ~~$0.27~~$0.41 per share and the net ~~increase~~decrease in net assets from operations was ~~$0.23~~$0.17 per share.

For the three months ended ~~September 30, 2016,~~March 31, 2019, our net increase in net assets resulting from operations was ~~approximately $11.4~~$11.1 million, which was comprised of ~~approximately $6.5~~$9.9 million of net investment income and ~~approximately $4.9~~$1.2 million of net realized and unrealized gains. On a per share basis for the three months ended March 31, 2019, net investment income was $0.40 per share and the net increase in net assets from operations was ~~$0.71~~$0.45 per share.

For the ~~nine~~three months ended September 30, 2017, our net increase in net assets resulting from operations was approximately $15.4 million, which was comprised of approximately $21.1 million of net investment income and approximately $5.7 million of net realized and unrealized losses. On a per share basis for the nine months ended September 30, 2017, netMarch 31, 2020, total investment income was ~~$1.32 per share and~~$20.8 million as compared to $17.5 million for the ~~net~~three months ended March 31, 2020. The increase in ~~net assets from operations was $0.96 per share.~~

For the nine months ended September 30, 2016, our net increase in net assets resulting from operations was approximately $4.2 million, which was comprised of approximately $18.2 million of net investment income and approximately $14.0 million of net realized and unrealized losses. On a per share basis for the nine months ended September 30, 2016, net investment income was $1.12 per share and the net increase in net assets from operations was $0.26 per share.

~~Investment Income~~

~~Total~~total investment income for the three months ended September 30, 2017 was approximately $10.4 million as compared to approximately $12.5 million for the three months ended September 30, 2016. Total investment income for the nine months ended September 30, 2017 was approximately $40.4 million as compared to approximately $33.0 million for the nine months ended September 30, 2016.

~~The decrease in investment and other income for the three-month period ended September 30, 2017~~March 31, 2020, compared to the comparable period of ~~2016 of $2.1 million~~2019, is primarily due to ~~lower amounts of unfunded commitments expiring unutilized between corresponding periods. The~~higher weighted average principal outstanding on our income-bearing debt investments and an increase in ~~investment and~~the acceleration of unamortized fees, partially offset from lower other income ~~for the nine-month period ended September 30, 2017 compared to the comparable period of 2016 of $7.4 million is primarily related~~due to prepayment ~~and other income related to higher prepayment activity between periods.~~

activity.

For the three months ended ~~September 30, 2017,~~March 31, 2020, we recognized ~~approximately $0.1~~$0.6 million in other income, consisting primarily of $0.5 million from the ~~realization~~termination or expiration of ~~certain fees paid by portfolio companies and other income related to prepayment activity.~~unfunded commitments. For the three months ended ~~September 30, 2016,~~March 31, 2019, we recognized ~~approximately $1.3~~$0.3 million in other income consisting of ~~approximately $1.1~~$0.1 million ~~due to~~from the termination or expiration of unfunded commitments, and ~~approximately~~ $0.2 ~~million from the realization of certain fees paid by portfolio companies and other income.~~

For the nine months ended September 30, 2017, we recognized approximately $1.3 million in other income consisting of approximately $0.4 million due to the termination or expiration of unfunded commitments and approximately $0.9 million from the realization of certain fees paid by portfolio companies and other income related to prepayment activity. For the nine months ended September 30, 2016, we recognized approximately $1.8 million in other income consisting of approximately $1.6 million due to the termination or expiration of unfunded commitments and approximately $0.2 million from the realization of certain fees paid by portfolio companies and other income.

Total operating expenses ~~consists~~consist of base management ~~and~~fee, income incentive ~~fees,~~fee, capital gains incentive fee, interest expense and amortization of fees, administration agreement expenses, and general and administrative ~~expenses and is summarized in the statement of operations.~~expenses. In determining the base management fee, our Adviser has agreed to exclude ~~the~~ U.S. Treasury bill assets acquired at the end of ~~the~~each applicable ~~quarters in 2017 and 2016 in~~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. ~~Capital~~The capital gains incentive fee will depend on realized and unrealized gains and losses. Interest ~~expense~~expenses will generally increase as we utilize more of the ~~Revolving~~ Credit Facility and issue additional debt securities, and we generally expect expenses ~~per~~under the administration agreement and general and administrative expenses ~~will~~to increase over time to meet the additional requirements associated with servicing a larger portfolio.

~~Total operating expenses for~~

For the three months ended ~~September 30, 2017 was approximately $6.1~~March 31, 2020, total operating expenses were $8.6 million as compared to ~~approximately $6.0~~$7.6 million for the three months ended September 30, 2016. Total operating expenses for the nine months ended September 30, 2017 was approximately $19.3 million as compared to approximately $14.8 million for the nine months ended September 30, 2016.

March 31, 2019.

