{\rtf1\ansi\ansicpg1252\uc1\deff0\deflang1033 {\colortbl\red0\green0\blue0;\red128\green128\blue128;\red255\green255\blue255;\red207\green240\blue252;}{\fonttbl{\f2\fswiss Arial;}{\f1\fmodern Courier New;}{\f3\fdecor Symbol;}{\f0\froman Times New Roman;}{\f4\fnil Wingdings;}} {\info{\subject EDGAR Online Pro}{\version3}{\*\company EDGAR Online, Inc.}{\author EDGAR Online HTML to RTF Converter. Version 3.0}{\*\category \0001564590-19-006528.html.ecq}{\doccomm Source: EDGAR Online, Inc. \'a9 Copyright 2019. All rights reserved.}{\title TriplePoint Venture Growth BDC Corp. (Form: 10-K, Received: 03/06/2019 17:18:14)}} \paperh15840\paperw12240\margl360\margr360\margt360\margb360\headery0\footery360\sprstsp\sprsbsp\sprsspbf\sprslnsp\widowctrl\viewscale100 {\*\bkmkstart eolPage1}{\*\bkmkend eolPage1}{\*\bkmkstart FIS_TOP_OF_DOCUMENT}{\*\bkmkend FIS_TOP_OF_DOCUMENT}{\*\bkmkstart TPVG_10K_20181231_HTM}{\*\bkmkend TPVG_10K_20181231_HTM}{\*\bkmkstart FIS_FORM}{\*\bkmkend FIS_FORM}\pard \brdrb\brdrdb\brdrw45\brdrcf0 {\fs10 \u160?}\par \pard \qc \sb65 {\fs30\b UNITED STATES}\par \pard \qc {\fs30\b SECURITIES AND EXCHANGE COMMISSION}\par \pard \qc {\fs20\b Washington,\u160?D.C. 20549}\par \pard \brdrb\brdrs\brdrw20\brdrcf0\qc \li3839\ri3839 {\fs10 \u160?}\par \pard \qc \sb60 {\fs30\b Form 10-K}\par \pard \brdrb\brdrs\brdrw20\brdrcf0\qc \li3839\ri3839 {\fs10 \u160?}\par \pard \qj \sb60 {\fs16\b (Mark One)}\par {\trowd\trleft0\cellx541 \cellx11520 \pard \intbl\qj \ri16 {\fs20 {\u9746?}}\cell \pard \intbl\qj \ri16 {\fs20 {\b ANNUAL REPORT PURSUANT TO SECTION\u160?13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934}}\cell \row} \pard \qc \sb60 {\fs16\b FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018}\par \pard \qc \sb60 {\fs16\b OR}\par {\trowd\trleft0\cellx541 \cellx11520 \pard \intbl\qj \ri16 {\fs20 {\u9744?}}\cell \pard \intbl\qj \ri16 {\fs20 {\b TRANSITION REPORT PURSUANT TO SECTION\u160?13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934}}\cell \row} \pard \qc \sb60 {\fs16\b FOR THE TRANSITION PERIOD FROM \u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160? TO \u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?}\par \pard \qc \sb60 {\fs16\b COMMISSION FILE NUMBER:\u160?814-01044}\par \pard \brdrb\brdrs\brdrw20\brdrcf0\qc \li3839\ri3839 {\fs10 \u160?}{\*\bkmkstart FIS_UNIDENTIFIED_TABLE}{\*\bkmkend FIS_UNIDENTIFIED_TABLE}\par \pard \qc \sb60 {\fs38\b TriplePoint Venture Growth BDC Corp.}\par \pard \qc {\fs16\b (Exact name of registrant as specified in its charter)}\par \pard \brdrb\brdrs\brdrw20\brdrcf0\qc \li3839\ri3839 {\fs10 \u160?}\par \pard \qj \sb40 {\fs10 \u160?}\par {\trowd\trleft0\cellx5636 \cellx5885 \cellx11520 \pard \intbl\qc \ri16 {\fs16\b MARYLAND}\cell \pard \intbl\qc \ri16 {\fs16\b \u160?}\cell \pard \intbl\qc \ri16 {\fs16\b 46-3082016}\cell \row \pard \intbl\qc \ri16 {\fs15\b (State or other jurisdiction of}\par \pard \intbl\qc \ri16 {\fs15\b incorporation or organization)}\cell \pard \intbl\qc \ri16 {\fs15\b \u160?}\cell \pard \intbl\qc \ri16 {\fs15\b (I.R.S. Employer}\par \pard \intbl\qc \ri16 {\fs15\b Identification No.)}\cell \row} \pard \qc \sb60 {\fs16\b TriplePoint Venture Growth BDC Corp.}\par \pard \qc {\fs16\b 2755 Sand Hill Road, Suite\u160?150, Menlo Park, California 94025}\par \pard \qc {\fs15\b (Address of principal executive office)}\par \pard \qc \sb60 {\fs16\b (650) 854-2090}\par \pard \qc {\fs15\b (Registrant\u8217?s telephone number, including area code)}{\*\bkmkstart FIS_UNIDENTIFIED_TABLE_2}{\*\bkmkend FIS_UNIDENTIFIED_TABLE_2}\par \pard \qc \sb60 {\fs16\b Securities registered pursuant to Section\u160?12(b) of the Act:}\par \pard \qj {\fs10 \u160?}\par {\trowd\trleft0\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\cellx5636 \cellx5885 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\cellx11520 \pard \intbl\qc \ri16 {\fs15\b Title of Each Class {\b0 \u160?}}\cell \pard \intbl\qc \ri16 {\fs15\b \u160?}\cell \pard \intbl\qc \li144 {\fs15\b Name of Each Exchange on Which Registered {\b0 \u160?}}\cell \row} {\trowd\trleft0\clbrdrt\brdrs\brdrw15\brdrcf0\cellx5636 \cellx5885 \clbrdrt\brdrs\brdrw15\brdrcf0\cellx11520 \pard \intbl\qc \ri16 {\fs16\b Common Stock, par value $0.01 per share}\par \pard \intbl\qc \ri16 {\fs16\b 5.75% Notes due 2022}\cell \pard \intbl\qc \ri16 {\fs16\b \u160?}\cell \pard \intbl\qc \ri16 {\fs16\b The New York Stock Exchange}\par \pard \intbl\qc \ri16 {\fs16\b The New York Stock Exchange}\cell \row} \pard \qc \sb60 {\fs16\b Securities registered pursuant to Section\u160?12(g) of the Act:}\par \pard \qc \sb60 {\fs16\b None}\par \pard \brdrb\brdrs\brdrw20\brdrcf0\qc \li3839\ri3839 {\fs10 \u160?}\par \pard \qj \sb120 {\fs16 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule\u160?405 of the Securities Act.\u160?\u160?\u160?\u160?Yes\u160?\u160? {{\u9744?}} \u160?\u160?\u160?\u160?No\u160?\u160?\u160? {{\u9746?}}}\par \pard \qj \sb120 {\fs16 Indicate by check mark if the registrant is not required to file reports pursuant to Section\u160?13 or Section\u160?15(d) of the Act.\u160?\u160?\u160?\u160?Yes\u160?\u160? {{\u9744?}} \u160?\u160?\u160?\u160?No\u160?\u160?\u160? {{\u9746?}}}\par \pard \qj \sb120 {\fs16 Indicate by check mark whether the registrant (1)\u160?has filed all reports required to be filed by Section\u160?13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12\u160?months (or for such shorter period that the registrant was required to file such reports), and (2)\u160?has been subject to such filing requirements for the past 90\u160?days.\u160?\u160?\u160?\u160?Yes\u160?\u160?\u160? {{\u9746?}} \u160?\u160?\u160?\u160?No\u160?\u160? {{\u9744?}} .}\par \pard \qj \sb120 {\fs16 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (\u167?232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\u160?\u160?\u160?\u160?Yes\u160?\u160? {{\u9744?}} \u160?\u160?\u160?\u160?No\u160?\u160? {{\u9744?}} \u160?\u160?}\par \pard \qj \sb120 {\fs16\expndtw-4\expnd-1717986918 Indicate by check mark if disclosure of delinquent filers pursuant to Item\u160?405 of Regulation\u160?S-K is not contained herein, and will not be contained, to the best of Registrant\u8217?s knowledge, in definitive proxy or information statements incorporated by reference in Part\u160?III of this Form\u160?10-K or any amendment to this Form\u160?10-K.\u160?\u160? {{\u9744?}} \u160?}\par \pard \qj \sb120 {\fs16 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of \u8220?large accelerated filer,\u8221? \u8220?accelerated filer,\u8221? \u8220?smaller reporting company,\u8221? and \u8220?emerging growth company\u8221? in Rule 12b-2 of the Exchange Act.}{\*\bkmkstart FIS_UNIDENTIFIED_TABLE_3}{\*\bkmkend FIS_UNIDENTIFIED_TABLE_3}\par {\pard\sl-120\par} {\trowd\trleft0\clvertalb\cellx2782 \clvertalb\cellx7410 \clvertalb\cellx10967 \clvertalb\cellx11520 \pard \intbl\qj \ri16 {\fs16 Large\u160?accelerated\u160?filer}\cell \pard \intbl\qj \ri16 {\fs16 \u160? {{\u9744?}}}\cell \pard \intbl\qj \li-26 {\fs16 Accelerated\u160?filer}\cell \pard \intbl\qj \li-39 {\fs16 \u160? {{\u9746?}}}\cell \row \pard \intbl\qj \ri16 {\fs16 Non-accelerated\u160?filer}\cell \pard \intbl\qj \ri16 {\fs16 \u160? {{\u9744?}}}\cell \pard \intbl\qj \ri16 {\fs16 Smaller\u160?reporting\u160?company}\cell \pard \intbl\qj \ri16 {\fs16 {\u9744?}}\cell \row \pard \intbl\qj \ri16 {\fs16 Emerging growth company}\cell \pard \intbl\qj \ri16 {\fs16 {\u9746?}}\cell \pard \intbl\qj \li144 {\fs16 \u160?}\cell \pard \intbl\qj \li144 {\fs16 \u160?}\cell \row} \pard \qj \sb120 {\fs16 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. {{\u9746?}}}\par \pard \qj \sb120 {\fs16 Indicate by check mark whether the registrant is a shell company (as defined in Rule\u160?12b-2 of the Exchange Act). \u160?\u160?\u160?\u160?Yes\u160?\u160? {{\u9744?}} \u160?\u160?\u160?\u160?No\u160?\u160? \u160? {{\u9746?}}}\par \pard \qj \sb120 {\fs16 The aggregate market value of common stock held by non-affiliates of the Registrant on June\u160?30, 2018 based on the closing price on that date of $12.43 on the New York Stock Exchange was $220.9 million. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated as affiliates. There were 24,780,223 shares of the Registrant\u8217?s common stock outstanding as of March 5, 2019.}\par \pard \qj \sb120 {\fs16 Documents Incorporated by Reference: Portions of the Registrant\u8217?s Proxy Statement relating to the Registrant\u8217?s 2019 Annual Meeting of Stockholders to be filed not later than 120\u160?days after the end of the fiscal year covered by this Annual Report on Form\u160?10-K are incorporated by reference into Part\u160?III of this Annual Report on Form\u160?10-K {\fs18 .}}\par \pard \brdrb\brdrdb\brdrw45\brdrcf0 \sb120 {\fs16 \u160?}\par \pard \qj \sb240 {\fs10 \u160?}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage2}{\*\bkmkend eolPage2}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU2}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU2}\pard \qc {\fs20\b {TRIPLE POINT VENTURE GROWTH BDC CORP}}\par \pard \qc \sb120 {\fs20\b FORM\u160?10-K}\par \pard \qc {\fs20\b FOR THE YEAR ENDED DECEMBER 31, 2018}\par \pard \qc \sb120 {\fs20\b TABLE OF CONTENTS}\par \pard \qj {\fs24 \u160?}\par {\trowd\trleft0\clvertalc\cellx1167 \clvertalc\cellx10696 \clvertalc\cellx11520 \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl \ri16 {\fs10 \u160?}\cell \row} {\trowd\trleft0\clvertalb\cellx1167 \clvertalb\cellx10696 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\cellx11520 \pard \intbl\qj \li144 {\fs16 \u160?}\cell \pard \intbl\qj \li144 {\fs16 \u160?}\cell \pard \intbl\qc \li144 {\fs16\b Page}\cell \row} {\trowd\trleft0\cellx1167 \cellx10696 \clbrdrt\brdrs\brdrw15\brdrcf0\cellx11520 \pard \intbl\qj \li144 {\fs20 \u160?}\cell \pard \intbl\qc \ri16 {\fs20\b PART\u160?I}\cell \pard \intbl\qj \li144 {\fs20 \u160?}\cell \row} {\trowd\trleft0\cellx1167 \clvertalb\cellx10696 \clvertalb\cellx11520 \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?1.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_1_BUSINESS"}}{\fldrslt\ul {{\ul Business}}}}}\cell \pard \intbl\qr \li144 {\fs20 1}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?1A.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_1A_RISK_FACTORS"}}{\fldrslt\ul {{\ul Risk Factors}}}}}\cell \pard \intbl\qr \li144 {\fs20 27}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?1B.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_1B_UNRESOLVED_STAFF_COMMENTS"}}{\fldrslt\ul {{\ul Unresolved Staff Comments}}}}}\cell \pard \intbl\qr \li144 {\fs20 54}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?2.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_2_PROPERTIES"}}{\fldrslt\ul {{\ul Properties}}}}}\cell \pard \intbl\qr \li144 {\fs20 54}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?3.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_3_LEGAL_PROCEEDINGS"}}{\fldrslt\ul {{\ul Legal Proceedings}}}}}\cell \pard \intbl\qr \li144 {\fs20 54}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?4.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_4_MINE_SAFETY_DISCLOSURES"}}{\fldrslt\ul {{\ul Mine Safety Disclosures}}}}}\cell \pard \intbl\qr \li144 {\fs20 54}\cell \row} {\trowd\trleft0\clvertalc\cellx1167 \clvertalc\cellx10696 \clvertalb\cellx11520 \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl\qr \ri16 {\fs10 \u160?}\cell \row} {\trowd\trleft0\cellx1167 \cellx10696 \clvertalb\cellx11520 \pard \intbl\qj \li144 {\fs20 \u160?}\cell \pard \intbl\qc \ri16 {\fs20\b PART\u160?II}\cell \pard \intbl\qr \li144 {\fs20 \u160?}\cell \row} {\trowd\trleft0\cellx1167 \clvertalb\cellx10696 \clvertalb\cellx11520 \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?5.}\cell \pard \intbl\fi-245 \li245\ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_5_MARKET_FOR_REGISTRANTS_COMMON_EQU"}}{\fldrslt\ul {{\ul Market For Registrant\u8217?s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities}}}}}\cell \pard \intbl\qr \li144 {\fs20 55}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?6.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_6_SELECTED_FINANCIAL_INFORMATION"}}{\fldrslt\ul {{\ul Selected Financial Data}}}}}\cell \pard \intbl\qr \li144 {\fs20 58}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?7.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_7_MANAGEMENTS_DISCUSSION_ANALYSIS_F"}}{\fldrslt\ul {{\ul Management\u8217?s Discussion and Analysis of Financial Condition and Results of Operations}}}}}\cell \pard \intbl\qr \li144 {\fs20 59}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?7A.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_7A_QUANTITATIVE_QUALITATIVE_DISCLOS"}}{\fldrslt\ul {{\ul Quantitative and Qualitative Disclosures About Market Risk}}}}}\cell \pard \intbl\qr \li144 {\fs20 78}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?8.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_8_CONSOLIDATED_FINANCIAL_STATEMENTS"}}{\fldrslt\ul {{\ul Consolidated Financial Statements and Supplementary Data}}}}}\cell \pard \intbl\qr \li144 {\fs20 79}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?9.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_9_CHANGES_IN_DISAGREEMENTS_WITH_ACC"}}{\fldrslt\ul {{\ul Changes in and Disagreements with Accountants on Accounting and Financial Disclosure}}}}}\cell \pard \intbl\qr \li144 {\fs20 117}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?9A.