UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________________________________________________________________
Form 10-Q
________________________________________________________________________________________________________________________________________________

(Mark One)	
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
OR

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
FOR THE TRANSITION PERIOD FROM                      TO                     
COMMISSION FILE NUMBER: 814-01044
________________________________________________________________________________________________________________________________________________
TriplePoint Venture Growth BDC Corp.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________________________________________________________________

MARYLAND		46-3082016	
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)	
2755 Sand Hill Road, Suite 150, Menlo Park, California 94025
(Address of principal executive office)
(650) 854-2090
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered	
Common Stock, par value $0.01 per share		TPVG		The New York Stock Exchange	
________________________________________________________________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x   No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨	
Non-accelerated filer	x	Smaller reporting company	¨	
Emerging growth company	¨			
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ¨    No    x
There were 31,073,839 shares of the Registrant’s common stock outstanding as of August 3, 2022.

	

TriplePoint Venture Growth BDC Corp.
TABLE OF CONTENTS

		Page	
PART I. FINANCIAL INFORMATION		
Item 1.	Financial Statements (unaudited)	1	
	Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and December 31, 2021	1	
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)	2	
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)	3	
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)	4	
	Consolidated Schedules of Investments as of June 30, 2022 (unaudited) and December 31, 2021	5	
	Notes to Consolidated Financial Statements (unaudited)	32	
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51	
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	67	
Item 4.	Controls and Procedures	68	
PART II. OTHER INFORMATION		
Item 1.	Legal Proceedings	70	
Item 1A.	Risk Factors	70	
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70	
Item 3.	Defaults Upon Senior Securities	70	
Item 4.	Mine Safety Disclosures	70	
Item 5.	Other Information	70	
Item 6.	Exhibits	71	
	Signatures	72	

PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)

	June 30, 2022		December 31, 2021	
	(unaudited)			
Assets				
Investments at fair value (amortized cost of $880,287 and $837,849, respectively)	$	876,718 			$	865,340 		
Cash and cash equivalents	43,098 			51,272 		
Restricted cash	— 			7,875 		
Deferred credit facility costs	1,721 			2,170 		
Prepaid expenses and other assets	522 			1,013 		
Total assets	$	922,059 			$	927,670 		
				
Liabilities				
Revolving Credit Facility	$	105,000 			$	200,000 		
2025 Notes, net	69,442 			69,348 		
2026 Notes, net	198,377 			198,155 		
2027 Notes, net	123,703 			— 		
Base management fee payable	3,901 			3,265 		
Income incentive fee payable	3,163 			3,227 		
Other accrued expenses and liabilities	14,149 			19,184 		
Total liabilities	$	517,735 			$	493,179 		
Commitments and Contingencies (Note 7)				
				
Net assets				
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)	$	— 			$	— 		
Common stock, par value $0.01 per share	311 			310 		
Paid-in capital in excess of par value	415,095 			414,218 		
Total distributable earnings (loss)	(11,082)			19,963 		
Total net assets	$	404,324 			$	434,491 		
Total liabilities and net assets	$	922,059 			$	927,670 		
				
Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)	31,074 			31,011 		
Net asset value per share	$	13.01 			$	14.01 		

See accompanying notes to consolidated financial statements.

1

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)

	For the Three Months Ended June 30,		For the Six Months Ended June 30,	
	2022		2021		2022		2021	
Investment income								
Interest income from investments	$	26,995 			$	19,743 			$	52,928 			$	38,933 		
Other income								
Expirations / terminations of unfunded commitments	— 			18 			44 			346 		
Other fees	433 			561 			1,805 			1,016 		
Total investment and other income	27,428 			20,322 			54,777 			40,295 		
								
Operating expenses								
Base management fee	3,901 			3,146 			7,618 			6,070 		
Income incentive fee	3,163 			2,351 			6,550 			4,578 		
Interest expense and amortization of fees	6,126 			4,138 			11,225 			8,489 		
Administration agreement expenses	501 			470 			1,080 			988 		
General and administrative expenses	1,083 			814 			2,103 			1,860 		
Total operating expenses	14,774 			10,919 			28,576 			21,985 		
								
Net investment income	12,654 			9,403 			26,201 			18,310 		
								
Net realized and unrealized gains/(losses)								
Net realized gains (losses) on investments	(745)			55 			(3,850)			(15,642)		
Net change in unrealized gains (losses) on investments	(26,322)			3,209 			(31,059)			21,858 		
Net realized loss on extinguishment of debt	— 			(681)			— 			(681)		
Net realized and unrealized gains/(losses)	(27,067)			2,583 			(34,909)			5,535 		
								
Net increase (decrease) in net assets resulting from operations	$	(14,413)			$	11,986 			$	(8,708)			$	23,845 		
								
Basic and diluted net investment income per share	$	0.41 			$	0.30 			$	0.84 			$	0.59 		
Basic and diluted net increase (decrease) in net assets per share	$	(0.46)			$	0.39 			$	(0.28)			$	0.77 		
Basic and diluted weighted average shares of common stock outstanding	31,037 			30,917 			31,024 			30,899 		
								
Total basic and diluted distributions declared per share	$	0.36 			$	0.36 			$	0.72 			$	0.72 		

See accompanying notes to consolidated financial statements.

2

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)

			Paid-in capital in excess of par value		Total distributable earnings (loss)		Net assets	
	Common stock							
	Shares		Par value							
Balance as of March 31, 2021	30,917 			$	309 			$	413,138 			$	(11,647)			$	401,800 		
Net increase (decrease) in net assets resulting from operations	— 			— 			— 			11,986 			11,986 		
Distributions reinvested in common stock	33 			— 			471 			— 			471 		
Distributions from distributable earnings	— 			— 			— 			(11,129)			(11,129)		
Balance as of June 30, 2021	30,950 			$	309 			$	413,609 			$	(10,790)			$	403,128 		
										
Balance as of March 31, 2022	31,037 			$	310 			$	414,644 			$	14,505 			$	429,459 		
Net increase (decrease) in net assets resulting from operations	— 			— 			— 			(14,413)			(14,413)		
Distributions reinvested in common stock	37 			1 			451 			— 			452 		
Distributions from distributable earnings	— 			— 			— 			(11,174)			(11,174)		
Balance as of June 30, 2022	31,074 			$	311 			$	415,095 			$	(11,082)			$	404,324 		
										
Balance as of December 31, 2020	30,871 			$	309 			$	412,514 			$	(12,388)			$	400,435 		
Net increase (decrease) in net assets resulting from operations	— 			— 			— 			23,845 			23,845 		
Distributions reinvested in common stock	79 			— 			1,095 			— 			1,095 		
Distributions from distributable earnings	— 			— 			— 			(22,247)			(22,247)		
Balance as of June 30, 2021	30,950 			$	309 			$	413,609 			$	(10,790)			$	403,128 		
										
Balance as of December 31, 2021	31,011 			$	310 			$	414,218 			$	19,963 			$	434,491 		
Net increase (decrease) in net assets resulting from operations	— 			— 			— 			(8,708)			(8,708)		
Distributions reinvested in common stock	63 			1 			877 			— 			878 		
Distributions from distributable earnings	— 			— 			— 			(22,337)			(22,337)		
Balance as of June 30, 2022	31,074 			$	311 			$	415,095 			$	(11,082)			$	404,324 		

See accompanying notes to consolidated financial statements.

3

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)

	For the Six Months Ended June 30,	
	2022		2021	
Cash Flows from Operating Activities:				
Net increase (decrease) in net assets resulting from operations	$	(8,708)			$	23,845 		
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:				
Fundings and purchases of investments	(222,606)			(137,107)		
Principal payments and proceeds from investments	186,982 			135,149 		
Payment-in-kind interest on investments	(2,935)			(4,213)		
Net change in unrealized (gains) losses on investments	31,059 			(21,858)		
Net realized (gains) losses on investments	3,850 			15,642 		
Amortization and (accretion) of premiums and discounts, net	(6,403)			(1,926)		
(Accretion) reduction of end-of-term payments, net of prepayments	(1,324)			376 		
Amortization of debt fees and issuance costs	865 			1,185 		
Net realized loss on extinguishment of debt	— 			681 		
Change in operating assets and liabilities:				
Prepaid expenses and other assets	491 			117 		
Base management fee payable	636 			79 		
Income incentive fee payable	(64)			(431)		
Other accrued expenses and liabilities	(5,035)			(3,314)		
Net cash (used in) provided by operating activities	(23,192)			8,225 		
Cash Flows from Financing Activities:				
Borrowings under revolving credit facility	150,000 			68,000 		
Repayments under revolving credit facility	(245,000)			(186,000)		
Distributions paid	(21,460)			(24,239)		
Deferred credit facility costs	— 			(226)		
Proceeds from issuance of 2027 Notes	125,000 			— 		
Debt issuance costs 2027 Notes	(1,397)			— 		
Proceeds from issuance of 2026 Notes	— 			200,000 		
Debt issuance costs 2026 Notes	— 			(2,214)		
Repayment of 2022 Notes	— 			(74,750)		
Debt extinguishment costs	— 			(30)		
Net cash provided by (used in) financing activities	7,143 			(19,459)		
Net change in cash, cash equivalents and restricted cash	(16,049)			(11,234)		
Cash, cash equivalents and restricted cash at beginning of period	59,147 			44,677 		
Cash, cash equivalents and restricted cash at end of period	$	43,098 			$	33,443 		
				
	For the Six Months Ended June 30,	
	2022		2021	
Cash and cash equivalents	$	43,098 			$	33,443 		
Restricted cash	— 			— 		
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	43,098 			$	33,443 		
				
Supplemental Disclosures of Cash Flow Information:				
Cash paid for interest	$	7,899 			$	5,193 		
Distributions reinvested	$	877 			$	1,095 		
Excise tax paid	$	337 			$	478 		

See accompanying notes to consolidated financial statements.

4

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Debt Investments													
													
Application Software													
Flo Health UK Limited(1)(3)		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)		5/17/2022		$	8,333 			$	8,217 			$	8,217 			5/31/2024	
Total Application Software - 2.03%*				8,333 			8,217 			8,217 				
													
Business Applications Software													
Arcadia Power, Inc.		Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)		12/16/2021		7,000 			6,981 			6,937 			12/31/2024	
		Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)(2)		5/6/2022		11,000 			10,891 			10,759 			11/30/2026	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)		6/29/2022		7,000 			6,801 			6,721 			12/31/2026	
						25,000 			24,673 			24,417 				
FlashParking, Inc.		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)		6/15/2021		20,000 			19,765 			19,765 			6/30/2024	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)		9/24/2021		338 			337 			337 			9/30/2023	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)		9/28/2021		547 			544 			544 			9/30/2023	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)		10/27/2021		278 			276 			276 			10/31/2023	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)(2)		1/21/2022		347 			342 			342 			1/31/2024	
						21,510 			21,264 			21,264 				
Hi.Q, Inc.		Growth Capital Loan (11.75% interest rate, 2.00% EOT payment)		12/17/2018		13,250 			13,369 			13,303 			6/30/2024	
		Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 1.00% EOT payment)		12/31/2020		6,867 			6,862 			6,862 			8/31/2025	
		Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 5.00% EOT payment)(2)		5/6/2022		5,000 			4,864 			4,864 			5/31/2025	
						25,117 			25,095 			25,029 				
OneSource Virtual, Inc.		Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)		11/5/2019		2,549 			2,624 			2,631 			11/30/2023	
		Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)		1/31/2020		1,695 			1,738 			1,744 			1/31/2024	
						4,244 			4,362 			4,375 				
Uniphore Technologies Inc.		Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)		12/22/2021		7,000 			6,981 			6,934 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)		12/22/2021		7,000 			6,981 			6,934 			12/31/2024	
						14,000 			13,962 			13,868 				
Total Business Applications Software - 22.00%*				89,871 			89,356 			88,953 				
													
Business Products and Services													
Cart.com, Inc.		Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)		12/30/2021		20,000 			19,588 			19,588 			12/31/2025	
Quick Commerce Ltd(1)(3)		Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)		5/4/2022		21,000 			20,408 			20,408 			5/31/2025	
RenoRun US Inc.(1)(3)		Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)(2)		12/30/2021		2,250 			2,189 			2,189 			12/31/2025	
		Convertible Note (4.00% interest rate)(2)		12/30/2021		625 			625 			625 			12/30/2023	
						2,875 			2,814 			2,814 				
Total Business Products and Services - 10.59%*				43,875 			42,810 			42,810 				

5

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Business/Productivity Software													
Forum Brands, LLC		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)		7/6/2021		$	5,796 			$	5,781 			$	5,755 			7/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)		7/21/2021		438 			437 			435 			7/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)		8/10/2021		525 			522 			519 			8/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		10/6/2021		2,430 			2,402 			2,389 			10/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		11/2/2021		1,578 			1,555 			1,546 			11/30/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		11/2/2021		4,233 			4,173 			4,149 			11/30/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		12/28/2021		1,414 			1,387 			1,379 			12/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		12/28/2021		540 			530 			527 			12/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		12/28/2021		95 			93 			93 			12/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		1/28/2022		3,060 			2,994 			2,975 			1/31/2024	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		4/14/2022		1,166 			1,132 			1,124 			4/30/2024	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		4/14/2022		439 			426 			423 			4/30/2024	
						21,714 			21,432 			21,314 				
Metropolis Technologies, Inc.		Growth Capital Loan (Prime + 4.34% cash interest rate + 4.16% PIK interest, 11.75% floor, 7.00% EOT payment)(2)		3/30/2022		25,128 			24,887 			24,887 			3/31/2027	
Total Business/Productivity Software - 11.43%*				46,842		46,319		46,201			
													
Consumer Finance													
Activehours, Inc. (d/b/a Earnin)		Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)		10/8/2020		6,000 			6,101 			6,068 			10/31/2023	
		Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)		9/30/2021		9,000 			8,942 			8,866 			9/30/2024	
						15,000 			15,043 			14,934 				
The Aligned Company (f/k/a Thingy Thing Inc.)		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)		10/27/2021		2,000 			1,997 			1,997 			4/30/2025	
Total Consumer Finance - 4.19%*				17,000 			17,040 			16,931 				
													
Consumer Non-Durables													
Alyk, Inc.		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)		6/16/2021		2,500 			2,518 			2,518 			6/30/2025	
Don't Run Out, Inc.		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)		12/30/2021		1,000 			990 			990 			6/30/2025	
Imperfect Foods, Inc.		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)		9/30/2020		19,000 			19,140 			19,009 			9/30/2024	
		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)(2)		9/30/2021		6,000 			5,970 			5,909 			9/30/2025	
						25,000 			25,110 			24,918 				
Underground Enterprises, Inc.		Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)		5/18/2022		2,250 			2,230 			2,230 			11/30/2024	
		Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)		6/9/2022		1,500 			1,488 			1,488 			3/31/2025	
						3,750 			3,718 			3,718 				
Total Consumer Non-Durables - 7.95%*				32,250 			32,336 			32,144 				

6

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Consumer Products and Services											
Baby Generation, Inc.		Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)(2)		1/26/2022		$	1,875 			$	1,871 			$	1,871 			1/31/2025	
Clutter Inc.		Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 6.00% EOT payment)		12/23/2020		2,302 			2,382 			2,382 			12/31/2023	
		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.00% EOT payment)		3/26/2021		4,342 			4,494 			4,494 			3/31/2024	
						6,644 			6,876 			6,876 				
Foodology Inc.(1)(3)		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)		4/8/2022		249 			244 			244 			4/30/2025	
		Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)(2)		4/8/2022		170 			168 			168 			10/31/2022	
		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)		5/16/2022		605 			591 			591 			5/31/2025	
		Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)		5/24/2022		4,000 			3,904 			3,904 			5/31/2025	
						5,024 			4,907 			4,907 				
everdrop GmbH(1)(3)		Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 2.00% EOT payment)(2)		2/24/2022		224 			218 			203 			2/28/2025	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 2.00% EOT payment)(2)		4/5/2022		146 			142 			136 			4/30/2025	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 2.00% EOT payment)(2)		4/27/2022		141 			137 			135 			4/30/2025	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.83% EOT payment)(2)		6/6/2022		107 			105 			102 			6/30/2025	
						618 			602 			576 				
Good Eggs, Inc.		Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)(2)		8/12/2021		6,000 			5,988 			5,988 			8/31/2025	
		Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 6.00% EOT payment)(2)		5/26/2022		7,000 			6,687 			6,687 			5/31/2025	
						13,000 			12,675 			12,675 				
Hydrow, Inc.		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)		2/9/2021		3,350 			3,426 			3,426 			12/31/2024	
		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)		2/9/2021		6,700 			6,750 			6,750 			12/31/2024	
		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)		8/10/2021		7,475 			7,536 			7,536 			2/28/2025	
		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)		8/31/2021		7,475 			7,527 			7,527 			2/28/2025	
						25,000 			25,239 			25,239 				
JOKR S.à r.l.(1)(3)		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)		11/3/2021		3,000 			2,832 			2,832 			11/30/2025	
		Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)		11/2/2021		504 			499 			499 			10/13/2022	
						3,504 			3,331 			3,331 				
Mystery Tackle Box, Inc. (d/b/a Catch Co.)		Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 9.25% EOT payment)(2)		4/29/2022		5,000 			4,919 			4,919 			1/31/2025	
Nakdcom One World AB(1)(3)		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)		6/6/2022		5,365 			5,062 			4,929 			6/30/2026	
Outdoor Voices, Inc.		Growth Capital Loan (Prime + 5.75% interest rate, 11.00% floor, 11.75% EOT payment)		2/26/2019		4,000 			4,316 			4,316 			2/29/2024	
		Growth Capital Loan (Prime + 5.75% interest rate, 11.00% floor, 10.55% EOT payment)		4/4/2019		2,000 			2,104 			2,104 			2/29/2024	
						6,000 			6,420 			6,420 				
Project 1920, Inc.		Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.50% EOT payment)(2)		3/25/2022		2,000 			1,975 			1,961 			3/31/2025	
		Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)		3/25/2022		1,350 			1,357 			1,353 			3/25/2023	
						3,350 			3,332 			3,314 				
Tempo Interactive Inc.		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)		4/27/2022		18,750 			18,650 			18,650 			4/30/2025	
The Black Tux, Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)		11/5/2021		10,000 			9,878 			9,878 			5/31/2026	

7

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Untitled Labs, Inc.		Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)		6/23/2022		$	4,167 			$	4,066 			$	4,025 			6/30/2026	
VanMoof Global Holding B.V.(1)(3)		Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)		2/1/2021		8,189 			8,184 			7,021 			1/31/2025	
		Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)		5/27/2021		4,164 			4,136 			3,533 			5/31/2025	
		Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)		1/31/2022		1,935 			1,895 			1,759 			1/31/2026	
						14,288 			14,215 			12,313 				
Total Consumer Products and Services - 29.66%*				122,585 			122,043 			119,923 				
													
Database Software													
Sisense, Inc.		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)(2)		12/28/2021		13,000 			12,945 			12,945 			6/30/2024	
Total Database Software - 3.20%*				13,000 			12,945 			12,945 				
													
E-Commerce - Clothing and Accessories											
Dia Styling Co.		Growth Capital Loan (Prime + 4.25% interest rate, 9.75% floor, 8.25% EOT payment)(2)		6/30/2022		5,000 			5,000 			5,000 			6/30/2025	
FabFitFun, Inc.		Growth Capital Loan (Prime + 7.75% interest rate, 11.25% floor, 6.75% EOT payment)		9/29/2021		24,167 			23,636 			23,636 			3/31/2025	
Minted, Inc.		Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)		6/15/2022		16,500 			16,507 			16,507 			6/30/2027	
		Revolver (Prime + 6.50% interest rate, 10.00% floor)(2)		6/15/2022		5,100 			5,018 			5,018 			6/15/2025	
						21,600 			21,525 			21,525 				
Outfittery GMBH(1)(3)		Growth Capital Loan (11.00% PIK interest, 9.00% EOT payment)(2)		1/8/2021		19,825 			22,186 			19,693 			1/1/2024	
		Revolver (9.00% PIK interest, 5.00% EOT payment)(2)		3/5/2020		3,448 			3,697 			3,440 			1/1/2024	
						23,273 			25,883 			23,133 				
TFG Holding, Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)		12/4/2020		10,500 			10,591 			10,591 			12/31/2023	
		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)		12/21/2021		7,000 			6,799 			6,799 			12/31/2024	
		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)		3/31/2022		7,000 			6,788 			6,788 			9/30/2025	
						24,500 			24,178 			24,178 				
Trendly, Inc.		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)		5/27/2021		19,500 			19,567 			19,567 			11/30/2024	
		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)		6/7/2022		3,000 			2,909 			2,909 			12/31/2025	
		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)		6/7/2022		5,500 			5,439 			5,439 			12/31/2025	
						28,000 			27,915 			27,915 				
Total E-Commerce - Clothing and Accessories - 33.01%*				126,540 			128,137 			125,387 				
													
E-Commerce - Personal Goods													
Merama Inc.		Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)		5/17/2021		4,168 			4,172 			4,172 			6/30/2024	
		Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)		6/30/2021		1,951 			1,948 			1,948 			6/30/2024	
		Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)		8/4/2021		4,163 			4,140 			4,140 			8/31/2024	
Total E-Commerce - Personal Goods - 2.54%*				10,282 			10,260 			10,260 				

8

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Entertainment													
Luminary Roli Limited(1)(3)(7)		Growth Capital Loan(2)		8/31/2021		$	35,492 			$	29,530 			$	9,152 			8/31/2026	
Mind Candy Limited(1)(3)		Growth Capital Loan (12.00% PIK interest)(2)		6/25/2014		17,163 			17,163 			15,699 			7/31/2022	
		Growth Capital Loan (9.00% PIK interest)(2)		3/17/2020		1,231 			1,232 			1,203 			3/31/2023	
		Growth Capital Loan (9.00% PIK interest)(2)		12/21/2020		1,149 			1,149 			1,096 			12/31/2023	
						19,543 			19,544 			17,998 				
Total Entertainment - 6.71%*						55,035 			49,074 			27,150 				
													
Financial Institution and Services											
Prodigy Investments Limited(1)(3)		Growth Capital Loan (8.00% interest rate)(2)		12/31/2020		32,349 			31,721 			31,524 			12/31/2025	
Total Financial Institution and Services - 7.80%*				32,349 			31,721 			31,524 				
													
Food & Drug													
Capsule Corporation		Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)		12/30/2020		15,000 			15,264 			15,264 			12/31/2024	
Total Food & Drug - 3.78%*				15,000 			15,264 			15,264 				
													
Healthcare Technology Systems													
Medly Health Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)		12/11/2020		5,000 			5,065 			5,065 			12/31/2023	
		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)		12/11/2020		5,000 			5,065 			5,065 			12/31/2023	
		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 6.75% EOT payment)(2)		3/25/2022		20,000 			19,746 			19,746 			9/30/2025	
						30,000 			29,876 			29,876 				
Thirty Madison, Inc. (f/k/a Nurx Inc.)		Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 7.75% EOT payment)		11/5/2019		10,197 			11,267 			11,267 			11/30/2023	
		Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)		12/31/2020		10,000 			10,191 			10,117 			12/31/2025	
						20,197 			21,458 			21,384 				
Total Healthcare Technology Systems - 12.68%*				50,197 			51,334 			51,260 				
													
Multimedia and Design Software											
Pencil and Pixel, Inc.(7)		Growth Capital Loan (11.75% interest rate, 7.00% EOT payment)		3/20/2020		10,000 			10,363 			1,500 			3/31/2024	
		Growth Capital Loan (10.25% interest rate, 6.25% EOT payment)(2)		12/31/2020		5,000 			5,044 			750 			12/31/2024	
Total Multimedia and Design Software - 0.56%*				15,000 			15,407 			2,250 				
													
Other Financial Services													
Jerry Services, Inc.		Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)		6/13/2022		10,000 			9,848 			9,729 			9/30/2025	
Monzo Bank Limited(1)(3)		Growth Capital Loan (12.00% interest rate)(2)		3/8/2021		7,035 			6,851 			5,837 			3/8/2031	
Total Other Financial Services - 3.85%*				17,035 			16,699 			15,566 				