Base management ~~fee~~fees totaled ~~approximately $1.6~~$2.8 million and ~~$1.4~~$1.8 million for the three months ended ~~September 30, 2017~~March 31, 2020 and ~~2016, respectively and $4.8 million and $4.1 million during the nine months ended September 30, 2017 and 2016,~~2019, respectively. Base management ~~fee~~fees for the three ~~and nine~~ months ended ~~September 30, 2017,~~March 31, 2020, as compared to ~~September 30, 2016,~~the three months ended March 31, 2019, increased primarily due to an increase in the average size of our portfolio between periods.

~~Income incentive fee totaled approximately $1.0 million and $1.6 million for~~

For the three months ended September 30, 2017 and 2016, respectively and $4.5 million and $1.6 million during the nine months ended September 30, 2017 and 2016, respectively. The decrease in income based fees for the three-month period ended September 30, 2017 from the comparable period in 2016 was primarily due to lower investment income due to less principal outstanding on our investment portfolio from prepayment activity between periods. The increase in income based fees for the nine-month period ended September 30, 2017 from the comparable period in 2016 is primarily related to the total return provision. For the nine months ended September 30, 2017,March 31, 2020, our income incentive fee was reduced by ~~$0.6~~$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 ~~$0.6~~$2.4 million ~~of reduced expense and equivalent additional~~in net ~~income, or $0.04 per share, to stockholders. For~~investment income. Income incentive fees totaled $2.5 million for the ~~nine~~three months ended September 30, 2016, our income incentive fee was reduced by $2.0 million due to the total return requirement under the income component of our incentive fee structure, which resulted in approximately $2.0 million of reduced expense and equivalent additional net income, or $0.12 per share, to stockholders.

March 31, 2019.

There was no capital gains incentive fee expense calculated for either of the three ~~or nine month periods~~months ended ~~September 30, 2017 or 2016.~~

~~Interest~~March 31, 2020 and 2019.

For the three months ended March 31, 2020 and 2019, interest and fees on our borrowings totaled ~~approximately $2.3~~$4.2 million and ~~$2.0~~$2.2 million, respectively. Interest and fee expenses for the three months ended September 30, 2017 and 2016, respectively and $6.9 million and $5.7 million during the nine months ended September 30, 2017 and 2016, respectively. Interest and fee expense for the three and nine months ended September 30, 2017,March 31, 2020, as compared to ~~September 30, 2016,~~the three months ended March 31, 2019, increased due to a higher weighted average outstanding principal balance ~~outstanding due to~~on borrowings, and the issuance of ~~our 2022~~the 2025 Notes, ~~and higher usage on our Revolving Credit Facility.~~

offset by a decrease in benchmark interest rates.

Administration agreement and general and administrative expenses totaled ~~approximately $1.1~~$1.7 million and ~~$1.0~~$1.1 million for the three months ended ~~September 30, 2017~~March 31, 2020 and ~~2016, respectively, and $3.1 million and $3.4 million during the nine months ended September 30, 2017 and 2016,~~2019, respectively. The increase for the three months ended ~~September 30, 2017,~~March 31, 2020, as compared to ~~September 30, 2016~~the three months ended March 31, 2019, was primarily due to higher ~~professional services. The decrease for the nine months ended September 30, 2017, as compared to September 30, 2016 was primarily due to lower~~ overhead allocation ~~costs~~between periods and ~~lower valuation and legal~~increased use of professional services.

Net Realized Gains and Losses and Net Unrealized Gains and Losses

Realized gains and losses are included as a component of net realized gains (losses) on investments in the consolidated statements of operations.

During the three months ended September 30, 2017, we recognized net realized gains from the sale of investments of $1.0 million, consisting entirely of realized gains from the sale of 60,000 shares of Nutanix, Inc., a publicly traded company. During the same period, we elected to exercise our option to redeem, in full, ourMarch 31, 2020, ~~Notes at par plus accrued and unpaid interest which resulted in a realized loss on debt extinguishment of approximately $1.1 million.~~

~~During the nine months ended September 30, 2017,~~ we recognized net realized losses ~~from the sale of~~on investments of ~~approximately $2.4~~$0.3 million, ~~consisting~~primarily as a result of ~~gross realized gains~~the termination of ~~$1.0 million from the sale of equity~~warrants in one portfolio company, offset by gross realized losses of $3.4 million, of which $2.8 million consisted of warrant and equity losses related to the acquisition of 4 portfolio companies and $0.6 million related to the reversal of accrued loan modification fees in conjunction with the pay-off of one portfolio company. ~~During the same period, we recognized a realized loss on debt extinguishment of approximately $1.1 million in relation to the acceleration of unamortized fees on our 2020 Notes redemption.~~

During the three months ended ~~September 30, 2016,~~March 31, 2019, we ~~had realized gains of approximately $1.1 million primarily due to proceeds from warrants and equity in Dollar Shave Club and warrants in Jet.com upon these companies’ respective acquisitions.~~

Unrealized gains and losses are included in net change in unrealized gains (losses) on ~~two debt~~ investments ~~($14.3 million on Intermodal Data, Inc. and $6.1 million on HouseTrip Limited), and net realized losses~~in the consolidated statements of ~~$0.8 million on warrants, which were offset by realized gains of $0.3 million on equity.~~

operations.