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_9A_CONTROLS_PROCEDURES"}}{\fldrslt\ul {{\ul Controls and Procedures}}}}}\cell \pard \intbl\qr \li144 {\fs20 117}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?9B.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_9B_OR_INFORMATION"}}{\fldrslt\ul {{\ul Other Information}}}}}\cell \pard \intbl\qr \li144 {\fs20 118}\cell \row} {\trowd\trleft0\clvertalc\cellx1167 \clvertalc\cellx10696 \clvertalb\cellx11520 \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl\qr \ri16 {\fs10 \u160?}\cell \row} {\trowd\trleft0\cellx1167 \cellx10696 \clvertalb\cellx11520 \pard \intbl\qj \li144 {\fs20 \u160?}\cell \pard \intbl\qc \ri16 {\fs20\b PART\u160?III}\cell \pard \intbl\qr \li144 {\fs20 \u160?}\cell \row} {\trowd\trleft0\clvertalc\cellx1167 \clvertalc\cellx10696 \clvertalb\cellx11520 \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl\qr \ri16 {\fs10 \u160?}\cell \row} {\trowd\trleft0\cellx1167 \clvertalb\cellx10696 \clvertalb\cellx11520 \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?10.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_10_DIRECTORS_EXECUTIVE_FICERS_CORPO"}}{\fldrslt\ul {{\ul Directors, Executive Officers and Corporate Governance}}}}}\cell \pard \intbl\qr \li144 {\fs20 119}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?11.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_11_EXECUTIVE_COMPENSATIONS"}}{\fldrslt\ul {{\ul Executive\u160?Compensation}}}}}\cell \pard \intbl\qr \li144 {\fs20 119}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?12.}\cell \pard \intbl\qj\fi-245 \li245\ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_12_SECURITY_OWNERSHIP_CERTAIN_BENEF"}}{\fldrslt\ul {{\ul Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters}}}}}\cell \pard \intbl\qr \li144 {\fs20 119}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?13.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_13_CERTAIN_RELATIONSHIPS_RELATED_TR"}}{\fldrslt\ul {{\ul Certain Relationships and Related Transactions and Director Independence}}}}}\cell \pard \intbl\qr \li144 {\fs20 119}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?14.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_14_PRINCIPAL_ACCOUNTING_FEES_SERVIC"}}{\fldrslt\ul {{\ul Principal Accountant Fees and Services}}}}}\cell \pard \intbl\qr \li144 {\fs20 119}\cell \row} {\trowd\trleft0\clvertalc\cellx1167 \clvertalc\cellx10696 \clvertalb\cellx11520 \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl \ri16 {\fs10 \u160?}\cell \pard \intbl\qr \ri16 {\fs10 \u160?}\cell \row} {\trowd\trleft0\cellx1167 \cellx10696 \clvertalb\cellx11520 \pard \intbl\qj \li144 {\fs20 \u160?}\cell \pard \intbl\qc \ri16 {\fs20\b PART\u160?IV}\cell \pard \intbl\qr \li144 {\fs20 \u160?}\cell \row} {\trowd\trleft0\cellx1167 \clvertalb\cellx10696 \clvertalb\cellx11520 \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?15.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_15_EXHIBITS"}}{\fldrslt\ul {{\ul Exhibits and Financial Statement Schedules}}}}}\cell \pard \intbl\qr \li144 {\fs20 120}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 Item\u160?16.}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_ITEM_16_FORM_10K_SUMMARY"}}{\fldrslt\ul {{\ul Form 10-K Summary}}}}}\cell \pard \intbl\qr \li144 {\fs20 122}\cell \row \pard \intbl\qj\fi-240 \li240\ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TPVG_10K_20181231_HTM_SIGNATURES"}}{\fldrslt\ul {{\ul Signatures}}}}}\cell \pard \intbl\qr \li144 {\fs20 123}\cell \row} \pard \fi768 {\fs20 \u160?}\par \pard {\fs20 \u160?}\par \pard \qj \sb240 {\fs24 \u160?}\par \pard \sb240 {\fs20 \u160?}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage3}{\*\bkmkend eolPage3}\par \pard \pagebb {\fs20 \u160?}{\*\bkmkstart FIS_PART_I}{\*\bkmkend FIS_PART_I}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU3}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU3}\pard \qc {\fs20\b {PART I}}\par \pard \qj \sb240 {\fs20\i Except as otherwise indicated in this annual report on Form 10-K, the terms:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i \u8220?we,\u8221? \u8220?us\u8221? and \u8220?our\u8221? refer to TriplePoint Venture Growth BDC Corp., a Maryland corporation, and its wholly owned subsidiaries;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i \u8220?Adviser\u8221? refers to TriplePoint Advisers\u160?LLC, a Delaware limited liability company, our investment adviser and a subsidiary of TPC;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i \u8220?Administrator\u8221? refers to TriplePoint Administrator\u160?LLC, a Delaware limited liability company, our administrator and a subsidiary of our Adviser;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i \u8220?TPC\u8221? and \u8220?TriplePoint Capital\u8221? refers to TriplePoint Capital\u160?LLC, a Delaware limited liability company; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i \u8220?Financing Subsidiary\u8221? refers to TPVG Variable Funding Company\u160?LLC, a Delaware limited liability company and our wholly owned subsidiary.}}\cell \row} {\*\bkmkstart FIS_BUSINESS}{\*\bkmkend FIS_BUSINESS}{\trowd\trleft0\cellx1061 \cellx11520 \pard \intbl\qj \ri16 {\fs20\b {Item\u160?1.}}\cell {\*\bkmkstart TPVG_10K_20181231_HTM_ITEM_1_BUSINESS}{\*\bkmkend TPVG_10K_20181231_HTM_ITEM_1_BUSINESS}{\*\bkmkstart TPVG_10K_20181231_HTM_ITEM_1_BUSINESS}{\*\bkmkend TPVG_10K_20181231_HTM_ITEM_1_BUSINESS}\pard \intbl\qj \ri16 {\fs20\b Business}\cell \row} \pard \qj \sb240 {\fs20\b Overview}\par \pard \qj\fi523 \sb120 {\fs20 We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company, or \u8220?BDC,\u8221? under the Investment Company Act of 1940, as amended, or the \u8220?1940 Act.\u8221? We have also elected to be treated, and intend to qualify annually thereafter, as a regulated investment company, or \u8220?RIC,\u8221? under Subchapter\u160?M of the Internal Revenue Code of 1986, as amended, or the \u8220?Code,\u8221? for U.S. federal income tax purposes beginning with our taxable year ended December\u160?31, 2014. We are an \u8220?emerging growth company\u8221? under the Jumpstart Our Business Startups Act of 2012, as amended, or the \u8220?JOBS Act.\u8221? We expect to remain an emerging growth company until the last day of our fiscal year following the fifth anniversary of the date of our initial public offering, or December 31, 2019. For so long as we remain an emerging growth company under the JOBS Act, we will be subject to reduced public company reporting requirements.}\par \pard \qj\fi523 \sb120 {\fs20 We serve as the primary financing source for the venture growth stage business segment of TriplePoint Capital\u8217?s global investment platform. 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 primarily lending with warrant investments to venture growth stage companies focused in technology, life sciences and other high growth industries that are backed by TPC\u8217?s select group of leading venture capital investors.}\par \pard \qj\fi523 \sb120 {\fs20 We originate and invest primarily in loans that have a secured collateral position and are generally used by venture growth stage companies to finance their continued expansion and growth, equipment financings and, on a select basis, revolving loans, together with, in many cases, attached equity \u8220?kickers\u8221? in the form of warrant investments, and direct equity investments. We underwrite our investments seeking an unlevered yield-to-maturity on our growth capital loans and equipment financings generally ranging from 10% to 18% and on our revolving loans generally ranging from 1% above the applicable prime rate to 10%, in each case, with potential for higher returns in the event we are able to exercise warrant investments and realize gains or sell our related equity investments at a profit. We also generally underwrite our secured loans seeking a loan-to-enterprise value of less than 25%.}\par \pard \qj\fi523 \sb120 {\fs20 We make investments that our Adviser\u8217?s senior investment team believes have a low probability of loss due to our expertise and the revenue profile, product validation, customer commitments, intellectual property, financial condition and enterprise value of the potential opportunity. We believe these investments provide us with a stable, fixed-income revenue stream along with the potential for equity-related gains on a risk-adjusted basis. We believe that the venture growth stage debt market presents a compelling growth channel for us because it has high barriers to entry and is underserved by both traditional lenders and existing debt financing providers to venture capital-backed companies given the brand, reputation and market acceptance, industry relationships, venture lending and leasing expertise, specialized skills, track record, and other factors required to lend to companies backed by leading venture capital investors. Additionally, we believe our investments are distinct compared with the investments made by more traditional lenders because our investments provide us the ability to invest alongside leading venture capital investors in companies focused in technology, life sciences and other high growth industries. We also believe that our investments are distinct compared to the investments made by existing debt financing providers to venture capital backed companies given our primary focus on venture growth stage companies backed by TPC\u8217?s select group of leading venture capital investors.}\par \pard \qj\fi523 \sb120 {\fs20 We believe we are able to successfully structure these investments as a result of the strong value proposition our secured loans offer to both borrowers and their venture capital investors. Our secured loans provide venture growth stage companies with an opportunity to:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {diversify their funding sources;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {augment their existing capital base and extend operating capital;}}\cell \row} \pard \qc \sb240 {\fs20 1}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage4}{\*\bkmkend eolPage4}\par \pard \pagebb {\fs20 \u160?}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU4}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU4}\pard \intbl\qj \ri16 {\fs20 {scale business operations and accelerate growth;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {fund expenses ahead of anticipated corresponding revenue;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {expand product offerings through internal development or acquisitions;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {lower the upfront costs of capital expenditures;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {build and/or expand their leadership positions within their respective markets;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {accelerate and/or smooth out the timing of cash collections; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {delay and/or postpone the need for their next round of equity financing,}}\cell \row} \pard \qj \sb120 {\fs20 in each case, extending their cash available to fund operations without incurring substantial equity dilution during a critical time in their lifecycle when they are meaningfully building enterprise value.}\par \pard \qj\fi523 \sb120 {\fs20 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 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. In October 2017, we sold in a 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 73,855 shares of our common stock to certain of our executive officers, for total gross proceeds of approximately $22.6 million. In August 2018, we completed a public offering and a concurrent private placement offering of an aggregate 6,925,000 shares of our common stock, raising approximately $94.6 million after offering costs. Our shares are currently listed on the New York Stock Exchange (the \u8220?NYSE\u8221?) under the symbol \u8220?TPVG.\u8221?}\par \pard \qj\fi523 \sb120 {\fs20 In February\u160?2014, we entered into a credit agreement with Deutsche Bank acting as administrative agent and a lender, and KeyBank National Association, TIAA Bank, and AloStar Bank of Commerce, as other lenders, which provided us with a $150.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the \u8220?Credit Facility\u8221?). In January 2018 we amended and renewed the Credit Facility. Deutsche Bank AG, New York Branch serves as administrative agent and as a lender together with existing lenders KeyBank National Association and TIAA Bank, and new lender MUFG Union Bank, N.A, under the Credit Facility. The amendment and renewal, among other things, increased the total commitments to $210.0 million in aggregate, extended the revolving period from February 21, 2018 to February 21, 2020 and extended the maturity date from February 21, 2019 to August 21, 2021. In addition, the amended Credit Facility includes a reduction in the undrawn rate from 0.75% to 0.50% and a change in the applicable margin during the revolving period to 2.80% if facility utilization is greater than or equal to 75%, 2.90% if utilization is greater than or equal to 50%, and 3.00% if utilization is less than 50%. Borrowings under the Credit Facility are subject to various covenants and the leverage restrictions contained in the 1940 Act.