TRIPLEPOINT VENTURE CROWTH BDC CORP. Management’s Report on Financial Condition and Results of Operations (Form 10-Q)

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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:

•the future operating results and financial condition of our companies and our portfolio, including our ability and that of our portfolio companies to achieve our respective objectives;

•our business prospects and the prospects of our portfolio companies;

• our relationships with third parties, including, but not limited to, lenders and venture capitalists, 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 the investments we plan to make;

•actual and potential conflicts of interest with PTC, the advisor and its senior investment team and its investment committee;

•our contractual arrangements and our relationships with third parties;

•the dependence of our future success on the WE and global economies, including in relation to the industries in which we invest;

•our planned financing and investments;

•the Advisor’s ability to find suitable investments for us and to monitor and administer our investments;

• our advisor’s ability to attract, retain and gain access to highly talented professionals, including our advisor’s management team;

•our ability to maintain our qualification as RIC and BDC;

•the adequacy of our available liquidity, cash resources and working capital and compliance with covenants under our debt agreements; 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, especially since 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 currencies rather than in WE 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.

Insight

We are an externally managed, closed-end, non-diversified management investment
company that has elected to be regulated as a BDC under the 1940 Act. We have
elected to be treated, and intend to qualify annually, as a RIC under Subchapter
M of the Code for U.S. federal income tax purposes. Our shares are currently
listed on the New York Stock Exchange (the "NYSE") under the symbol "TPVG".

We were created to expand the venture capital growth stage business segment of TPC’s investment platform. TPC is widely recognized as a leading global financing provider dedicated to serving venture capital-backed companies with creative, flexible and customized debt financing, equity and complementary services throughout their life. lifetime. TPC is located on Sand Hill Path in Silicon Valley and primarily focuses on technology and other high-growth industries.

Our investment objective is to maximize our total shareholder return primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to growth-stage companies focused on technology and other high-growth industries supported by TPC’s select group. leading venture capitalists.

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 March 31, 2022, we had one portfolio company in which our investment was
on non-accrual status (which was generally caused by events unrelated to the
COVID-19 pandemic), with an aggregate cost and fair value of $29.5 million and
$9.9 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 March 31, 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

Composition of the portfolio

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 March 31, 2022, we had 256 investments in 98 companies. Our investments
included 107 debt investments, 99 warrant investments, and 50 direct equity and
related investments. As of March 31, 2022, the aggregate cost and fair value of
these investments were $783.7 million and $806.4 million, respectively. As of
March 31, 2022, 11 of our portfolio companies were publicly traded. As of
March 31, 2022, the 107 debt investments had an aggregate fair value of $696.0
million and a weighted average loan to enterprise value ratio at the time of
underwriting of 8.4%. 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 present information on the cost and fair value of our investments in companies as well as the number of companies in our portfolio at March 31, 2022 and December 31, 2021:

                                                                                            March 31, 2022
Investments by Type                                                                      Net Unrealized           Number of             Number of
(dollars in thousands)                                Cost            Fair Value         Gains (losses)          Investments            Companies
Debt investments                                  $ 718,226          $  696,037          $    (22,189)                107                    48
Warrant investments                                  26,135              52,811                26,676                  99                    86
Equity investments                                   39,333              57,599                18,266                  50                    42

Total investments in portfolio companies $783,694 $806,447 $22,753

                 256                    98      (1)


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(1)Represents a non-redundant number of companies.

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                                                                                          December 31, 2021
Investments by Type                                                                      Net Unrealized           Number of             Number of
(dollars in thousands)                                Cost            Fair Value         Gains (losses)          Investments            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 a non-redundant number of companies.