Net change in unrealized ~~losses~~depreciation during the three months ended ~~September 30, 2017~~March 31, 2020 was ~~approximately $0.6~~$17.0 million, resulting primarily from mark-to-market related changes, as well as credit-related adjustments.

Net change in unrealized appreciation during the three months ended March 31, 2019 was $1.2 million, which primarily consisted ~~primarily~~ of ~~the reversal of previously recorded unrealized gains and recognition of realized gains of $0.8 million in conjunction with the sale of publicly traded shares of Nutanix, Inc., offset by $0.2~~$3.6 million of net unrealized appreciation on the investment portfolio related to mark to market ~~activity. Net change in unrealized gains of approximately $3.9 million during the three months ended September 30, 2016 related entirely to mark to market~~ activity, ~~on the investment portfolio.~~

~~Net change in unrealized losses during the nine months ended September 30, 2017 was approximately $2.3 million, which primarily consisted of~~offset by the reversal and recognition of previously recorded net unrealized ~~gains~~appreciation of ~~$1.7~~$2.4 million into income or realized gains from five companies, and $0.6 million of net unrealized depreciation on the investment portfolio related to mark to market activity. Net change in unrealized gains of approximately $6.9 million during the nine months ended September 30, 2016 consisted of $4.9 million relateddue to the ~~reversal and recognition~~disposition of ~~unrealized losses into realized losses and $2.0 million of net unrealized appreciation related to mark to market activity on the investment portfolio.~~

four portfolio companies.

Net change in realized and unrealized gains or losses in subsequent periods may be volatile as it depends on changes in the market, changes in the underlying performance of our portfolio companies and their respective industries, and other market factors.

~~The table below presents our statement of operations for the three and nine months ended September 30, 2017 and September 30, 2016.~~

Net Increase in Net Assets

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

(dollars in thousands, except per share amounts)

2017

2016

2017

2016

Investment and Other Income

Interest income from investments

$
10,310

$
11,207

$
39,061

$
31,214

Other income

Expirations / terminations of unfunded commitments

—

1,133

418

1,558

Other fees

109

162

926

214

Total Investment and Other Income

10,419

12,502

40,405

32,986

Operating Expenses

Base management fee

1,567

1,376

4,805

4,076

Income incentive fee

1,066

1,568

4,520

1,568

Capital gains incentive fee

—

—

—

—

Interest expense and amortization of fees

2,306

2,036

6,861

5,733

Administration agreement expenses

346

395

1,058

1,190

General and administrative expenses

767

632

2,044

2,238

Total Operating Expenses

6,052

6,007

19,288

14,805

Net investment income

4,367

6,495

21,117

18,181

Net realized and unrealized gains (losses)

Net realized gains (losses) on investments

1,044

1,081

(2,351
)

(20,906
)
Net change in unrealized (losses) gains on investments

(620
)

3,859

(2,277
)

6,906

Net realized loss on extinguishment of debt

(1,112
)

—

(1,112
)

—

Net realized and unrealized (losses) gains

(688
)

4,940

(5,740
)

(14,000
)

Net Increase (Decrease) in Net Assets Resulting from Operations

$
3,679

$
11,435

$
15,377

$
4,181

Net investment income per share

$
0.27

$
0.40

$
1.32

$
1.12

Net increase (decrease) in net assets per share

$
0.23

$
0.71

$
0.96

$
0.26

Weighted average shares of common stock outstanding

16,023

16,091

16,001

16,227

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 ~~and nine~~ months ended ~~September 30, 2017,~~March 31, 2020 and 2019, interest income totaled ~~approximately $10.3~~$20.3 million, and ~~$39.1~~$17.1 million, respectively, representing a weighted average annualized portfolio yield on total debt investments for the period held of ~~approximately 15.4%~~12.7% and ~~17.4%~~16.5%, respectively.

For the three and nine months ended September 30, 2016, interest income totaled approximately $11.2 million and $31.2 million, respectively, representing a weighted average annualized portfolio yield on debt investments for the period held of approximately 15.1% and 14.7%, 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 at the beginning of each month in 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 ~~approximately 13.5% and 13.0%, respectively, for the three and nine months ended September 30, 2017. The yield on our portfolio, excluding the impact of prepayments, was approximately 13.7%~~12.7% and 13.8%, respectively, for the three ~~and nine~~ months ended ~~September 30, 2016.~~

March 31, 2020 and 2019.