}\par \pard \qj\fi523 \sb120 {\fs20 On July 14, 2017, we completed a public offering of $65.0 million in aggregate principal amount of 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\u8217? full exercise of their option to purchase additional 2022 Notes, we issued an additional $9.75 million in aggregate principal amount of the 2022 Notes and received net proceeds of approximately $9.4 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. The 2022 Notes are currently listed on the NYSE under the symbol \u8220?TPVY\u8221?. The 2022 Notes were issued in integral principal amount multiples of $25.}\par \pard \qj \sb240 {\fs20\b TriplePoint Capital, Adviser, and Administrator}\par \pard \qj \sb240 {\fs20\i\b TriplePoint Capital}\par \pard \qj\fi523 \sb120 {\fs20 TriplePoint Capital 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. TPC\u8217?s portfolio of venture capital-backed companies included and/or includes widely recognized and industry-leading companies, including, among others, Facebook, YouTube, AppNexus, Bloom Energy, Chegg, Etsy, Oncomed, Proteolix, Ring Central, Ruckus Wireless, Segway, Shazam, Splunk, Square, Varonis, and Workday.}\par \pard \qc \sb240 {\fs20 2}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage5}{\*\bkmkend eolPage5}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU5}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU5}\pard \qj\fi523 \sb120 {\fs20 {TPC\u8217?s global investment platform serves venture capital-backed companies backed by its select group of leading venture capital investors across all stages of development of a venture capital-backed company\u8217?s} {lifecycle with dedicated business segments focused on providing creative, flexible and customized debt financings and complementary services at each stage. TPC categorizes venture capital-backed companies into the following five lifecycle stages of develop} {ment: seed, early, later, venture growth and public. In addition, TPC has a business segment targeting equity investing in seed, early and later stage venture capital-backed companies called TriplePoint Ventures. TPC also has a \u8220?fund of funds\u8221? business seg} {ment that seeks to selectively invest in venture capital funds established by certain of its select group of leading venture capital investors.}}\par \pard \qj\fi523 \sb120 {\fs20 TPC utilizes a unique, relationship-based lending strategy that primarily targets companies funded by a select group of leading venture capital investors. TPC refers to this approach as the \u8220?TriplePoint Lifespan Approach.\u8221? Key elements of the TriplePoint Lifespan Approach include:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {establishing debt financing relationships with select venture capital-backed companies across all five lifecycle stages of development;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {working with TPC\u8217?s select group of leading venture capital investors to identify debt financing opportunities within their portfolio companies that we believe have established management teams, strong investor support, large market opportunities, innovative technology or intellectual property and sufficient cash on hand and equity backing to support a potential debt financing opportunity on attractive risk-adjusted terms;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {developing debt financing relationships as early as possible in a venture capital-backed company\u8217?s lifecycle in order to have a real-time understanding of the company\u8217?s capital needs and be in a strategic position to evaluate and capitalize on additional investment opportunities as the company matures;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {diligently monitoring the progress and ongoing creditworthiness of a borrower; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {serving as a creative, flexible and dependable financing partner with a focus on efficiency, responsiveness and customer service.}}\cell \row} \pard \qj \sb360 {\fs20\i\b Our Adviser}\par \pard \qj\fi523 \sb120 {\fs20 Our investment activities are managed by our Adviser, which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the \u8220?Advisers Act\u8221?), and a wholly owned subsidiary of TPC. Our Adviser is responsible for sourcing, reviewing and structuring investment opportunities for us, underwriting and performing due diligence on our investments and monitoring our investment portfolio on an ongoing basis. Our Adviser was organized in August 2013 and, pursuant to an investment advisory agreement (the \u8220?Investment Advisory Agreement\u8221?), we pay our Adviser a base management fee and an incentive fee for its services. For information regarding our Adviser, see \u8220?Business\u8212?Management Agreements\u8212?Investment Advisory Agreement\u8221? and \u8220?Notes to Consolidated Financial Statements\u8212?Related Party Agreements and Transactions\u8212?Investment Advisory Agreement.\u8221?}\par \pard \qj \sb360 {\fs20\i\b Our Administrator}\par \pard \qj\fi523 \sb120 {\fs20 Our administrative functions are provided by our Administrator. Our Administrator is responsible for furnishing us with office facilities and equipment and provides us with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. In February 2014, we entered into an administration agreement with our Administrator, or the \u8220?Administration Agreement,\u8221? under which we pay our Administrator an amount equal to our allocable portion (subject to the review of our board of directors (the \u8220?Board\u8221?) of our Administrator\u8217?s overhead resulting from its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs associated with performing compliance and financial reporting functions. For information regarding our Administrator, see \u8220?Business\u8212?Management Agreements\u8212?Administration Agreement\u8221? and \u8220?Notes to Consolidated Financial Statements\u8212?Related Party Agreements and Transactions\u8212?Administration Agreement.\u8221?}\par \pard \qc \sb240 {\fs20 3}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage6}{\*\bkmkend eolPage6}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU6}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU6}\pard \qj \sb360 {\fs20\b {Investment Strategy}}\par \pard \qj \sb240 {\fs20\i\b Overview}\par \pard \qj\fi523 \sb120 {\fs20 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. We pursue our investment objective by relying on a core investment philosophy described as the \u8220?Four Rs.\u8221? The Four Rs stand for:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i Relationships} {\u8212?We seek to develop and maintain deep, longstanding and mutually beneficial relationships with TPC\u8217?s select group of leading venture capital investors, borrowers and entrepreneurs.}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i Reputation} {\u8212?We seek to preserve and extend the strong reputation of TPC\u8217?s brand and franchise as a creative, flexible and dependable financing partner with a focus on efficiency, responsiveness and customer service when interacting with venture capital investors, borrowers and entrepreneurs and when originating, structuring, underwriting and monitoring our investments.}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i References} {\u8212?We seek to make every venture capital investor, borrower and entrepreneur with whom we work a reference so that they not only work with us again but also encourage others to work with us. We believe that receiving referrals from TPC\u8217?s select group of leading venture capital investors, borrowers and entrepreneurs is a critical part of our investment origination process and differentiates us from other lenders.}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i Returns} {\u8212?We believe that by focusing on relationships, reputation and references, in addition to utilizing our specialized and established credit and monitoring process, we will generate attractive risk-adjusted returns over the long-term.}}\cell \row} \pard \qj\fi523 \sb120 {\fs20 We invest primarily in (i)\u160?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)\u160?equipment financings, which may be structured as loans or leases, that have a secured collateral position on specified mission-critical equipment, (iii)\u160?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 equivalent and (iv)\u160?direct equity investments in venture growth stage companies. We also generally underwrite our secured loans seeking a loan-to-enterprise value of less than 25%. In connection with our growth capital loans, equipment financings and revolving loans, we generally receive warrant investments that allow us to participate in any equity appreciation of our borrowers and enhance our overall investment returns.}\par \pard \qj \sb360 {\fs20\i\b Target Venture Growth Stage Companies}\par \pard \qj\fi523 \sb120 {\fs20 We primarily target investment opportunities in venture growth stage companies backed by venture capital investors. However, having backing from a venture capital investor does not guarantee financing from us. Prospective borrowers must further qualify based on our Adviser\u8217?s rigorous and established investment selection and underwriting criteria and generally have many of the following characteristics:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {financing from a member of TPC\u8217?s select group of leading venture capital investors with whom TPC has an established history of providing secured loans alongside equity investments made by these venture capital investors;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {focused in technology, life sciences or other high growth industries and targeting an industry segment with a large and/or growing market opportunity;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {completion of their primary technology and product development;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {meaningful customer sales, commitments or orders and have generated or we believe are reasonably expected to generate within the current fiscal year or on an annualized run rate at least $20\u160?million in revenues and a strong outlook for continued and/or potentially rapid revenue growth;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {a leadership position in its market (or the potential to establish a leadership position) with potential and/or defensible barriers to entry;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {an experienced and relatively complete senior management team with a successful track record;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {support from existing venture capital investors in the form of meaningful invested equity capital relative to our investment amount and/or reserved capital or willingness to invest additional capital as needed;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {strong likelihood of raising additional equity capital or achieving an exit in the form of an initial public offering or sale based on our determination;}}\cell \row} \pard \qc \sb240 {\fs20 4}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage7}{\*\bkmkend eolPage7}\par \pard \pagebb {\fs20 \u160?}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU7}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU7}\pard \intbl\qj \ri16 {\fs20 {differentiated products, unique technology, proprietary intellectual property, and/or positive clinic} {al results that may have intrinsic value on a stand-alone and/or liquidation basis;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {meaningful enterprise value relative to the size of our investment as indicated by a recent equity round valuation or as determined by a third-party with, in our Adviser\u8217?s senior investment team\u8217?s opinion, the potential for upside;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {a balanced current financial condition typically with 12\u160?months or more of operating cash runway based on its projected cash burn and/or a path to profitability typically over a three to five year period from the date of our investment; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {upcoming strategic and potential enterprise valuation-accreting business milestones that our investment can help provide operating cash runway for the company to achieve.}}\cell \row} \pard \qj\fi523 \sb120 {\fs20 For many venture capital-backed companies, we believe that the venture growth stage is generally the point in their lifecycle at which they begin operational and financial preparations for a liquidity event, such as an initial public offering or private sale. We believe these investments provide us with a stable, fixed-income revenue stream along with the potential for equity-related gains on a risk-adjusted basis. We invest opportunistically in venture capital-backed companies at other lifecycle stages of development when our Adviser\u8217?s senior investment team believes that they present an attractive investment opportunity for us.