9

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Real Estate Services													
Demain ES (d/b/a Luko)(1)(3)		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)		12/28/2021		$	4,535 			$	4,447 			$	4,099 			12/28/2024	
		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)		12/28/2021		5,669 			5,559 			5,124 			12/28/2024	
						10,204 			10,006 			9,223 				
Homeward, Inc.		Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)(2)		12/30/2021		10,000 			9,934 			9,934 			6/30/2024	
Mynd Management, Inc.		Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)		5/25/2022		6,000 			6,016 			6,016 			5/31/2024	
True Footage Inc.		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/3/2021		250 			247 			245 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)		12/3/2021		800 			789 			781 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/3/2021		220 			217 			215 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)		12/13/2021		105 			104 			103 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/13/2021		440 			434 			430 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/15/2021		208 			205 			203 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)		12/15/2021		150 			148 			147 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)		12/15/2021		1,372 			1,352 			1,339 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)		12/21/2021		760 			749 			742 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)		1/31/2022		170 			167 			166 			1/31/2025	
		Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)		2/25/2022		115 			114 			112 			2/28/2025	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)		3/15/2022		300 			294 			291 			3/31/2025	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)		4/22/2022		1,110 			1,085 			1,073 			4/30/2025	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)		4/22/2022		990 			980 			970 			4/30/2025	
		Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)		5/23/2022		216 			213 			211 			5/31/2025	
						7,206 			7,098 			7,028 				
Total Real Estate Services - 7.96%*				33,410 			33,054 			32,201 				
													
Security Services													
ForgeRock, Inc.		Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)		3/27/2019		10,000 			10,427 			10,427 			9/30/2025	
		Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)		9/30/2019		10,000 			10,328 			10,328 			12/31/2025	
		Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)		12/23/2019		10,000 			10,291 			10,291 			12/31/2025	
Total Security Services - 7.68%*				30,000 			31,046 			31,046 				
													
Shopping Facilitators													
Moda Operandi, Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)		12/30/2021		27,500 			27,700 			27,700 			6/30/2024	
Total Shopping Facilitators - 6.85%*				27,500 			27,700 			27,700 				
													
Travel & Leisure													
GoEuro Corp.(1)(3)		Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)		10/30/2019		20,000 			20,866 			20,796 			10/31/2023	
		Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)		3/27/2020		10,000 			10,316 			10,265 			3/31/2024	
Total Travel & Leisure - 7.68%*						30,000 			31,182 			31,061 				
													
Total Debt Investments - 190.14%*				$	816,104 			$	811,944 			$	768,793 				

10

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Warrant Investments(8)											
											
Advertising / Marketing											
InMobi Pte Ltd.(1)(3)		Ordinary Shares(2)		12/13/2013		48,500 			$	35 			$	13 		
Total Advertising / Marketing - 0.00%*								35 			13 		
											
Application Software											
Flo Health, Inc.(1)(3)		Preferred Stock(2)		5/10/2022		14,536 			123 			123 		
Total Application Software - 0.03%*								123 			123 		
											
Building Materials/Construction Machinery											
View, Inc.		Common Stock(2)		6/13/2017		105,682 			500 			— 		
Total Building Materials/Construction Machinery - 0.00%*						500 			— 		
											
Business Applications Software											
Arcadia Power, Inc.		Preferred Stock		12/10/2021		55,458 			138 			486 		
		Preferred Stock(2)		6/29/2022		27,714 			164 			164 		
								302 			650 		
DialPad, Inc.		Preferred Stock(2)		8/3/2020		28,980 			102 			117 		
Envoy, Inc.		Preferred Stock(2)		5/8/2020		35,893 			82 			401 		
Farmer's Business Network, Inc.		Preferred Stock(2)		1/3/2020		37,666 			33 			1,086 		
Filevine, Inc.		Preferred Stock(2)		4/20/2021		186,160 			38 			294 		
FinancialForce.com, Inc.		Preferred Stock(2)		6/20/2016		547,440 			1,540 			2,480 		
FlashParking, Inc.		Preferred Stock		6/15/2021		210,977 			810 			1,253 		
Hi.Q, Inc.		Preferred Stock		12/17/2018		606,952 			196 			886 		
		Preferred Stock		12/31/2020		114,319 			125 			118 		
								321 			1,004 		
Narvar, Inc.		Preferred Stock(2)		8/28/2020		21,790 			102 			102 		
OneSource Virtual, Inc.		Preferred Stock		6/25/2018		70,773 			161 			456 		
Passport Labs, Inc.		Preferred Stock(2)		9/28/2018		21,929 			303 			590 		
Quantcast Corporation		Cash Exit Fee(2)(5)		8/9/2018				213 			161 		
Uniphore Technologies Inc.		Common Stock(2)		12/22/2021		35,000 			34 			187 		
Total Business Applications Software - 2.17%*								4,041 			8,781 		
											
Business Products and Services											
Cart.com, Inc.		Common Stock		12/30/2021		32,731 			477 			404 		
		Common Stock(2)		3/31/2022		2,719 			17 			17 		
								494 			421 		
LeoLabs, Inc.		Preferred Stock(2)		1/20/2022		218,512 			197 			197 		
Quick Commerce Ltd(1)(3)		Preferred Stock(2)		5/4/2022		1,464,990 			311 			311 		
RenoRun Inc.(1)(3)		Preferred Stock(2)		12/30/2021		15,906 			348 			348 		
Total Business Products and Services - 0.32%*								1,350 			1,277 		
											
Business/Productivity Software											
Forum Brands Holdings, Inc.		Preferred Stock		7/6/2021		9,457 			556 			654 		
Metropolis Technologies, Inc.		Common Stock(2)		3/30/2022		87,385 			87 			478 		
Total Business/Productivity Software - 0.28%*								643 			1,132 		
											
Business to Business Marketplace											
Optoro, Inc.		Preferred Stock(2)		7/13/2015		10,346 			40 			33 		
RetailNext, Inc.		Preferred Stock(2)		11/16/2017		123,420 			80 			111 		
Total Business to Business Marketplace - 0.04%*								120 			144 		

11

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Commercial Services											
Transfix, Inc.		Preferred Stock(2)		5/31/2019		133,502 			$	188 			$	188 		
Total Commercial Services - 0.05%*								188 			188 		
											
Computer Hardware											
Grey Orange International Inc.		Preferred Stock		3/16/2021		27,878 			183 			116 		
Total Computer Hardware - 0.03%*								183 			116 		
											
Consumer Finance											
Activehours, Inc. (d/b/a Earnin)		Preferred Stock		10/8/2020		86,268 			226 			317 		
The Aligned Company (f/k/a Thingy Thing Inc.)		Preferred Stock		10/21/2021		5,855 			17 			257 		
Total Consumer Finance - 0.14%*								243 			574 		
											
Consumer Non-Durables											
Alyk, Inc.		Preferred Stock		6/16/2021		61,096 			21 			21 		
Athletic Greens International, Inc.		Ordinary Shares(2)		6/3/2022		2,262 			85 			85 		
Don't Run Out, Inc.		Preferred Stock(2)		12/30/2021		18,398 			14 			14 		
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)		Preferred Stock(2)		11/27/2019		98,723 			73 			149 		
Imperfect Foods, Inc.		Preferred Stock(2)		6/6/2019		49,709 			189 			321 		
		Common Stock		9/30/2020		48,391 			208 			411 		
								397 			732 		
Total Consumer Non-Durables - 0.25%*								590 			1,001 		
											
Consumer Products and Services											
Baby Generation, Inc.		Common Stock(2)		1/26/2022		23,424 			18 			18 		
Clutter Inc.		Preferred Stock(2)		10/18/2018		77,434 			363 			567 		
		Preferred Stock		9/30/2020		29,473 			169 			169 		
								532 			736 		
everdrop GmbH(1)(3)		Preferred Stock(2)		3/16/2022		14 			25 			25 		
Flink SE(1)(3)		Preferred Stock(2)		4/13/2022		89 			222 			222 		
Foodology Inc.(1)(3)		Preferred Stock(2)		3/25/2022		22,948 			100 			100 		
Good Eggs, Inc.		Preferred Stock(2)		8/12/2021		1,072,903 			401 			515 		
Hydrow, Inc.		Preferred Stock(2)		2/9/2021		103,267 			143 			332 		
		Preferred Stock(2)		8/6/2021		53,903 			89 			109 		
								232 			441 		
JOKR S.à r.l.(1)(3)		Preferred Stock		10/14/2021		10,663 			273 			107 		
Mystery Tackle Box, Inc. (d/b/a Catch Co.)		Preferred Stock(2)		4/29/2022		63,995 			69 			69 		
Nakdcom One World AB(1)(3)		Preferred Stock(2)		6/2/2022		147,091 			208 			208 		
Outdoor Voices, Inc.		Common Stock		2/26/2019		732,387 			369 			15 		
Project 1920, Inc.		Preferred Stock(2)		3/25/2022		53,845 			30 			30 		
Quip NYC, Inc.		Preferred Stock(2)		11/26/2018		41,272 			455 			1,020 		
Tempo Interactive Inc.		Preferred Stock(2)		3/31/2021		14,709 			93 			13 		
The Black Tux, Inc.		Preferred Stock		11/5/2021		142,939 			139 			394 		
Untitled Labs, Inc.		Common Stock(2)		6/23/2022		160,985 			103 			103 		
VanMoof Global Holding B.V.(1)(3)		Preferred Stock(2)		2/1/2021		704,689 			145 			390 		
Total Consumer Products and Services - 1.09%*								3,414 			4,406 		
											
Consumer Retail											
LovePop, Inc.		Preferred Stock(2)		10/23/2018		163,463 			168 			128 		
Savage X, Inc.		Preferred Stock		4/7/2020		28,977 			471 			803 		
Total Consumer Retail - 0.23%*								639 			931 		
											
Database Software											
Sisense, Inc.		Cash Exit Fee(2)(5)		12/28/2021				190 			421 		
Total Database Software - 0.10%*								190 			421 		

12

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
E-Commerce - Clothing and Accessories											
FabFitFun, Inc.		Preferred Stock(2)		11/20/2017		331,048 			$	940 			$	881 		
Minted, Inc.		Preferred Stock		9/30/2020		51,979 			516 			586 		
Outfittery GMBH(1)(3)		Cash Exit Fee(2)(5)		8/10/2017				1,850 			2,029 		
Rent the Runway, Inc.		Preferred Stock(2)		11/25/2015		88,037 			213 			55 		
		Common Stock(2)		11/25/2015		149,203 			1,081 			167 		
								1,294 			222 		
Stance, Inc.		Preferred Stock(2)		3/31/2017		75,000 			41 			70 		
TFG Holding, Inc.		Common Stock		11/30/2020		229,330 			762 			638 		
Trendly, Inc.		Preferred Stock		5/27/2021		574,742 			381 			615 		
		Preferred Stock(2)		6/7/2022		57,924 			44 			44 		
								425 			659 		
Untuckit LLC		Cash Exit Fee(2)(5)		5/11/2018				39 			57 		
Total E-Commerce - Clothing and Accessories - 1.27%*								5,867 			5,142 		
											
E-Commerce - Personal Goods											
Grove Collaborative, Inc.		Preferred Stock(2)		4/2/2018		310,639 			219 			690 		
		Preferred Stock(2)		5/22/2019		128,322 			228 			149 		
								447 			839 		
Merama Inc.		Preferred Stock		4/28/2021		191,274 			406 			2,112 		
Total E-Commerce - Personal Goods - 0.73%*								853 			2,951 		
											
Entertainment											
Mind Candy, Inc.(1)(3)		Preferred Stock(2)		3/24/2017		278,209 			922 			35 		
Total Entertainment - 0.01%*								922 			35 		
											
Financial Institution and Services											
BlueVine Capital, Inc.		Preferred Stock(2)		9/15/2017		271,293 			361 			909 		
Prodigy Investments Limited(1)(3)		Ordinary Shares(2)		12/5/2017		56,241 			869 			220 		
Revolut Ltd(1)(3)		Preferred Stock(2)		4/16/2018		6,253 			40 			2,366 		
		Preferred Stock(2)		10/29/2019		7,945 			324 			2,425 		
								364 			4,791 		
WorldRemit Group Limited(1)(3)		Preferred Stock(2)		12/23/2015		128,290 			382 			6,105 		
		Preferred Stock(2)		12/23/2015		46,548 			136 			2,026 		
								518 			8,131 		
Total Financial Institution and Services - 3.48%*								2,112 			14,051 		
											
Food & Drug											
Capsule Corporation		Preferred Stock		1/17/2020		202,533 			437 			1,312 		
		Cash Exit Fee(5)		12/28/2018				129 			242 		
Total Food & Drug - 0.38%*								566 			1,554 		
											
General Media and Content											
Thrillist Media Group, Inc.		Common Stock(2)		9/24/2014		774,352 			624 			1,092 		
Total General Media and Content - 0.27%*								624 			1,092 		
											
Healthcare Services											
Found Health, Inc.		Preferred Stock(2)		3/25/2022		49,304 			22 			22 		
The Pill Club Holdings, Inc.		Common Stock(2)		12/31/2021		152,422 			61 			152 		
Total Healthcare Services - 0.04%*								83 			174 		
											
Healthcare Technology Systems											
Curology, Inc.		Preferred Stock(2)		5/23/2019		36,020 			58 			43 		
Medly Health Inc.		Preferred Stock		11/20/2020		1,083,470 			195 			542 		
		Preferred Stock(2)		3/25/2022		419,960 			160 			160 		
								355 			702 		
Thirty Madison, Inc. (f/k/a Nurx Inc.)		Preferred Stock		8/19/2019		102,135 			270 			274 		
Total Healthcare Technology Systems - 0.25%*								683 			1,019 		

13

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Medical Software and Information Services											
AirStrip Technologies, Inc.		Preferred Stock(2)		10/9/2013		8,036 			$	112 			$	— 		
Total Medical Software and Information Services - 0.00%*						112 			— 		
											
Multimedia and Design Software											
Pencil and Pixel, Inc.		Preferred Stock		2/28/2020		167,221 			199 			— 		
Total Multimedia and Design Software - 0.00%*						199 			— 		
											
Network Systems Management Software											
Cohesity, Inc.		Preferred Stock(2)		1/10/2020		18,945 			54 			103 		
Signifyd, Inc.		Preferred Stock(2)		12/19/2019		33,445 			132 			332 		
Total Network Systems Management Software - 0.11%*							186 			435 		
											
Other Financial Services											
Jerry Services, Inc.		Preferred Stock(2)		6/13/2022		33,829 			128 			128 		
Monzo Bank Limited(1)(3)		Ordinary Shares(2)		3/8/2021		64,813 			161 			385 		
N26 GmbH(1)(3)		Preferred Stock(2)		9/14/2021		11 			324 			286 		
Upgrade, Inc.		Preferred Stock(2)		1/18/2019		744,225 			223 			4,197 		
Total Other Financial Services - 1.24%*								836 			4,996 		
											
Real Estate Services											
Belong Home, Inc.		Preferred Stock(2)		2/15/2022		7,730 			6 			15 		
Demain ES (d/b/a Luko)(1)(3)		Preferred Stock(2)		12/23/2021		4,787 			237 			218 		
HomeLight, Inc.		Preferred Stock(2)		12/21/2018		54,004 			44 			369 		
		Preferred Stock(2)		11/5/2020		55,326 			76 			292 		
								120 			661 		
Homeward, Inc.		Preferred Stock(2)		12/10/2021		71,816 			278 			78 		
McN Investments Ltd.(1)(3)		Preferred Stock(2)		5/27/2022		34,485 			271 			271 		
Sonder Holdings Inc.		Preferred Stock(2)		12/28/2018		200,480 			232 			52 		
		Preferred Stock(2)		3/4/2020		20,988 			42 			3 		
								274 			55 		
True Footage Inc.		Preferred Stock		11/24/2021		55,098 			75 			75 		
Total Real Estate Services - 0.34%*								1,261 			1,373 		
											
Shopping Facilitators											
Moda Operandi, Inc.		Preferred Units		12/30/2021		36,450 			169 			165 		
OfferUp Inc.		Preferred Stock(2)		12/23/2019		131,006 			42 			138 		
Total Shopping Facilitators - 0.07%*								211 			303 		
											
Social/Platform Software											
ClassPass Inc.		Preferred Stock(2)		3/18/2019		84,507 			281 			151 		
Total Social/Platform Software - 0.04%*								281 			151 		
											
Transportation											
Bird Global, Inc. (f/k/a Bird Rides, Inc.)		Preferred Stock(2)		4/18/2019		59,908 			193 			1 		
Total Transportation - 0.00%*								193 			1 		
											
Travel & Leisure											
GoEuro Corp.(1)(3)		Preferred Units		9/18/2019		12,027 			362 			290 		
Total Travel & Leisure - 0.07%*								362 			290 		
											
Total Warrant Investments - 13.03%*								$	27,610 			$	52,674 		

14

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Equity		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Equity Investments(8)											
											
Business Applications Software											
Arcadia Power, Inc.		Preferred Stock(2)		9/21/2021		16,438 			$	167 			$	270 		
Convoy, Inc.		Preferred Stock(2)		9/27/2018		35,208 			250 			356 		
DialPad, Inc.		Preferred Stock(2)		9/22/2020		15,456 			120 			158 		
Envoy, Inc.		Preferred Stock(2)		12/30/2021		21,216 			667 			667 		
Filevine, Inc.		Preferred Stock(2)		2/4/2022		56,353 			357 			357 		
Farmer's Business Network, Inc.		Preferred Stock(2)		7/31/2020		5,041 			167 			264 		
Passport Labs, Inc.		Preferred Stock(2)		6/11/2019		1,302 			100 			103 		
Toast, Inc.		Common Stock(2)(10)		2/1/2018		128,379 			27 			1,661 		
Uniphore Technologies Inc.		Preferred Stock(2)		1/28/2022		28,233 			350 			350 		
Total Business Applications Software - 1.04%*								2,205 			4,186 		
											
Business/Productivity Software											
Forum Brands Holdings, Inc.		Preferred Stock(2)		7/16/2021		822 			150 			149 		
Total Business/Productivity Software - 0.04%*								150 			149 		
											
Communications Software											
Pluribus Networks, Inc.		Preferred Stock(2)		1/10/2017		722,073 			2,000 			2,000 		
Total Communications Software - 0.49%*								2,000 			2,000 		
											
Consumer Finance											
Activehours, Inc. (d/b/a Earnin)		Preferred Stock(2)		11/10/2020		14,788 			150 			171 		
Total Consumer Finance - 0.04%*								150 			171 		
											
Consumer Products and Services											
JOKR S.à r.l.(1)(3)		Preferred Stock(2)		12/7/2021		2,796 			187 			154 		
Total Consumer Products and Services - 0.04%*								187 			154 		
											
Commercial Services											
MXP Prime GmbH(1)(3)		Preferred Stock(2)		2/3/2022		96 			1,140 			1,047 		
Printify, Inc.		Preferred Stock(2)		8/24/2021		13,850 			50 			50 		
Total Commercial Services - 0.27%*								1,190 			1,097 		
											
Consumer Non-Durables											
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)		Common Stock(2)(10)		4/29/2019		78,935 			500 			358 		
Imperfect Foods, Inc.		Preferred Stock(2)		1/29/2021		35,649 			500 			540 		
Total Consumer Non-Durables - 0.22%*								1,000 			898 		
											
Consumer Products and Services											
Hydrow, Inc.		Preferred Stock(2)		12/14/2020		85,542 			333 			550 		
		Preferred Stock(2)		3/19/2021		46,456 			335 			380 		
								668 			930 		
VanMoof Global Holding B.V.(1)(3)		Preferred Stock(2)		8/9/2021		140,059 			420 			410 		
Total Consumer Products and Services - 0.33%*								1,088 			1,340 		
											
Consumer Retail											
Savage X, Inc.		Preferred Stock(2)		1/20/2021		17,249 			500 			738 		
		Preferred Stock(2)		11/30/2021		10,393 			500 			500 		
Total Consumer Retail - 0.31%*								1,000 			1,238 		

15

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Equity		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
E-Commerce - Clothing and Accessories											
FabFitFun, Inc.		Preferred Stock(2)		1/17/2019		67,934 			$	500 			$	669 		
Total E-Commerce - Clothing and Accessories - 0.17%*								500 			669 		
											
E-Commerce - Personal Goods											
Enjoy Technology, Inc.		Common Stock(2)(10)		9/7/2018		42,414 			269 			9 		
Grove Collaborative, Inc.		Common Stock(2)		6/5/2018		134,249 			500 			496 		
Merama Inc.		Preferred Stock(2)		4/19/2021		18,518 			33 			261 		
		Preferred Stock(2)		4/19/2021		14,490 			83 			218 		
		Preferred Stock(2)		9/1/2021		10,298 			167 			195 		
								283 			674 		
Total E-Commerce - Personal Goods - 0.29%*								1,052 			1,179 		
											
Educational/Training Software											
Nerdy Inc. (f/k/a Varsity Tutors LLC)		Common Stock(2)(10)		1/5/2018		62,258 			250 			133 		
Total Educational/Training Software - 0.03%*								250 			133 		
											
Entertainment											
Luminary Roli Limited(1)(3)		Ordinary Shares(2)		8/31/2021		434,782 			2,525 			— 		
Mind Candy, Inc.(1)(3)		Preferred Stock(2)		3/9/2020		511,665 			1,000 			455 		
Total Entertainment - 0.11%*								3,525 			455 		
											
Financial Institution and Services											
Prodigy Investments Limited(1)(3)		Preference Shares(2)		12/31/2020		1,552 			17,486 			15,757 		
Revolut Ltd(1)(3)		Preferred Stock(2)		8/3/2017		25,920 			292 			10,090 		
Total Financial Institution and Services - 6.39%*								17,778 			25,847 		
											
Food & Drug											
Capsule Corporation		Preferred Stock(2)		7/25/2019		75,013 			500 			867 		
		Preferred Stock(2)		4/21/2021		5,176 			75 			78 		
Total Food & Drug - 0.23%*								575 			945 		
											
Healthcare Technology Systems											
Curology, Inc.		Preferred Stock(2)		11/26/2019		66,000 			196 			224 		
		Common Stock(2)		1/14/2020		142,855 			404 			264 		
								600 			488 		
Medly Health Inc.		Preferred Stock(2)		8/12/2021		209,979 			250 			267 		
Talkspace, LLC (f/k/a Groop Internet Platfom, Inc.)		Common Stock(2)(10)		5/15/2019		146,752 			378 			250 		
Thirty Madison, Inc. (f/k/a Nurx Inc.)		Preferred Stock(2)		5/31/2019		81,708 			1,000 			871 		
Total Healthcare Technology Systems - 0.46%*								2,228 			1,876 		
											
Network Systems Management Software											
Cohesity, Inc.		Preferred Stock(2)		3/24/2017		60,342 			400 			901 		
		Preferred Stock(2)		4/7/2020		9,022 			125 			165 		
Total Network Systems Management Software - 0.26%*							525 			1,066 		

16

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of June 30, 2022	
Portfolio Company		Type of Equity		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Other Financial Services											
Jerry Services, Inc.		Preferred Stock(2)		5/6/2022		8,231 			$	104 			$	104 		
Monzo Bank Limited(1)(3)		Ordinary Shares(2)		3/8/2021		92,901 			1,000 			1,237 		
		Ordinary Shares(2)		1/5/2022		26,281 			516 			456 		
								1,516 			1,693 		
N26 GmbH(1)(3)		Preferred Stock(2)		12/9/2021		22 			1,264 			1,663 		
Total Other Financial Services - 0.86%*								2,884 			3,460 		
											
Real Estate Services											
Belong Home, Inc.		Preferred Stock(2)		4/18/2022		6,033 			29 			29 		
McN Investments Ltd.(1)(3)		Preferred Stock(2)		5/6/2022		11,246 			300 			300 		
Sonder Holdings Inc.		Common Stock(2)		5/21/2019		29,773 			313 			31 		
True Footage Inc.		Preferred Stock(2)		10/18/2021		18,366 			100 			100 		
Total Real Estate Services - 0.11%*								742 			460 		
											
Security Services											
ForgeRock, Inc.		Common Stock(2)(10)		9/24/2021		301,249 			494 			6,453 		
Total Security Services - 1.60%*								494 			6,453 		
											
Travel & Leisure											
GoEuro Corp.(1)(3)		Preferred Stock(2)		10/5/2017		2,362 			300 			235 		
		Preferred Stock(2)		5/9/2022		9,169 			623 			705 		
								923 			940 		
Inspirato LLC		Common Stock(2)(4)		9/11/2014		121,622 			287 			535 		
Total Travel & Leisure - 0.36%*								1,210 			1,475 		
											
Total Equity Investments - 13.67%*								$	40,733 			$	55,251 		
											
Total Investments in Portfolio Companies - 216.84%*(11)						$	880,287 			$	876,718 		
											
Total Investments - 216.84%*(9)								$	880,287 			$	876,718 		
_______________
(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2022, non-qualifying assets represented 25.7% of the Company’s total assets, at fair value.
(2)As of June 30, 2022, this investment was not pledged as collateral as part of the Company’s revolving credit facility.
(3)Entity is not domiciled in the United States and does not have its principal place of business in the United States.
(4)Investment is owned by TPVG Investment LLC, a wholly owned taxable subsidiary of the Company.
(5)Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.
(6)Gross unrealized gains, gross unrealized losses, and net unrealized gains for federal income tax purposes totaled $68.8 million, $54.9 million and $13.9 million, respectively, for the June 30, 2022 investment portfolio. The tax cost of investments is $862.8 million.
(7)Debt is on non-accrual status as of June 30, 2022 and is therefore considered non-income producing. Non-accrual investments as of June 30, 2022 had a total cost and fair value of $44.9 million and $11.4 million, respectively.
(8)Non-income producing investments.
(9)Except for equity in nine public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).
(10)Investment is publicly traded and listed on either the New York Stock Exchange or the Nasdaq, and is not subject to restrictions on sales.
(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2022, the Company’s portfolio company investments that were subject to restrictions on sales totaled $867.9 million at fair value and represented 214.6% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2022, all investments are pledged as collateral as part of the Company’s revolving credit facility.
(12)Acquisition date represents the date of the investment in the portfolio investment.
*    Value as a percentage of net assets.