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2017			2016		2017			2016
Investment income
Interest income from investments	$	10,310		$	11,207	$	39,061		$	31,214
Other income
Expirations / terminations of unfunded commitments		—			1,133		418			1,558
Other fees		109			162		926			214
Total investment and other income		10,419			12,502		40,405			32,986

Operating expenses
Base management fee		1,567			1,376		4,805			4,076
Income incentive fee		1,066			1,568		4,520			1,568
Capital gains incentive fee		—			—		—			—
Interest expense and amortization of fees		2,306			2,036		6,861			5,733
Administration agreement expenses		346			395		1,058			1,190
General and administrative expenses		767			632		2,044			2,238
Total operating expenses		6,052			6,007		19,288			14,805

Net investment income		4,367			6,495		21,117			18,181

Net realized and unrealized gains (losses)
Net realized gains (losses) on investments		1,044			1,081		(2,351	)		(20,906	)
Net change in unrealized (losses) gains on investments		(620	)		3,859		(2,277	)		6,906
Net realized loss on extinguishment of debt		(1,112	)		—		(1,112	)		—
Net realized and unrealized (losses) gains		(688	)		4,940		(5,740	)		(14,000	)

Net increase in net assets resulting from operations	$	3,679		$	11,435	$	15,377		$	4,181

Basic and diluted net investment income per share	$	0.27		$	0.40	$	1.32		$	1.12
Basic and diluted net increase in net assets per share	$	0.23		$	0.71	$	0.96		$	0.26
Basic and diluted weighted average shares of common stock outstanding		16,023			16,091		16,001			16,227

	Shares of Common Stock			Total Net Assets
Balance as of January 1, 2016		16,302		$	231,646
Net increase in net assets resulting from operations		—			4,181
Distributions declared		—			(17,475	)
Common stock issuance, net		142			1,416
Acquisition of common stock under repurchase plan		(486	)		(5,376	)
Balance as of September 30, 2016		15,958			214,392

Balance as of January 1, 2017		15,981			215,863
Net increase in net assets resulting from operations		—			15,377
Distributions declared		—			(17,280	)
Common stock issuance, net		62			799
Balance as of September 30, 2017		16,043		$	214,759