The following tables show the fair value of the portfolio of investments, by
industry and the percentage of the total investment portfolio, as of March 31,
2022 and December 31, 2021:
                                                                                         March 31, 2022
Investments in Portfolio Companies by Industry                                                     Percentage of Total
(dollars in thousands)                                                     At Fair Value               Investments
E-Commerce - Clothing and Accessories                                    $      120,009                          14.9  %
Business Applications Software                                                  107,795                          13.4
Consumer Products and Services                                                   85,176                          10.6
Financial Institution and Services                                               71,843                           8.9
Healthcare Technology Systems                                                    55,918                           6.9
Business/Productivity Software                                                   45,255                           5.6
Security Services                                                                38,002                           4.7
Travel & Leisure                                                                 32,664                           4.1
Consumer Non-Durables                                                            30,430                           3.8
Entertainment                                                                    30,114                           3.7
Shopping Facilitators                                                            27,817                           3.4
Real Estate Services                                                             26,241                           3.3
Business Products and Services                                                   23,222                           2.9
Consumer Finance                                                                 17,700                           2.2
Food & Drug                                                                      17,630                           2.2
Multimedia and Design Software                                                   15,577                           1.9
Other Financial Services                                                         15,245                           1.9
E-Commerce - Personal Goods                                                      15,166                           1.9
Database Software                                                                13,234                           1.6
Computer Hardware                                                                 7,946                           1.0
Consumer Retail                                                                   2,684                           0.3
Communications Software                                                           2,000                           0.2
Network Systems Management Software                                               1,502                           0.2
Commercial Services                                                               1,352                           0.2
General Media and Content                                                         1,092                           0.1
Educational/Training Software                                                       317                                *
Healthcare Services                                                                 174                                *
Social/Platform Software                                                            151                                *
Business to Business Marketplace                                                    144                                *
Transportation                                                                       34                                *
Advertising / Marketing                                                              13                                *
Building Materials/Construction Machinery                                             -                                *
Conferencing Equipment / Services                                                     -                                *
Medical Software and Information Services                                             -                                *
Total portfolio company investments                                      $      806,447                         100.0  %


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*Amount represents less than 0.05% of 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  %


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*Amount represents less than 0.05% of total portfolio investments at fair value.

The following table presents the type of financing product for our debt investments in March 31, 2022 and December 31, 2021:

                                                                                    March 31, 2022                                        December 31, 

2021

Debt Investments By Financing Product                                                      Percentage of Total Debt                                 Percentage of Total Debt
(dollars in thousands)                                                Fair Value                 Investments                  Fair Value                  Investments
Growth capital loans                                               $      690,454                           99.2  %       $        752,268                           99.4  %
Revolver loans                                                              4,658                            0.7                     4,029                            0.5
Convertible notes                                                             925                            0.1                       925                            0.1
Total debt investments                                             $      696,037                          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
28.6% and 26.2% of our debt investments at fair value as of March 31, 2022 and
December 31, 2021, respectively.



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Investing activity

During the three months ended March 31, 2022, we entered into debt commitments
with eight new portfolio companies and three existing portfolio companies
totaling $125.7 million, funded debt investments to 10 portfolio companies for
$62.7 million in principal value, acquired warrant investments representing $0.8
million of value, and made equity investments of $2.4 million. Debt investments
funded during the three months ended March 31, 2022 carried a weighted average
annualized portfolio yield of 13.3% at origination.

In the three months ended March 31, 2021we entered into debt covenants with four new portfolio companies and three existing portfolio companies totaling $90.4 millionfinanced nine debt investments for $56.9 million in principal, subscription warrants acquired representing $1.6 million of value, and has made equity investments in $2.3 million. Debt investments financed during the three months ended March 31, 2021 posted a weighted average annualized portfolio return of 12.6% at inception.

In the three months ended March 31, 2022we received $115.5 million prepayments of principal and $5.9 million scheduled amortization of principal. In the three months ended March 31, 2021we received $36.0 million prepayments of principal and $15.1 million scheduled amortization of principal.

The following table shows total portfolio investment activity for the three months ended March 31, 2022 and 2021:

                                                                     For the Three Months Ended March 31,
(in thousands)                                                            2022                     2021
Beginning portfolio at fair value                                 $          865,340          $    633,779
New debt investments, net(1)                                                  61,459                55,642
Scheduled principal amortization                                              (5,867)              (15,069)
Principal prepayments and early repayments                                  (115,535)              (35,966)

Amortization and net accretion of premiums and discounts and end-of-term payments

                                                       1,934                 1,119
Payment-in-kind coupon                                                         1,583                 1,981
New warrant investments                                                          814                 1,621
New equity investments                                                         2,696                 2,643
Proceeds from dispositions of investments                                       (246)              (15,000)
Net realized gains (losses) on investments                                      (994)              (15,703)
Net change in unrealized gains (losses) on investments                        (4,737)               18,649
Ending portfolio at fair value                                    $         

806 447 $633,696

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(1) The 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), and other market
dynamics.