}\par \pard \qj \sb360 {\fs20\i\b Invest with TPC\u8217?s Select Group of Leading Venture Capital Investors}\par \pard \qj\fi523 \sb120 {\fs20 We generally expect to (i)\u160?benefit from the relationships developed by TPC as part of its TriplePoint Lifespan Approach and (ii)\u160?target investment opportunities backed by a select group of leading venture capital investors with whom our Adviser\u8217?s senior investment team has an established history of providing secured loans alongside equity investments made by these venture capital investors. We believe these well-recognized firms have consistently generated strong returns through superior selection processes and access to experienced entrepreneurs and quality investment opportunities based upon their strong reputations and track records, specialized knowledge and experienced investment professionals. As a result of this strategy, we focus and narrow our investment sourcing efforts to those investment opportunities backed by these leading venture capital investors with established track records targeting investments in Silicon Valley, Boston, Chicago, Los Angeles, New York City, Northern Virginia, San Diego, Seattle, the United Kingdom, Israel and other geographic areas of venture capital investments. We believe these relationships serve as an important source of investment opportunity referrals for us. We work with our select group of leading venture capital investors to identify debt financing opportunities within their portfolio companies that we believe have established management teams, strong venture capital investor support, large market opportunities, innovative technology or intellectual property, potential for meaningful warrant and/or equity investment returns and sufficient cash reserves to complement a potential debt financing opportunity.}\par \pard \qj \sb360 {\fs20\i\b Focus in Technology, Life Sciences and other High Growth Industries}\par \pard \qj\fi523 \sb120 {\fs20 We generally target technology, life sciences and other high growth industries and further specialize in subsectors within each of these industries including:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i Technology} {\u8212?areas of focus include: big data, cloud computing, communications, consumer, data storage, electronics, energy efficiency, hardware, information services, internet and media, networking, semiconductors, software, software as a service, wireless communications and other technology related subsectors;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i Life Sciences} {\u8212?areas of focus include: biotechnology, diagnostic testing and bioinformatics, drug delivery, drug discovery, healthcare information systems, healthcare services, medical, surgical and therapeutic devices, pharmaceuticals and other life science related subsectors; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {\i Other High Growth Industries} {\u8212?areas of focus vary depending upon our Adviser\u8217?s investment strategy.}}\cell \row} \pard \qj\fi523 \sb120 {\fs20 Our Adviser seeks to invest in those subsectors where our Adviser sees opportunities for innovation, globalization, demand and other drivers of change which create significant business opportunities for venture growth stage companies with cutting edge or disruptive technology, differentiated value propositions and sustainable competitive advantages. As a result, we believe that companies in these subsectors are more likely to attract significant investment from venture capital investors, private equity firms or strategic partners and are a more attractive candidate for a liquidity event than a company in a non-high growth industry.}\par \pard \qc \sb240 {\fs20 5}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage8}{\*\bkmkend eolPage8}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU8}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU8}\pard \qj \sb360 {\fs20\i\b {Offer Creative Financing Solutions with Attractive Risk-Adjusted Pricing}}\par \pard \qj\fi523 \sb120 {\fs20 Debt financings for venture growth stage companies are extremely diverse with use of proceeds, repayment structures and value propositions varying considerably among different company types. Our debt financings are customized based on a host of factors, including our review, assessment and analysis of each company\u8217?s management team, business outlook, underlying technology, support from its venture capital investors, products or services, current and future financial profile, intended use of our proceeds and anticipated payback structure, timing of a liquidity event and return potential. The diversity of debt financing possibilities requires prospective lenders to demonstrate a high degree of venture lending and leasing expertise, technology, life sciences and other high growth industries knowledge and specialization, and willingness to provide customized products and flexibility. We believe the members of our Adviser\u8217?s senior investment team are uniquely situated given their extensive industry background, track record, knowledge and lending experience in the technology, life sciences and other high growth industries, as well as venture capital, private equity and credit, to analyze, structure and underwrite such debt financings. We believe that we have the ability to appropriately price the investment opportunities we originate based upon the debt structures we employ and the individual risk profiles of our borrowers to generate attractive risk-adjusted returns for us and our stockholders.}\par \pard \qj \sb360 {\fs20\i\b Generate Equity Upside over Time through Warrant and Equity Investments}\par \pard \qj\fi523 \sb120 {\fs20 In connection with our secured loans, we generally receive warrant investments to acquire preferred or common stock in a venture growth stage company with an exercise price typically equal to the same price per share paid by the company\u8217?s venture capital investors in its last round of equity financing or a recent valuation of the venture growth stage company as determined by a third-party. Our warrant investment coverage generally ranges from 2% to 10% of the committed loan amount. The warrant investments we obtain typically include a \u8220?cashless exercise\u8221? provision to allow us to exercise these rights without any additional cash investment. We also generally receive the opportunity to invest equity directly in our venture growth stage companies. We believe that making equity investments and receiving warrant investments in venture growth stage companies with exit events on the horizon, such as an initial public offering or private sale, increases the likelihood of equity appreciation and enhanced investment returns. As a venture growth stage company\u8217?s enterprise value changes we expect to recognize unrealized gains or losses from the fair value changes in our warrant and equity investments, and in conjunction with either a sale of the company or in connection with or following an initial public offering, we expect to achieve additional investment returns and realized gains from the exercise of these warrant investments and the sale of the underlying stock.}\par \pard \qj \sb360 {\fs20\i\b Utilize a Disciplined Investment Process}\par \pard \qj\fi523 \sb120 {\fs20 Our Adviser\u8217?s senior investment team leverages the more than 50\u160?years of combined experience and expertise of James P. Labe and Sajal K. Srivastava, TPC\u8217?s co-founders, and the track record developed by them at TPC since its inception for reviewing prospective borrowers and potential financings, structuring those financings and subsequently monitoring those that are pursued and made, through which our Adviser\u8217?s senior investment team has succeeded in making profitable investments and minimizing credit losses. Additionally, we believe that the credit performance of our venture growth stage companies and the returns associated with lending to these companies are enhanced through our Adviser\u8217?s focus on originating investments primarily backed by TPC\u8217?s select group of leading venture capital investors and having an understanding of their outlook and/or support of our prospective and existing borrowers.}\par \pard \qj \sb360 {\fs20\i\b Employ Active Portfolio Management Processes}\par \pard \qj\fi523 \sb120 {\fs20 Our Adviser utilizes an extensive internal credit tracking and monitoring approach to regularly follow a borrower\u8217?s actual financial performance and achievement of business-related milestones to ensure that the internal risk rating assigned to each borrower is appropriate. This process has been refined and validated by Messrs.\u160?Labe and Srivastava, and the track record developed by TPC since its inception and is based, in part, on its expertise, familiarity and deep understanding of the risk associated with investing in various stages of a venture capital-backed company\u8217?s lifespan. The analysis focuses on both quantitative metrics, such as cash balance and cash burn, and our Adviser\u8217?s qualitative assessment in various areas, such as the outlook for the borrower\u8217?s industry segment, progress of product development, overall adherence to the business plan, financial condition, future growth potential and ability to raise additional equity capital. Our Adviser maintains dialogue and contact with our borrowers\u8217? management teams to discuss, among other topics, business progress, cash flow, financial condition and capital structure matters. Our Adviser also typically engages in dialogue with the venture capital investors in our borrowers to understand and assess the borrower\u8217?s progress and development and the venture capital investor\u8217?s outlook and/or level of support for our borrower and in conjunction with the Four Rs, our core investment philosophy, determines the appropriate course of action with respect to investments in borrowers on our Credit Watch List.}\par \pard {\fs20\b }\par \pard \qc \sb240 {\fs20 6}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage9}{\*\bkmkend eolPage9}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU9}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU9}\pard \qj \sb360 {\fs20\b {Investment Structure}}\par \pard \qj\fi523 \sb120 {\fs20 We offer a full range of creative, flexible and customized secured financing products which may include a combination of an initial facility fee, interest and principal payments, end-of-term payments, warrant and/or equity investment rights. Although the general components for each type of our debt financing products are substantially the same, we select and customize the specific debt financing product on a case-by-case basis based on our Adviser\u8217?s senior investment team\u8217?s experience and their analysis of a prospective borrower, its financing needs and its intended use of the proceeds from our debt financing product. For example, the type of debt financing transaction, the total repayment period, the interest-only period, the amortization period, the collateral position, the warrant investment coverage and the overall yield-to-maturity may vary. We make investments that our Adviser\u8217?s senior investment team believes have a low probability of loss due to their expertise and the revenue profile, product validation, customer commitments, intellectual property, financial condition and enterprise value of the potential opportunity. Our debt financing products are typically structured as lines of credit, whereby a prospective borrower may be required to draw some of the commitment amount at close but may have up to 18\u160?months from document execution to access the remaining available commitment amount of debt financing capital and, in many cases future advances may be subject to certain predetermined performance milestones and other conditions.}\par \pard \qj \sb360 {\fs20\i\b Growth Capital Loans}\par \pard \qj\fi523 \sb120 {\fs20 Key typical attributes of our growth capital loans include:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Size ranges from $5\u160?million to $50\u160?million. We generally target and balance our growth capital loan size to the total equity capital base, the current or near term enterprise value, revenue run rate and current and near term cash and liquidity profile of a prospective borrower;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Short total repayments typically ranging from 36 to 60\u160?months or less and provide for interest only or moderate loan amortization in the early period of the loan, with the majority of the amortization deferred until 24 to 48\u160?months after the loan\u8217?s funding date or a large lump sum payment on its maturity;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Unlevered yield-to-maturity generally ranging from 10% to 18%, which may include current interest payments, upfront and facility fees, an end-of-term payment and/or a payment-in-kind (\u8220?PIK\u8221?) interest payment. Our end-of-term payments are contractual and fixed interest payments due at the maturity date of the loan, including upon prepayment, and are generally a fixed percentage of the original principal balance of the loan. A meaningful portion of the difference between our yield-to-maturity and the stated interest rate on the loan is recognized as non-cash income until it is paid;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Equity \u8220?kickers\u8221? in the form of warrant investments to acquire preferred or common stock in the prospective borrower that allow us to participate in any potential equity appreciation and enhance our overall returns;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Secured by a senior secured lien on all of the prospective borrower\u8217?s assets including a pledge or negative pledge on its intellectual property. For certain prospective borrowers we are the only form of secured debt (other than potentially specific equipment financing). Other prospective borrowers may also have a revolving loan, typically from a bank, to finance receivables, cash, billings, bookings or inventory, and the collateral for such financing may be the underlying financed asset, bank accounts and/or a senior lien having priority over our senior lien. In addition, there may be prospective borrowers that have a term loan facility, with or without an accompanying revolving loan, typically from a bank, that may have priority over our senior lien; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Limited and/or flexible covenant structures and with certain affirmative and negative covenants, default penalties, lien protection, investor abandonment provisions, material adverse change provisions, change-of-control provisions, restrictions on additional use of leverage, reimbursement for upfront and regular internal and third party expenses as well as prepayment penalties.