17

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Debt Investments													
													
Business Applications Software													
Arcadia Power, Inc.		Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)		12/16/2021		$	7,000 			$	6,917 			$	6,917 			12/31/2024	
Envoy, Inc.		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment)		5/22/2020		949 			976 			1,023 			5/31/2023	
		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment)		3/31/2021		2,000 			1,996 			2,180 			3/31/2024	
		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.25% EOT payment)		8/30/2021		2,000 			1,968 			2,180 			8/31/2024	
						4,949 			4,940 			5,383 				
Filevine, Inc.		Growth Capital Loan (6.00% cash interest rate + 6.00% PIK interest, 5.50% EOT payment)(2)		4/20/2021		23,956 			23,886 			23,886 			4/30/2025	
		Growth Capital Loan (6.00% cash interest rate + 6.00% PIK interest)(2)		9/30/2021		2,031 			2,009 			2,009 			9/30/2025	
						25,987 			25,895 			25,895 				
FlashParking, Inc.		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)		6/15/2021		20,000 			19,428 			19,428 			6/30/2024	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)		9/24/2021		338 			332 			332 			9/30/2023	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)		9/28/2021		547 			536 			536 			9/30/2023	
		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)		10/27/2021		278 			272 			272 			10/31/2023	
						21,163 			20,568 			20,568 				
Hi.Q, Inc.		Growth Capital Loan (11.75% interest rate, 2.00% EOT payment)		12/17/2018		13,250 			13,326 			13,326 			6/30/2024	
		Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 1.00% EOT payment)		12/31/2020		6,867 			6,850 			6,850 			8/31/2025	
						20,117 			20,176 			20,176 				
OneSource Virtual, Inc.		Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)		6/29/2018		2,208 			2,416 			2,418 			6/30/2022	
		Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)		11/5/2019		3,367 			3,428 			3,442 			11/30/2023	
		Growth Capital Loan (Prime + 5.25% interest rate, 10.00% floor, 2.00% EOT payment)		1/31/2020		2,177 			2,212 			2,222 			1/31/2024	
						7,752 			8,056 			8,082 				
Uniphore Technologies Inc.		Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)		12/22/2021		7,000 			6,917 			6,917 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)(2)		12/22/2021		7,000 			6,917 			6,917 			12/31/2024	
						14,000 			13,834 			13,834 				
Total Business Applications Software - 23.21%*				100,968 			100,386 			100,855 				
													
Business Products and Services													
Cart.com, Inc.		Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)		12/30/2021		20,000 			19,326 			19,326 			12/31/2025	
RenoRun US Inc.(1)(3)		Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)(2)		12/30/2021		2,250 			2,164 			2,164 			12/31/2025	
		Convertible Note (Prime + 4.00% interest rate, 7.25% floor)(2)		12/30/2021		625 			625 			625 			12/30/2023	
						2,875 			2,789 			2,789 				
Total Business Products and Services - 5.09%*				22,875 			22,115 			22,115 				

18

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Business/Productivity Software													
Forum Brands, LLC		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)		7/6/2021		$	5,796 			$	5,679 			$	5,679 			7/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)		7/21/2021		438 			429 			429 			7/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)		8/10/2021		525 			513 			513 			8/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		10/6/2021		2,430 			2,361 			2,361 			10/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		11/2/2021		1,578 			1,529 			1,529 			11/30/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		11/2/2021		4,233 			4,102 			4,102 			11/30/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		12/28/2021		1,414 			1,364 			1,364 			12/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		12/28/2021		540 			521 			521 			12/31/2023	
		Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)		12/28/2021		95 			92 			92 			12/31/2023	
Total Business/Productivity Software - 3.82%*				17,049		16,590		16,590			
													
Computer Hardware													
Grey Orange International Inc.		Growth Capital Loan (8.25% interest rate, 3.75% EOT payment)		9/24/2021		1,333 			1,313 			1,313 			9/30/2022	
		Growth Capital Loan (10.75% interest rate, 5.25% EOT payment)		12/30/2021		6,667 			6,448 			6,448 			6/30/2025	
Total Computer Hardware - 1.79%*				8,000 			7,761 			7,761 				
													
Consumer Finance													
Activehours, Inc. (d/b/a Earnin)		Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)		10/8/2020		6,000 			6,026 			6,026 			10/31/2023	
		Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)		9/30/2021		9,000 			8,842 			8,842 			9/30/2024	
						15,000 			14,868 			14,868 				
Thingy Thing Inc.		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)		10/27/2021		2,000 			1,972 			1,972 			4/30/2025	
Total Consumer Finance - 3.88%*				17,000 			16,840 			16,840 				
													
Consumer Non-Durables													
Alyk, Inc.		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)		6/16/2021		2,500 			2,486 			2,486 			6/30/2025	
Don't Run Out, Inc.		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)		12/30/2021		1,000 			976 			976 			6/30/2025	
Imperfect Foods, Inc.		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)		9/30/2020		19,000 			19,021 			19,021 			9/30/2024	
		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.50% EOT payment)(2)		9/30/2021		6,000 			5,937 			5,937 			9/30/2025	
						25,000 			24,958 			24,958 				
Total Consumer Non-Durables - 6.54%*				28,500 			28,420 			28,420 				

19

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Consumer Products and Services											
Clutter Inc.		Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)		12/23/2020		$	3,000 			$	3,025 			$	3,025 			12/31/2023	
		Growth Capital Loan (9.00% interest rate, 7.00% EOT payment)		3/26/2021		5,461 			5,489 			5,489 			3/31/2024	
						8,461 			8,514 			8,514 				
Good Eggs, Inc.		Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)(2)		8/12/2021		6,000 			5,889 			5,889 			8/31/2025	
Hydrow, Inc.		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)		2/9/2021		3,350 			3,385 			3,385 			12/31/2024	
		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)		2/9/2021		6,700 			6,652 			6,652 			12/31/2024	
		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)		8/10/2021		7,475 			7,433 			7,433 			2/28/2025	
		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)(2)		8/31/2021		7,475 			7,423 			7,423 			2/28/2025	
						25,000 			24,893 			24,893 				
JOKR S.à r.l.(1)(3)		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)		11/3/2021		3,000 			2,781 			2,781 			11/30/2025	
		Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)		11/2/2021		504 			476 			476 			10/13/2022	
						3,504 			3,257 			3,257 				
Outdoor Voices, Inc.		Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 11.75% EOT payment)		2/26/2019		4,000 			4,269 			4,269 			2/29/2024	
		Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 10.55% EOT payment)		4/4/2019		5,000 			5,311 			5,311 			2/29/2024	
						9,000 			9,580 			9,580 				
The Black Tux, Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)		11/5/2021		10,000 			9,769 			9,769 			5/31/2026	
VanMoof Global Holding B.V.(1)(3)		Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)		2/1/2021		8,654 			8,556 			8,010 			1/31/2025	
		Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)(2)		5/27/2021		4,370 			4,295 			3,981 			5/31/2025	
						13,024 			12,851 			11,991 				
Total Consumer Products and Services - 17.01%*				74,989 			74,753 			73,893 				
													
Consumer Retail													
Savage X, Inc.		Growth Capital Loan (Prime + 1.75% interest rate, 6.50% floor, 3.50% EOT payment)		4/30/2021		500 			512 			512 			4/30/2022	
Total Consumer Retail - 0.12%*				500 			512 			512 				
													
Database Software													
Sisense, Inc.		Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)(2)		12/28/2021		13,000 			12,686 			12,686 			6/30/2024	
Total Database Software - 2.92%*				13,000 			12,686 			12,686 				

20

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
E-Commerce - Clothing and Accessories											
FabFitFun, Inc.		Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.50% EOT payment)		9/29/2021		$	29,000 			$	28,493 			$	28,493 			3/31/2025	
Minted, Inc.		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)		9/30/2020		15,000 			15,028 			15,028 			3/31/2024	
		Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)(2)		12/30/2021		2,500 			2,392 			2,392 			6/30/2025	
						17,500 			17,420 			17,420 				
Outfittery GMBH(1)(3)		Growth Capital Loan (5.50% cash interest rate + 5.50% PIK interest, 9.00% EOT payment)(2)		1/8/2021		19,825 			20,686 			19,981 			1/1/2024	
		Revolver (4.50% cash interest rate + 4.50% PIK interest, 5.00% EOT payment)(2)		3/5/2020		3,448 			3,507 			3,553 			1/1/2024	
						23,273 			24,193 			23,534 				
TFG Holding, Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)		12/4/2020		10,500 			10,396 			10,396 			12/31/2023	
		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)		12/21/2021		7,000 			6,687 			6,687 			12/31/2024	
						17,500 			17,083 			17,083 				
Trendly, Inc.		Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)		5/27/2021		19,500 			19,303 			19,303 			11/30/2024	
Total E-Commerce - Clothing and Accessories - 24.36%*				106,773 			106,492 			105,833 				
													
E-Commerce - Personal Goods													
Merama Inc.		Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)		5/17/2021		4,168 			4,107 			4,147 			6/30/2024	
		Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)		6/30/2021		1,951 			1,916 			1,935 			6/30/2024	
		Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)		8/4/2021		4,163 			4,076 			4,118 			8/31/2024	
Total E-Commerce - Personal Goods - 2.35%*				10,282 			10,099 			10,200 				
													
Entertainment													
Luminary Roli Limited(1)(3)(7)(13)		Growth Capital Loan(2)		8/31/2021		35,491 			29,530 			11,336 			8/31/2026	
Mind Candy Limited(1)(3)		Growth Capital Loan (12.00% PIK interest)(2)		6/25/2014		16,163 			16,125 			15,916 			6/30/2022	
		Growth Capital Loan (9.00% PIK interest)(2)		3/17/2020		1,177 			1,177 			1,138 			3/31/2023	
		Growth Capital Loan (9.00% PIK interest)(2)		12/21/2020		1,098 			1,098 			1,040 			12/31/2023	
						18,438 			18,400 			18,094 				
Total Entertainment - 6.77%*						53,929 			47,930 			29,430 				
													
Financial Institution and Services											
Prodigy Investments Limited(1)(3)		Growth Capital Loan (8.00% interest rate)(2)		12/31/2020		32,349 			31,540 			31,540 			12/31/2025	
Total Financial Institution and Services - 7.26%*				32,349 			31,540 			31,540 				
													
Food & Drug													
Capsule Corporation		Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)		12/30/2020		15,000 			15,005 			15,005 			12/31/2024	
Total Food & Drug - 3.45%*				15,000 			15,005 			15,005 				
													
Healthcare Technology Systems													
Medly Health Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)		12/11/2020		5,000 			4,974 			4,974 			12/31/2023	
		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)		12/11/2020		5,000 			4,974 			4,974 			12/31/2023	
						10,000 			9,948 			9,948 				
Thirty Madison, Inc. (f/k/a Nurx Inc.)		Growth Capital Loan (Prime + 4.50% interest rate, 10.00% floor, 7.75% EOT payment)		11/5/2019		13,468 			14,297 			14,297 			11/30/2023	
		Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)		12/31/2020		10,000 			10,069 			10,069 			12/31/2025	
						23,468 			24,366 			24,366 				
Total Healthcare Technology Systems - 7.90%*				33,468 			34,314 			34,314 				

21

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Household & Office Goods													
Casper Sleep Inc.		Growth Capital Loan (Prime + 7.25% interest rate, 12.50% floor, 7.50% EOT payment)		8/9/2019		$	15,000 			$	15,434 			$	16,283 			8/31/2023	
		Growth Capital Loan (Prime + 6.00% interest rate, 11.25% floor, 6.25% EOT payment)		11/1/2019		15,000 			15,539 			16,072 			10/31/2022	
		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 10.00% EOT payment)		11/22/2021		9,000 			9,092 			9,876 			6/13/2022	
Total Household & Office Goods - 9.72%*				39,000 			40,065 			42,231 				
													
Multimedia and Design Software											
Pencil and Pixel, Inc.		Growth Capital Loan (11.75% interest rate, 7.00% EOT payment)		3/20/2020		10,000 			10,316 			10,316 			3/31/2024	
		Growth Capital Loan (10.25% interest rate, 6.25% EOT payment)(2)		12/31/2020		5,000 			5,015 			5,015 			12/31/2024	
Total Multimedia and Design Software - 3.53%*				15,000 			15,331 			15,331 				
													
Network Systems Management Software											
Virtual Instruments Corporation		Growth Capital Loan (12.00% interest rate)		4/4/2016		2,065 			2,065 			2,082 			4/4/2022	
		Growth Capital Loan (5.00% PIK interest)(2)		8/7/2018		33,587 			33,587 			33,700 			4/4/2022	
Total Network Systems Management Software - 8.24%*				35,652 			35,652 			35,782 				
													
Other Financial Services													
Monzo Bank Limited(1)(3)		Growth Capital Loan (12.00% interest rate)(2)		3/8/2021		7,035 			6,832 			6,560 			3/8/2031	
N26 GmbH(1)(3)		Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 4.00% EOT payment)(2)		9/14/2021		26,667 			26,509 			25,450 			9/30/2022	
Total Other Financial Services - 7.37%*				33,702 			33,341 			32,010 				
													
Real Estate Services													
Demain ES (d/b/a Luko)(1)(3)		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)		12/28/2021		4,535 			4,375 			4,376 			12/28/2024	
		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)		12/28/2021		5,669 			5,469 			5,471 			12/28/2024	
						10,204 			9,844 			9,847 				
Homeward, Inc.		Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)(2)		12/30/2021		10,000 			9,717 			9,717 			6/30/2024	
Sonder USA, Inc.		Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.25% EOT payment)		12/28/2018		5,407 			6,352 			6,511 			6/30/2022	
		Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment)		3/6/2020		3,893 			3,991 			4,283 			3/31/2024	
		Growth Capital Loan (Prime + 5.75% interest rate, 10.25% floor, 4.75% EOT payment)		3/6/2020		1,557 			1,591 			1,713 			3/31/2024	
						10,857 			11,934 			12,507 				
True Footage Inc.		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/3/2021		250 			244 			244 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)		12/3/2021		800 			779 			779 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/3/2021		220 			214 			214 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)		12/13/2021		105 			102 			102 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/13/2021		440 			428 			428 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)		12/15/2021		208 			203 			203 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)		12/15/2021		150 			146 			146 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)		12/15/2021		1,372 			1,336 			1,336 			12/31/2024	
		Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)		12/21/2021		760 			740 			740 			12/31/2024	
						4,305 			4,192 			4,192 				
Total Real Estate Services - 8.35%*				35,366 			35,687 			36,263 				

22

																																							
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Investment		Acquisition
Date(12)		Outstanding
Principal		Cost(6)		Fair Value		Maturity
Date	
													
Security Services													
ForgeRock, Inc.		Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)		3/27/2019		$	10,000 			$	10,367 			$	10,522 			9/30/2025	
		Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)		9/30/2019		10,000 			10,261 			10,423 			12/31/2025	
		Growth Capital Loan (8.00% interest rate, 9.00% EOT payment)		12/23/2019		10,000 			10,220 			10,381 			12/31/2025	
Total Security Services - 7.21%*				30,000 			30,848 			31,326 				
													
Shopping Facilitators													
Moda Operandi, Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)		12/30/2021		27,500 			27,335 			27,335 			6/30/2024	
Total Shopping Facilitators - 6.29%*				27,500 			27,335 			27,335 				
													
Travel & Leisure													
GoEuro Corp.(1)(3)		Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)		10/30/2019		20,000 			20,496 			20,496 			10/31/2023	
		Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)		3/27/2020		10,000 			10,154 			10,154 			3/31/2024	
		Convertible Note (5.00% interest rate)(2)		8/11/2020		300 			300 			300 			2/11/2023	
Total Travel & Leisure - 7.12%*						30,300 			30,950 			30,950 				
													
Total Debt Investments - 174.28%*				$	781,202 			$	774,652 			$	757,222 				

23

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Warrant Investments(8)											
											
Advertising / Marketing											
InMobi Pte Ltd.(1)(3)		Ordinary Shares(2)		12/13/2013		48,500 			$	35 			$	13 		
Total Advertising / Marketing - 0.00%*								35 			13 		
											
Building Materials/Construction Machinery											
View, Inc.		Common Stock(2)		6/13/2017		105,682 			500 			2 		
Total Building Materials/Construction Machinery - 0.00%*						500 			2 		
											
Business/Productivity Software											
Forum Brands Holdings, Inc.		Preferred Stock		7/6/2021		9,457 			556 			654 		
Total Business/Productivity Software - 0.15%*						556 			654 		
											
Business Applications Software											
Arcadia Power, Inc.		Preferred Stock		12/10/2021		55,458 			138 			138 		
DialPad, Inc.		Preferred Stock(2)		8/3/2020		28,980 			102 			117 		
Envoy, Inc.		Preferred Stock		5/8/2020		35,893 			82 			401 		
Farmer's Business Network, Inc.		Preferred Stock(2)		1/3/2020		37,666 			33 			1,086 		
Filevine, Inc.		Preferred Stock(2)		4/20/2021		186,160 			38 			229 		
FinancialForce.com, Inc.		Preferred Stock(2)		6/20/2016		547,440 			1,540 			2,480 		
FlashParking, Inc.		Preferred Stock		6/15/2021		210,977 			810 			810 		
Hi.Q, Inc.		Preferred Stock		12/17/2018		606,952 			196 			886 		
		Preferred Stock		12/31/2020		36,498 			45 			38 		
								241 			924 		
Narvar, Inc.		Preferred Stock(2)		8/28/2020		21,790 			102 			102 		
OneSource Virtual, Inc.		Preferred Stock		6/25/2018		70,773 			161 			456 		
Passport Labs, Inc.		Preferred Stock(2)		9/28/2018		21,929 			303 			590 		
Quantcast Corporation		Cash Exit Fee(2)(5)		8/9/2018		— 			213 			161 		
Uniphore Technologies Inc.		Common Stock(2)		12/22/2021		35,000 			34 			34 		
Total Business Applications Software - 1.73%*								3,797 			7,528 		
											
Business Products and Services											
Cart.com, Inc.		Common Stock		12/30/2021		32,731 			477 			477 		
RenoRun Inc.(1)(3)		Preferred Stock(2)		12/30/2021		15,906 			348 			348 		
Total Business Products and Services - 0.19%*								825 			825 		
											
Business to Business Marketplace											
Optoro, Inc.		Preferred Stock(2)		7/13/2015		10,346 			40 			33 		
RetailNext, Inc.		Preferred Stock(2)		11/16/2017		123,420 			80 			111 		
Total Business to Business Marketplace - 0.03%*								120 			144 		
											
Commercial Services											
Transfix, Inc.		Preferred Stock(2)		5/31/2019		133,502 			188 			188 		
Total Commercial Services - 0.04%*								188 			188 		
											
Computer Hardware											
Grey Orange International Inc.		Preferred Stock		3/16/2021		27,878 			183 			183 		
Total Computer Hardware - 0.04%*								183 			183 		
											
Conferencing Equipment / Services											
Fuze, Inc. (f/k/a Thinking Phone Networks, Inc.)		Preferred Stock(2)		9/29/2015		323,381 			670 			205 		
Total Conferencing Equipment / Services - 0.05%*								670 			205 		

24

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Consumer Finance											
Activehours, Inc. (d/b/a Earnin)		Preferred Stock		10/8/2020		86,268 			$	226 			$	317 		
Thingy Thing Inc.		Preferred Stock		10/21/2021		5,855 			17 			17 		
Total Consumer Finance - 0.08%*								243 			334 		
											
Consumer Non-Durables											
Alyk, Inc.		Preferred Stock		6/16/2021		61,096 			21 			21 		
Don't Run Out, Inc.		Preferred Stock(2)		12/30/2021		18,398 			14 			14 		
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)		Preferred Stock(2)		11/27/2019		98,723 			73 			287 		
Imperfect Foods, Inc.		Preferred Stock(2)		6/6/2019		49,709 			189 			321 		
		Common Stock		9/30/2020		48,391 			208 			411 		
								397 			732 		
Total Consumer Non-Durables - 0.24%*								505 			1,054 		
											
Consumer Products and Services											
Clutter Inc.		Preferred Stock(2)		10/18/2018		77,434 			363 			567 		
		Preferred Stock		9/30/2020		29,473 			169 			169 		
								532 			736 		
Good Eggs, Inc.		Preferred Stock(2)		8/12/2021		495,186 			124 			238 		
Hydrow, Inc.		Common Stock(2)		2/9/2021		103,267 			143 			332 		
		Preferred Stock(2)		8/6/2021		53,903 			89 			109 		
								232 			441 		
JOKR S.à r.l.(1)(3)		Preferred Stock		10/14/2021		10,663 			273 			273 		
Outdoor Voices, Inc.		Common Stock		2/26/2019		732,387 			369 			15 		
Quip NYC, Inc.		Preferred Stock(2)		11/26/2018		41,272 			455 			1,020 		
Tempo Interactive Inc.		Preferred Stock(2)		3/31/2021		14,709 			143 			84 		
The Black Tux, Inc.		Preferred Stock		11/5/2021		142,939 			139 			139 		
VanMoof Global Holding B.V.(1)(3)		Preferred Stock(2)		2/1/2021		704,689 			145 			424 		
Total Consumer Products and Services - 0.78%*								2,412 			3,370 		
											
Consumer Retail											
LovePop, Inc.		Preferred Stock(2)		10/23/2018		163,463 			168 			127 		
Savage X, Inc.		Preferred Stock		4/7/2020		28,977 			471 			803 		
Total Consumer Retail - 0.21%*								639 			930 		
											
Database Software											
Sisense, Inc.		Cash Exit Fee(2)(5)		12/28/2021		— 			190 			190 		
Total Database Software - 0.04%*								190 			190 		
											
E-Commerce - Clothing and Accessories											
FabFitFun, Inc.		Preferred Stock(2)		11/20/2017		331,048 			940 			881 		
Minted, Inc.		Preferred Stock		9/30/2020		51,979 			516 			586 		
Outfittery GMBH(1)(3)		Cash Exit Fee(2)(5)		8/10/2017		— 			1,850 			2,203 		
Rent the Runway, Inc.		Preferred Stock(2)		11/25/2015		88,037 			213 			211 		
		Common Stock(2)		11/25/2015		149,203 			1,081 			533 		
								1,294 			744 		
Stance, Inc.		Preferred Stock(2)		3/31/2017		75,000 			41 			70 		
TFG Holding, Inc.		Common Stock		11/30/2020		163,807 			580 			599 		
Trendly, Inc.		Preferred Stock		5/27/2021		498,110 			299 			299 		
Untuckit LLC		Cash Exit Fee(2)(5)		5/11/2018		— 			39 			57 		
Total E-Commerce - Clothing and Accessories - 1.25%*								5,559 			5,439 		