The following table shows the debt commitments, fundings of debt investments
(principal balance) and equity investments, and non-binding term sheet activity
for the three months ended March 31, 2022 and 2021:

Commitments and Fundings                  For the Three Months Ended March 31,
(in thousands)                                     2022                        2021
Debt Commitments
New portfolio companies           $           93,732                        $  57,179
Existing portfolio companies                  32,000                           33,219
Total(1)                          $          125,732                        $  90,398

Funded Debt Investments           $           62,703                        $  56,908

Equity Investments                $            2,362                        $   2,335

Non-Binding Term Sheets           $          656,629                        $ 192,172


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(1)Includes the backlog of potential future commitments.

We may enter into commitments with certain portfolio companies that permit an
increase in the commitment amount in the future in the event that conditions to
such increases are met ("backlog of potential future commitments"). If such
conditions to increase are met, these amounts may become unfunded commitments if
not drawn prior to expiration. As of March 31, 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.



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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             Review quarterly.
                        strong financial or enterprise profile,
                        value or coverage.
White (2)               Performing at expectations and/or               

Periodically contact the portfolio company;

                        reasonably close to it. Reasonable               in 

no events less than quarterly.

                        financial or enterprise profile, value or
                        coverage. Generally, all new loans are
                        initially graded White (2).
Yellow (3)              Performing generally below expectations          

Contact the portfolio company monthly or

                        and/or some proactive concern. Adequate          

more frequently as determined by our

                        financial or enterprise profile, value or        

Advisor’s Investment Committee; Contact

                        coverage.                                        venture capital investors.
Orange (4)              Needs close attention due to performance         

Contact the portfolio company weekly or so

                        materially below expectations, weak              

frequently as determined by our

                        financial and/or enterprise profile,             

Advisor’s Investment Committee; Contact

                        concern regarding additional capital or          

venture capitalists regularly; our

                        exit equivalent.                                 

The counselor forms a training group to

                                                                         minimize risk of loss.
Red (5)                 Serious concern/trouble due to pending or        

Maximize asset value.

                        actual default or equivalent. May
                        experience partial and/or full loss.


The following table shows the credit rankings for the portfolio companies that
had outstanding debt obligations to us as of March 31, 2022 and December 31,
2021:

                                                                        March 31, 2022                                                             December 31, 2021
                                                                                                     Number of                                                                 Number of
Credit Category                                                      Percentage of Total             Portfolio                                 Percentage of Total             Portfolio
(dollars in thousands)                         Fair Value              Debt Investments              Companies             Fair Value            Debt Investments              Companies
Clear (1)                                   $       48,533                          7.0  %                        4       $  166,091                         21.9  %                        8
White (2)                                          592,462                         85.1                          40          538,167                         71.1                          38
Yellow (3)                                          45,146                          6.5                           3           41,628                          5.5                           2
Orange (4)                                           9,896                          1.4                           1           11,336                          1.5                           1
Red (5)                                                  -                            -                           -                -                            -                           -
                                            $      696,037                        100.0  %                       48       $  757,222                        100.0  %                       49


As of March 31, 2022 and December 31, 2021, the weighted average investment
ranking of our debt investment portfolio was 2.02 and 1.87, respectively. During
the three months ended March 31, 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 downgraded from
White (2) to Yellow (3).

Results of Operations

Comparison of operating results for the three months ended March 31, 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 March 31, 2022, our net increase in net assets
resulting from operations was $5.7 million, which was comprised of $13.5 million
of net investment income and $7.8 million of net realized and unrealized losses.
For the three months ended March 31, 2021, our net increase in net assets
resulting from operations was $11.9 million, which was comprised of $8.9 million
of net investment income and $3.0 million of net realized and unrealized gains.
On a per share basis for the three months ended March 31, 2022, net investment
income was $0.44 per share and the net increase in net assets from operations
was $0.18 per share, as compared to net investment income of $0.29 per share and
a net increase in net assets from operations of $0.38 per share for the three
months ended March 31, 2021.

Investment Income

For the three months ended March 31, 2022, total investment and other income was
$27.3 million as compared to $20.0 million for the three months ended March 31,
2021. The increase in total investment and other income for the three months
ended March 31, 2022, compared to the 2021 period, is primarily due to a greater
weighted average principal amount outstanding on our income-bearing debt
investment portfolio and increased prepayment activity.