}}\cell \row} \pard \qj \sb360 {\fs20\i\b Equipment Financings}\par \pard \qj\fi523 \sb120 {\fs20 Key typical attributes of our equipment financings include:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Size ranges from $5\u160?million to $25\u160?million. We generally target the size of our equipment financing to anticipate the capital equipment needs for a prospective borrower over a twelve month period balanced by the total equity capital base, the current or near term enterprise value, revenue run rate and current and near term cash and liquidity profile of a prospective borrower;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Short total repayments typically ranging from 36 to 48\u160?months or less and provide for short interest only periods followed by full amortization;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Structured as full payout loans or leases with either buyout provisions based on the fair market value of the financed equipment or a fixed end-of term payment;}}\cell \row} \pard \qc \sb240 {\fs20 7}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage10}{\*\bkmkend eolPage10}\par \pard \pagebb {\fs20 \u160?}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU10}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU10}\pard \intbl\qj \ri16 {\fs20 {Unlevered yiel} {d-to-maturity generally ranging from 10% to 15%, which may include current interest payments, upfront and facility fees, an end-of-term payment and/or a PIK interest payment. Our end-of-term payments are contractual and fixed interest payments due at the m} {aturity date of the loan, including upon prepayment, and are generally a fixed percentage of the original principal balance of the loan. The portion of our end-of-term payments that equal the difference between our yield-to-maturity and the stated interest} {rate on the loan are recognized as non-cash income until they are paid;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Equity \u8220?kickers\u8221? in the form of warrant investments to acquire preferred or common stock in the prospective borrower that allow us to participate in any potential equity appreciation and enhance our overall returns;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Secured solely by the underlying equipment being financed. We expect that much of the equipment financed by us will consist of standard, off-the-shelf equipment, such as computers, electronic test and measurement, telecommunications, laboratory equipment, manufacturing or production equipment. In certain cases, a portion of an equipment financing may finance customized equipment, software and/or expenses or soft-costs which may not have any resale value; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Limited and/or flexible covenant structures with certain affirmative and negative covenants, default penalties, lien protection, investor abandonment provisions, material adverse change provisions, change-of-control provisions, reimbursement for upfront and regular internal and third party expenses as well as prepayment penalties.}}\cell \row} \pard \qj \sb360 {\fs20\i\b Revolving Loans}\par \pard \qj\fi523 \sb120 {\fs20 On a select basis, we offer revolving loans. Key typical attributes of our revolving loans include:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Size ranges from $1\u160?million to $25\u160?million. We generally structure our revolving loans subject to an advance rate against the company\u8217?s inventory, components, accounts receivable, contractual or future billings, bookings, revenues, sales or cash payments and collections including proceeds from a sale, financing or equivalent, that serve as our sole or primary collateral in support of the repayment of such loans;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Short total repayments typically ranging from 12 to 36\u160?months or less and typically provide for interest only periods and/or moderate loan amortization in the early period of the loan, with the majority of the amortization deferred until 12 to 24\u160?months after the loan\u8217?s funding date or on its maturity date;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Unlevered yield-to-maturity generally ranging from 1% above the applicable prime rate to 10%, which may include current interest payments, upfront and facility fees, an end-of-term payment and/or a PIK interest payment. Our end-of-term payments are contractual and fixed interest payments due at the maturity date of the loan, including upon prepayment, and are generally a fixed percentage of the original principal balance of the loan. The portion of our end-of-term payments that equal the difference between our yield-to-maturity and the stated interest rate on the loan are recognized as non-cash income until they are paid;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Equity \u8220?kickers\u8221? in the form of warrant investments to acquire preferred or common stock in the prospective borrower that allow us to participate in any equity appreciation and enhance our overall returns;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Secured by a senior secured lien on all of the prospective borrower\u8217?s assets including a pledge or negative pledge on its intellectual property or on all of the specific assets financed specifically by the revolving loan such as the company\u8217?s inventory, components, accounts receivable, contractual or future billings, bookings, revenues, sales or cash payments and collections including proceeds from a sale, financing or equivalent; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {Some financial covenants which may include advance rates, borrowing formulas, excess concentrations, cash requirements, business contracts or milestones along with certain affirmative and negative covenants, default penalties, lien protection, investor abandonment provisions, material adverse change provisions, change-of-control provisions, restrictions on additional use of leverage, reimbursement for upfront and regular internal and third party expenses as well as prepayment penalties.}}\cell \row} \pard \qj \sb360 {\fs20\i\b Warrant Investments}\par \pard \qj\fi523 \sb120 {\fs20 In connection with our secured loans, we generally receive warrant investments to acquire preferred or common stock in a venture growth stage company typically at the same price per share paid by the company\u8217?s venture capital investors in its last round of equity financing, a recent valuation of the venture growth stage company as determined by a third-party or in its next round of equity financing. As a venture growth stage company\u8217?s enterprise value changes we recognize unrealized gains or losses from the fair value changes in our warrant investments, and in conjunction with either a sale of the company or in connection with or following an initial public offering, we may achieve additional investment returns and realized gains from the exercise of these warrant investments and the sale of the underlying stock. Warrant investments granted in connection with our secured loans are typically based on a percentage of the committed loan amount, are treated as original issue discount (\u8220?OID\u8221?) and may be earned at document execution and/or as the loan is funded. Warrant coverage generally ranges from 2% to 10% of the committed loan amount.}\par \pard \qc \sb240 {\fs20 8}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage11}{\*\bkmkend eolPage11}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU11}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU11}\pard \qj \sb360 {\fs20\i\b {Direct Equity Investments}}\par \pard \qj\fi523 \sb120 {\fs20 In connection with our secured loans, we may obtain equity investment rights that allow us to invest in a venture growth stage company\u8217?s current or next round of private equity financing on the same terms and conditions as the company\u8217?s venture capital investors and/or other equity investors in the round. As a venture growth stage company\u8217?s enterprise value changes we recognize unrealized gains or losses from the fair value changes in our direct equity investments, and in conjunction with either a sale of the company or in connection with or following an initial public offering, we may achieve additional investment returns and realized gains from the sale of the underlying stock. These equity investment rights typically range from $100,000 to $5\u160?million in size (generally not exceeding 5% of the company\u8217?s total equity), although we are under no obligation to make any such investment. Typically, these are passive investments (we do not take a board of directors seat in the company) but can be strategically valuable and beneficial as an enhancement to our relationship with the venture growth stage company and to our economic return by generating meaningful return on capital committed.}\par \pard \qj \sb360 {\fs20\b Investment Criteria}\par \pard \qj\fi523 \sb120 {\fs20 Our Adviser (i)\u160?benefits from the relationships developed by TPC as part of its TriplePoint Lifespan Approach and (ii)\u160?typically sources investment opportunities with TPC\u8217?s select group of leading venture capital investors or directly from prospective borrowers who are seeking debt financing. Many of these prospective borrowers are attracted to TPC\u8217?s reputation, extensive track record in the venture growth stage debt market, Four Rs\u8217? core investment philosophy, and/or may have previously had a lending relationship with TPC. Additional origination sources for our Adviser include an extensive network of strategic industry contacts, including former and current venture growth stage companies, financial advisers, commercial banks and accounting and law firms. Our Adviser also identifies companies with strong management teams and innovative technology to proactively generate debt financing opportunities.}\par \pard \qj\fi523 \sb120 {\fs20 We primarily target investment opportunities in venture growth stage companies backed by venture capital investors. However, having backing from a venture capital investor does not guarantee financing from us. Prospective borrowers must further qualify based on our Adviser\u8217?s rigorous and established investment selection and underwriting criteria and generally have many of the following characteristics:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {financing from a member of TPC\u8217?s select group of leading venture capital investors with whom TPC has an established history of providing secured loans alongside equity investments made by these venture capital investors;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {focused in technology, life sciences or other high growth industries and targeting an industry segment with a large and/or growing market opportunity;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {completion of their primary technology and product development;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {meaningful customer sales, commitments or orders and have generated or we believe are reasonably expected to generate within the current fiscal year or on an annualized run rate at least $20 million in revenues and a strong outlook for continued and/or potentially rapid revenue growth;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {a leadership position in its market (or the potential to establish a leadership position) with potential and/or defensible barriers to entry;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {an experienced and relatively complete senior management team with a successful track record;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {support from existing venture capital investors in the form of meaningful invested equity capital relative to our investment amount and/or reserved capital or willingness to invest additional capital as needed;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {strong likelihood of raising additional equity capital or achieving an exit in the form of an initial public offering or sale based on our determination;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {differentiated products, unique technology, proprietary intellectual property, and/or positive clinical results that may have intrinsic value on a stand-alone and/or liquidation basis;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {meaningful enterprise value relative to the size of our investment as indicated by a recent equity round valuation or as determined by a third-party with, in our Adviser\u8217?s senior investment team\u8217?s opinion, the potential for upside;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {a balanced current financial condition typically with 12 months or more of operating cash runway based on its projected cash burn and/or a path to profitability typically over a three to five year period from the date of our investment; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {upcoming strategic and potential enterprise valuation-accreting business milestones that our investment can help provide operating cash runway for the company to achieve.