25

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
E-Commerce - Personal Goods											
Grove Collaborative, Inc.		Preferred Stock(2)		4/2/2018		264,140 			$	219 			$	1,305 		
		Preferred Stock(2)		5/22/2019		109,114 			228 			347 		
								447 			1,652 		
Merama Inc.		Preferred Stock		4/28/2021		191,274 			406 			1,570 		
Total E-Commerce - Personal Goods - 0.74%*								853 			3,222 		
											
Entertainment											
Mind Candy, Inc.(1)(3)		Preferred Stock(2)		3/24/2017		278,209 			922 			274 		
Total Entertainment - 0.06%*								922 			274 		
											
Financial Institution and Services											
BlueVine Capital, Inc.		Preferred Stock(2)		9/15/2017		271,293 			361 			909 		
Prodigy Investments Limited(1)(3)		Ordinary Shares(2)		12/5/2017		56,241 			869 			220 		
Revolut Ltd(1)(3)		Preferred Stock(2)		4/16/2018		6,253 			40 			2,366 		
		Preferred Stock(2)		10/29/2019		7,945 			324 			2,425 		
								364 			4,791 		
WorldRemit Group Limited(1)(3)		Preferred Stock(2)		12/23/2015		128,288 			382 			6,791 		
		Preferred Stock(2)		12/23/2015		46,548 			136 			2,253 		
								518 			9,044 		
Total Financial Institution and Services - 3.44%*								2,112 			14,964 		
											
Food & Drug											
Capsule Corporation		Preferred Stock		1/17/2020		202,533 			437 			1,177 		
		Cash Exit Fee(5)		12/28/2018		— 			129 			245 		
Total Food & Drug - 0.33%*								566 			1,422 		
											
General Media and Content											
Thrillist Media Group, Inc.		Common Stock(2)		9/24/2014		774,352 			625 			1,092 		
Total General Media and Content - 0.25%*								625 			1,092 		
											
Healthcare Services											
The Pill Club Holdings, Inc.		Common Stock(2)		12/31/2021		152,422 			61 			61 		
Total Healthcare Services - 0.01%*								61 			61 		
											
Healthcare Technology Systems											
Curology, Inc.		Preferred Stock(2)		5/23/2019		36,020 			58 			43 		
Medly Health Inc.		Preferred Stock		11/20/2020		1,083,470 			195 			542 		
Thirty Madison, Inc. (f/k/a Nurx Inc.)		Preferred Stock		8/19/2019		170,716 			270 			372 		
Total Healthcare Technology Systems - 0.22%*								523 			957 		
											
Household & Office Goods											
Casper Sleep Inc.		Preferred Stock		3/1/2019		21,736 			240 			— 		
Total Household & Office Goods - 0.00%*								240 			— 		
											
Medical Software and Information Services											
AirStrip Technologies, Inc.		Preferred Stock(2)		10/9/2013		8,036 			112 			— 		
Total Medical Software and Information Services - 0.00%*						112 			— 		
											
Multimedia and Design Software											
Pencil and Pixel, Inc.		Preferred Stock		2/28/2020		179,211 			199 			288 		
Total Multimedia and Design Software - 0.07%*						199 			288 		

26

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Warrant		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Network Systems Management Software											
Cohesity, Inc.		Preferred Stock(2)		1/10/2020		18,945 			$	54 			$	103 		
Signifyd, Inc.		Preferred Stock(2)		12/19/2019		33,445 			132 			332 		
Total Network Systems Management Software - 0.10%*							186 			435 		
											
Other Financial Services											
Monzo Bank Limited(1)(3)		Ordinary Shares(2)		3/8/2021		64,813 			161 			573 		
N26 GmbH(1)(3)		Preferred Stock(2)		9/14/2021		11 			324 			310 		
Upgrade, Inc.		Preferred Stock(2)		1/18/2019		744,225 			223 			4,197 		
Total Other Financial Services - 1.17%*								708 			5,080 		
											
Real Estate Services											
Demain ES (d/b/a Luko)(1)(3)		Preferred Stock(2)		12/23/2021		4,787 			237 			237 		
HomeLight, Inc.		Preferred Stock(2)		12/21/2018		54,004 			44 			369 		
		Preferred Stock(2)		11/5/2020		55,326 			76 			292 		
								120 			661 		
Homeward, Inc.		Preferred Stock(2)		12/10/2021		71,816 			278 			278 		
Sonder Holdings Inc.		Preferred Stock		12/28/2018		136,511 			232 			743 		
		Preferred Stock		3/4/2020		14,291 			42 			56 		
								274 			799 		
True Footage Inc.		Preferred Stock		11/24/2021		55,098 			75 			75 		
Total Real Estate Services - 0.47%*								984 			2,050 		
											
Shopping Facilitators											
Moda Operandi, Inc.		Preferred Units		12/30/2021		36,450 			169 			169 		
OfferUp Inc.		Preferred Stock(2)		12/23/2019		131,006 			42 			138 		
Total Shopping Facilitators - 0.07%*								211 			307 		
											
Social/Platform Software											
ClassPass Inc.		Preferred Stock(2)		3/18/2019		84,507 			281 			151 		
Total Social/Platform Software - 0.03%*								281 			151 		
											
Transportation											
Bird Global, Inc. (f/k/a Bird Rides, Inc.)		Preferred Stock(2)		4/18/2019		59,908 			193 			111 		
Total Transportation - 0.03%*								193 			111 		
											
Travel & Leisure											
GoEuro Corp.(1)(3)		Preferred Units		9/18/2019		12,027 			362 			238 		
Inspirato LLC		Preferred Units(2)		4/25/2013		1,994 			37 			45 		
Total Travel & Leisure - 0.07%*								399 			283 		
											
Total Warrant Investments - 11.91%*								$	25,597 			$	51,756 		

27

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Equity		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Equity Investments(8)											
											
Business Applications Software											
Arcadia Power, Inc.		Preferred Stock(2)		9/21/2021		16,438 			$	167 			$	167 		
Convoy, Inc.		Preferred Stock(2)		9/27/2018		35,208 			250 			356 		
DialPad, Inc.		Preferred Stock(2)		9/22/2020		15,456 			120 			158 		
Envoy, Inc.		Preferred Stock(2)		12/30/2021		21,216 			667 			667 		
Farmer's Business Network, Inc.		Preferred Stock(2)		7/31/2020		5,041 			167 			264 		
Passport Labs, Inc.		Preferred Stock(2)		6/11/2019		1,302 			100 			103 		
Toast, Inc.		Preferred Stock(2)		2/1/2018		128,379 			27 			4,011 		
Total Business Applications Software - 1.32%*								1,498 			5,726 		
											
Business/Productivity Software											
Forum Brands Holdings, Inc.		Preferred Stock(2)		7/16/2021		822 			150 			149 		
Total Business/Productivity Software - 0.03%*								150 			149 		
											
Communications Software											
Pluribus Networks, Inc.		Preferred Stock(2)		1/10/2017		722,073 			2,000 			2,000 		
Total Communications Software - 0.46%*								2,000 			2,000 		
											
Consumer Finance											
Activehours, Inc. (d/b/a Earnin)		Preferred Stock(2)		11/10/2020		14,788 			150 			171 		
Total Consumer Finance - 0.04%*								150 			171 		
											
Consumer Products and Services											
JOKR S.à r.l.(1)(3)		Preferred Stock(2)		12/7/2021		2,796 			187 			187 		
Total Consumer Products and Services - 0.04%*								187 			187 		
											
Commercial Services											
Printify, Inc.		Preferred Stock(2)		8/24/2021		13,850 			50 			50 		
Total Commercial Services - 0.01%*								50 			50 		
											
Consumer Non-Durables											
Hims & Hers Health, Inc. (f/k/a Hims, Inc.)		Common Stock(2)(10)		4/29/2019		78,935 			500 			517 		
Imperfect Foods, Inc.		Preferred Stock(2)		1/29/2021		35,649 			500 			540 		
Total Consumer Non-Durables - 0.24%*								1,000 			1,057 		
											
Consumer Products and Services											
Hydrow, Inc.		Preferred Stock(2)		12/14/2020		85,542 			333 			550 		
		Preferred Stock(2)		3/19/2021		46,456 			335 			381 		
								668 			931 		
VanMoof Global Holding B.V.(1)(3)		Preferred Stock(2)		8/9/2021		140,059 			420 			445 		
Total Consumer Products and Services - 0.32%*								1,088 			1,376 		
											
Consumer Retail											
Savage X, Inc.		Preferred Stock(2)		1/20/2021		17,249 			500 			738 		
		Preferred Stock(2)		11/30/2021		10,393 			500 			500 		
Total Consumer Retail - 0.28%*								1,000 			1,238 		

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TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Equity		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
E-Commerce - Clothing and Accessories											
FabFitFun, Inc.		Preferred Stock(2)		1/17/2019		67,934 			$	500 			$	669 		
Total E-Commerce - Clothing and Accessories - 0.15%*								500 			669 		
											
E-Commerce - Personal Goods											
Enjoy Technology, Inc.		Common Stock(2)		9/7/2018		42,414 			269 			157 		
Grove Collaborative, Inc.		Preferred Stock(2)		6/5/2018		134,249 			500 			977 		
Merama Inc.		Preferred Stock(2)		4/19/2021		18,518 			33 			197 		
		Preferred Stock(2)		4/19/2021		14,490 			83 			171 		
		Preferred Stock(2)		9/1/2021		10,298 			167 			167 		
								283 			535 		
Total E-Commerce - Personal Goods - 0.38%*								1,052 			1,669 		
											
Educational/Training Software											
Nerdy Inc. (f/k/a Varsity Tutors LLC)		Common Stock(2)		1/5/2018		62,258 			250 			252 		
Total Educational/Training Software - 0.06%*								250 			252 		
											
Entertainment											
Luminary Roli Limited(1)(3)(13)		Ordinary Shares(2)		8/31/2021		434,782 			2,525 			— 		
Mind Candy, Inc.(1)(3)		Preferred Stock(2)		3/9/2020		511,665 			1,000 			1,177 		
Total Entertainment - 0.27%*								3,525 			1,177 		
											
Financial Institution and Services											
Prodigy Investments Limited(1)(3)		Preference Shares(2)		12/31/2020		1,552 			16,808 			15,079 		
Revolut Ltd(1)(3)		Preferred Stock(2)		8/3/2017		25,920 			292 			10,090 		
Total Financial Institution and Services - 5.79%*								17,100 			25,169 		
											
Food & Drug											
Capsule Corporation		Preferred Stock(2)		7/25/2019		75,013 			500 			814 		
		Preferred Stock(2)		4/21/2021		5,176 			75 			75 		
Total Food & Drug - 0.20%*								575 			889 		
											
Healthcare Technology Systems											
Curology, Inc.		Preferred Stock(2)		11/26/2019		66,000 			196 			224 		
		Common Stock(2)		1/14/2020		142,855 			404 			264 		
								600 			488 		
Medly Health Inc.		Preferred Stock(2)		8/12/2021		209,979 			250 			267 		
Talkspace, LLC (f/k/a Groop Internet Platfom, Inc.)		Common Stock(2)(10)		5/15/2019		146,752 			378 			289 		
Thirty Madison, Inc. (f/k/a Nurx Inc.)		Preferred Stock(2)		5/31/2019		136,572 			1,000 			1,103 		
Total Healthcare Technology Systems - 0.49%*								2,228 			2,147 		
											
Household & Office Goods											
Casper Sleep Inc.		Common Stock(2)(10)		6/19/2017		35,722 			1,000 			239 		
Total Household & Office Goods - 0.06%*								1,000 			239 		
											
Network Systems Management Software											
Cohesity, Inc.		Preferred Stock(2)		3/24/2017		60,342 			400 			901 		
		Preferred Stock(2)		4/7/2020		9,022 			125 			165 		
Total Network Systems Management Software - 0.25%*							525 			1,066 		

29

																																	
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2021	
Portfolio Company		Type of Equity		Acquisition Date(12)		Shares		Cost(6)		Fair Value	
											
Other Financial Services											
Monzo Bank Limited(1)(3)		Ordinary Shares(2)		3/8/2021		92,901 			$	1,000 			$	1,580 		
N26 GmbH(1)(3)		Preferred Stock(2)		12/9/2021		22 			1,264 			1,804 		
Total Other Financial Services - 0.78%*								2,264 			3,384 		
											
Real Estate Services											
Sonder Holdings Inc.		Preferred Stock(2)		5/21/2019		29,773 			313 			238 		
True Footage Inc.		Preferred Stock(2)		10/18/2021		18,366 			100 			100 		
Total Real Estate Services - 0.08%*								413 			338 		
											
Security Services											
ForgeRock, Inc.		Common Stock(2)		9/24/2021		301,249 			495 			6,956 		
Total Security Services - 1.60%*								495 			6,956 		
											
Travel & Leisure											
GoEuro Corp.(1)(3)		Preferred Stock(2)		10/5/2017		2,362 			300 			187 		
Inspirato LLC		Preferred Units(2)(4)		9/11/2014		1,948 			250 			266 		
Total Travel & Leisure - 0.10%*								550 			453 		
											
Total Equity Investments - 12.97%*								$	37,600 			$	56,362 		
											
Total Investments in Portfolio Companies - 199.16%*(11)						$	837,849 			$	865,340 		
											
Total Investments - 199.16%*(9)								$	837,849 			$	865,340 		
_______________
(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2021, non-qualifying assets represented 24.3% of the Company’s total assets, at fair value.
(2)As of December 31, 2021, this investment was not pledged as collateral as part of the Company’s revolving credit facility.
(3)Entity is not domiciled in the United States and does not have its principal place of business in the United States.
(4)Investment is owned by TPVG Investment LLC, a wholly owned taxable subsidiary of the Company.
(5)Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.
(6)Gross unrealized gains, gross unrealized losses, and net unrealized gains for federal income tax purposes totaled $76.1 million, $31.1 million and $45.0 million, respectively, for the December 31, 2021 investment portfolio. The tax cost of investments is $820.3 million.
(7)Debt is on non-accrual status as of December 31, 2021 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2021 had a total cost and fair value of $29.5 million and $11.3 million, respectively.
(8)Non-income producing investments.
(9)Except for equity in seven public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board.
(10)Investment is publicly traded and listed on either the New York Stock Exchange or the Nasdaq, and is not subject to restrictions on sales.
(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2021, the Company’s portfolio company investments that were subject to restrictions on sales totaled $864.3 million at fair value and represented 198.9% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2021, all investments are pledged as collateral as part of the Company’s revolving credit facility.
(12)Acquisition date represents the date of the investment in the portfolio investment.
(13)Investment is an “Affiliate Investment.” See “Note 2. Significant Accounting Policies – Investment Classification” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for more information. This investment was on non-accrual status throughout 2021 and therefore no interest income or net investment income was recorded in connection with the investment. The Company recorded a total of $10.7 million in net unrealized losses on this investment during the year ended December 31, 2021.
*    Value as a percentage of net assets.
_______________

Notes applicable to the investments presented in the foregoing schedules of investments:
•Unless otherwise noted as an “Affiliate Investment” or a “Control Investment,” no investment represents a 5% or greater interest in any outstanding class of voting security of the portfolio company. As of June 30, 2022, none of the Company’s investments represent a 5% or greater interest in any outstanding class of voting security of the portfolio company.
Notes applicable to the debt investments presented in the foregoing schedules of investments:
•Unless otherwise noted, interest rate is the annual cash interest rate on the debt investment and does not include any original issue discount (“OID”), end-of-term (“EOT”) payment, or any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees.

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•For each debt investment tied to the U.S. Prime rate (“Prime Rate”) as of June 30, 2022, the Prime Rate was 3.50%. As of June 30, 2022, approximately 58.6%, or $477.9 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based and all of which had interest rate floors of 3.25% or higher.
•The EOT payments are contractual and fixed interest payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed percentage of the original principal balance of the loan unless otherwise noted. The EOT payment is amortized and recognized as non-cash income over the loan or lease prior to its payment.
•Some of the terms noted in the foregoing schedules of investments are subject to change based on certain events such as prepayments.

31

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(unaudited)

Note 1. Organization
TriplePoint Venture Growth BDC Corp. (the “Company”), a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC’s (“TPC”) investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespan. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors. The Company is externally managed by TriplePoint Advisers LLC (the “Adviser”), which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of TPC. The Adviser is responsible for sourcing, reviewing and structuring investment opportunities, underwriting and performing due diligence on investments and monitoring the investment portfolio on an ongoing basis. The Adviser was organized in August 2013 and, pursuant to an investment advisory agreement entered into between the Company and the Adviser, the Company pays the Adviser a base management fee and an incentive fee for its services. The Company has also entered into an administration agreement with TriplePoint Administrator LLC (the “Administrator”), a wholly owned subsidiary of the Adviser, and reimburses the Administrator for the costs incurred by the Administrator in connection with the services it provides under the Administration Agreement.
The Company has two wholly owned subsidiaries: TPVG Variable Funding Company LLC (the “Financing Subsidiary”), a bankruptcy remote special purpose entity established for utilizing the Company’s revolving credit facility whose creditors have a claim on its assets prior to those assets becoming available to the Financing Subsidiary’s equity holder, and TPVG Investment LLC, an entity established for holding certain of the Company’s investments without negatively impacting the Company’s RIC tax status. These subsidiaries are consolidated in the financial statements of the Company.

Note 2. Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted.
The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated.
Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 2, 2022, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.

Note 3. Related Party Agreements and Transactions
Investment Advisory Agreement
In accordance with the Board approved investment advisory agreement (the “Advisory Agreement”), subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the day-to-day operations and provides investment advisory services to the Company. Under the terms of the Advisory Agreement, the Adviser:
•determines the composition of the Company’s portfolio, the nature and timing of changes to the Company’s portfolio and the manner of implementing such changes;
•identifies, evaluates and negotiates the structure of investments;

32

•executes, closes, services and monitors investments;
•determines the securities and other assets purchased, retained or sold;
•performs due diligence on prospective investments; and
•provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
As consideration for the investment advisory and management services provided, and pursuant to the Advisory Agreement, the Company has agreed to pay the Adviser a fee consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee and incentive fee is ultimately borne by the Company’s stockholders.
Base Management Fee
The base management fee is calculated at an annual rate of 1.75% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. For services rendered under the Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets at the end of its two most recently completed calendar quarters. Such amount is appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. Base management fees for any partial month or quarter are appropriately pro-rated.
Incentive Fee
The incentive fee, which provides the Adviser with a share of the income it generates for the Company, consists of two components—net investment income and net capital gains—which are largely independent of each other, and may result in one component being payable in a given period even if the other is not payable.
Under the investment income component, the Company pays the Adviser each quarter 20.0% of the amount by which the Company’s pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (8.0% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which the Adviser receives all of such income in excess of 2.0% but less than 2.5%, subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, the Adviser receives 20.0% of the Company’s pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company’s pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC exceeds the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. In other words, any investment income incentive fee that is payable in a calendar quarter is limited to the lesser of (i) 20.0% of the amount by which the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC minus (y) the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of the Company’s pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since the effective date of the Company’s election to be regulated as a BDC. The Company elected to be regulated as a BDC under the 1940 Act on March 5, 2014.
Under the capital gains component of the incentive fee, the Company pays the Adviser at the end of each calendar year (or upon termination of the Advisory Agreement) 20.0% of the Company’s aggregate cumulative realized capital gains from inception through the end of that year (or upon termination of the Advisory Agreement), computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized losses through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, the Company’s “aggregate cumulative realized capital gains” does not include any unrealized gains. It should be noted that the Company accrues an incentive fee for accounting purposes taking into account any unrealized gains in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee is payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.
The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of June 30, 2022 and 2021, and, as a result, no capital gains incentive fees were recorded for the three and six months ended June 30, 2022 and 2021.

Management and Incentive Fees
(in thousands)		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
		2022		2021		2022		2021	
Base management fee		$	3,901 			$	3,146 			$	7,618 			$	6,070 		
Income incentive fee		$	3,163 			$	2,351 			$	6,550 			$	4,578 		
Capital gains incentive fee		$	— 			$	— 			$	— 			$	— 		

33

Administration Agreement
The Board-approved administration agreement (the “Administration Agreement”) provides that the Administrator is responsible for furnishing the Company with office facilities and equipment and providing the Company with clerical, bookkeeping, recordkeeping services and other administrative services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees, or arranges for, the performance of the Company’s required administrative services, which includes being responsible for the financial and other records which the Company is required to maintain and preparing reports to the Company’s stockholders and reports and other materials filed with the SEC and any other regulatory authority. In addition, the Administrator assists the Company in determining and publishing net asset value (“NAV”), overseeing the preparation and filing of the Company’s tax returns and printing and disseminating reports and other materials to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides significant managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance.
In full consideration of the provision of the services of the Administrator, the Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. Payments under the Administration Agreement are equal to the Company’s allocable portion (subject to the review of the Board) of the Administrator’s overhead resulting from its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the chief compliance officer and chief financial officer and their respective staffs. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, the Administrator is paid an additional amount based on the services provided, which shall not exceed the amount the Company receives from such companies for providing this assistance.
For the three and six months ended June 30, 2022, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.5 million and $1.1 million, respectively.
For the three and six months ended June 30, 2021, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.5 million and $1.0 million, respectively.

Note 4. Investments
The Company measures the fair value of its investments in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Valuation Committee of the Board is responsible for assisting the Board in valuing investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Board, with the assistance of the Adviser and its senior investment team and independent valuation agents, is responsible for determining, in good faith, the fair value in accordance with the valuation policy approved by the Board. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Adviser considers a range of fair values based upon the valuation techniques utilized and selects a value within that range that most accurately represents fair value based on current market conditions as well as other factors the Adviser’s senior investment team considers relevant. The Board determines fair value of its investments on at least a quarterly basis or at such other times when the Board feels it would be appropriate to do so given the circumstances. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of portfolio investments that do not have a readily available market value, fair value of investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below.
Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.
Level 2—Valuations are based on quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data.
Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

34

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

35

Warrant Investments
Warrant fair values are primarily determined using a Black Scholes option pricing model. Privately held warrants and equity-related securities are valued based on an analysis of various factors, including, but not limited to, those listed below. Increases or decreases in any of the unobservable inputs described below could result in a material change in fair value:
•Underlying enterprise value of the issuer based on available information, including any information regarding the most recent financing round of borrower. Valuation techniques to determine enterprise value include market multiple approaches, income approaches or the use of recent rounds of financing and the portfolio company’s capital structure. Valuation techniques are also utilized to allocate the enterprise fair value of a portfolio company to the specific class of common or preferred stock exercisable in the warrant. Such techniques take into account the rights and preferences of the portfolio company’s securities, expected exit scenarios, and volatility associated with such outcomes to allocate the fair value to the specific class of stock held in the portfolio. Such techniques include option pricing models, including back solve techniques, probability weighted expected return models and other techniques determined to be appropriate.
•Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant investment price, is based on comparable publicly traded companies within indices similar in nature to the underlying company issuing the warrant.
•The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant investment.
•Other adjustments, including a marketability discount on private company warrant investments, are estimated based on the Adviser’s judgment about the general industry environment.
•Historical portfolio experience on cancellations and exercises of warrant investments are utilized as the basis for determining the estimated life of the warrant investment in each financial reporting period. Warrant investments may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrant investment.
Under certain circumstances alternative techniques may be used to value certain warrants that more accurately reflect the warrants' fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arm’s-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option.
Equity Investments
The fair value of an equity investment in a privately held company is initially the amount invested. The Company adjusts the fair value of equity investments in private companies upon the completion of a new third party round of equity financing subsequent to its investment. The Company may adjust the fair value of an equity investment absent a new equity financing event based upon positive or negative changes in a portfolio company’s financial or operational performance. The Company may also reference comparable transactions and/or secondary market transactions of comparable companies to estimate fair value. These valuation methodologies involve a significant degree of judgment.
The fair value of an equity investment in a publicly traded company is based upon the closing public share price on the date of measurement. These assets are recorded at fair value on a recurring basis.
Investment Valuation
The above-described valuation methodologies involve a significant degree of judgment. There is no single standard for determining the estimated fair value of investments that do not have an active observable market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a single estimate may then be determined.
Investments measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations as of June 30, 2022 and December 31, 2021. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.