Venture Growth Stage Company	Industry	Type of Investment	Outstanding Principal			Cost		Fair Value		Maturity Date
Debt Investments
Biofuels / Biomass
Harvest Power, Inc.	Biofuels / Biomass	Growth Capital Loan (13.00% interest rate, 9.00% EOT payment)	$	13,250		$	14,374	$	13,811	5/31/2018
Total Biofuels / Biomass - 6.43%*				13,250			14,374		13,811
Building Materials/Construction Machinery
View, Inc.	Building Materials/Construction Machinery	Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)		13,276			12,737		12,742	6/30/2021
	Building Materials/Construction Machinery	Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)		6,356			6,086		6,087	6/30/2021
	Building Materials/Construction Machinery	Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)		8,568			8,177		8,180	7/31/2021
	Building Materials/Construction Machinery	Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)		1,935			1,832		1,831	9/30/2021
	Building Materials/Construction Machinery	Convertible Note (10.10% PIK interest rate, 14.00% EOT Payment)		1,031			1,043		1,138	1/25/2020
Total Building Materials/Construction Machinery - 13.96%*				31,166			29,875		29,978
Business Applications Software
FinancialForce.com, Inc.	Business Applications Software	Growth Capital Loan (Prime + 7.50% interest rate, 4.00% EOT payment)		15,000			14,559		14,739	12/31/2020
	Business Applications Software	Growth Capital Loan (Prime + 7.50% interest rate, 4.00% EOT payment)		15,000			14,392		14,569	6/30/2021
	Business Applications Software	Growth Capital Loan (Prime + 7.50% interest rate, 4.00% EOT payment)		15,000			14,291		14,284	9/30/2021
				45,000			43,242		43,592
MapR Technologies, Inc.	Business Applications Software	Equipment Loan (8.00% interest rate,10.00% EOT payment)		1,594			1,811		1,817	9/30/2018
	Business Applications Software	Equipment Lease (8.25% interest rate, 10.00% EOT payment) (1)		105			105		106	1/31/2019
	Business Applications Software	Equipment Lease (8.25% interest rate, 10.00% EOT payment) (1)		1,322			1,322		1,331	6/30/2019
	Business Applications Software	Equipment Loan (6.50% interest rate,10.00% EOT payment)		617			644		646	6/30/2019
	Business Applications Software	Equipment Lease (8.50% interest rate, 10.00% EOT payment) (1)		140			140		141	12/31/2019
	Business Applications Software	Equipment Loan (6.75% interest rate,10.00% EOT payment)		275			279		279	10/31/2019
	Business Applications Software	Equipment Lease (8.75% interest rate, 10.00% EOT payment) (1)		409			409		410	4/30/2020
	Business Applications Software	Equipment Loan (7.00% interest rate,10.00% EOT payment)		139			138		138	1/31/2020
	Business Applications Software	Equipment Lease (9.00% interest rate, 10.00% EOT payment) (1)		503			504		504	7/31/2020
				5,104			5,352		5,372
Total Business Applications Software - 22.80%*				50,104			48,594		48,964
Database Software
SimpliVity Corporation	Database Software	Equipment Lease (6.75% interest rate, 10.00% EOT payment) (1)		1,974			1,974		2,148	12/31/2018
	Database Software	Equipment Lease (6.75% interest rate, 7.50% EOT payment) (1)		1,125			1,125		1,188	6/30/2018
	Database Software	Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)		920			920		997	12/31/2018
	Database Software	Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)		643			643		706	2/28/2019
	Database Software	Equipment Lease (7.00% interest rate, 10.00% EOT payment) (1)		40			40		44	3/31/2019
	Database Software	Equipment Lease (9.00% interest rate, 10.00% EOT payment) (1)		3,669			3,669		4,122	9/30/2018
Total Database Software - 4.29%*				8,371			8,371		9,205
E-Commerce - Clothing and Accessories
Outfittery GMBH (1) (2) (3)	E-Commerce - Clothing and Accessories	Growth Capital Loan (12.25% interest rate, 9.00% EOT payment)		7,127			6,719		6,676	8/31/2021
				7,127			6,719		6,676
Rent the Runway, Inc.	E-Commerce - Clothing and Accessories	Growth Capital Loan (Prime + 7.00% interest rate, 6.25% EOT payment)		10,000			10,346		10,619	11/30/2018
	E-Commerce - Clothing and Accessories	Growth Capital Loan (Prime + 6.25% interest rate, 6.25% EOT payment)		6,000			6,099		6,285	6/30/2019
	E-Commerce - Clothing and Accessories	Growth Capital Loan (Prime + 6.25% interest rate, 6.25% EOT payment)		2,000			2,013		2,085	10/31/2019
	E-Commerce - Clothing and Accessories	Growth Capital Loan (Prime + 6.25% interest rate, 4.50% EOT payment)		4,000			3,989		4,086	11/30/2019
	E-Commerce - Clothing and Accessories	Growth Capital Loan (Prime + 6.50% interest rate, 5.25% EOT payment)		5,500			5,165		5,435	6/30/2021
	E-Commerce - Clothing and Accessories	Growth Capital Loan (Prime + 6.50% interest rate, 5.25% EOT payment)		4,500			4,188		4,187	9/30/2021
				32,000			31,800		32,697
Total E-Commerce - Clothing and Accessories - 18.33%*				39,127			38,519		39,373
Entertainment
Mind Candy Limited (1) (3)	Entertainment	Growth Capital Loan (11.00% PIK, 3.00% Cash,9.50% EOT payment)		9,163			10,051		7,608	1/31/2019
Total Entertainment - 3.54%*				9,163			10,051		7,608
Financial Institution and Services
BlueVine Capital, Inc.	Financial Institution and Services	Growth Capital Loan (8.75% interest rate, 3.05% EOT payment)		10,000			9,839		9,837	3/31/2019
				10,000			9,839		9,837
KnCMiner AB (1) (3) (8) (11)	Financial Institution and Services	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)		3,544			3,595		3,335	6/30/2018
	Financial Institution and Services	Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)		1,695			1,692		1,596	6/30/2018
				5,239			5,287		4,931
WorldRemit Limited (1) (3)	Financial Institution and Services	Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)		5,000			5,218		5,256	12/31/2018
	Financial Institution and Services	Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)		5,000			5,092		5,172	6/30/2019
	Financial Institution and Services	Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)		5,000			5,085		5,172	6/30/2019
	Financial Institution and Services	Growth Capital Loan (Prime + 8.75% interest rate, 10.00% EOT payment)		5,000			4,989		5,106	11/30/2019
	Financial Institution and Services	Growth Capital Loan (Prime + 3.75% interest rate, 4.00% EOT payment)		5,000			5,012		5,017	3/31/2018
	Financial Institution and Services	Growth Capital Loan (Prime + 8.75% interest rate, 4.00% EOT payment)		5,000			4,871		4,869	7/31/2020
				30,000			30,267		30,592
Total Financial Institution and Services - 21.12%*				45,239			45,393		45,360
Food & Beverage
Blue Bottle Coffee, Inc.	Food & Beverage	Growth Capital Loan (Prime + 1.50% interest rate, 0.25% EOT payment)		5,000			5,001		5,013	10/31/2017
	Food & Beverage	Growth Capital Loan (Prime + 1.50% interest rate)		5,000			4,944		5,000	12/31/2017
Total Food & Beverage - 4.66%*				10,000			9,945		10,013
Food & Drug
PillPack, Inc.	Food & Drug	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% EOT payment)		5,000			4,918		4,916	8/31/2020
Total Food & Drug - 2.29%*				5,000	��		4,918		4,916
Network Systems Management Software
Virtual Instruments Corporation	Network Systems Management Software	Growth Capital Loan (10.00% interest rate)		5,000			5,000		4,993	4/4/2020
	Network Systems Management Software	Growth Capital Loan (5.00% PIK interest rate)		21,941			21,941		20,853	4/4/2021
	Network Systems Management Software	Growth Capital Loan (5.00% PIK interest rate)		5,264			5,264		4,917	4/4/2021
Total Network Systems Management Software - 14.32%*				32,205			32,205		30,763
Restaurant / Food Service
Munchery, Inc.	Restaurant / Food Service	Growth Capital Loan (Prime + 8.25% interest rate, 8.75% EOT payment)		2,589			2,664		2,636	6/30/2019
Total Restaurant / Food Service - 1.23%*				2,589			2,664		2,636
Security Products
Ring, Inc.	Security Products	Growth Capital Loan (Prime + 2.75% interest rate, 3.50% EOT payment)		20,000			19,838		19,832	8/31/2018
Total Security Products - 9.23%*				20,000			19,838		19,832

