10-Q 1 tpvg03312210-q.htm 10-Q Document

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




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




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

See accompanying notes to consolidated financial statements.

1


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

See accompanying notes to consolidated financial statements.

2


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

See accompanying notes to consolidated financial statements.

3


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

See accompanying notes to consolidated financial statements.

4



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

5


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

6


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

7


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

8


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

9


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

10


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

11


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

12


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

13


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

14


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

15


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of March 31, 2022
Portfolio CompanyType of Equity
Acquisition Date(12)
Shares
Cost(6)
Fair Value
E-Commerce - Clothing and Accessories
FabFitFun, Inc.
Preferred Stock(2)
1/17/201967,934 $500 $669 
Total E-Commerce - Clothing and Accessories - 0.16%*500 669 
E-Commerce - Personal Goods
Enjoy Technology, Inc.
Common Stock(2)(10)
9/7/201842,414 269 161 
Grove Collaborative, Inc.
Preferred Stock(2)
6/5/2018134,249 500 977 
Merama Inc.
Preferred Stock(2)
4/19/202118,518 33 197 
Preferred Stock(2)
4/19/202114,490 83 171 
Preferred Stock(2)
9/1/202110,298 167 167 
283 535 
Total E-Commerce - Personal Goods - 0.39%*1,052 1,673 
Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)
Common Stock(2)(10)
1/5/201862,258 250 317 
Total Educational/Training Software - 0.07%*250 317 
Entertainment
Luminary Roli Limited(1)(3)
Ordinary Shares