Investment Type
(in thousands)		June 30, 2022		December 31, 2021	
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total	
Debt investments		$	— 			$	— 			$	768,793 			$	768,793 			$	— 			$	— 			$	757,222 			$	757,222 		
Warrant investments		— 			— 			52,674 			52,674 			— 			— 			51,756 			51,756 		
Equity investments		8,863 			1,062 			45,326 			55,251 			1,045 			11,375 			43,942 			56,362 		
Total investments		$	8,863 			$	1,062 			$	866,793 			$	876,718 			$	1,045 			$	11,375 			$	852,920 			$	865,340 		

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The following tables show information about Level 3 investments measured at fair value for the six months ended June 30, 2022 and 2021. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.

Level 3
Investment Activity (in thousands)		For the Six Months Ended June 30, 2022	
		Debt Investments		Warrant Investments		Equity Investments		Total Investments	
Fair value as of December 31, 2021		$	757,222 			$	51,756 			$	43,942 			$	852,920 		
Funding and purchases of investments, at cost		215,850 			2,960 			3,796 			222,606 		
Principal payments and sale proceeds received from investments		(186,736)			— 			— 			(186,736)		
Net amortization and accretion of premiums and discounts and end-of-term payments		5,542 			— 			— 			5,542 		
Net realized gains (losses) on investments		— 			(910)			— 			(910)		
Net change in unrealized gains (losses) included in earnings		(25,720)			(1,095)			(1,232)			(28,047)		
Payment-in-kind coupon		2,935 			— 			— 			2,935 		
Transfers between investment types		(300)			(37)			337 			— 		
Gross transfers out of Level 3(1)		— 			— 			(1,517)			(1,517)		
Fair value as of June 30, 2022		$	768,793 			$	52,674 			$	45,326 			$	866,793 		
									
Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2022		$	(23,467)			$	(1,800)			$	(1,232)			$	(26,499)		
_______________
(1)Transfers out of Level 3 are measured as of the date of the transfer. During the six months ended June 30, 2022, transfers relate to equity investments in publicly traded companies.

Level 3
Investment Activity (in thousands)		For the Six Months Ended June 30, 2021	
		Debt Investments		Warrant Investments		Equity Investments		Total Investments	
Fair value as of December 31, 2020		$	583,335 			$	24,231 			$	25,993 			$	633,559 		
Funding and purchases of investments, at cost		130,087 			3,867 			3,153 			137,107 		
Principal payments and sale proceeds received from investments		(135,149)			— 			— 			(135,149)		
Net amortization and accretion of premiums and discounts and end-of-term payments		1,612 			— 			— 			1,612 		
Net realized gains (losses) on investments		(15,459)			(244)			— 			(15,703)		
Net change in unrealized gains (losses) included in earnings		15,895 			4,622 			756 			21,273 		
Payment-in-kind coupon		4,213 			— 			— 			4,213 		
Transfers between investment types		— 			(128)			128 			— 		
Gross transfers out of Level 3(1)		— 			— 			(1,286)			(1,286)		
Fair value as of June 30, 2021		$	584,534 			$	32,348 			$	28,744 			$	645,626 		
									
Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2021		$	741 			$	4,504 			$	756 			$	6,001 		
_______________
(1)Transfers out of Level 3 are measured as of the date of the transfer. During the six months ended June 30, 2021, transfers relate to equity investments in publicly traded companies.
Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations.
During the three months ended June 30, 2022, the Company recognized net realized losses on investments of $0.7 million, resulting primarily from the write-off of a warrant investment. During the six months ended June 30, 2022, the Company recognized net realized losses on investments of $3.9 million, primarily resulting from the sale of the Company’s investment in Casper Sleep Inc., the write-off of a warrant investment and foreign currency adjustments.
During the three months ended June 30, 2021, the Company recognized net realized gains on investments of $0.1 million. During the six months ended June 30, 2021, the Company recognized net realized losses on investments of $15.6 million consisting primarily of the sale of the Company’s investment in Knotel, Inc., which was rated Red (5) on the Company’s credit watch list, and its removal from the Company’s investment portfolio.
Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations.

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Net change in unrealized losses during the three months ended June 30, 2022 was $26.3 million, consisting of $16.8 million of net unrealized losses on the Company’s debt investment portfolio, of which $13.2 million of unrealized losses relate to the write-down of Pencil and Pixel, Inc., which is rated Red (5) on the Company’s credit watch list and $4.9 million of net unrealized losses on the Company’s warrant and equity portfolio resulting from fair value and mark-to-market adjustments, as well as $4.6 million of net unrealized losses from foreign currency adjustments. Net change in unrealized losses during the six months ended June 30, 2022 was $31.1 million, consisting of $21.2 million of net unrealized losses on the Company’s debt investment portfolio, of which $13.2 million of unrealized losses relate to the write-down of Pencil and Pixel, Inc., which is rated Red (5) on the Company’s credit watch list and $4.8 million of net unrealized losses on the Company’s warrant and equity portfolio resulting from fair value and mark-to-market adjustments, as well as $5.1 million of net unrealized losses from foreign currency adjustments.
Net change in unrealized gains during the three months ended June 30, 2021 was $3.2 million, resulting primarily from fair value adjustments. Net change in unrealized gains during the six months ended June 30, 2021 was $21.9 million, resulting primarily from the reversal and recognition of $15.6 million of previously recorded unrealized losses associated with Knotel, Inc. in connection with the recognition of a realized loss on the investment, as well as net unrealized gains on the Company’s investment portfolio resulting from fair value adjustments.
The following tables show a summary of quantitative information about the Level 3 fair value measurements of investments as of June 30, 2022 and December 31, 2021. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.

Level 3 Investments
(dollars in thousands)		June 30, 2022	
		Fair Value		Valuation Technique		Unobservable Inputs		Range		Weighted Average	
Debt investments		$	759,641 			Discounted Cash Flows		Discount Rate		(11.19)% - 35.73%		15.48%	
		9,152 			Probability-Weighted Expected Return Method		Probability Weighting of Alternative Outcomes		5.00% - 50.00%		46.03%	
Warrant investments		48,498 			Black Scholes Option Pricing Model		Revenue Multiples		0.46x - 25.80x		3.47x	
						Volatility		45.00% - 85.00%		59.61%	
						Term		0.20 - 5.00 Years		3.01 Years	
						Discount for Lack of Marketability		20.00% - 20.00%		20.00%	
						Risk Free Rate		0.09% - 3.56%		2.71%	
		1,265 			Option-Pricing Method and Probability-Weighted Expected Return Method		Term		1.00 - 6.00 Years		4.07 Years	
						Discount for Lack of Marketability		0.00% - 20.00%		13.26%	
		2,911 			Discounted Expected Return		Discount Rate		15.00% - 30.00%		24.55%	
						Term		1.00 - 4.00 Years		2.71 Years	
						Expected Recovery Rate		18.75% - 100.00%		93.45%	
Equity investments		45,326 			Black Scholes Option Pricing Model		Revenue Multiples		0.80x - 9.78x		3.74x	
						Volatility		45.00% - 75.00%		56.74%	
						Term		0.75 - 4.00 Years		3.21 Years	
						Risk Free Rate		0.13% - 3.00%		2.82%	
Total investments		$	866,793 										

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Level 3 Investments
(dollars in thousands)		December 31, 2021	
		Fair Value		Valuation Technique		Unobservable Inputs		Range		Weighted Average	
Debt investments		$	745,886 			Discounted Cash Flows		Discount Rate		3.30% - 20.34%		13.54%	
		11,336 			Probability-Weighted Expected Return Method		Probability Weighting of Alternative Outcomes		3.70% - 63.00%		50.35%	
Warrant investments		47,755 			Black Scholes Option Pricing Model		Revenue Multiples		0.65x - 9.61x		3.40x	
						Volatility		45.00% - 85.00%		59.89%	
						Term		0.20 - 5.00 Years		3.01 Years	
						Discount for Lack of Marketability		5.00% - 20.00%		19.41%	
						Risk Free Rate		0.06% - 1.26%		0.84%	
		1,145 			Option-Pricing Method and Probability-Weighted Expected Return Method		Term		1.50 - 7.00 Years		4.94 Years	
						Discount for Lack of Marketability		0.00% - 20.00%		14.94%	
		2,856 			Discounted Expected Return		Discount Rate		15.00% - 40.00%		32.49%	
						Term		1.00 - 4.00 Years		2.15 Years	
						Expected Recovery Rate		18.75% - 100.00%		72.62%	
Equity investments		43,942 			Black Scholes Option Pricing Model		Revenue Multiples		0.00x - 4.75x		2.47x	
						Volatility		45.00% - 80.00%		56.86%	
						Term		0.50 - 5.00 Years		3.22 Years	
						Discount for Lack of Marketability		5.00% - 5.00%			
						Risk Free Rate		0.06% - 1.26%		0.91%	
Total investments		$	852,920 										
    Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.

Note 5. Credit Risk
Debt investments may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic, economic and political developments, may significantly affect the value of these investments. In addition, the value of these investments may fluctuate as the general level of interest rates fluctuates.
In many instances, the portfolio company’s ability to repay the debt investments is dependent on additional funding by its venture capital investors, a future sale or an initial public offering. The value of these investments may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan.

Note 6. Borrowings
The following table shows the Company’s outstanding debt as of June 30, 2022 and December 31, 2021:

Liability
(in thousands)		June 30, 2022		December 31, 2021	
		Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment	
Revolving Credit Facility		$	350,000 			$	105,000 			$	245,000 			$	350,000 			$	200,000 			$	150,000 		
2025 Notes		70,000 			70,000 			— 			70,000 			70,000 			— 		
2026 Notes		200,000 			200,000 			— 			200,000 			200,000 			— 		
2027 Notes		125,000 			125,000 			— 			— 			— 			— 		
Total before deferred financing and issuance costs		745,000 			500,000 			245,000 			620,000 			470,000 			150,000 		
Unamortized deferred financing and issuance costs		— 			(5,199)			— 			— 			(4,667)			— 		
Total borrowings outstanding, net of deferred financing and issuance costs		$	745,000 			$	494,801 			$	245,000 			$	620,000 			$	465,333 			$	150,000 		

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Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below:

Interest Expense and Amortization of Fees
(in thousands)		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
		2022		2021		2022		2021	
Revolving Credit Facility									
Interest cost		$	564 			$	3 			$	1,217 			$	580 		
Unused fee		379 			451 			722 			791 		
Amortization of costs and other fees		351 			431 			712 			1,035 		
Revolving Credit Facility Total		$	1,294 			$	885 			$	2,651 			$	2,406 		
									
2022 Notes									
Interest cost		$	— 			$	48 			$	— 			$	1,122 		
Amortization of costs and other fees		— 			7 			— 			140 		
2022 Notes Total		$	— 			$	55 			$	— 			$	1,262 		
									
2025 Notes									
Interest cost		$	788 			$	788 			$	1,575 			$	1,575 		
Amortization of costs and other fees		51 			50 			102 			100 		
2025 Notes Total		$	839 			$	838 			$	1,677 			$	1,675 		
									
2026 Notes									
Interest cost		$	2,250 			$	2,250 			$	4,500 			$	3,000 		
Amortization of costs and other fees		111 			110 			221 			146 		
2026 Notes Total		$	2,361 			$	2,360 			$	4,721 			$	3,146 		
									
2027 Notes									
Interest cost		$	1,562 			$	— 			$	2,083 			$	— 		
Amortization of costs and other fees		70 			— 			93 			— 		
2027 Notes Total		$	1,632 			$	— 			$	2,176 			$	— 		
									
Total interest expense and amortization of fees		$	6,126 			$	4,138 			$	11,225 			$	8,489 		
Credit Facility
In February 2014, the Company, along with its Financing Subsidiary as borrower, entered into a credit agreement with Deutsche Bank AG, New York Branch acting as administrative agent and the other lenders party thereto, which provided the Company with a $150.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the “Credit Facility”). As of June 30, 2022, the Company had $350 million in total commitments available under the Credit Facility, which includes an accordion feature that allows the Company to increase the size of the Credit Facility to up to $400 million under certain circumstances. The revolving period under the Credit Facility expires on November 30, 2022, and the maturity date of the Credit Facility is May 31, 2024 (unless otherwise terminated earlier pursuant to its terms).
Borrowings under the Credit Facility bear interest at the sum of (i) a floating rate based on certain indices, including LIBOR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.80% if facility utilization is greater than or equal to 75%, 2.90% if utilization is greater than or equal to 50%, 3.00% if utilization is less than 50% and 4.5% during the amortization period. Borrowings under the Credit Facility are secured only by the assets of the Financing Subsidiary. The Company agreed to pay Deutsche Bank AG a syndication fee and to pay to Deutsche Bank AG a fee to act as administrative agent under the Credit Facility as well as to pay each lender (i) a commitment fee based on each lender’s commitment and (ii) a fee of 0.50% per annum for any unused borrowings under the Credit Facility on a monthly basis. The Credit Facility contains affirmative and restrictive covenants including, but not limited to, an advance rate limitation of 50.0% of the applicable balance of net assets held by the Financing Subsidiary, maintenance of minimum net worth, a ratio of total assets to total indebtedness of not less than the greater of 3:2 and the amount so required under the 1940 Act, a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava, and eligibility requirements, including but not limited to geographic and industry concentration limitations and certain loan grade classifications. Furthermore, events of default under the Credit Facility include, among other things, (i) a payment default; (ii) a change of control; (iii) bankruptcy; (iv) a covenant default; and (v) failure by the Company to maintain its qualification as a BDC under the 1940 Act. As of June 30, 2022 and December 31, 2021, the Company was in compliance with all covenants under the Credit Facility.

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As of June 30, 2022 and December 31, 2021, the Company had outstanding borrowings under the Credit Facility of $105.0 million and $200.0 million, respectively, excluding deferred credit facility costs of $1.7 million and $2.2 million, respectively, which is included in the Company’s consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
During the three and six months ended June 30, 2022, the Company had average outstanding borrowings under the Credit Facility of $50.3 million and $62.7 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 5.01% and 4.42%, respectively.
During the three and six months ended June 30, 2021, the Company had average outstanding borrowings under the Credit Facility of $0.3 million and $35.1 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 4.07% and 3.88%, respectively.
As of June 30, 2022 and December 31, 2021, $386.4 million and $485.5 million, respectively, of the Company’s assets, including restricted cash, were pledged for borrowings under the Credit Facility, leaving $535.7 million and $442.2 million of assets unencumbered, respectively.
2022 Notes
On July 14, 2017, the Company completed a public offering of $65.0 million in aggregate principal amount of its 5.75% notes due 2022 (the “2022 Notes”) and received net proceeds of $62.8 million after the payment of fees and offering costs. On July 24, 2017, as a result of the underwriters’ full exercise of their option to purchase additional 2022 Notes, the Company issued an additional $9.75 million in aggregate principal amount of the 2022 Notes and received net proceeds of $9.5 million after the payment of fees and offering costs. The interest on the 2022 Notes accrued at an annual rate of 5.75%, payable quarterly.
On March 5, 2021, the Company notified the trustee under the indenture governing the 2022 Notes of the Company’s election to redeem, in full, the $74.75 million aggregate principal amount of the 2022 Notes outstanding, and instructed the trustee to provide notice of such redemption to the holders of the 2022 Notes in accordance with the terms of the indenture. On April 5, 2021 (the “Redemption Date”), the Company redeemed the outstanding 2022 Notes in full in accordance with the terms of the governing indenture. As of the Redemption Date, the outstanding 2022 Notes had an aggregate principal amount of $74.75 million and accrued but unpaid interest of approximately $1.0 million. The 2022 Notes were delisted on the NYSE effective as of the Redemption Date. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.7 million.
2025 Notes
On March 19, 2020, the Company completed a private debt offering of $70.0 million in aggregate principal amount of its 4.50% unsecured notes due March 19, 2025 (the “2025 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2025 Notes is payable semiannually on March 19 and September 19 each year.
The 2025 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2025 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2025 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness.
The Master Note Purchase Agreement (the “Note Purchase Agreement”) under which the 2025 Notes were issued contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $216,129,000, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2019. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2025 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.
The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. As of June 30, 2022 and December 31, 2021, the Company was in compliance with all covenants under the 2025 Notes.
The 2025 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.6 million of deferred issuance cost as of June 30, 2022, which is amortized and expensed over the five-year term of the 2025 Notes based on an effective yield method. The book value of the 2025 Notes approximates fair value and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

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2026 Notes
On March 1, 2021, the Company completed a private debt offering of $200.0 million in aggregate principal amount of its 4.50% unsecured notes due March 1, 2026 (the “2026 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2026 Notes is payable semiannually on March 19 and September 19 each year, beginning on September 19, 2021.
The 2026 Notes are governed by the terms of the First Supplement, dated as of March 1, 2021 (the “First Supplement”), to the Note Purchase Agreement. The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2026 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2026 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2026 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2026 Notes under the Note Purchase Agreement, as modified by the First Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions applicable to the 2025 Notes. As of June 30, 2022 and December 31, 2021, the Company was in compliance with all covenants under the 2026 Notes.
The 2026 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $1.6 million of deferred issuance cost as of June 30, 2022, which is amortized and expensed over the five-year term of the 2026 Notes based on an effective yield method. The book value of the 2026 Notes approximates fair value and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
2027 Notes
On February 28, 2022, the Company completed a private debt offering of $125.0 million in aggregate principal amount of its 5.00% unsecured notes due February 28, 2027 (the “2027 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2027 Notes is payable semiannually on February 28 and August 28 each year, beginning on August 28, 2022.
The 2027 Notes are governed by the terms of the Second Supplement, dated as of February 28, 2022 (the “Second Supplement”), to the Note Purchase Agreement. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.00% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2027 Notes under the Note Purchase Agreement, as modified by the Second Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions applicable to the 2025 Notes and the 2026 Notes. As of June 30, 2022, the Company was in compliance with all covenants under the 2027 Notes.
The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $1.3 million of deferred issuance cost as of June 30, 2022, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. The book value of the 2027 Notes approximates fair value and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of June 30, 2022 and December 31, 2021:

Liability
(in thousands)		June 30, 2022		December 31, 2021	
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total	
Revolving Credit Facility		$	— 			$	— 			$	105,000 			$	105,000 			$	— 			$	— 			$	200,000 			$	200,000 		
2025 Notes, net(1)		— 			— 			69,442 			69,442 			— 			— 			69,348 			69,348 		
2026 Notes, net(2)		— 			— 			198,377 			198,377 			— 			— 			198,155 			198,155 		
2027 Notes, net(3)		— 			— 			123,703 			123,703 			— 			— 			— 			— 		
Total		$	— 			$	— 			$	496,522 			$	496,522 			$	— 			$	— 			$	467,503 			$	467,503 		
_______________
(1)Net of debt issuance costs as of June 30, 2022 and December 31, 2021 of $0.6 million and $0.7 million, respectively.
(2)Net of debt issuance costs as of June 30, 2022 and December 31, 2021 of $1.6 million and $1.8 million, respectively.
(3)Net of debt issuance costs as of June 30, 2022 of $1.3 million.

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Note 7. Commitments and Contingencies
Commitments
As of June 30, 2022 and December 31, 2021, the Company’s unfunded commitments totaled $334.2 million to 37 portfolio companies and $191.7 million to 22 portfolio companies, respectively, of which $96.6 million and $50.3 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.
The Company’s credit agreements contain customary lending provisions that allow it relief from funding obligations for previously made commitments in instances where the underlying company experiences material adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

43

The following table shows the Company’s unfunded commitments by portfolio company as of June 30, 2022 and December 31, 2021:

		June 30, 2022		December 31, 2021	
Unfunded Commitments(1)
(in thousands)		Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability	
Flink SE		$	25,000 			$	722 			$	— 			$	— 		
Overtime Sports, Inc.		22,857 			52 			— 			— 		
McN Investments Ltd.		20,000 			521 			— 			— 		
The Pill Club Holdings, Inc.		20,000 			261 			20,000 			261 		
Athletic Greens (USA), Inc.		20,000 			185 			— 			— 		
Found Health, Inc.		20,000 			112 			— 			— 		
Flo Health, Inc.		16,667 			290 			— 			— 		
Jerry Services, Inc.		15,000 			164 			— 			— 		
RenoRun US Inc.		12,750 			487 			12,750 			487 		
Savage X, Inc.		12,500 			574 			12,000 			574 		
The Aligned Company (f/k/a Thingy Thing Inc.)		12,000 			— 			2,000 			— 		
Homeward, Inc.		10,000 			130 			10,000 			130 		
Activehours, Inc. (d/b/a Earnin)		10,000 			57 			10,000 			57 		
Merama Inc.		9,718 			197 			9,718 			197 		
Curology, Inc.		9,000 			44 			9,000 			44 		
Mynd Management, Inc.		9,000 			— 			— 			— 		
Forum Brands, LLC		8,286 			297 			12,951 			464 		
Foodology Inc.		7,976 			82 			— 			— 		
Demain ES (d/b/a Luko)		7,315 			90 			7,940 			99 		
Good Eggs, Inc.		7,000 			— 			14,000 			70 		
Tempo Interactive Inc.		6,250 			— 			25,000 			237 		
Untitled Labs, Inc.		5,833 			101 			— 			— 		
everdrop GmbH		5,678 			15 			— 			— 		
Cart.com, Inc.		5,000 			92 			— 			— 		
Don't Run Out, Inc.		5,000 			— 			5,000 			— 		
Project 1920, Inc.		4,650 			80 			— 			— 		
Quick Commerce Ltd		4,000 			94 			— 			— 		
FlashParking, Inc.		3,490 			98 			3,837 			107 		
Minted, Inc.		3,400 			60 			— 			— 		
Nakdcom One World AB		3,135 			62 			— 			— 		
Baby Generation, Inc.		3,125 			42 			— 			— 		
True Footage Inc.		2,794 			42 			5,695 			107 		
Underground Enterprises, Inc.		2,250 			6 			— 			— 		
JOKR S.à r.l.		1,496 			103 			1,496 			103 		
Belong Home, Inc.		1,000 			16 			— 			— 		
Dia Styling Co.		1,000 			— 			— 			— 		
Mystery Tackle Box, Inc. (d/b/a Catch Co.)		1,000 			— 			— 			— 		
LeoLabs, Inc.		— 			422 			— 			— 		
Arcadia Power, Inc.		— 			— 			18,000 			139 		
Narvar, Inc.		— 			— 			3,750 			19 		
Sonder USA, Inc.		— 			— 			3,000 			25 		
Trendly, Inc.		— 			— 			3,000 			— 		
VanMoof Global Holding B.V.		— 			— 			2,025 			60 		
Alyk, Inc.		— 			— 			500 			— 		
Total		$	334,170 			$	5,498 			$	191,662 			$	3,180 		
_______________
(1)Does not include $15.0 million backlog of potential future commitments as of June 30, 2022. The Company did not have any backlog of potential future commitments as of December 31, 2021. Refer to the “Backlog of Potential Future Commitments” below.
The table above also shows the fair value of the Company’s unfunded commitment liability totaling $5.5 million and $3.2 million as of June 30, 2022 and December 31, 2021, respectively. The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated statements of assets and liabilities.