Management and Incentive Fees	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(dollars in thousands)	2017		2016		2017		2016
Base management fee	$	1,567	$	1,376	$	4,805	$	4,076
Income incentive fee	$	1,066	$	1,568	$	4,520	$	1,568
Capital gains incentive fee	$	—	$	—	$	—	$	—

Investment Type	As of September 30, 2017
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	292,683	$	292,683
Warrants		—		—		10,741		10,741
Equity investments		2,546		—		5,166		7,712
Short-term investments		94,962		—		—		94,962
Total investments	$	97,508	$	—	$	308,590	$	406,098

Level 3	For the Three Months Ended September 30, 2017
Investment Activity (dollars in thousands)	Debt Investments			Warrants			Equity Investments		Total Investments
Fair value as of July 1, 2017	$	235,899		$	9,551		$	4,853	$	250,303
Funding and purchases of investments, at cost		79,996			1,538			304		81,838
Principal payments and sale proceeds received from investments		(24,886	)		—			—		(24,886	)
Amortization and accretion of premiums and discounts, net and end-of term payments		775			—			—		775
Realized gains (losses) on investments		—			—			—		—
Net change in unrealized gains (losses) included in earnings		288			(348	)		9		(51	)
Payment-in-kind coupon		611			—			—		611
Totals	$	292,683		$	10,741		$	5,166	$	308,590

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2017	$	406		$	(348	)	$	10	$	69


(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.

Level 3 Investments	As of December 31, 2016
(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Debt investments	$	355,230	Discounted Cash Flows	Discount Rate	2.50% - 25.00% (14.32%)
		4,777	Discounted Expected Recovery	N/A	N/A
Warrants		6,089	Black Scholes Option Pricing Model	Share Price and Equity Value	N/A
				Revenue Multiples	0.34x – 8.00x (3.43x)
				Volatility	40.00% - 70.00% (53.30%)
				Term	1.00– 7.00 Years (2.98 Years)
				Discount for Lack of Marketability	0.00% - 32.70% (14.10%)
		2,149	Option-Pricing Method and Probability-Weighted Expected Return Method	Weighted Average Cost of Capital	25.00% – 30.00% (25.40%)
				Term	1.25 – 2.25 Years (1.33 Years)
Equity investments		1,636	Black Scholes Option Pricing Model	Share Price and Equity Value	N/A
				Revenue Multiples	1.50x – 6.00x (3.57x)
				Volatility	45.00% - 60.00% (51.70%)
				Term	1.00– 2.50 Years (1.55 Years)
				Discount for Lack of Marketability	0.00% - 23.70% (12.90%)
Total investments	$	369,881

Liability	As of September 30, 2017
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Revolving Credit Facility	$	—	$	—	$	25,500	$	25,500
2022 Notes, net *		—		73,139		—		73,139
Total	$	—	$	73,139	$	25,500	$	98,639

	As of September 30, 2017
Unfunded Commitments for Growth Capital Loans (unless otherwise noted)* (dollars in thousands)	Principal Balance		Fair Value of Unfunded Commitment Liability
Blue Bottle Coffee, Inc.	$	20,000	$	40
BlueVine Capital, Inc.		10,000		170
Eero, Inc.		5,000		—
MapR Technologies, Inc. (Equipment Lease)		2,956		8
Outfittery GMBH		2,376		148
PillPack, Inc.		30,000		200
Rent the Runway, Inc.		18,000		329
Ring, Inc.		30,000		—
Stance, Inc.		15,000		166
Varsity Tutors LLC		15,000		159
View, Inc. (Equipment Loan)		9,865		197
Total	$	158,197	$	1,417


(2)	Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Commitments Activity (dollars in thousands)	2017			2016			2017				2016
Activity during the period:
New commitments *		121,879			69,000			264,879				194,000
Fundings		(82,790	)		(15,000	)		(151,658	)			(93,805	)
Expirations / Terminations		—			(83,000	)		(85,000	)			(154,656	)