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For the three months ended March 31, 2022, we recognized $1.4 million in other
income consisting primarily of $1.4 million from the realization of certain fees
paid and accrued from portfolio companies and other income related to prepayment
activity. For the three months ended March 31, 2021, we recognized $0.8 million
in other income consisting of $0.3 million from the termination or expiration of
unfunded commitments, and $0.5 million from the realization of certain fees paid
and accrued from portfolio companies and other income related to prepayment
activity.

Functionnary costs

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. In
determining the base management fee, our Adviser has agreed to exclude U.S.
Treasury bill assets acquired at the end of each applicable quarter from the
calculation of the gross assets. We anticipate operating expenses will increase
over time as our portfolio continues to grow. However, we anticipate operating
expenses, as a percentage of totals assets and net assets, will generally
decrease over time as our portfolio and capital base expand. We expect base
management and income incentive fees will increase as we grow our asset base and
our earnings. The capital gains incentive fee will depend on realized and
unrealized gains and losses. Interest expenses will generally increase as we
utilize more of the Credit Facility and issue additional debt securities, and we
generally expect expenses under the administration agreement and general and
administrative expenses to increase over time to meet the additional
requirements associated with servicing a larger portfolio.

For the three months ended March 31, 2022total operating expenses were $13.8 million compared to $11.1 million for the three months ended March 31, 2021.

Base management fees for the three months ended March 31, 2022 and 2021 totaled
$3.7 million and $2.9 million, respectively. Base management fees increased
during the three months ended March 31, 2022, as compared to the three months
ended March 31, 2021, due to an increase in the average size of our portfolio
during the applicable periods used in the calculation.

Income incentive fees totaled $3.4 million and $2.2 million for the three months
ended March 31, 2022 and 2021, respectively. Income incentive fees increased
during the three months ended March 31, 2022, as compared to the three months
ended March 31, 2021, due to greater pre-incentive fee net investment income for
the period.

There was no capital gains incentive commission expense for the three months ended
March 31, 2022 and 2021.

Interest expense and amortization of fees totaled $5.1 million and $4.4 million
for the three months ended March 31, 2022 and 2021, respectively. The increase
during the three months ended March 31, 2022, as compared to the three months
ended March 31, 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 $1.6 million for the three months ended March 31, 2022 and 2021,
respectively.

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 Income.

During the three months ended March 31, 2022, we recognized net realized losses
on investments of $3.1 million, resulting from Casper Sleep Inc. completing its
take-private transaction and foreign currency adjustments on prepayments. During
the three months ended March 31, 2021, we recognized net realized losses on
investments of $15.7 million, consisting primarily of the sale of our investment
in Knotel, Inc., which was rated Red (5) on our credit watch list, and its
removal from our investment portfolio.

Unrealized gains and losses are included in “Net change in unrealized gains (losses) on investments” in the Consolidated Statements of Income.

Net change in unrealized losses during the three months ended March 31, 2022 was
$4.7 million, resulting primarily from $3.5 million in net unrealized losses
from fair value and mark-to-market adjustments, as well as the reversal and
recognition of $1.2 million of previously recorded unrealized gains associated
with investments realized during the period. Net change in unrealized gains
during the three months ended March 31, 2021 was $18.6 million, resulting
primarily from the reversal and recognition of $15.6 million of previously
recorded unrealized losses associated with Knotel, Inc., as well as net
unrealized gains on our investment portfolio resulting from fair value
adjustments, partially offset by $1.4 million of unrealized losses due to
changes in foreign currency.

The net change in realized and unrealized gains or losses in subsequent periods may be volatile, as these results depend on market developments, changes in the underlying performance of our portfolio companies and their respective industries , and other market factors.

Portfolio return and total return

Investment income includes interest income on our debt investments utilizing the
effective yield method including cash interest income as well as the
amortization of any purchase premium, accretion of purchase discount, original
issue discount, facilities fees, and the amortization and payment of the
end-of-term ("EOT") payments. For the three months ended March 31, 2022,
interest income totaled $25.9 million, representing a weighted average
annualized portfolio yield on total debt investments for the period held of
15.5%. For the three months ended March 31, 2021, interest income totaled $19.2
million, representing a weighted average annualized portfolio yield on total
debt investments for the period held of 13.3%.