}}\cell \row} \pard \qc \sb240 {\fs20 9}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage12}{\*\bkmkend eolPage12}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU12}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU12}\pard \qj\fi523 \sb120 {\fs20 {We underwrite our transactions to ensure that our portfolio companies have a strategic and balanced} {intended use of our investment proceeds without us taking excessive risk and with a low likelihood of default. We believe that the profiles of the venture growth stage companies that we target mitigate our risk because we expect these companies have sever} {al options to repay our debt financing through:}}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {cash flow either from achieving the strong and rapid revenue and profitability plans targeted at the time of our underwriting or in a downside risk scenario from reducing growth and associated operating expenses;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {receiving additional cash from new equity investors based on the progress and development made by the company and their outlook for growth or in a downside risk scenario from existing equity investors to avoid them from otherwise losing all of their invested capital given our ability to foreclose on our collateral;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {receiving acquisition offers from strategic or other financial investors or undertaking an initial public offering, given their large and growing market opportunities, the stage of development of their underlying technology and products and their financial profile; or}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {in a worst case scenario, liquidating underlying assets including any proceeds from the sale of equipment, inventory, accounts receivable and/or intellectual property.}}\cell \row} \pard \qj\fi523 \sb120 {\fs20 Upon referral or contact, a prospective borrower is added to our Adviser\u8217?s client management system and assigned to one of our Adviser\u8217?s Originations professionals who becomes the prospective borrower\u8217?s primary contact with us. The Originations professional evaluates the prospective borrower in more depth to understand its debt financing needs and to determine whether or not it is qualified under our criteria. Upon initial screening, the Originations professional generally meets with the prospective borrower and performs a preliminary investigation of the prospective borrower\u8217?s management, operations and business outlook. The Originations professional generally consults with, and gathers information from, a wide variety of industry sources to assess the prospective borrower and its industry. In addition, the Originations professional may reach out to the prospective borrower\u8217?s venture capital investors to understand the background of their investment in the company, their outlook for the company, the company\u8217?s market and products, the company\u8217?s goals and objectives associated with the proposed debt financing and the venture capital investors level of support for the company. If the Originations professional is satisfied with the preliminary assessment of the prospective borrower\u8217?s management, operations and business prospects, the Originations professional submits an internal pre-screen memorandum of the proposed debt transaction to our Adviser\u8217?s senior investment team for discussion and review, as well as for pricing and structuring guidance. Each potential investment opportunity that our Adviser\u8217?s Originations professionals determine merits investment consideration is presented and evaluated at a weekly meeting in which our Adviser\u8217?s senior investment team discusses the merits and risks of a potential investment opportunity, as well as the due diligence process and the pricing and structure. If our Adviser\u8217?s senior investment team believes an investment opportunity fits our investment profile, the Originations professional submits a non-binding term sheet to the prospective borrower.}\par \pard \qj \sb360 {\fs20\i\b Diligence Process}\par \pard \qj\fi523 \sb120 {\fs20 Assuming the non-binding term sheet submitted to the prospective borrower is subsequently executed, the investment opportunity is then subject to our Adviser\u8217?s rigorous diligence and credit analysis process, which is based on its senior investment team\u8217?s extensive experience and tailored specifically for venture growth stage companies. This process differs notably from traditional lending analysis, combining both qualitative and quantitative analysis and assessment, versus traditional, purely quantitative credit analyses. There is a heavy orientation towards a qualitative and subjective investment-oriented review, taking into account such factors as:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {venture capital investor quality, track record and expected level of participation in future financing events;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {management team experience, completeness, performance to date, and ability to perform;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {industry segment/market attractiveness and outlook, competitive dynamics, and growth potential;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {detailed assessment and analysis of the venture growth stage company\u8217?s current products or technology and future products or technology, including value proposition and return on investment to its customers and its ability to expand and grow its customer base;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {current and future financial position, including financial projections and sensitivity analyses, historical performance, cash balance and burn analysis, capitalization structure, feasibility of financial plan and underlying assumptions, break-even/profitability timing, future cash needs and future financing plans;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {stage of development and execution timeline and milestones and the likelihood and feasibility of achieving such milestones; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {transaction risk/return profile\u8212?assessing the strengths, weaknesses, risks, loan-to-value, liquidation values and outlook of the borrower compared to the structure, pricing, potential returns, likelihood of repayment and collateral structure of the proposed debt financing.}}\cell \row} \pard \qc \sb240 {\fs20 10}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage13}{\*\bkmkend eolPage13}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU13}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU13}\pard \qj\fi523 \sb120 {\fs20 {Our Adviser\u8217?s} {diligence and credit analysis process typically includes on-site visits by one of our Adviser\u8217?s Investment and Credit Analysis professionals to a prospective borrower\u8217?s headquarters and other facilities, interviews with key management and board members an} {d reference checks on senior management. In addition, the diligence process may include discussions with key industry research analysts, other industry participants, customers and suppliers, where appropriate. One of our Adviser\u8217?s professionals also review} {s the prospective borrower\u8217?s organizational documents and structure, capital structure, assets, liabilities, employee plans, key customer or supplier contracts, legal and tax matters and other relevant legal documentation. The Investment and Credit Analysi} {s professional submits a detailed credit and due diligence memorandum describing and analyzing the proposed transaction, as well as the outcome of the diligence and credit analysis activities. This memorandum is circulated to members of our Adviser\u8217?s Inves} {tment Committee in advance of its meetings.}}\par \pard \qj \sb360 {\fs20\i\b Investment Committee}\par \pard \qj\fi523 \sb120 {\fs20 The objective of our Adviser\u8217?s Investment Committee is to leverage its members\u8217? broad historical experience, including significant entrepreneurial, credit, venture capital, venture lending and leasing expertise and technology, life sciences and other high growth industries knowledge assessing the risk and needs of venture growth stage companies and appropriateness of prospective transactions, assessing the risk/return profile of proposed transactions, assessing the independent diligence and credit analysis and providing a forum for independent and unbiased thought, discussion, and assessment.}\par \pard \qj\fi523 \sb120 {\fs20 Our Adviser\u8217?s Investment Committee is comprised of Messrs.\u160?Labe and Srivastava. Some or all of the members of our Adviser\u8217?s senior investment team are asked to attend the Investment Committee meeting and are asked for a \u8220?vote,\u8221? which the Investment Committee members use as a factor in the formal Investment Committee vote. The Investment Committee meets weekly and more frequently on an as-needed basis. The applicable Originations and Investment and Credit Analysis professional presents the transaction, results of the professional\u8217?s diligence review and credit analysis and the professional\u8217?s recommendations to the Investment Committee. During the presentation, Investment Committee members typically ask questions, ask for clarifications, state opinions and assessments and make other comments. When there are no further questions and the discussions have concluded, the Investment Committee holds a vote and approves the proposed transaction if it receives unanimous consent from all of the Investment Committee members. In certain situations, the Investment Committee may ask the Originations and Investment and Credit Analysis professional to perform additional analysis and resubmit the transaction at a later Investment Committee meeting. No single criterion determines a decision to invest. The Investment Committee members weigh all the factors, both qualitative and quantitative, when making an investment decision. Our Adviser has the discretion to modify the members of the Investment Committee and its approval process at any time without our consent.}\par \pard \qj \sb360 {\fs20\b Investment Monitoring and Portfolio Management}\par \pard \qj\fi523 \sb120 {\fs20 Our Adviser utilizes an extensive internal credit tracking and monitoring approach to regularly follow a borrower\u8217?s actual financial performance and achievement of business-related milestones to ensure that the internal risk rating assigned to each borrower is appropriate. This process has been refined and validated by Messrs.\u160?Labe and Srivastava, and the track record developed by TPC since its inception and is based in part on its expertise and deep understanding of the risk associated with investing in various stages of a venture capital-backed company\u8217?s lifespan. The analysis focuses on both quantitative metrics, such as cash balance and cash burn, and our Adviser\u8217?s qualitative assessment in various areas, such as the outlook for the borrower\u8217?s industry segment, progress of product development, overall adherence to the business plan, financial condition, future growth potential and ability to raise additional equity capital. Our Adviser maintains dialogue and contact with our borrowers\u8217? management teams to discuss, among other topics, business progress, cash flow, financial condition and capital structure matters. Our Adviser also typically engages in dialogue with the venture capital investors in our borrowers to understand and assess the borrower\u8217?s progress and development and the venture capital investor\u8217?s outlook and/or level of support for our borrower and in conjunction with the Four Rs, our core investment philosophy, determines the appropriate course of action with respect to investments in borrowers on our Credit Watch List.}\par \pard \qj\fi523 \sb120 {\fs20 Each of our borrowers is assigned a \u8220?Customer Team\u8221? consisting of staff from our Adviser\u8217?s Originations, Investment and Credit Analysis, Customer Monitoring and Legal teams. We believe having a dedicated Customer Team for each borrower further strengthens the relationship we have with the borrower, which is a key component of our Adviser\u8217?s strategy and affords our Adviser consistent and continuous interaction with our borrowers. A Customer Monitoring professional is assigned to all borrowers to ensure compliance with financial statement reporting, insurance filing and timely payment requirements. These professionals review the various financial statements, compliance reports and other documents received from our borrowers on a monthly or quarterly basis, as well as publicly filed financing statements, such as UCC financing statements and press releases, and enter them into our Adviser\u8217?s proprietary client-management platform for review by the rest of the Customer Team. In the event of a missed payment or if other credit issues arise, the Customer Monitoring professional contacts other members of the Customer Team to initiate escalation procedures.