Unfunded commitments at beginning of period	$	146,484		$	164,500		$	117,352		**	$	189,961
Unfunded commitments at end of period **	$	158,197		$	115,500		$	158,197			$	115,500
Backlog of potential future commitments	$	27,376		$	20,000		$	67,374			$	20,000

Financial Highlights	For the Three Months Ended September 30, or as of September 30,						For the Nine Months Ended September 30, or as of September 30,
(dollars in thousands, except per share data)	2017			2016			2017			2016
Per Share Data (1)
Net asset value at beginning of period	$	13.52		$	13.05		$	13.51		$	14.21
Changes in net asset value due to:
Share repurchases		—			0.04			—			0.07
Dividend reinvestment plan		—			—			—			(0.03	)
Net investment income		0.27			0.40			1.32			1.12
Net realized gains (losses) on investments		0.07			0.07			(0.15	)		(1.29	)
Net change in unrealized gains (losses) on investments		(0.04	)		0.24			(0.14	)		0.44
Net realized loss on extinguishment of debt		(0.07	)		—			(0.07	)		—
Distributions		(0.36	)		(0.36	)		(1.08	)		(1.08	)
Net asset value at end of period	$	13.39		$	13.44		$	13.39		$	13.44

Net investment income per share	$	0.27		$	0.40		$	1.32		$	1.12
Net increase (decrease) in net assets resulting from operations per share	$	0.23		$	0.71		$	0.96		$	0.26
Weighted average shares of common stock outstanding for period		16,023			16,091			16,001			16,227
Shares of common stock outstanding at end of period		16,043			15,958			16,043			15,958

Ratios / Supplemental Data
Net asset value at beginning of period	$	216,533		$	211,807		$	215,863		$	231,646
Net asset value at end of period	$	214,759		$	214,392		$	214,759		$	214,392
Average net asset value	$	215,730		$	210,740		$	215,763		$	220,869

Total return based on net asset value per share (2)		1.9	%		6.6	%		7.7	%		5.1	%
Net asset value per share at beginning of period	$	13.52		$	13.05		$	13.51		$	14.21
Distributions per share during period	$	0.36		$	0.36		$	1.08		$	1.08
Net asset value per share at end of period	$	13.39		$	13.44		$	13.39		$	13.44

Total return based on stock price (3)		3.6	%		3.6	%		23.6	%		(1.5	)%
Stock price at beginning of period	$	13.31		$	10.59		$	11.78		$	11.96
Distributions per share during period	$	0.36		$	0.36		$	1.08		$	1.08
Stock price at end of period	$	13.40		$	10.60		$	13.40		$	10.60

Net investment income to average net asset value (4)		8.0	%		12.3	%		13.1	%		11.0	%
Net increase (decrease) in net assets to average net asset value (4)		6.8	%		21.6	%		9.5	%		2.5	%
Ratio of expenses to average net asset value (4) (5)		11.1	%		11.3	%		12.0	%		9.0	%

Ratios	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(Percentages, on an annualized basis)	2017			2016			2017			2016
Operating expenses excluding incentive fees to average net asset value		9.2	%		8.4	%		9.2	%		8.0	%
Income component of incentive fees to average net asset value		2.0	%		3.0	%		2.8	%		1.0	%
Capital gains component of incentive fees to average net asset value		0.0	%		0.0	%		0.0	%		0.0	%


(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 at the beginning of each month in 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.

Basic and Diluted Share Information	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(dollars in thousands, except per share data)	2017		2016		2017		2016
Net investment income	$	4,367	$	6,495	$	21,117	$	18,181
Net increase in net assets resulting from operations	$	3,679	$	11,435	$	15,377	$	4,181
Basic and diluted weighted average shares of common stock outstanding		16,023		16,091		16,001		16,227
Basic and diluted net investment income per share of common stock	$	0.27	$	0.40	$	1.32	$	1.12
Basic and diluted net increase in net assets resulting from operations per share of common stock	$	0.23	$	0.71	$	0.96	$	0.26

Issuance of Common Stock for the Nine Months Ended September 30, 2017 (dollars 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
First quarter 2017 distribution reinvestment	4/17/2017		21		271		—		—	$13.21 per share
Second quarter 2017 distribution reinvestment	6/16/2017		17		214		—		—	$12.73 per share
Third quarter 2017 distribution reinvestment	9/15/2017		25		314		—		—	$12.43 per share
Total issuance			63	$	799	$	—	$	—

Shares Repurchased for the Year Ended December 31, 2016 (dollars in thousands, except per share data)	Date	Number of Shares Repurchased		Approximate Dollar Value of Shares Repurchased		Average Price per Share
Shares Repurchased	5/12/2016 to 6/16/2016		190	$	2,002	$ 10.52 per share
Shares Repurchased	8/11/2016 to 8/29/2016		296	$	3,374	$ 11.41 per share
Total Shares Repurchased			486	$	5,376


(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.