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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 months ended March 31, 2022, the return on our total debt portfolio, excluding the impact of prepayments, was 12.7%. For the three months ended March 31, 2021the return on our total debt portfolio, excluding the impact of prepayments, was 11.9%.

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                                                                For the Three Months Ended March 31,
(Percentages, on an annualized basis)(1)                                 2022                      2021
Weighted average annualized portfolio yield on total debt
investments(2)                                                                15.5  %                   13.3  %
Coupon income                                                                 10.1  %                    9.7  %
Accretion of discount                                                          0.8  %                    0.9  %
Accretion of end-of-term payments                                              1.8  %                    1.3  %
Impact of prepayments during the period                                        2.8  %                    1.4  %


_____________

(1)Weighted average portfolio yields on total debt investments for periods shown
are the annualized rates of interest income recognized during the period divided
by the average amortized cost of debt investments in the portfolio during the
period.
(2)The weighted average portfolio yields on total debt investments reflected
above do not represent actual investment returns to our stockholders.

Our weighted average annualized portfolio yield on debt investments may be
higher than an investor's yield on an investment in shares of our common stock.
Our weighted average annualized portfolio yield on debt investments does not
reflect operating expenses that may be incurred by us and, thus, by our
stockholders. In addition, our weighted average annualized portfolio yield on
debt investments and total return figures disclosed in this Quarterly Report on
Form 10-Q do not consider the effect of any sales commissions or charges that
may be incurred in connection with the sale of shares of our common stock. Our
weighted average annualized portfolio yield on debt investments and total return
figures do not represent actual investment returns to stockholders. Our weighted
average annualized portfolio yield on debt investments and total return figures
are subject to change and, in the future, may be greater or less than the rates
in this Quarterly Report on Form 10-Q. Total return based on NAV is the change
in ending NAV per share plus distributions per share paid during the period
assuming participation in our dividend reinvestment plan divided by the
beginning NAV per share for such period. Total return based on stock price is
the change in the ending stock price of our common stock plus distributions paid
during the period assuming participation in our dividend reinvestment plan
divided by the beginning stock price of our common stock for such period.

For the three months ended March 31, 2022, our total return during the period
based on the change in NAV plus distributions reinvested as of the respective
distribution dates was 0.9%, and our total return during the period based on the
change in stock price plus distributions reinvested as of the respective
distribution dates was (0.7)%. For the three months ended March 31, 2021, our
total return during the period based on the change in NAV plus distributions
reinvested as of the respective distribution dates was 3.6%, and our total
return during the period based on the change in stock price plus distributions
reinvested as of the respective distribution dates was 14.6%. These total return
figures are for the periods indicated and are not annualized.

The table below shows our return on average total assets and return on average net asset value for the three months ended March 31, 2022 and 2021: returns of net asset value and total assets

                                For the Three Months Ended March 31,
(dollars in thousands)                                                          2022                     2021
Net investment income                                                   $          13,547           $      8,907
Net increase (decrease) in net assets                                   $           5,705           $     11,859

Average net asset value(1)                                              $         435,804           $    402,043
Average total assets(1)                                                 $         844,900           $    695,203

Net investment income to average net asset value(2)                                  12.6   %                9.0  %

Net increase (decrease) in net assets compared to the average net asset value(2)

                                                                              5.3   %               12.0  %

Net investment income to average total assets(2)                                      6.5   %                5.2  %
Net increase (decrease) in net assets to average total assets(2)                      2.7   %                6.9  %


_______________

(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.



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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 appraisal

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.

From March 31, 2022our investment portfolio, valued at fair value in accordance with our board-approved valuation policy, represented approximately 93.7% of our total assets, compared to approximately 93.3% of our total assets at 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.

Cash and capital resources

We believe that our current cash and cash equivalents on hand, our available
borrowing capacity under the Credit Facility and our anticipated cash flows from
operations, including from contractual monthly portfolio company payments and
cash flows, prepayments, and the ability to liquidate publicly traded
investments, will be adequate to meet our cash needs for our daily operations.
This "Liquidity and Capital Resources" section should be read in conjunction
with "COVID-19 Developments" above and the risk factors discussed below in this
Quarterly Report on Form 10-Q.