}\par \pard \qc \sb240 {\fs20 11}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage14}{\*\bkmkend eolPage14}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU14}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU14}\pard \qj\fi523 \sb120 {\fs20 {On a weekly basis, our Adviser\u8217?s Investment Committee and our Adviser\u8217?s senior investment team rev} {iew material events and information on our borrowers and discuss in detail those borrowers that are performing below expectations. On a quarterly basis, or more frequently as needed, our Originations and Investment and Credit Analysis professionals underta} {ke an extensive re-evaluation of each borrower and prepare a portfolio update. Key topics that are reviewed include timing/status of the next equity financing round, cash balance and burn rate, financial and operational progress, and covenant adherence. Al} {l of these meetings are attended by each member of our Adviser\u8217?s Investment Committee, senior investment team and the Customer Team for the specific borrower being reviewed.}}\par \pard \qj\fi523 \sb120 {\fs20 If the outlook for a borrower, its industry or a borrower\u8217?s available cash balance or credit rating is deteriorating, or there is material downturn in the borrower\u8217?s standing since our last review, we change the standing of the borrower on our Credit Watch List and our Originations and Investment and Credit Analysis professionals contact the borrower and its venture capital investors to discuss and understand any changes. Our Originations and Investment and Credit Analysis professionals generally actively work to maintain an open dialogue with borrowers on the Credit Watch List to work to limit the likelihood of a default. Utilizing the Four Rs, our core investment philosophy, our Adviser assesses each borrower on our Credit Watch List and, based on the recommendations from our Originations and Investment and Credit Analysis professionals and potentially from our discussions with and representations made from the borrower\u8217?s venture capital investors, determines the appropriate course of action, including decisions to enforce our rights and remedies, modify or waive a provision of our investments, declare a default, request early pay-off, or wait for an external event, such as an acquisition or financing, to restructure a secured loan or receive additional consideration in the form of fees or warrant investments. In a worst case scenario, a member of our Customer Team sells collateral with the help of management, repossesses and auctions assets or negotiates and structures other potential outcomes. If bankruptcy is a possibility, a member of our Customer Team may utilize outside counsel to provide advice on avoiding this outcome or to minimize the adverse effects on us.}\par \pard \qj\fi523 \sb120 {\fs20 Consistent with TPC\u8217?s existing policies, our Adviser maintains a Credit Watch List with borrowers placed into five groups based upon our Adviser\u8217?s senior investment team\u8217?s judgment, where 1 is the highest rating and all new loans are generally assigned a rating of 2.}\par \pard \qj\fi523 \sb120 {\fs20 The following table shows the credit rankings for the portfolio companies that had outstanding obligations to us as of December\u160?31, 2018.}{\*\bkmkstart FIS_UNIDENTIFIED_TABLE_4}{\*\bkmkend FIS_UNIDENTIFIED_TABLE_4}\par {\pard\sl-240\par} {\trowd\trleft0\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx1747 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx1914 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx6634 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx6800 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx11520 \pard \intbl\qc \ri16 {\fs18\b Category}\cell \pard \intbl \ri16 {\fs18\b \u160?}\cell \pard \intbl\qc \ri16 {\fs18\b Category Definition}\cell \pard \intbl \ri16 {\fs18\b \u160?}\cell \pard \intbl\qc \ri16 {\fs18\b Action Item}\cell \row} {\trowd\trleft0\clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx1747 \clvertalb\clcbpat2\cellx1914 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx6634 \clvertalb\clcbpat2\cellx6800 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx11520 \pard \intbl\qc \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl\qc \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl\qc \ri16 {\fs18 \u160?}\cell \row} {\trowd\trleft0\clcbpat3\cellx1747 \clcbpat3\cellx1914 \clcbpat3\cellx6634 \clcbpat3\cellx6800 \clcbpat3\cellx11520 \pard \intbl \ri16 {\fs18\b Clear (1)}\cell \pard \intbl \ri16 {\fs18\b \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Performing above expectations and/or strong financial or enterprise profile, value or coverage.}\cell \pard \intbl\qj \ri16 {\fs18 \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Review quarterly.}\cell \row} {\trowd\trleft0\clcbpat2\cellx1747 \clcbpat2\cellx1914 \clcbpat2\cellx6634 \clcbpat2\cellx6800 \clcbpat2\cellx11520 \pard \intbl \ri16 {\fs18\b White (2)}\cell \pard \intbl \ri16 {\fs18\b \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. All new loans are initially graded White.}\cell \pard \intbl\qj \ri16 {\fs18 \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Contact portfolio company periodically in no event less than quarterly.}\cell \row} {\trowd\trleft0\clcbpat3\cellx1747 \clcbpat3\cellx1914 \clcbpat3\cellx6634 \clcbpat3\cellx6800 \clcbpat3\cellx11520 \pard \intbl \ri16 {\fs18\b Yellow (3)}\cell \pard \intbl \ri16 {\fs18\b \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Performing generally below expectations and/or some proactive concern. Adequate financial or enterprise profile, value or coverage.}\cell \pard \intbl\qj \ri16 {\fs18 \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Contact portfolio company monthly or more frequently as determined by our Adviser\u8217?s Investment Committee; contact venture capital investors.}\cell \row} {\trowd\trleft0\clcbpat2\cellx1747 \clcbpat2\cellx1914 \clcbpat2\cellx6634 \clcbpat2\cellx6800 \clcbpat2\cellx11520 \pard \intbl \ri16 {\fs18\b Orange (4)}\cell \pard \intbl \ri16 {\fs18\b \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent.}\cell \pard \intbl\qj \ri16 {\fs18 \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Contact portfolio company weekly or more frequently as determined by our Adviser\u8217?s Investment Committee; contact venture capital investors regularly; our Adviser forms a workout group to minimize risk of loss.}\cell \row} {\trowd\trleft0\clcbpat3\cellx1747 \clcbpat3\cellx1914 \clcbpat3\cellx6634 \clcbpat3\cellx6800 \clcbpat3\cellx11520 \pard \intbl \ri16 {\fs18\b Red (5)}\cell \pard \intbl \ri16 {\fs18\b \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full loss.}\cell \pard \intbl\qj \ri16 {\fs18 \u160?}\cell \pard \intbl\qj \ri16 {\fs18 Maximize value from assets.}\cell \row} \pard \qj {\fs20 \u160?}\par {\trowd\trleft1150\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx3959 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx4156 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx10218 \clvertalb\clcbpat2\cellx10366 \pard \intbl\qc \ri16 {\fs16 \u160?}\cell \pard \intbl\qc \ri16 {\fs16\b \u160?}\cell \pard \intbl\qc \ri196 {\fs16\b As of December\u160?31, 2018}\cell \pard \intbl \ri16 {\fs16\b \u160?}\cell \row} {\trowd\trleft1150\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx3959 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx4156 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx5772 \clvertalb\clcbpat2\cellx5920 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx6118 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx8000 \clvertalb\clcbpat2\cellx8148 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx8424 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx10218 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat2\cellx10366 \pard \intbl \ri16 {\fs16\b Credit\u160?Category}\par \pard \intbl \ri16 {\fs16\b (dollars\u160?in\u160?thousands)}\cell \pard \intbl\qc \ri16 {\fs16\b \u160?}\cell \pard \intbl\qc \ri36 {\fs16\b Fair\u160?Value}\cell \pard \intbl \ri16 {\fs16\b \u160?}\cell \pard \intbl\qc \ri16 {\fs16\b \u160?}\cell \pard \intbl\qc \ri36 {\fs16\b Percentage\u160?of Total Debt Investments}\cell \pard \intbl \ri16 {\fs16\b \u160?}\cell \pard \intbl \ri16 {\fs16\b \u160?}\cell \pard \intbl\qc \ri36 {\fs16\b Number\u160?of Portfolio Companies}\cell \pard \intbl \ri16 {\fs16\b \u160?}\cell \row} {\trowd\trleft1150\clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx3959 \clcbpat3\cellx4156 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx4304 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx5772 \clvertalb\clcbpat3\cellx5920 \clvertalb\clcbpat3\cellx6118 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx6534 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx8000 \clvertalb\clcbpat3\cellx8148 \clvertalb\clcbpat3\cellx8424 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx8812 \clbrdrt\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx10218 \clvertalb\clcbpat3\cellx10366 \pard \intbl \ri16 {\fs18 Clear (1)}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 $}\cell \pard \intbl\qr \ri16 {\fs20 112,032}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 27.6}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 %}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl\qr \ri16 {\fs18 7}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \row} {\trowd\trleft1150\clvertalb\clcbpat2\cellx3959 \clcbpat2\cellx4156 \clvertalb\clcbpat2\cellx4304 \clvertalb\clcbpat2\cellx5772 \clvertalb\clcbpat2\cellx5920 \clvertalb\clcbpat2\cellx6118 \clvertalb\clcbpat2\cellx6534 \clvertalb\clcbpat2\cellx8000 \clvertalb\clcbpat2\cellx8148 \clvertalb\clcbpat2\cellx8424 \clvertalb\clcbpat2\cellx8812 \clvertalb\clcbpat2\cellx10218 \clvertalb\clcbpat2\cellx10366 \pard \intbl \ri16 {\fs18 White (2)}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 245,544}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 60.6}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl\qr \ri16 {\fs18 17}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \row} {\trowd\trleft1150\clvertalb\clcbpat3\cellx3959 \clcbpat3\cellx4156 \clvertalb\clcbpat3\cellx4304 \clvertalb\clcbpat3\cellx5772 \clvertalb\clcbpat3\cellx5920 \clvertalb\clcbpat3\cellx6118 \clvertalb\clcbpat3\cellx6534 \clvertalb\clcbpat3\cellx8000 \clvertalb\clcbpat3\cellx8148 \clvertalb\clcbpat3\cellx8424 \clvertalb\clcbpat3\cellx8812 \clvertalb\clcbpat3\cellx10218 \clvertalb\clcbpat3\cellx10366 \pard \intbl \ri16 {\fs18 Yellow (3)}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 38,982}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 9.6}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl\qr \ri16 {\fs18 3}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \row} {\trowd\trleft1150\clvertalb\clcbpat2\cellx3959 \clcbpat2\cellx4156 \clvertalb\clcbpat2\cellx4304 \clvertalb\clcbpat2\cellx5772 \clvertalb\clcbpat2\cellx5920 \clvertalb\clcbpat2\cellx6118 \clvertalb\clcbpat2\cellx6534 \clvertalb\clcbpat2\cellx8000 \clvertalb\clcbpat2\cellx8148 \clvertalb\clcbpat2\cellx8424 \clvertalb\clcbpat2\cellx8812 \clvertalb\clcbpat2\cellx10218 \clvertalb\clcbpat2\cellx10366 \pard \intbl \ri16 {\fs18 Orange (4)}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 6,789}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 1.7}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 1}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \row} {\trowd\trleft1150\clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx3959 \clbrdrb\brdrs\brdrw15\brdrcf0\clcbpat3\cellx4156 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx4304 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx5772 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx5920 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx6118 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx6534 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx8000 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx8148 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx8424 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx8812 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx10218 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\clcbpat3\cellx10366 \pard \intbl \ri16 {\fs18 Red (5)}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 2,000}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 0.5}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl\qr \ri16 {\fs20 1}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \row} {\trowd\trleft1150\clbrdrb\brdrdb\brdrw50\brdrcf0\clcbpat2\cellx3959 \clbrdrb\brdrdb\brdrw50\brdrcf0\clcbpat2\cellx4156 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx4304 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx5772 \clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx5920 \clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx6118 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx6534 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx8000 \clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx8148 \clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx8424 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx8812 \clbrdrt\brdrs\brdrw15\brdrcf0\clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx10218 \clbrdrb\brdrdb\brdrw50\brdrcf0\clvertalb\clcbpat2\cellx10366 \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs20 $}\cell \pard \intbl\qr \ri16 {\fs20 405,347}\cell \pard \intbl \ri16 {\fs20 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl\qr \ri16 {\fs18 100.0}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl \ri16 {\fs18 %}\cell \pard \intbl \ri16 {\fs18 \u160?