44

These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity during the three and six months ended June 30, 2022 and 2021:

Commitments Activity
(in thousands)		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
		2022		2021		2022		2021	
Unfunded commitments at beginning of period(1)		$	247,206 			$	171,282 			$	191,662 			$	153,000 		
New commitments(1)		259,941 			102,533 			385,673 			192,932 		
Fundings		(157,554)			(76,022)			(220,257)			(132,930)		
Expirations / Terminations		500 			(32,000)			(6,750)			(47,000)		
Foreign currency adjustments		(923)			209 			(1,158)			— 		
Unfunded commitments and backlog of potential future commitments at end of period		$	349,170 			$	166,002 			$	349,170 			$	166,002 		
Backlog of potential future commitments		15,000 			2,500 			15,000 			2,500 		
Unfunded commitments at end of period		$	334,170 			$	163,502 			$	334,170 			$	163,502 		
_______________
(1)Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of June 30, 2022 and December 31, 2021:

Unfunded Commitments(1)
(in thousands)		June 30, 2022		December 31, 2021	
Dependent on milestones		$	96,584 			$	50,250 		
Expiring during:					
2022		$	100,217 			$	131,429 		
2023		207,696 			50,233 		
2024		— 			10,000 		
2025		26,257 			— 		
Unfunded commitments		$	334,170 			$	191,662 		
_______________
(1)Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
Backlog of Potential Future Commitments
The Company entered into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of June 30, 2022, this backlog of potential future commitments totaled $15.0 million. As of December 31, 2021, the Company did not have any backlog of potential future commitments.

45

Note 8. Financial Highlights
The following table shows the financial highlights for the six months ended June 30, 2022 and 2021:

Financial Highlights
(in thousands, except per share data)		For the Six Months Ended June 30, or as of June 30,	
		2022		2021	
Per Share Data(1)					
Net asset value at beginning of period		$	14.01 			$	12.97 		
Changes in net asset value due to:					
Net investment income		0.84 			0.59 		
Net realized gains (losses) on investments		(0.12)			(0.51)		
Net change in unrealized gains (losses) on investments		(1.00)			0.71 		
Net realized loss on extinguishment of debt		— 			(0.02)		
Distributions from net investment income		(0.72)			(0.72)		
Net asset value at end of period		$	13.01 			$	13.03 		
					
Net investment income per share		$	0.84 			$	0.59 		
Net increase in net assets resulting from operations per share		$	(0.28)			$	0.77 		
Weighted average shares of common stock outstanding for period		31,024 			30,899 		
Shares of common stock outstanding at end of period		31,074 			30,950 		
					
Ratios / Supplemental Data					
Net asset value at beginning of period		$	434,491 			$	400,435 		
Net asset value at end of period		$	404,324 			$	403,128 		
Average net asset value		$	432,071 			$	400,152 		
Stock price at end of period		$	12.74 			$	15.19 		
					
Total return based on net asset value per share(2)		(2.3)	%		6.4 	%	
Total return based on stock price(3)		(25.4)	%		23.5 	%	
					
Net investment income to average net asset value(4)		12.2 	%		9.2 	%	
Net increase (decrease) in net assets to average net asset value(4)		(4.1)	%		12.0 	%	
Ratio of expenses to average net asset value(4)		13.3 	%		11.1 	%	
Operating expenses excluding incentive fees to average net asset value(4)		10.3 	%		8.8 	%	
Income incentive fees to average net asset value(4)		3.1 	%		2.3 	%	
Capital gains incentive fees to average net asset value(4)		0.0 	%		0.0 	%	
_____________
(1)Table may not foot due to rounding.
(2)Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share. Total return does not reflect sales charges that may be incurred by stockholders.
(3)Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized.
(4)Percentage is presented on an annualized basis.
The weighted average portfolio yield on total debt investments shown below is for the six months ended June 30, 2022 and 2021:

Ratios
(Percentages, on an annualized basis)(1)		For the Six Months Ended June 30,	
		2022		2021	
Weighted average portfolio yield on total debt investments(2)		15.0 	%		13.6 	%	
Coupon income		10.2 	%		9.8 	%	
Accretion of discount		0.8 	%		0.7 	%	
Accretion of end-of-term payments		1.8 	%		1.4 	%	
Impact of prepayments during the period		2.2 	%		1.7 	%	
_____________
(1)Weighted average portfolio yields on total debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period.
(2)The weighted average portfolio yields on total debt investments reflected above do not represent actual investment returns to the Company’s stockholders.

46

Note 9. Net Increase (Decrease) in Net Assets per Share
The following table shows the computation of basic and diluted net increase/(decrease) in net assets per share for the three and six months ended June 30, 2022 and 2021:

Basic and Diluted Share Information
(in thousands, except per share data)		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
		2022		2021		2022		2021	
Net investment income		$	12,654 			$	9,403 			$	26,201 			$	18,310 		
Net increase (decrease) in net assets resulting from operations		$	(14,413)			$	11,986 			$	(8,708)			$	23,845 		
Basic and diluted weighted average shares of common stock outstanding		31,037 			30,917 			31,024 			30,899 		
Basic and diluted net investment income per share of common stock		$	0.41 			$	0.30 			$	0.84 			$	0.59 		
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock		$	(0.46)			$	0.39 			$	(0.28)			$	0.77 		

Note 10.    Equity
Since inception through June 30, 2022, the Company has issued 30,837,545 shares of common stock through an initial public offering and a concurrent private placement offering in 2014, a registered follow-on offering in 2015, a private placement offering in 2017, a registered follow-on offering and concurrent private placement offering in 2018, and a registered follow-on offering in 2020. The Company received net proceeds from these offerings of $432.9 million, net of the portion of the underwriting sales load and offering costs paid by the Company.
The Company has adopted a dividend reinvestment plan for its stockholders, which is an “opt out” dividend reinvestment plan. Under this plan, if the Company declares a cash distribution to stockholders, the amount of such distribution is automatically reinvested in additional shares of common stock unless a stockholder specifically “opts out” of the dividend reinvestment plan. If a stockholder opts out, that stockholder receives cash distributions.
In October 2017, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accounts managed by Goldman Sachs Asset Management, L.P. (the “GSAM Purchasers”), pursuant to which the Company sold to the GSAM Purchasers an aggregate of 1,594,007 shares of the Company’s common stock in October 2017 in a private offering exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D thereunder (the “October 2017 GSAM Shares”). Subsequently, in August 2018, pursuant to the terms of the Securities Purchase Agreement, the GSAM Purchasers purchased an additional 200,000 shares of the Company’s common stock in a private offering exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D thereunder (the “August 2018 GSAM Shares” and, together with the October 2017 GSAM Shares, the “GSAM Shares”).
Pursuant to the terms of the Securities Purchase Agreement, the Company has granted the GSAM Purchasers certain registration rights and the related right to participate in future equity offerings conducted by the Company. Specifically, the GSAM Purchasers have the right to sell up to one-third of the total number of GSAM Shares then held by them, in the aggregate, in any underwritten offering initiated by the Company. Additionally, the GSAM Purchasers have the right at any time or from time to time to elect, in writing and pursuant to the terms of and restrictions under the Securities Purchase Agreement, to sell the GSAM Shares pursuant to an offering, including an underwritten offering or block trade, under the Company’s currently effective shelf registration statement.
The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the six months ended June 30, 2022 and the year ended December 31, 2021:

Issuance of Common Stock for the Six Months Ended June 30, 2022
(in thousands, except per share data)		Date		Number of Shares of 
Common Stock Issued		Gross Proceeds Raised		Underwriting Sales Load		Offering Expenses		Gross Offering Price	
First quarter 2022 distribution reinvestment		3/31/2022		26 			$	426 			$	— 			$	— 			$16.59 per share	
Second quarter 2022 distribution reinvestment		6/30/2022		37 			451 			— 			— 			$12.10 per share	
Total issuance				63 			$	877 			$	— 			$	— 				

47

																																							
Issuance of Common Stock for the Year Ended December 31, 2021
(in thousands, except per share data)		Date		Number of Shares of 
Common Stock Issued		Gross Proceeds Raised		Underwriting Sales Load		Offering Expenses		Gross Offering Price	
Fourth quarter 2020 special distribution reinvestment		1/13/2021		11 			$	142 			$	— 			$	— 			$12.76 per share	
First quarter 2021 distribution reinvestment		3/31/2021		35 			482 			— 			— 			$13.73 per share	
Second quarter 2021 distribution reinvestment		6/30/2021		33 			471 			— 			— 			$14.43 per share	
Third quarter 2021 distribution reinvestment		9/15/2021		34 			509 			— 			— 			$14.83 per share	
Fourth quarter 2021 distribution reinvestment		12/15/2021		27 			439 			— 			— 			$16.38 per share	
Total issuance				140 			$	2,043 			$	— 			$	— 				
The Company had 31,073,839 and 31,010,853 shares of common stock outstanding as of June 30, 2022 and December 31, 2021, respectively.

Note 11. Distributions
The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under the Code. In order to maintain its ability to be subject to tax as a RIC, among other things, the Company is required to distribute at least 90% of its net ordinary income and net realized short-term capital gains in excess of its net realized long-term capital losses, if any, to its stockholders. Additionally, to avoid a nondeductible 4% U.S. federal excise tax on certain of the Company’s undistributed income, the Company must distribute during each calendar year an amount at least equal to the sum of: (a) 98% of the Company’s ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which the Company’s capital gains exceed the Company’s capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by the Company to use its taxable year); and (c) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax.
For the tax years ended December 31, 2021, 2020 and 2019, the Company was subject to a 4% U.S. federal excise tax and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $337,000 and $478,000 for the years ended December 31, 2021 and 2020.

48

The following table shows the Company's cash distributions per share that have been authorized by the Board since the Company's initial public offering to June 30, 2022. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2017 and December 31, 2018, distributions represent ordinary income as the Company's earnings exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains.

Period Ended		Date Declared		Record Date		Payment Date		Per Share Amount	
March 31, 2014		April 3, 2014		April 15, 2014		April 30, 2014		$	0.09 		(1)	
June 30, 2014		May 13, 2014		May 30, 2014		June 17, 2014		0.30 			
September 30, 2014		August 11, 2014		August 29, 2014		September 16, 2014		0.32 			
December 31, 2014		October 27, 2014		November 28, 2014		December 16, 2014		0.36 			
December 31, 2014		December 3, 2014		December 22, 2014		December 31, 2014		0.15 		(2)	
March 31, 2015		March 16, 2015		March 26, 2015		April 16, 2015		0.36 			
June 30, 2015		May 6, 2015		May 29, 2015		June 16, 2015		0.36 			
September 30, 2015		August 11, 2015		August 31, 2015		September 16, 2015		0.36 			
December 31, 2015		November 10, 2015		November 30, 2015		December 16, 2015		0.36 			
March 31, 2016		March 14, 2016		March 31, 2016		April 15, 2016		0.36 			
June 30, 2016		May 9, 2016		May 31, 2016		June 16, 2016		0.36 			
September 30, 2016		August 8, 2016		August 31, 2016		September 16, 2016		0.36 			
December 31, 2016		November 7, 2016		November 30, 2016		December 16, 2016		0.36 			
March 31, 2017		March 13, 2017		March 31, 2017		April 17, 2017		0.36 			
June 30, 2017		May 9, 2017		May 31, 2017		June 16, 2017		0.36 			
September 30, 2017		August 8, 2017		August 31, 2017		September 15, 2017		0.36 			
December 31, 2017		November 6, 2017		November 17, 2017		December 1, 2017		0.36 			
March 31, 2018		March 12, 2018		March 23, 2018		April 6, 2018		0.36 			
June 30, 2018		May 2, 2018		May 31, 2018		June 15, 2018		0.36 			
September 30, 2018		August 1, 2018		August 31, 2018		September 14, 2018		0.36 			
December 31, 2018		October 31, 2018		November 30, 2018		December 14, 2018		0.36 			
December 31, 2018		December 6, 2018		December 20, 2018		December 28, 2018		0.10 		(2)	
March 31, 2019		March 1, 2019		March 20, 2019		March 29, 2019		0.36 			
June 30, 2019		May 1, 2019		May 31, 2019		June 14, 2019		0.36 			
September 30, 2019		July 31, 2019		August 30, 2019		September 16, 2019		0.36 			
December 31, 2019		October 30, 2019		November 29, 2019		December 16, 2019		0.36 			
March 31, 2020		February 28, 2020		March 16, 2020		March 30, 2020		0.36 			
June 30, 2020		April 30, 2020		June 16, 2020		June 30, 2020		0.36 			
September 30, 2020		July 30, 2020		August 31, 2020		September 15, 2020		0.36 			
December 31, 2020		October 29, 2020		November 27, 2020		December 14, 2020		0.36 			
December 31, 2020		December 21, 2020		December 31, 2020		January 13, 2021		0.10 		(2)	
March 31, 2021		February 24, 2021		March 15, 2021		March 31, 2021		0.36 			
June 30, 2021		April 29, 2021		June 16, 2021		June 30, 2021		0.36 			
September 30, 2021		July 28, 2021		August 31, 2021		September 15, 2021		0.36 			
December 31, 2021		October 29, 2021		November 30, 2021		December 15, 2021		0.36 			
March 31, 2022		February 22, 2022		March 15, 2022		March 31, 2022		0.36 			
June 30, 2022		April 28, 2022		June 16, 2022		June 30, 2022		0.36 			
						Total cash distributions		$	12.22 			
_______________
(1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of the Company’s initial public offering on March 5, 2014 through March 31, 2014.
(2)Represents a special distribution.
It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or to defer the payment of distributions associated with the excess taxable income for future calendar years. During the three and six months ended June 30, 2022, the Company recorded $125,000 and $250,000, respectively, for an excise tax accrual. No provision for income tax was recorded in the Company's consolidated statements of operations for the three and six months ended June 30, 2022 and 2021. For the three and six months ended June 30, 2022, total distributions of $0.36 per share and $0.72 per share, respectively, were declared and paid and represented distributions from ordinary income. For the three and six months ended June 30, 2021, total distributions of $0.36 per share and $0.72 per share, respectively, were declared and paid and represented distributions from ordinary income. As of June 30, 2022, the Company estimated it had undistributed taxable earnings from net investment income (or “spillover income”) of $14.3 million, or $0.46 per share. Since March 5, 2014 (commencement of operations) to June 30, 2022, total distributions of $12.22 per share have been paid.

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Note 12. Subsequent Events
Distribution
On July 27, 2022, the Board declared a $0.36 per share regular quarterly distribution, payable on September 30, 2022 to stockholders of record on September 15, 2022.
Recent Portfolio Activity
From July 1, 2022 through August 2, 2022, the Company closed $23.0 million of additional debt commitments and funded $25.0 million in new investments. TPC’s direct originations platform entered into $85.0 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for the Company are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with TPC’s allocation policy.
Amendment to the Credit Facility
On July 22, 2022, the Company entered into an amendment to the Credit Facility to, among other things, extend the revolving period from November 30, 2022 to May 31, 2024 and the scheduled maturity date from May 31, 2024 to November 30, 2025.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

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•a contraction of available credit, an inability or unwillingness of our lenders to fund their commitments to us and/or an inability to access capital markets or additional sources of liquidity, including as a result of the impact and duration of the COVID-19 pandemic, could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;
•interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;
•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
•risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and
•the risks, uncertainties and other factors we identify in “Risk Factors” in this Quarterly Report on Form 10-Q, in our most recent Annual Report on Form 10-K under Part I, Item 1A, and in our other filings with the SEC that we make from time to time.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include, without limitation, our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

Overview
We are an externally managed, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Our shares are currently listed on the New York Stock Exchange (the “NYSE”) under the symbol “TPVG”.
We were formed to expand the venture growth stage business segment of TPC’s investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespan. TPC is located on Sand Hill Road in Silicon Valley and has a primary focus in technology and other high growth industries.
Our investment objective is to maximize our total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors.
COVID-19 Developments
The COVID-19 pandemic, and the related effect on the U.S. and global economies, including the uncertainty associated with the timing and likelihood of economic recovery, has had adverse consequences for the business operations of some of our portfolio companies and threatens to continue to adversely affect our operations and the operations of the Adviser.
While we have been monitoring, and continue to monitor, the COVID-19 pandemic and its impact on our and our portfolio companies’ business, we have continued to raise capital, maintain appropriate levels of available liquidity, support and monitor our existing portfolio companies, fund existing unfunded commitments, and selectively deploy capital in new investment opportunities in venture capital-backed companies.
We have seen, and may continue to see, certain of our portfolio companies experience financial distress and, depending on the duration of the COVID-19 pandemic and the extent of its disruption to operations, believe that there is an increased risk of certain of our portfolio companies defaulting on their financial obligations to us and their other capital providers. In addition, as a result of the adverse effects of the COVID-19 pandemic and the related disruption and financial distress, certain portfolio companies may seek to modify their loans from us, which could reduce the amount or extend the time for payment of principal, reduce the rate or extend the time of payment of interest, and/or increase the amount of PIK interest we receive with respect to such investment, among other things. The effects of the COVID-19 pandemic have also impeded, and may continue to impede, the ability of certain of our portfolio companies to raise additional capital and/or pursue asset sales or otherwise execute strategic transactions, which could have a material adverse effect on the valuation of our investments in such companies. Portfolio companies operating in certain industries may be more susceptible to these risks than other portfolio companies in other industries in light of the effects of the COVID-19 pandemic. Some of our portfolio companies previously took steps to significantly reduce, modify, or alter business strategies and operations, and additional portfolio companies may take similar steps if subjected to prolonged and severe financial distress, which may impair their business on a permanent basis. In addition, in part due to the ongoing adverse effects of the COVID-19 pandemic, there can be no assurance that future equity rounds completed by our portfolio companies will be at levels greater than or equal to previous rounds, which may result in net unrealized depreciation on our warrant and equity portfolio in future periods.

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As of June 30, 2022, we had investments in two portfolio companies which were on non-accrual status (which were generally caused by events unrelated to the COVID-19 pandemic), with an aggregate cost and fair value of $44.9 million and $11.4 million, respectively. The various effects of the COVID-19 pandemic, including those discussed above, increase the risk that we will place additional investments on non-accrual status in the future. Any significant increase in aggregate unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the COVID-19 pandemic or otherwise increases the risk of failing to meet the 1940 Act asset coverage requirements and breaching covenants under the Credit Facility, or under the governing agreements for the 2025 Notes, the 2026 Notes and the 2027 Notes, or otherwise triggering an event of default under our borrowing arrangements. Any such breach of covenant or event of default, if we are not able to obtain a waiver from the required lenders or debt holders, would have a material adverse effect on our business, liquidity, financial condition, results of operations and ability to pay distributions to our stockholders. See “Risk Factors” in this Quarterly Report on Form 10-Q and “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 for more information. As of June 30, 2022, we were in compliance with the asset coverage requirements under the 1940 Act and with our covenants under the Credit Facility and under the governing agreements for the 2025 Notes, the 2026 Notes and the 2027 Notes.
We will continue to monitor the evolving situation relating to the COVID-19 pandemic and related guidance from U.S. and international authorities, including federal, state and local public health authorities. Given the dynamic nature of this situation and the fact that there may be developments outside of our control that require us or our portfolio companies to adjust plans of operation, we cannot reasonably estimate the full impact of COVID-19 on our financial condition, results of operations or cash flows in the future. However, it could have a material adverse impact for a prolonged period of time on our future net investment income, particularly with respect to our interest income, the fair value of our portfolio investments, and our portfolio companies’ respective results of operations and financial condition. See “Risk Factors” in this Quarterly Report on Form 10-Q, and in our other filings with the SEC that we make from time to time, for more information.

Portfolio Composition, Investment Activity and Asset Quality
Portfolio Composition
We originate and invest primarily in venture growth stage companies. Companies at the venture growth stage have distinct characteristics differentiating them from venture capital-backed companies at other stages in their development lifecycle. We invest primarily in (i) growth capital loans that have a secured collateral position and that are generally used by venture growth stage companies to finance their continued expansion and growth, (ii) equipment financings, which may be structured as loans or leases, that have a secured collateral position on specified mission-critical equipment, (iii) on a select basis, revolving loans that have a secured collateral position and that are typically used by venture growth stage companies to advance against inventory, components, accounts receivable, contractual or future billings, bookings, revenues, sales or cash payments and collections including proceeds from a sale, financing or the equivalent and (iv) direct equity investments in venture growth stage companies. In connection with our growth capital loans, equipment financings and revolving loans, we generally receive warrant investments as part of the transaction that allow us to participate in any equity appreciation of our borrowers and enhance our overall investment returns.
As of June 30, 2022, we had 293 investments in 109 companies. Our investments included 129 debt investments, 110 warrant investments, and 54 direct equity and related investments. As of June 30, 2022, the aggregate cost and fair value of these investments were $880.3 million and $876.7 million, respectively. As of June 30, 2022, 12 of our portfolio companies were publicly traded. As of June 30, 2022, the 129 debt investments had an aggregate fair value of $768.8 million and a weighted average loan to enterprise value ratio at the time of underwriting of 8.1%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.
As of December 31, 2021, we had 246 investments in 91 companies. Our investments included 107 debt investments, 92 warrant investments, and 47 direct equity and related investments. As of December 31, 2021, the aggregate cost and fair value of these investments were $837.8 million and $865.3 million, respectively. As of December 31, 2021, 10 of our portfolio companies were publicly traded. As of December 31, 2021, the 107 debt investments had an aggregate fair value of $757.2 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.7%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.
The following tables show information on the cost and fair value of our investments in companies along with the number of companies in our portfolio as of June 30, 2022 and December 31, 2021:

		June 30, 2022		
Investments by Type
(dollars in thousands)		Cost		Fair Value		Net Unrealized Gains (losses)		Number of
Investments		Number of
Companies		
Debt investments		$	811,944 			$	768,793 			$	(43,151)			129 			56 			
Warrant investments		27,610 			52,674 			25,064 			110 			95 			
Equity investments		40,733 			55,251 			14,518 			54 			45 			
Total Investments in Portfolio Companies		$	880,287 			$	876,718 			$	(3,569)			293 			109 		(1)	
_______________
(1)Represents non-duplicative number of companies.

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		December 31, 2021		
Investments by Type
(dollars in thousands)		Cost		Fair Value		Net Unrealized Gains (losses)		Number of
Investments		Number of
Companies		
Debt investments		$	774,652 			$	757,222 			$	(17,430)			107 			49 			
Warrant investments		25,597 			51,756 			26,159 			92 			81 			
Equity investments		37,600 			56,362 			18,762 			47 			40 			
Total Investments in Portfolio Companies		$	837,849 			$	865,340 			$	27,491 			246 			91 		(1)	
_______________
(1)Represents non-duplicative number of companies.

The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of June 30, 2022 and December 31, 2021:
															
		June 30, 2022	
Investments in Portfolio Companies by Industry
(dollars in thousands)		At Fair Value		Percentage of Total Investments	
E-Commerce - Clothing and Accessories		$	131,198 			15.0 	%	
Consumer Products and Services		125,823 			14.4 		
Business Applications Software		101,920 			11.6 		
Financial Institution and Services		71,422 			8.1 		
Healthcare Technology Systems		54,155 			6.2 		
Business/Productivity Software		47,482 			5.4 		
Business Products and Services		44,087 			5.0 		
Security Services		37,499 			4.3 		
Consumer Non-Durables		34,043 			3.9 		
Real Estate Services		34,034 			3.9 		
Travel & Leisure		32,826 			3.7 		
Shopping Facilitators		28,003 			3.2 		
Entertainment		27,640 			3.2 		
Other Financial Services		24,022 			2.7 		
Food & Drug		17,763 			2.0 		
Consumer Finance		17,676 			2.0 		
E-Commerce - Personal Goods		14,390 			1.6 		
Database Software		13,366 			1.5 		
Application Software		8,340 			1.0 		
Multimedia and Design Software		2,250 			0.3 		
Consumer Retail		2,169 			0.2 		
Communications Software		2,000 			0.2 		
Network Systems Management Software		1,501 			0.2 		
Commercial Services		1,285 			0.1 		
General Media and Content		1,092 			0.1 		
Healthcare Services		174 			*	
Social/Platform Software		151 			*	
Business to Business Marketplace		144 			*	
Educational/Training Software		133 			*	
Computer Hardware		116 			*	
Advertising / Marketing		13 			*	
Transportation		1 			*	
Building Materials/Construction Machinery		— 			*	
Medical Software and Information Services		— 			*	
Total portfolio company investments		$	876,718 			100.0 	%	
_______________
*Amount represents less than 0.05% of the total portfolio investments at fair value.