	As of September 30, 2017
Credit Category (dollars in thousands)	Fair Value		Percentage of Total Debt Investments			Number of Portfolio Companies
Clear (1)	$	65,602		22.4	%		4
White (2)		167,332		57.2			10
Yellow (3)		47,210		16.1			3
Orange (4)		12,539		4.3			2
Red (5)		—		—			—
	$	292,683		100.0	%		19

Net Increase in Net Assets	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(dollars in thousands, except per share amounts)	2017			2016		2017			2016
Investment and Other Income
Interest income from investments	$	10,310		$	11,207	$	39,061		$	31,214
Other income
Expirations / terminations of unfunded commitments		—			1,133		418			1,558
Other fees		109			162		926			214
Total Investment and Other Income		10,419			12,502		40,405			32,986

Operating Expenses
Base management fee		1,567			1,376		4,805			4,076
Income incentive fee		1,066			1,568		4,520			1,568
Capital gains incentive fee		—			—		—			—
Interest expense and amortization of fees		2,306			2,036		6,861			5,733
Administration agreement expenses		346			395		1,058			1,190
General and administrative expenses		767			632		2,044			2,238
Total Operating Expenses		6,052			6,007		19,288			14,805

Net investment income		4,367			6,495		21,117			18,181

Net realized and unrealized gains (losses)
Net realized gains (losses) on investments		1,044			1,081		(2,351	)		(20,906	)
Net change in unrealized (losses) gains on investments		(620	)		3,859		(2,277	)		6,906
Net realized loss on extinguishment of debt		(1,112	)		—		(1,112	)		—
Net realized and unrealized (losses) gains		(688	)		4,940		(5,740	)		(14,000	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,679		$	11,435	$	15,377		$	4,181

Net investment income per share	$	0.27		$	0.40	$	1.32		$	1.12
Net increase (decrease) in net assets per share	$	0.23		$	0.71	$	0.96		$	0.26
Weighted average shares of common stock outstanding		16,023			16,091		16,001			16,227

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Portfolio Yield (1)	2017			2016			2017			2016
Weighted average annualized portfolio yield on debt investments		15.4	%		15.1	%		17.4	%		14.7	%

Returns on Net Asset Value and Total Assets Portfolio Yield⁽¹⁾													For the Three Months Ended March 31,
													2020		2019
Weighted average annualized portfolio yield on total debt investments⁽²⁾													12.7	%	16.5	%
Coupon income		10.4	%		10.5	%		10.4	%		10.5	%	9.8	%	10.7	%
Accretion of discount		0.9	%		0.8	%		0.7	%		0.7	%	1.2	%	0.9	%
Accretion of end-of-term payments		2.2	%		2.4	%		1.9	%		2.6	%	1.7	%	2.2	%
Impact of prepayments during the period		1.9	%		1.4	%		4.4	%		0.9	%	—	%	2.7	%


(1)	The yields for periods shown are the annualized rates of interest income or the components of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio at the beginning of each month in the period.


(1)	The average ~~NAVs~~net asset values and the average total assets are computed based on daily balances. ~~Total assets are gross assets before deducting total liabilities.~~

Payments Due By Period	As of September 30, 2017
(dollars in thousands)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Revolving Credit Facility	$	25,500	$	—	$	25,500	$	—	$	—
2022 Notes		74,750		—		—		74,750		—
Total	$	100,250	$	—	$	25,500	$	74,750	$	—



Payments Due By Period (in thousands)	March 31, 2020
Payments Due By Period (in thousands)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Credit Facility	$	257,000	$	—	$	257,000	$	—	$	—
2022 Notes	74,750		—		74,750		—		—
2025 Notes	70,000		—		—		70,000		—
Total	$	401,750	$	—	$	331,750	$	70,000	$	—

Change in Interest Rates (dollars in thousands)	Increase (decrease) in interest income			(Increase) decrease in interest expense			Net increase (decrease) in net investment income
Up 300 basis points	$	3,896		$	(776	)	$	3,120
Up 200 basis points	$	2,610		$	(517	)	$	2,093
Up 100 basis points	$	1,324		$	(259	)	$	1,065
Up 50 basis points	$	681		$	(129	)	$	552
Down 25 basis points	$	(360	)	$	65		$	(295	)



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	$	5,983	$	(7,710	)	$	(1,727	)
Up 200 basis points	$	1,328	$	(5,140	)	$	(3,812	)
Up 100 basis points	$	76	$	(2,570	)	$	(2,494	)
Up 50 basis points	$	14	$	(1,285	)	$	(1,271	)
Down 50 basis points	$	—	$	1,285		$	1,285
Down 100 basis points	$	—	$	1,811		$	1,811
Down 200 basis points	$	—	$	1,811		$	1,811
Down 300 basis points	$	—	$	1,811		$	1,811


~~(a)~~ Item 4.	~~Evaluation of Disclosure~~ Controls and Procedures