}\cell \pard \intbl\qr \ri16 {\fs18 29}\cell \pard \intbl \ri16 {\fs10 \u160?}\cell \row} \pard \qj \sb120 {\fs20 \u160? As of December\u160?31, 2018, the weighted average investment ranking of our debt investment portfolio was 1.87. During the year ended December\u160?31, 2018, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: five portfolio companies with a combined principal balance of $102.5 million were upgraded from White (2) to Clear (1); one portfolio company with a principal balance of $34.0 million was upgraded from Yellow (3) to White (2); two portfolio companies with a combined principal balance of $26.7 million were downgraded from White (2) to Yellow (3); and one portfolio company with a principal balance of $2.9 million was downgraded from Yellow (3) to Red (5).}\par \pard \qc \sb240 {\fs20 12}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage15}{\*\bkmkend eolPage15}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU15}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU15}\pard {\fs20\i\b {SBIC}}\par \pard \qj\fi523 \sb120 {\fs20 We have submitted our management assessment questionnaire and supporting documentation to receive a Small Business Investment Company, or \u8220?SBIC\u8221? {license from the U.S. Small Business Administration, or \u8220?SBA,\u8221? under Section 301(c) of the Small Business Investment Company Act of 1958, as amended, as we believe that it will further our investment strategy and enhance our returns.\u160?\u160?The SBIC license would allow our SBIC to obtain leverage by issuing SBA-guaranteed debentures subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA regulations currently limit the amount that a SBIC may borrow to a maximum of $150 million when it has at least $75 million in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. \u160?SBA-guaranteed debentures generally have longer maturities and lower interest rates than other forms of debt that may be available to us, and we believe therefore would represent an attractive source of debt capital.\u160?} There is no assurance that our application for an SBIC license will be approved, or that, if approved, we will be able to draw up to the maximum amount of leverage funds available under the SBIC program.}\par \pard \qj \sb360 {\fs20\b Competition}\par \pard \qj\fi523 \sb120 {\fs20 Debt financing for venture capital-backed companies is particularly heterogeneous\u8212?the type, structures and sizes of debt financings often vary significantly depending on a particular company\u8217?s industry and its current or near-term stage of development. The profile and underwriting characteristics of an early stage venture capital-backed company are very different from those of a later stage venture capital-backed company and/or those of a venture growth stage company. Furthermore, within venture growth stage companies, the uses, structures and value propositions of debt financing vary considerably among companies and industries and require a high degree of venture lending and leasing expertise and technology, life sciences and other high growth industries knowledge, specialization and flexibility from a lender. The availability of debt financing for venture growth stage companies is further limited by factors such as the brand, reputation and market acceptance, industry relationships, track record, and other factors required to lend to companies backed by leading venture capital investors, in addition to the distinct credit profiles of these companies and the deep experience and specialized set of skills required to (i)\u160?source deal flow and receive investment referrals; (ii)\u160?evaluate high growth industries and sectors, business prospects, operating characteristics and collateral; (iii)\u160?analyze potential transactions; and (iv)\u160?customize unconventional transaction structures for these companies.}\par \pard \qj\fi523 \sb120 {\fs20 We believe that venture-oriented banks tend to be the primary form of traditional lenders participating in the market for venture growth stage companies and that they generally focus on providing lower risk and lower return financings, which tend to require and impose many restrictive covenants and conditions on borrowers, such as limitations on outflows and borrowing formulas and requiring a significant depository relationship to facilitate rapid liquidation. In addition, we believe that most existing non-traditional debt providers do not regularly or actively participate in venture growth stage lending due to their reluctance to underwrite the large financings required by venture growth stage companies, as well as the desire of these providers to structure deals with lower current return but with the potential for significantly higher equity upside through warrant investments by lending to companies with lower valuations than would be possible in the venture growth stage lending market. As a result, most existing providers of debt financing tend to focus on seed, early and late stage venture capital-backed companies instead of venture growth stage companies.}\par \pard \qj\fi523 \sb120 {\fs20 Our competitors include both existing and newly formed equity and debt focused public and private funds, other BDCs, investment banks, venture-oriented banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than us. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which expose them to a wider variety of investments. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or to the distribution and other requirements we must satisfy to maintain our ability to be subject to tax treatment as a RIC.}\par \pard \qj\fi523 \sb120 {\fs20 We believe we compete effectively with these entities primarily on the basis of TPC\u8217?s reputation, track record, experience, industry knowledge and relationships and our Adviser\u8217?s senior investment team\u8217?s contacts, efficient investment analysis, decision-making processes, creative financing products and highly customized investment terms. We believe that the Four Rs, our core investment philosophy, enable us to continue to grow our brand name reputation and differentiate us from our competitors. We do not compete primarily on the financing terms we offer and believe that some competitors make loans with rates that are comparable or lower than our rates. We also believe that our relationship-based approach to investing, which leverages our Adviser\u8217?s senior investment team\u8217?s expertise in developing strong relationships with venture capital investors and venture capital-backed companies, understanding the capital needs of venture growth stage companies, structuring and customizing attractive financing solutions to meet the financing needs throughout a company\u8217?s growth stage, enables us to identify, attract and proactively capitalize on venture growth stage companies\u8217? debt needs as they grow and become successful enterprises.\u160?\u160?}\par \pard \qj \sb360 {\fs20\b Employees}\par \pard \qj\fi523 \sb120 {\fs20 We do not have any employees as our day-to-day investment operations are managed by our Adviser. We reimburse our Administrator for our allocable portion of expenses incurred pursuant to our Administration Agreement.\u160?\u160?}\par \pard \qc \sb240 {\fs20 13}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage16}{\*\bkmkend eolPage16}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU16}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU16}\pard \qj \sb360 {\fs20\b {Management Agreements}}\par \pard \qj \sb240 {\fs20\i\b Investment Advisory Agreement}\par \pard \qj\fi523 \sb120 {\fs20 Subject to the overall supervision of our Board and in accordance with the 1940 Act, our Adviser manages our day-to-day operations and provides investment advisory services to us. Under the terms of the Investment Advisory Agreement, our Adviser:}\par {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {identifies, evaluates and negotiates the structure of the investments we make;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {executes, closes, services and monitors the investments we make;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {determines the securities and other assets that we will purchase, retain or sell;}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {performs due diligence on prospective investments; and}}\cell \row} {\trowd\trleft0\cellx540 \cellx1080 \cellx11520 \pard \intbl\qj \ri16 {\fs20 \u160?}\cell \pard \intbl\qj \ri16 {\fs20 {\u8226?}}\cell \pard \intbl\qj \ri16 {\fs20 {provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.}}\cell \row} \pard \qj\fi523 \sb120 {\fs20 Pursuant to the Investment Advisory Agreement, we have agreed to pay our Adviser a fee for its investment advisory and management services consisting of two components\u8212?a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately borne by our stockholders.}\par \pard \qj \sb360 {\fs20\b {\ul Base Management Fee}}\par \pard \qj\fi523 \sb120 {\fs20 The base management fee is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed funds. For services rendered under the Investment Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of our gross assets at the end of our two most recently completed calendar quarters. Such amount is appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. Base management fees for any partial month or quarter are appropriately pro-rated.}\par \pard \qj \sb360 {\fs20\b {\ul Incentive Fee}}\par \pard \qj\fi523 \sb120 {\fs20 The incentive fee, which provides our Adviser with a share of the income that it generates for us, consists of two components\u8212?investment income and capital gains\u8212?which are largely independent of each other, with the result that one component may be payable even if the other is not payable.}\par \pard \qj\fi523 \sb120 {\fs20 Under the investment income component, we pay our Adviser each quarter 20.0% of the amount by which our pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a \u8220?catch-up\u8221? provision pursuant to which our Adviser receives all of such income in excess of the 2.0% level but less than 2.5% and subject to a total return requirement. The effect of the \u8220?catch-up\u8221? 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, our Adviser receives 20.0% of our 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 our 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 our election to be regulated as a BDC (March\u160?5, 2014) exceeds the cumulative incentive fees accrued and/or paid since March\u160?5, 2014. In other words, any investment income incentive fee that is payable in a calendar quarter is limited to the lesser of (i)\u160?20.0% of the amount by which our pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the \u8220?catch-up\u8221? provision and (ii)\u160?(x)\u160?20.0% of the cumulative net increase in net assets resulting from operations since March\u160?5, 2014 minus (y)\u160?the cumulative incentive fees accrued and/or paid since March\u160?5, 2014. For the foregoing purpose, the \u8220?cumulative net increase in net assets resulting from operations\u8221? is the sum of our pre-incentive fee net investment income, realized gains and losses and unrealized gains and losses since March\u160?5, 2014.}\par \pard \qc \sb240 {\fs20 14}\par \pard \li15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage17}{\*\bkmkend eolPage17}\par \pard \pagebb {\fs20 \u160?}\par {\*\bkmkstart TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU17}{\*\bkmkend TPVG_10K_20181231_HTM__AEIOULASTRENDEREDPAGEBREAKAEIOU17}\pard \qj\fi523 \sb120 {\fs20 {Pre-incentive fee net investment income 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 we may pay an incentive fee in a quarter where we incur a loss, subject to the total return requirement described in the preceding paragraph. For example, if we receive pre-ince} {ntive fee net investment income in excess of the quarterly minimum hurdle rate, we will pay the applicable incentive fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses. Our net investment income used to calcul} {ate this component of the incentive fee is also included in the amount of our 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 issuanc} {e or repurchase during the current quarter.}}\par \pard \qj\fi523 \sb120 {\fs20 The following is a graphical representation of the calculation of the income-related portion of the incentive fee.}\par \pard \qc \sb360 {\fs20\i\b Quarterly Incentive Fee Based on Net Investment Income}\par \pard \qc {\fs20\b Pre-incentive fee net investment income (expressed as a percentage of the value of net assets)}\par \pard \qj {\fs20 \u160?}\par \pard \qc {\fs24 {\pict\jpegblip\pichgoal1920\picwgoal9075\bin6542 ÿØÿà JFIF ` ` ÿÛ C $.' 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