Cash flow

During the three months ended March 31, 2022, net cash provided by operating
activities, consisting primarily of purchases, sales and repayments of
investments and the items described in "Results of Operations," was $54.2
million, and net cash used in financing activities was $62.1 million due
primarily to net repayments under the Credit Facility of $175.0 million and
$10.7 million in distributions paid, partially offset by the issuance of the
2027 Notes. As of March 31, 2022, cash and cash equivalents, including
restricted cash, was $51.3 million.

During the three months ended March 31, 2021, net cash provided by operating
activities, consisting primarily of purchases, sales and repayments of
investments and the items described in "Results of Operations," was $5.4
million, and net cash provided by financing activities was $66.1 million due to
the issuance of the 2026 Notes, partially offset by net repayments under the
Credit Facility of $118.0 million, and $13.6 million in distributions paid. As
of March 31, 2021, cash and cash equivalents, including restricted cash, was
$116.1 million.



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Capital resources and borrowings

As a BDC, we generally have an ongoing need to raise additional capital for
investment purposes. As a result, we expect, from time to time, to access the
debt and equity markets when we believe it is necessary and appropriate to do
so. In this regard, we continue to explore various options for obtaining
additional debt or equity capital for investments. This may include expanding or
extending the Credit Facility or the issuance of additional shares of our common
stock or debt securities. If we are unable to obtain leverage or raise equity
capital on terms that are acceptable to us, our ability to grow our portfolio
could be substantially impacted.

Credit facility

As of March 31, 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 March 31, 2022 and December 31, 2021, we had outstanding borrowings under
the Credit Facility of $25.0 million and $200.0 million, respectively, excluding
deferred credit facility costs of $1.9 million and $2.2 million, respectively,
which is included in the consolidated statements of assets and liabilities. We
had $325.0 million and $150.0 million of remaining capacity on our Credit
Facility as of March 31, 2022 and December 31, 2021, respectively.

Tickets 2022

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.

Tickets 2025

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.

As of March 31, 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.

Tickets 2026

On March 1, 2021, we completed a private offering of $200.0 million in aggregate
principal amount of the 2026 Notes and received net proceeds of $197.9 million,
after the payment of fees and offering costs. The interest on the 2026 Notes,
which accrues at an annual rate of 4.50%, is payable semiannually on March 19
and September 19 each year, beginning on September 19, 2021. The maturity date
of the 2026 Notes is scheduled for March 1, 2026.

As of March 31, 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 $198.3 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.

Tickets 2027

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.

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From March 31, 2022we have recognized in the Consolidated Statements of Assets and Liabilities our liability for the 2027 Notes, net of deferred issue costs, $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 March 31, 2022, our asset coverage
for borrowed amounts was 202%.

Contractual obligations

The following table shows a summary of our payment obligations for repayment of
debt as of March 31, 2022:

Payments Due By Period                                                                    March 31, 2022
(in thousands)                                 Total             Less than 1 year           1-3 years          3-5 years           More than 5 years
Credit Facility                             $  25,000          $               -          $   25,000          $       -          $                -
2025 Notes                                     70,000                          -              70,000                  -                           -
2026 Notes                                    200,000                          -                   -            200,000                           -
2027 Notes                                    125,000                          -                   -            125,000                           -
Total                                       $ 420,000          $               -          $   95,000          $ 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 March 31, 2022 and December 31, 2021, our unfunded commitments
totaled $232.2 million and $191.7 million, respectively, of which $51.8 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
March 31, 2022 and December 31, 2021:
Unfunded Commitments(1)
(in thousands)                         March 31, 2022       December 31, 2021
Tempo Interactive Inc.                $        25,000      $           25,000
The Pill Club Holdings, Inc.                   20,000                  20,000
Found Health, Inc.                             20,000                       -
Arcadia Power, Inc.                            18,000                  18,000
Good Eggs, Inc.                                14,000                  14,000
Foodology Inc.                                 13,000                       -
RenoRun US Inc.                                12,750                  12,750
Savage X, Inc.                                 12,000                  12,000
Activehours, Inc. (d/b/a Earnin)               10,000                  10,000
Homeward, Inc.                                 10,000                  10,000
Forum Brands, LLC                               9,891                  12,951
Merama Inc.                                     9,718                   9,718
Curology, Inc.                                  9,000                   9,000
Demain ES (d/b/a Luko)                          7,780                   7,940
everdrop GmbH                                   6,446                       -
Project 1920, Inc.                              5,400                       -
True Footage Inc.                               5,110                   5,695
Cart.com, Inc.                                  5,000                       -
Don't Run Out, Inc.                             5,000                   5,000
FlashParking, Inc.                              3,490                   3,837
Baby Generation, Inc.                           3,125                       -
Trendly, Inc.                                   3,000                   3,000
Thingy Thing Inc.                               2,000                   2,000
JOKR S.à r.l.                                   1,496                   1,496
Belong Home, Inc.                               1,000                       -
Narvar, Inc.                                        -                   3,750
Sonder USA, Inc.                                    -                   3,000
VanMoof Global Holding B.V.                         -                   2,025
Alyk, Inc.                                          -                     500
Total                                 $       232,206      $          191,662