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		December 31, 2021	
Investments in Portfolio Companies by Industry
(dollars in thousands)		At Fair Value		Percentage of Total Investments	
Business Applications Software		$	114,109 			13.2 	%	
E-Commerce - Clothing and Accessories		111,941 			12.9 		
Consumer Products and Services		78,826 			9.1 		
Financial Institution and Services		71,673 			8.3 		
Household & Office Goods		42,470 			4.9 		
Other Financial Services		40,474 			4.7 		
Real Estate Services		38,651 			4.5 		
Security Services		38,282 			4.4 		
Healthcare Technology Systems		37,418 			4.3 		
Network Systems Management Software		37,283 			4.3 		
Travel & Leisure		31,686 			3.7 		
Entertainment		30,881 			3.6 		
Consumer Non-Durables		30,531 			3.5 		
Shopping Facilitators		27,642 			3.2 		
Business Products and Services		22,940 			2.7 		
Business/Productivity Software		17,393 			2.0 		
Consumer Finance		17,345 			2.0 		
Food & Drug		17,316 			2.0 		
Multimedia and Design Software		15,619 			1.8 		
E-Commerce - Personal Goods		15,091 			1.7 		
Database Software		12,876 			1.5 		
Computer Hardware		7,944 			0.9 		
Consumer Retail		2,680 			0.3 		
Communications Software		2,000 			0.2 		
General Media and Content		1,092 			0.1 		
Educational/Training Software		252 			*	
Commercial Services		238 			*	
Conferencing Equipment / Services		205 			*	
Social/Platform Software		151 			*	
Business to Business Marketplace		144 			*	
Transportation		111 			*	
Healthcare Services		61 			*	
Advertising / Marketing		13 			*	
Building Materials/Construction Machinery		2 			*	
Medical Software and Information Services		— 			*	
Total portfolio company investments		$	865,340 			100.0 	%	
_______________
*Amount represents less than 0.05% of the total portfolio investments at fair value.
The following table shows the financing product type of our debt investments as of June 30, 2022 and December 31, 2021:

		June 30, 2022		December 31, 2021	
Debt Investments By Financing Product
(dollars in thousands)		Fair Value		Percentage of Total Debt Investments		Fair Value		Percentage of Total Debt Investments	
Growth capital loans		$	757,858 			98.6 	%		$	752,268 			99.4 	%	
Revolver loans		10,310 			1.3 			4,029 			0.5 		
Convertible notes		625 			0.1 			925 			0.1 		
Total debt investments		$	768,793 			100.0 	%		$	757,222 			100.0 	%	
Growth capital loans in which the borrower held a term loan facility, with or without an accompanying revolving loan, in priority to our senior lien represent 25.8% and 26.2% of our debt investments at fair value as of June 30, 2022 and December 31, 2021, respectively.

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Investment Activity
During the three months ended June 30, 2022, we entered into debt commitments with 13 new portfolio companies and four existing portfolio companies totaling $259.9 million, funded debt investments to 20 portfolio companies for $157.6 million in principal value, acquired warrant investments representing $2.1 million of value, and made equity investments of $0.7 million. Debt investments funded during the three months ended June 30, 2022 carried a weighted average annualized portfolio yield of 13.6% at origination.
During the six months ended June 30, 2022, we entered into debt commitments with 21 new portfolio companies and seven existing portfolio companies totaling $385.7 million, funded debt investments to 26 portfolio companies for $220.3 million in principal value, acquired warrant investments representing $3.0 million of value, and made equity investments of $3.1 million. Debt investments funded during the six months ended June 30, 2022 carried a weighted average annualized portfolio yield of 13.5% at origination.
During the three months ended June 30, 2021, we entered into debt commitments with six new portfolio companies totaling $102.5 million, funded nine debt investments for $76.0 million in principal value, acquired warrant investments representing $2.2 million of value, and made equity investments of $0.2 million. Debt investments funded during the three months ended June 30, 2021 carried a weighted average annualized portfolio yield of 13.2% at origination.
During the six months ended June 30, 2021, we entered into debt commitments with 10 new portfolio companies and three existing portfolio companies totaling $192.9 million, funded 18 debt investments for $132.9 million in principal value, acquired warrant investments representing $3.9 million of value, and made equity investments of $2.5 million. Debt investments funded during the six months ended June 30, 2021 carried a weighted average annualized portfolio yield of 13.0% at origination.
During the three months ended June 30, 2022, we received $50.2 million of principal prepayments, $4.8 million of early repayments and $10.3 million of scheduled principal amortization. During the six months ended June 30, 2022, we received $165.8 million of principal prepayments, $4.8 million of early repayments and $16.2 million of scheduled principal amortization.
During the three months ended June 30, 2021, we received $46.0 million of principal prepayments and $23.1 million of scheduled principal amortization. During the six months ended June 30, 2021, we received $82.0 million of principal prepayments and $38.2 million of scheduled principal amortization.
The following table shows the total portfolio investment activity for the three and six months ended June 30, 2022 and 2021:

		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
(in thousands)		2022		2021		2022		2021	
Beginning portfolio at fair value		$	806,447 			$	633,696 			$	865,340 			$	633,779 		
New debt investments, net(1)		154,391 			74,444 			215,850 			130,087 		
Scheduled principal amortization		(10,296)			(23,113)			(16,164)			(38,183)		
Principal prepayments and early repayments		(55,038)			(46,000)			(170,572)			(81,966)		
Net amortization and accretion of premiums and discounts and end-of-term payments		3,609 			494 			5,542 			1,612 		
Payment-in-kind coupon		1,352 			2,232 			2,935 			4,213 		
New warrant investments		2,145 			2,246 			2,960 			3,867 		
New equity investments		1,100 			509 			3,796 			3,153 		
Proceeds from dispositions of investments		— 			— 			(246)			(15,000)		
Net realized gains (losses) on investments		(670)			— 			(1,664)			(15,703)		
Net change in unrealized gains (losses) on investments		(26,322)			3,209 			(31,059)			21,858 		
Ending portfolio at fair value		$	876,718 			$	647,717 			$	876,718 			$	647,717 		
_______________
(1)Debt balance is net of fees and discounts applied to the loan at origination.
Our level of investment activity can vary substantially from period to period as our Adviser chooses to slow or accelerate new business originations depending on market conditions, rate of investment of TPC’s select group of leading venture capital investors, our Adviser’s knowledge, expertise and experience, our funding capacity (including availability under the Credit Facility and our ability or inability to raise equity or debt capital), the amount of our outstanding unfunded commitments and other market dynamics.

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The following table shows the debt commitments, fundings of debt investments (principal balance) and equity investments, and non-binding term sheet activity for the three and six months ended June 30, 2022 and 2021:

Commitments and Fundings
(in thousands)		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
		2022		2021		2022		2021	
Debt Commitments									
New portfolio companies		$	214,441 			$	102,533 			$	308,173 			$	159,712 		
Existing portfolio companies		45,500 			— 			77,500 			33,220 		
Total(1)		$	259,941 			$	102,533 			$	385,673 			$	192,932 		
									
Funded Debt Investments		$	157,554 			$	76,022 			$	220,257 			$	132,930 		
									
Equity Investments		$	733 			$	158 			$	3,093 			$	2,493 		
									
Non-Binding Term Sheets		$	803,637 			$	250,835 			$	1,460,266 			$	443,007 		
_______________
(1)Includes backlog of potential future commitments.
We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of June 30, 2022, this backlog of potential future commitments totaled $15.0 million. As of December 31, 2021, we did not have any backlog of potential future commitments.
Asset Quality
Consistent with TPC’s existing policies, our Adviser maintains a credit watch list which places borrowers into five risk categories based on our Adviser’s senior investment team’s judgment, where 1 is the highest rating and all new loans are generally assigned a rating of 2.

Category		Category Definition		Action Item	
					
Clear (1)		Performing above expectations and/or strong financial or enterprise profile, value or coverage.		Review quarterly.	
White (2)		Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. Generally, all new loans are initially graded White (2).		Contact portfolio company periodically; in no event less than quarterly.	
Yellow (3)		Performing generally below expectations and/or some proactive concern. Adequate financial or enterprise profile, value or coverage.		Contact portfolio company monthly or more frequently as determined by our Adviser’s Investment Committee; contact venture capital investors.	
Orange (4)		Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent.		Contact portfolio company weekly or more frequently as determined by our Adviser’s Investment Committee; contact venture capital investors regularly; our Adviser forms a workout group to minimize risk of loss.	
Red (5)		Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full loss.		Maximize value from assets.	
The following table shows the credit rankings for the portfolio companies that had outstanding debt obligations to us as of June 30, 2022 and December 31, 2021:

		June 30, 2022		December 31, 2021	
Credit Category
(dollars in thousands)		Fair Value		Percentage of Total Debt Investments		Number of Portfolio Companies		Fair Value		Percentage of Total Debt Investments		Number of Portfolio Companies	
Clear (1)		$	45,681 			5.9 	%		3		$	166,091 			21.9 	%		8	
White (2)		642,346 			83.6 			47		538,167 			71.1 			38	
Yellow (3)		69,364 			9.0 			4		41,628 			5.5 			2	
Orange (4)		9,152 			1.2 			1		11,336 			1.5 			1	
Red (5)		2,250 			0.3 			1		— 			— 			—	
		$	768,793 			100.0 	%		56		$	757,222 			100.0 	%		49	
As of June 30, 2022 and December 31, 2021, the weighted average investment ranking of our debt investment portfolio was 2.06 and 1.87, respectively. During the three months ended June 30, 2022, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $2.5 million was upgraded from Yellow (3) to White (2), two portfolio companies with a combined principal balance of $28.4 million were downgraded from White (2) to Yellow (3), and one portfolio company, Pencil and Pixel, Inc., with a principal balance of $15.0 million was downgraded from White (2) to Red (5).

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Results of Operations
Comparison of operating results for the three and six months ended June 30, 2022 and 2021
An important measure of our financial performance is net increase (decrease) in net assets resulting from operations, which includes net investment income (loss), net realized gains (losses) and net unrealized gains (losses). Net investment income (loss) is the difference between our income from interest, dividends, fees and other investment income and our operating expenses including interest on borrowed funds. Net realized gains (losses) on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost. Net unrealized gains (losses) on investments is the net change in the fair value of our investment portfolio.
For the three months ended June 30, 2022, our net decrease in net assets resulting from operations was $14.4 million, which was comprised of $12.7 million of net investment income and $27.1 million of net realized and unrealized losses. For the three months ended June 30, 2021, our net increase in net assets resulting from operations was $12.0 million, which was comprised of $9.4 million of net investment income and $2.6 million of net realized and unrealized losses. On a per share basis for the three months ended June 30, 2022, net investment income was $0.41 per share and the net decrease in net assets from operations was $(0.46) per share, as compared to net investment income of $0.30 per share and a net increase in net assets from operations of $0.39 per share for the three months ended June 30, 2021.
For the six months ended June 30, 2022, our net decrease in net assets resulting from operations was $(8.7) million, which was comprised of $26.2 million of net investment income and $34.9 million of net realized and unrealized losses. For the six months ended June 30, 2021, our net increase in net assets resulting from operations was $23.8 million, which was comprised of $18.3 million of net investment income and $5.5 million of net realized and unrealized gains. On a per share basis for the six months ended June 30, 2022, net investment income was $0.84 per share and the net decrease in net assets from operations was $(0.28) per share, as compared to net investment income of $0.59 per share and a net increase in net assets from operations of $0.77 per share for the six months ended June 30, 2021.
Investment Income
For the three months ended June 30, 2022, total investment and other income was $27.4 million as compared to $20.3 million for the three months ended June 30, 2021. The increase in total investment and other income for the three months ended June 30, 2022, compared to the 2021 period, is primarily due to a greater weighted average principal amount outstanding on our income-bearing debt investment portfolio, higher investment yields and increased prepayment activity.
For the six months ended June 30, 2022, total investment and other income was $54.8 million as compared to $40.3 million for the six months ended June 30, 2021. The increase in total investment and other income for the six months ended June 30, 2022, compared to the 2021 period, is primarily due to a greater weighted average principal amount outstanding on our income-bearing debt investment portfolio, higher investment yields and increased prepayment activity.
For the three months ended June 30, 2022, we recognized $0.4 million in other income consisting of $0.4 million from the realization of certain fees paid and accrued from portfolio companies and other income related to prepayment activity. For the six months ended June 30, 2022, we recognized $1.8 million in other income consisting $1.8 million from the realization of certain fees paid and accrued from portfolio companies and other income related to prepayment activity.
For the three months ended June 30, 2021, we recognized $0.6 million in other income consisting primarily of $0.6 million from the realization of certain fees paid and accrued from portfolio companies and other income related to prepayment activity. For the six months ended June 30, 2021, we recognized we recognized $1.3 million in other income consisting of $0.3 million due to the termination or expiration of unfunded commitments and $1.0 million from the realization of certain fees paid and accrued from portfolio companies and other income related to prepayment activity.
Operating Expenses
Total operating expenses consist of our base management fee, income incentive fee, capital gains incentive fee, interest expense and amortization of fees, administration agreement expenses, and general and administrative expenses. We anticipate operating expenses will increase over time as our portfolio continues to grow. However, we anticipate operating expenses, as a percentage of totals assets and net assets, will generally decrease over time as our portfolio and capital base expand. We expect base management and income incentive fees will increase as we grow our asset base and our earnings. The capital gains incentive fee will depend on realized gains and losses and unrealized losses. Interest expenses will generally increase as we borrow greater amounts under the Credit Facility and issue additional debt securities, and we generally expect expenses under the administration agreement and general and administrative expenses to increase over time to meet the additional requirements associated with servicing a larger portfolio.
For the three months ended June 30, 2022, total operating expenses were $14.8 million as compared to $10.9 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, total operating expenses were $28.6 million as compared to $22.0 million for the six months ended June 30, 2021.
Base management fees for the three months ended June 30, 2022 and 2021 totaled $3.9 million and $3.1 million, respectively. Base management fees increased during the three months ended June 30, 2022, as compared to the three months ended June 30, 2021, due to an increase in the average size of our portfolio during the applicable periods used in the calculation. Base management fees for the six months ended June 30, 2022 and 2021 totaled $7.6 million and $6.1 million, respectively. Base management fees increased during the six months ended June 30, 2022, as compared to the six months ended June 30, 2021, due to an increase in the average size of our portfolio during the applicable periods used in the calculation.

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Income incentive fees totaled $3.2 million and $2.4 million for the three months ended June 30, 2022 and 2021, respectively, and $6.6 million and $4.6 million for the six months ended June 30, 2022 and 2021, respectively. Income incentive fees increased during the three months ended June 30, 2022, as compared to the three months ended June 30, 2021, due to greater pre-incentive fee net investment income for the period. Income incentive fees increased during the six months ended June 30, 2022, as compared to the six months ended June 30, 2021, due to greater pre-incentive fee net investment income for the period.
There was no capital gains incentive fee expense for the three and six months ended June 30, 2022 and 2021.
Interest expense and amortization of fees totaled $6.1 million and $4.1 million for the three months ended June 30, 2022 and 2021, respectively. The increase during the three months ended June 30, 2022, as compared to the three months ended June 30, 2021, is due to the issuance of the 2027 Notes in the first quarter of 2022 and a greater weighted-average outstanding principal balance under the Credit Facility.
Interest expense and amortization of fees totaled $11.2 million and $8.5 million for the six months ended June 30, 2022 and 2021, respectively. The increase during the six months ended June 30, 2022, as compared to the six months ended June 30, 2021, is due to the issuance of the 2027 Notes in the first quarter of 2022 and a greater weighted-average outstanding principal balance under the Credit Facility.
Administration agreement and general and administrative expenses totaled $1.6 million and $1.3 million for the three months ended June 30, 2022 and 2021, respectively. Administration agreement and general and administrative expenses totaled $3.2 million and $2.8 million for the six months ended June 30, 2022 and 2021, respectively. The increase for the six months ended June 30, 2022, as compared to the six months ended June 30, 2021, was primarily due to a higher allocation of administration expenses under the Administration Agreement as well as greater third-party expenses.
Net Realized Gains and Losses and Net Unrealized Gains and Losses
Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations.
During the three months ended June 30, 2022, we recognized net realized losses on investments of $0.7 million, resulting primarily from the write-off of a warrant investment. During the six months ended June 30, 2022, we recognized net realized losses on investments of $3.9 million, primarily resulting from the sale of our investment in Casper Sleep Inc., the write-off of a warrant investment and foreign currency adjustments.
During the three months ended June 30, 2021, we recognized net realized gains on investments of $0.1 million. During the six months ended June 30, 2021, we recognized net realized losses on investments of $15.6 million consisting primarily of the sale of our investment in Knotel, Inc., which was rated Red (5) on our credit watch list, and its removal from our investment portfolio.
Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations.
Net change in unrealized losses during the three months ended June 30, 2022 was $26.3 million, consisting of $16.8 million of net unrealized losses on our debt investment portfolio, of which $13.2 million of unrealized losses relate to the write-down of Pencil and Pixel, Inc., which is rated Red (5) on our credit watch list and $4.9 million of net unrealized losses on our warrant and equity portfolio resulting from fair value and mark-to-market adjustments, as well as $4.6 million of net unrealized losses from foreign currency adjustments. Net change in unrealized losses during the six months ended June 30, 2022 was $31.1 million, consisting of $21.2 million of net unrealized losses on our debt investment portfolio, of which $13.2 million of unrealized losses relate to the write-down of Pencil and Pixel, Inc., which is rated Red (5) on our credit watch list and $4.8 million of net unrealized losses on our warrant and equity portfolio resulting from fair value and mark-to-market adjustments, as well as $5.1 million of net unrealized losses from foreign currency adjustments.
Net change in unrealized gains during the three months ended June 30, 2021 was $3.2 million, resulting primarily from fair value adjustments. Net change in unrealized gains during the six months ended June 30, 2021 was $21.9 million, resulting primarily from the reversal and recognition of $15.6 million of previously recorded unrealized losses associated with Knotel, Inc. in connection with the recognition of a realized loss on the investment, as well as net unrealized gains on our investment portfolio resulting from fair value adjustments.
Net change in realized and unrealized gains or losses in subsequent periods may be volatile as such results depend on changes in the market, changes in the underlying performance of our portfolio companies and their respective industries, and other market factors.
Portfolio Yield and Total Return
Investment income includes interest income on our debt investments utilizing the effective yield method including cash interest income as well as the amortization of any purchase premium, accretion of purchase discount, original issue discount, facilities fees, and the amortization and payment of the end-of-term (“EOT”) payments. For the three and six months ended June 30, 2022, interest income totaled $27.0 million and $52.9 million, respectively, representing a weighted average annualized portfolio yield on total debt investments for the period held of 14.5% and 15.0%, respectively. For the three and six months ended June 30, 2021, interest income totaled $19.7 million and $38.9 million, respectively, representing a weighted average annualized portfolio yield on total debt investments for the period held of 13.9% and 13.6%, respectively.

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We calculate weighted average annualized portfolio yields for periods shown as the annualized rates of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. Should the portfolio companies choose to repay their loans earlier, our weighted average yields will increase for those debt investments affected but may reduce our weighted average yields on the remaining portfolio in future quarters.
For the three and six months ended June 30, 2022, the yield on our total debt portfolio, excluding the impact of prepayments, was 12.8% and 12.8%, respectively. For the three and six months ended June 30, 2021, the yield on our total debt portfolio, excluding the impact of prepayments, was 12.0% and 11.9%, respectively.
The following table shows the weighted average annualized portfolio yield on our total debt portfolio comprising of cash interest income, accretion of the net purchase discount, facilities fees and the value of warrant investments received, accretion of EOT payments and the accelerated receipt of EOT payments on prepayments:

Ratios
(Percentages, on an annualized basis)(1)		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
		2022		2021		2022		2021	
Weighted average annualized portfolio yield on total debt investments(2)		14.5 	%		13.9 	%		15.0 	%		13.6 	%	
Coupon income		10.4 	%		9.9 	%		10.2 	%		9.8 	%	
Accretion of discount		0.7 	%		0.7 	%		0.8 	%		0.7 	%	
Accretion of end-of-term payments		1.7 	%		1.4 	%		1.8 	%		1.4 	%	
Impact of prepayments during the period		1.7 	%		1.9 	%		2.2 	%		1.7 	%	
_____________
(1)Weighted average portfolio yields on total debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period.
(2)The weighted average portfolio yields on total debt investments reflected above do not represent actual investment returns to our stockholders.
Our weighted average annualized portfolio yield on debt investments may be higher than an investor’s yield on an investment in shares of our common stock. Our weighted average annualized portfolio yield on debt investments does not reflect operating expenses that may be incurred by us and, thus, by our stockholders. In addition, our weighted average annualized portfolio yield on debt investments and total return figures disclosed in this Quarterly Report on Form 10-Q do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of our common stock. Our weighted average annualized portfolio yield on debt investments and total return figures do not represent actual investment returns to stockholders. Our weighted average annualized portfolio yield on debt investments and total return figures are subject to change and, in the future, may be greater or less than the rates in this Quarterly Report on Form 10-Q. Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in our dividend reinvestment plan divided by the beginning NAV per share for such period.
Total return based on stock price is the change in the ending stock price of our common stock plus distributions paid during the period assuming participation in our dividend reinvestment plan divided by the beginning stock price of our common stock for such period. For the three and six months ended June 30, 2022, our total return during the period based on the change in NAV plus distributions reinvested as of the respective distribution dates was (3.2)% and (2.3)%, respectively, and our total return during the period based on the change in stock price plus distributions reinvested as of the respective distribution dates was (24.9)% and (25.4)%, respectively. For the three and six months ended June 30, 2021, our total return during the period based on the change in NAV plus distributions reinvested as of the respective distribution dates was 2.7% and 6.4%, respectively, and our total return during the period based on the change in stock price plus distributions reinvested as of the respective distribution dates was 7.7% and 23.5%, respectively. These total return figures are for the periods indicated and are not annualized.

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The table below shows our return on average total assets and return on average NAV for the three and six months ended June 30, 2022 and 2021:
																											
Returns on Net Asset Value and Total Assets
(dollars in thousands)		For the Three Months Ended June 30,		For the Six Months Ended June 30,	
		2022		2021		2022		2021	
Net investment income		$	12,654 			$	9,403 			$	26,201 			$	18,310 		
Net increase (decrease) in net assets		$	(14,413)			$	11,986 			$	(8,708)			$	23,845 		
									
Average net asset value(1)		$	428,378 			$	398,281 			$	432,071 			$	400,152 		
Average total assets(1)		$	891,559 			$	685,637 			$	868,359 			$	690,394 		
									
Net investment income to average net asset value(2)		11.8 	%		9.5 	%		12.2 	%		9.2 	%	
Net increase (decrease) in net assets to average net asset value(2)		(13.5)	%		12.1 	%		(4.1)	%		12.0 	%	
									
Net investment income to average total assets(2)		5.7 	%		5.5 	%		6.1 	%		5.3 	%	
Net increase (decrease) in net assets to average total assets(2)		(6.5)	%		7.0 	%		(2.0)	%		7.0 	%	
_______________
(1)The average net asset values and the average total assets are computed based on daily balances.
(2)Percentage is presented on an annualized basis.

Critical Accounting Policies
The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates, including with respect to the valuation of our investments, could cause actual results to differ.
Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our investment portfolio, including our investment valuation policy (which has been approved by the Board), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in this Quarterly Report on Form 10-Q.
Investment Valuation
Investment transactions are recorded on a trade-date basis. Our investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of the market’s participant who holds the financial instrument rather than an entity-specific measure. When market assumptions are not readily available, our own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial instruments on the measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. Our valuation methodology is approved by the Board, and the Board is responsible for the fair values determined. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from the Board, may refine our valuation methodologies to best reflect the fair value of our investments appropriately.
As of June 30, 2022, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented approximately 95.1% of our total assets, as compared to approximately 93.3% of our total assets as of December 31, 2021.
See “Note 4. Investments” in the notes to the consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC on March 2, 2022 and “Note 4. Investments” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.

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Liquidity and Capital Resources
We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the Credit Facility and our anticipated cash flows from operations, including from contractual monthly portfolio company payments and cash flows, prepayments, and the ability to liquidate publicly traded investments, will be adequate to meet our cash needs for our daily operations, including to fund our unfunded commitment obligations. This “Liquidity and Capital Resources” section should be read in conjunction with “COVID-19 Developments” above and the risk factors discussed below in this Quarterly Report on Form 10-Q.
Cash Flows
During the six months ended June 30, 2022, net cash used in operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $23.2 million, and net cash provided by financing activities was $7.1 million due primarily from the issuance of the 2027 Notes, offset by net repayments under the Credit Facility of $95.0 million and $21.5 million in distributions paid. As of June 30, 2022, cash and cash equivalents, including restricted cash, was $43.1 million.
During the six months ended June 30, 2021, net cash provided by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $8.2 million, and net cash used in financing activities was $19.5 million due primarily to net repayments under the Credit Facility of $118.0 million, the redemption of the 2022 Notes and $24.2 million in distributions paid, partially offset by the issuance of the 2026 Notes. As of June 30, 2021, cash and cash equivalents, including restricted cash, was $33.4 million.
Capital Resources and Borrowings
As a BDC, we generally have an ongoing need to raise additional capital for investment purposes. As a result, we expect, from time to time, to access the debt and equity markets when we believe it is necessary and appropriate to do so. In this regard, we continue to explore various options for obtaining additional debt or equity capital for investments. This may include expanding or extending the Credit Facility or the issuance of additional shares of our common stock or debt securities. If we are unable to obtain leverage or raise equity capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted.
Credit Facility
As of June 30, 2022, we had $350 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows us to increase the size of the Credit Facility to up to $400 million under certain circumstances. The revolving period under the Credit Facility expires on November 30, 2022, and the maturity date of the Credit Facility is May 31, 2024 (unless otherwise terminated earlier pursuant to its terms). Borrowings under the Credit Facility bear interest at the sum of (i) a floating rate based on certain indices, including LIBOR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.80% if facility utilization is greater than or equal to 75%, 2.90% if utilization is greater than or equal to 50%, 3.00% if utilization is less than 50% and 4.5% during the amortization period. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the terms of the Credit Facility.
As of June 30, 2022 and December 31, 2021, we had outstanding borrowings under the Credit Facility of $105.0 million and $200.0 million, respectively, excluding deferred credit facility costs of $1.7 million and $2.2 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $245.0 million and $150.0 million of remaining capacity on our Credit Facility as of June 30, 2022 and December 31, 2021, respectively.
2022 Notes
On July 14, 2017, we completed a public offering of $65.0 million in aggregate principal amount of the 2022 Notes and received net proceeds of $62.8 million, after the payment of fees and offering costs. On July 24, 2017, as a result of the underwriters’ full exercise of their option to purchase additional 2022 Notes, we issued an additional $9.75 million in aggregate principal amount of the 2022 Notes and received net proceeds of $9.5 million, after the payment of fees and offering costs. The interest on the 2022 Notes accrued at an annual rate of 5.75%, payable quarterly.
On March 5, 2021, we notified the trustee under the indenture governing the 2022 Notes of our election to redeem, in full, the $74.75 million aggregate principal amount of the 2022 Notes outstanding, and instructed the trustee to provide notice of such redemption to the holders of the 2022 Notes in accordance with the terms of the indenture. On April 5, 2021, the entire $74.75 million aggregate principal amount of 2022 Notes was redeemed in full in accordance with the terms of the indenture governing the 2022 Notes. In connection with the redemption, the 2022 Notes were delisted from the New York Stock Exchange. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.7 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2022 Notes.
2025 Notes
On March 19, 2020, we completed a private offering of $70.0 million in aggregate principal amount of the 2025 Notes and received net proceeds of $69.1 million, after the payment of fees and offering costs. The interest on the 2025 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year. The maturity date of the 2025 Notes is scheduled for March 19, 2025.

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As of June 30, 2022 and December 31, 2021, we have recorded in the consolidated statements of assets and liabilities our liability for the 2025 Notes, net of deferred issuance costs, of $69.4 million and $69.3 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2025 Notes.
2026 Notes
On March 1, 2021, we completed a private offering of $200.0 million in aggregate principal amount of the 2026 Notes and received net proceeds of $197.9 million, after the payment of fees and offering costs. The interest on the 2026 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year, beginning on September 19, 2021. The maturity date of the 2026 Notes is scheduled for March 1, 2026.
As of June 30, 2022 and December 31, 2021, we have recorded in the consolidated statements of assets and liabilities our liability for the 2026 Notes, net of deferred issuance costs, of $198.4 million and $198.2 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2026 Notes.
2027 Notes
On February 28, 2022, we completed a private offering of $125.0 million in aggregate principal amount of the 2027 Notes and received net proceeds of $123.7 million, after the payment of fees and offering costs. The interest on the 2027 Notes, which accrues at an annual rate of 5.00%, is payable semiannually on February 28 and August 28 each year, beginning on August 28, 2022. The maturity date of the 2027 Notes is scheduled for February 28, 2027.
As of June 30, 2022, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $123.7 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2027 Notes.
Asset Coverage Requirements
On June 21, 2018, our stockholders voted at a special meeting of stockholders to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the special meeting, effective June 22, 2018, our applicable minimum asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of June 30, 2022, our asset coverage for borrowed amounts was 181%.
Contractual Obligations
The following table shows a summary of our payment obligations for repayment of debt as of June 30, 2022:

Payments Due By Period
(in thousands)		June 30, 2022	
		Total		Less than 1 year		1-3 years		3-5 years		More than 5 years	
Credit Facility		$	105,000 			$	— 			$	105,000 			$	— 			$	— 		
2025 Notes		70,000 			— 			70,000 			— 			— 		
2026 Notes		200,000 			— 			— 			200,000 			— 		
2027 Notes		125,000 			— 			— 			125,000 			— 		
Total		$	500,000 			$	— 			$	175,000 			$	325,000 			$	— 		

Unfunded Commitments
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of June 30, 2022 and December 31, 2021, our unfunded commitments totaled $334.2 million and $191.7 million, respectively, of which $96.6 million and $50.3 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

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The following table shows our unfunded commitments by portfolio company as of June 30, 2022 and December 31, 2021:
															
Unfunded Commitments(1)
(in thousands)		June 30, 2022		December 31, 2021	
Flink SE		$	25,000 			$	— 		
Overtime Sports, Inc.		22,857 			— 		
McN Investments Ltd.		20,000 			— 		
The Pill Club Holdings, Inc.		20,000 			20,000 		
Athletic Greens (USA), Inc.		20,000 			— 		
Found Health, Inc.		20,000 			— 		
Flo Health, Inc.		16,667 			— 		
Jerry Services, Inc.		15,000 			— 		
RenoRun US Inc.		12,750 			12,750 		
Savage X, Inc.		12,500 			12,000 		
The Aligned Company (f/k/a Thingy Thing Inc.)		12,000 			2,000 		
Homeward, Inc.		10,000 			10,000 		
Activehours, Inc. (d/b/a Earnin)		10,000 			10,000 		
Merama Inc.		9,718 			9,718 		
Curology, Inc.		9,000 			9,000 		
Mynd Management, Inc.		9,000 			— 		
Forum Brands, LLC		8,286 			12,951 		
Foodology Inc.		7,976 			— 		
Demain ES (d/b/a Luko)		7,315 			7,940 		
Good Eggs, Inc.		7,000 			14,000 		
Tempo Interactive Inc.		6,250 			25,000 		
Untitled Labs, Inc.		5,833 			— 		
everdrop GmbH		5,678 			— 		
Cart.com, Inc.		5,000 			— 		
Don't Run Out, Inc.		5,000 			5,000 		
Project 1920, Inc.		4,650 			— 		
Quick Commerce Ltd		4,000 			— 		
FlashParking, Inc.		3,490 			3,837 		
Minted, Inc.		3,400 			— 		
Nakdcom One World AB		3,135 			— 		
Baby Generation, Inc.		3,125 			— 		
True Footage Inc.		2,794 			5,695 		
Underground Enterprises, Inc.		2,250 			— 		
JOKR S.à r.l.		1,496 			1,496 		
Belong Home, Inc.		1,000 			— 		
Dia Styling Co.		1,000 			— 		
Mystery Tackle Box, Inc. (d/b/a Catch Co.)		1,000 			— 		
Arcadia Power, Inc.		— 			18,000 		
Narvar, Inc.		— 			3,750 		
Sonder USA, Inc.		— 			3,000 		
Trendly, Inc.		— 			3,000 		
VanMoof Global Holding B.V.		— 			2,025 		
Alyk, Inc.		— 			500 		
Total		$	334,170 			$	191,662 		
_____________
(1)Does not include backlog of potential future commitments. Refer to “Investment Activity” above.

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The following table shows additional information on our unfunded commitments regarding milestones and expirations as of June 30, 2022 and December 31, 2021:

Unfunded Commitments(1)
(in thousands)		June 30, 2022		December 31, 2021	
Dependent on milestones		$	96,584 			$	50,250 		
Expiring during:					
2022		$	100,217 			$	131,429 		
2023		207,696 			50,233 		
2024		— 			10,000 		
2025		26,257 			— 		
Total		$	334,170 			$	191,662 		
_______________
(1)Does not include backlog of potential future commitments.
As of June 30, 2022, our unfunded commitments to 37 companies totaled $334.2 million. During the three and six months ended June 30, 2022, $0.5 million and $6.8 million, respectively, in unfunded commitments expired or were terminated.
As of December 31, 2021, our unfunded commitments to 22 companies totaled $191.7 million. During the year ended December 31, 2021, $91.8 million in unfunded commitments expired or were terminated.
Our credit agreements contain customary lending provisions that allow us relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences material adverse events that affect the financial condition or business outlook for the portfolio company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. We generally expect 50% - 75% of our gross unfunded commitments to eventually be drawn before the expiration of their corresponding availability periods.
The fair value at the inception of the delay draw credit agreements with our portfolio companies is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments. As of June 30, 2022 and December 31, 2021, the fair value for these unfunded commitments totaled $5.5 million and $3.2 million, respectively, and was included in “other accrued expenses and liabilities” in our consolidated statements of assets and liabilities.
Distributions
We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our net ordinary income and net realized short-term capital gains in excess of our net realized long-term capital losses, if any, to our stockholders. In order to avoid a non-deductible 4% U.S. federal excise tax on certain of our undistributed income, we would need to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of our ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and (c) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the tax years ended December 31, 2021 and 2020, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.
To the extent our taxable earnings fall below the total amount of our distributions for the year, a portion of those distributions may be deemed a return of capital to our stockholders. Our Adviser monitors available taxable earnings, including net investment income and realized capital gains, to determine if a return of capital may occur for the year. We estimate the source of our distributions as required by Section 19(a) of the 1940 Act to determine whether payment of dividends are expected to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods, but we will not be able to determine whether any specific distribution will be treated as made out of our taxable earnings or as a return of capital until after the end of our taxable year. Any amount treated as a return of capital will reduce a stockholder’s adjusted tax basis in his or her common stock, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her common stock. On a quarterly basis, for any payment of dividends estimated to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods based on the Section 19(a) requirement, we post a Section 19(a) notice through the Depository Trust Company’s Legal Notice System and our website, as well as send our registered stockholders a printed copy of such notice along with the dividend payment. The estimates of the source of the distribution are interim estimates based on GAAP that are subject to revision, and the exact character of the distributions for tax purposes cannot be determined until the final books and records are finalized for the calendar year. Therefore, these estimates are made solely in order to comply with the requirements of Section 19(a) of the 1940 Act and should not be relied upon for tax reporting or any other purposes and could differ significantly from the actual character of distributions for tax purposes.

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The following table shows our cash distributions per share that have been authorized by our Board since our initial public offering to June 30, 2022. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2017 and December 31, 2018, distributions represent ordinary income as our earnings exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains. Depending on the duration of the COVID-19 pandemic and the extent of its impact on our portfolio companies’ operations and our net investment income, any future distributions to our stockholders may be for amounts less than our historical distributions, may be made less frequently than historical practices, and may be made in part cash and part stock (as per each stockholder’s election), subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution.

Period Ended		Date Declared		Record Date		Payment Date		Per Share Amount	
March 31, 2014		April 3, 2014		April 15, 2014		April 30, 2014		$	0.09 		(1)	
June 30, 2014		May 13, 2014		May 30, 2014		June 17, 2014		0.30 			
September 30, 2014		August 11, 2014		August 29, 2014		September 16, 2014		0.32 			
December 31, 2014		October 27, 2014		November 28, 2014		December 16, 2014		0.36 			
December 31, 2014		December 3, 2014		December 22, 2014		December 31, 2014		0.15 		(2)	
March 31, 2015		March 16, 2015		March 26, 2015		April 16, 2015		0.36 			
June 30, 2015		May 6, 2015		May 29, 2015		June 16, 2015		0.36 			
September 30, 2015		August 11, 2015		August 31, 2015		September 16, 2015		0.36 			
December 31, 2015		November 10, 2015		November 30, 2015		December 16, 2015		0.36 			
March 31, 2016		March 14, 2016		March 31, 2016		April 15, 2016		0.36 			
June 30, 2016		May 9, 2016		May 31, 2016		June 16, 2016		0.36 			
September 30, 2016		August 8, 2016		August 31, 2016		September 16, 2016		0.36 			
December 31, 2016		November 7, 2016		November 30, 2016		December 16, 2016		0.36 			
March 31, 2017		March 13, 2017		March 31, 2017		April 17, 2017		0.36 			
June 30, 2017		May 9, 2017		May 31, 2017		June 16, 2017		0.36 			
September 30, 2017		August 8, 2017		August 31, 2017		September 15, 2017		0.36 			
December 31, 2017		November 6, 2017		November 17, 2017		December 1, 2017		0.36 			
March 31, 2018		March 12, 2018		March 23, 2018		April 6, 2018		0.36 			
June 30, 2018		May 2, 2018		May 31, 2018		June 15, 2018		0.36 			
September 30, 2018		August 1, 2018		August 31, 2018		September 14, 2018		0.36 			
December 31, 2018		October 31, 2018		November 30, 2018		December 14, 2018		0.36 			
December 31, 2018		December 6, 2018		December 20, 2018		December 28, 2018		0.10 		(2)	
March 31, 2019		March 1, 2019		March 20, 2019		March 29, 2019		0.36 			
June 30, 2019		May 1, 2019		May 31, 2019		June 14, 2019		0.36 			
September 30, 2019		July 31, 2019		August 30, 2019		September 16, 2019		0.36 			
December 31, 2019		October 30, 2019		November 29, 2019		December 16, 2019		0.36 			
March 31, 2020		February 28, 2020		March 16, 2020		March 30, 2020		0.36 			
June 30, 2020		April 30, 2020		June 16, 2020		June 30, 2020		0.36 			
September 30, 2020		July 30, 2020		August 31, 2020		September 15, 2020		0.36 			
December 31, 2020		October 29, 2020		November 27, 2020		December 14, 2020		0.36 			
December 31, 2020		December 21, 2020		December 31, 2020		January 13, 2021		0.10 		(2)	
March 31, 2021		February 24, 2021		March 15, 2021		March 31, 2021		0.36 			
June 30, 2021		April 29, 2021		June 16, 2021		June 30, 2021		0.36 			
September 30, 2021		July 28, 2021		August 31, 2021		September 15, 2021		0.36 			
December 31, 2021		October 29, 2021		November 30, 2021		December 15, 2021		0.36 			
March 31, 2022		February 22, 2022		March 15, 2022		March 31, 2022		0.36 			
June 30, 2022		April 28, 2022		June 16, 2022		June 30, 2022		0.36 			
						Total cash distributions		$	12.22 			
_____________
(1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of our initial public offering on March 5, 2014 (commencement of operations), through March 31, 2014.
(2)Represents a special distribution.
For the three months ended June 30, 2022, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 79.0% of total distributions paid. As of June 30, 2022, we had estimated undistributed taxable earnings from net investment income of $14.3 million, or $0.46 per share.

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Recent Accounting Pronouncements
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2022-03 on our consolidated financial statements.
In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”). ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. The adoption of these rules did not have a material impact on the consolidated financial statements.

Recent Developments
Distribution
On July 27, 2022, the Board declared a $0.36 per share regular quarterly distribution, payable on September 30, 2022 to stockholders of record on September 15, 2022.
Recent Portfolio Activity
From July 1, 2022 through August 2, 2022, we closed $23.0 million of additional debt commitments and funded $25.0 million in new investments. TPC’s direct originations platform entered into $85.0 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for us are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with TPC’s allocation policy.
Amendment to the Credit Facility
On July 22, 2022, we entered into an amendment to the Credit Facility to, among other things, extend the revolving period from November 30, 2022 to May 31, 2024 and the scheduled maturity date from May 31, 2024 to November 30, 2025.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including changes in interest rates. We are also subject to risks relating to the capital markets; changes in foreign currency exchange rates; conditions affecting the general economy; legislative reform; and local, regional, national or global political, social or economic instability. U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and in values of publicly-traded securities. Any continuation of the stresses on capital markets and credit markets, or a further increase in volatility could result in a contraction of available credit for us and/or an inability by us to access the equity or debt capital markets or could otherwise cause an inability or unwillingness of our lenders to fund their commitments to us, any of which may have a material adverse effect on our results of operations and financial condition.
Interest Rate Risk
Interest rate sensitivity refers to the change in our earnings and in the relative values of our portfolio that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a change in market interest rates will not have a material adverse effect on our net investment income.
Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rates or reference rates to the extent that any debt investments include floating interest rates. Debt investments are made with either floating rates that are subject to contractual minimum interest rates for the term of the investment or fixed interest rates.
A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the Prime Rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities.

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As of June 30, 2022, approximately 58.6%, or $477.9 million in principal balance, of the debt investments in our portfolio bore interest at floating rates, which generally are Prime-based, and all of which have interest rate floors of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime Rate from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the interest rate in connection with our Credit Facility to the extent it goes above the interest rate floor; however, our 2025 Notes, 2026 Notes and 2027 Notes bear interest at a fixed rate (subject to a 1.00% increase in the fixed rate in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement (as modified by the First Supplement with respect to the 2026 Notes and the Second Supplement with respect to the 2027 Notes)) occurs).
As of June 30, 2022, our floating rate borrowings totaled $105.0 million, which represented 21.0% of our outstanding debt. As of June 30, 2022, all of our floating rate debt investments were subject to interest-rate floors set at 3.25% or higher. Because the Prime Rate as of June 30, 2022 was 4.75%, which is at or above the interest-rate floors applicable to our floating rate debt investments, decreases in interest rates will impact our interest income to a limited extent until Prime Rate reaches 3.25%, while increases in interest rates will increase our interest income to the extent that such rates exceed the applicable interest-rate floor. In addition, with respect to interest expense on our floating rate borrowings under the Credit Facility, we will benefit from any decreases in interest rates up to the point that the LIBOR rate decreases to 0.50%, which is the LIBOR interest-rate floor under our Credit Facility as of June 30, 2022. However, because current interest rates exceed the LIBOR interest-rate floor under our Credit Facility as of June 30, 2022, our interest expense on floating rate borrowings will increase as rates rise. The following table illustrates the annual impact on our net investment income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure from the June 30, 2022 consolidated statements of assets and liabilities:

Change in Interest Rates
(in thousands)		Increase (decrease) in interest income		(Increase) decrease in interest expense		Net increase (decrease) in net investment income	
Up 300 basis points		$	14,117 			$	(3,150)			$	10,967 		
Up 200 basis points		$	9,339 			$	(2,100)			$	7,239 		
Up 100 basis points		$	4,560 			$	(1,050)			$	3,510 		
Up 50 basis points		$	2,208 			$	(525)			$	1,683 		
Down 50 basis points		$	(2,187)			$	525 			$	(1,662)		
Down 100 basis points		$	(4,374)			$	1,050 			$	(3,324)		
Down 200 basis points		$	(6,410)			$	1,153 			$	(5,257)		
Down 300 basis points		$	(6,410)			$	1,153 			$	(5,257)		
This analysis is indicative of the potential impact on our investment income as of June 30, 2022, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings and such additional borrowings, all else being equal, will increase our investment income sensitivity to interest rates to the extent such borrowings have floating interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.
Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of June 30, 2022, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.
Foreign Currency Exchange Rate Risk
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. Based on our assessment of the foreign currency exchange rate risk, as of June 30, 2022, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.
While hedging activities may mitigate our exposure to adverse fluctuations in interest rates or foreign currency exchange rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements or foreign currency forward contracts, may also limit our ability to participate in the benefits of higher interest rates or beneficial movements in foreign currency exchange rates with respect to our portfolio investments. In addition, there can be no assurance that we will be able to effectively hedge our interest rate risk or foreign currency exchange rate risk.
Substantially all of our assets and liabilities are financial in nature. As a result, changes in interest rates, foreign currency exchange rates and other factors drive our performance more directly than does inflation. Changes in interest rates and foreign currency exchange rates do not necessarily correlate with inflation rates or changes in inflation rates.

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Item 4.    Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of June 30, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
Changes in Internal Controls Over Financial Reporting
Management has not identified any change in the Company’s internal control over financial reporting that occurred during the quarter ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1.    Legal Proceedings
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A.    Risk Factors
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended June 30, 2022 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 (filed with the SEC on March 2, 2022), which could materially affect our business, financial condition or operating results.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
Dividend Reinvestment Plan
During the three months ended June 30, 2022, we issued 37,317 shares of common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements under the Securities Act of 1933, as amended. The cash paid for shares of common stock issued under our dividend reinvestment plan during the three months ended June 30, 2022 was $0.5 million.

Item 3.    Defaults Upon Senior Securities
None.

Item 4.    Mine Safety Disclosures
Not applicable.

Item 5.    Other Information
None.

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Item 6.    Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

3.1	Articles of Amendment and Restatement(1)	
		
3.2	Amended and Restated Bylaws(2)	
		
10.1	Form of Receivables Financing Agreement, dated as of February 21, 2014, among TPVG Variable Funding Company LLC, as borrower, TriplePoint Venture Growth BDC Corp., individually and as collateral manager and as sole equityholder of the borrower, Vervent Inc., as backup collateral manager, the lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as facility agent, Deutsche Bank Trust Company Americas, as paying agent, Computershare Trust Company, N.A. as custodian and the other agents parties thereto, as amended and conformed through Omnibus Amendment dated July 22, 2022(3)	
		
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)	
		
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)	
		
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(*)	
		
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(*)	
(1)Incorporated by reference to Exhibit (a) to Pre-Effective Amendment No. 1 to TriplePoint Venture Growth BDC Corp.’s registration statement on Form N-2 (File No. 333-191871) filed on January 22, 2014.
(2)Incorporated by reference to Exhibit (b) to Pre-Effective Amendment No. 1 to TriplePoint Venture Growth BDC Corp.’s registration statement on Form N-2 (File No. 333-191871) filed on January 22, 2014.
(3)Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01044) filed on July 25, 2022.
(*)    Filed herewith.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				TriplePoint Venture Growth BDC Corp.	
Date: August 3, 2022		By:		/s/ James P. Labe	
				James P. Labe	
				Chief Executive Officer and Chairman of the Board of Directors	
				(Principal Executive Officer)	

Date: August 3, 2022		By:		/s/ Christopher M. Mathieu	
				Christopher M. Mathieu	
				Chief Financial Officer	
				(Principal Financial and Accounting Officer)	

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Exhibit 31.1
Certification of Chief Executive Officer
I, James P. Labe, Chief Executive Officer of TriplePoint Venture Growth BDC Corp., certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of TriplePoint Venture Growth BDC Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Dated this 3rd day of August 2022.

By:	/s/ James P. Labe 	
	James P. Labe	
	Chief Executive Officer	

Exhibit 31.2
Certification of Chief Financial Officer
I, Christopher M. Mathieu, Chief Financial Officer of TriplePoint Venture Growth BDC Corp., certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of TriplePoint Venture Growth BDC Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated this 3rd day of August 2022.

By:	/s/ Christopher M. Mathieu	
	Christopher M. Mathieu	
	Chief Financial Officer	

Exhibit 32.1
Certification of Chief Executive Officer
Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)
In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2022 (the “Report”) of TriplePoint Venture Growth BDC Corp. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, James P. Labe, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ James P. Labe 	
Name:	James P. Labe	
Date:	August 3, 2022	

Exhibit 32.2
Certification of Chief Financial Officer
Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)
In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2022 (the “Report”) of TriplePoint Venture Growth BDC Corp. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Christopher M. Mathieu, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ Christopher M. Mathieu	
Name:	Christopher M. Mathieu	
Date:	August 3, 2022