_____________

(1) Does not include the backlog of potential future commitments. See “Investment Activity” above.

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

Unfunded Commitments(1)
(in thousands)                 March 31, 2022       December 31, 2021
Dependent on milestones       $        51,750      $           50,250
Expiring during:
2022                          $       139,565      $          131,429
2023                                   85,641                  50,233
2024                                    7,000                  10,000
Total                         $       232,206      $          191,662


_______________

(1) Does not include the backlog of potential future commitments.

As of March 31, 2022, our unfunded commitments to 25 companies totaled $232.2
million. During the three months ended March 31, 2022, $7.3 million in unfunded
commitments expired or were terminated.

From December 31, 2021our unfunded commitments to 22 companies totaled $191.7 million. During the year ended December 31, 2021, $91.8 million unfunded commitments have expired or been terminated.

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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 March 31,
2022 and December 31, 2021, the fair value for these unfunded commitments
totaled $3.9 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.

The following table shows our cash distributions per share that have been
authorized by our Board since our initial public offering to March 31, 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.

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      Period Ended                    Date Declared                     Record Date                      Payment Date                    Per Share Amount
March 31, 2014                  April 3, 2014                    April 15, 2014                  April 30, 2014                     $            0.09    (1)
June 30, 2014                   May 13, 2014                     May 30, 2014                    June 17, 2014                                   0.30
September 30, 2014              August 11, 2014                  August 29, 2014                 September 16, 2014                              0.32
December 31, 2014               October 27, 2014                 November 28, 2014               December 16, 2014                               0.36
December 31, 2014               December 3, 2014                 December 22, 2014               December 31, 2014                               0.15    (2)
March 31, 2015                  March 16, 2015                   March 26, 2015                  April 16, 2015                                  0.36
June 30, 2015                   May 6, 2015                      May 29, 2015                    June 16, 2015                                   0.36
September 30, 2015              August 11, 2015                  August 31, 2015                 September 16, 2015                              0.36
December 31, 2015               November 10, 2015                November 30, 2015               December 16, 2015                               0.36
March 31, 2016                  March 14, 2016                   March 31, 2016                  April 15, 2016                                  0.36
June 30, 2016                   May 9, 2016                      May 31, 2016                    June 16, 2016                                   0.36
September 30, 2016              August 8, 2016                   August 31, 2016                 September 16, 2016                              0.36
December 31, 2016               November 7, 2016                 November 30, 2016               December 16, 2016                               0.36
March 31, 2017                  March 13, 2017                   March 31, 2017                  April 17, 2017                                  0.36
June 30, 2017                   May 9, 2017                      May 31, 2017                    June 16, 2017                                   0.36
September 30, 2017              August 8, 2017                   August 31, 2017                 September 15, 2017                              0.36
December 31, 2017               November 6, 2017                 November 17, 2017               December 1, 2017                                0.36
March 31, 2018                  March 12, 2018                   March 23, 2018                  April 6, 2018                                   0.36
June 30, 2018                   May 2, 2018                      May 31, 2018                    June 15, 2018                                   0.36
September 30, 2018              August 1, 2018                   August 31, 2018                 September 14, 2018                              0.36
December 31, 2018               October 31, 2018                 November 30, 2018               December 14, 2018                               0.36
December 31, 2018               December 6, 2018                 December 20, 2018               December 28, 2018                               0.10    (2)
March 31, 2019                  March 1, 2019                    March 20, 2019                  March 29, 2019                                  0.36
June 30, 2019                   May 1, 2019                      May 31, 2019                    June 14, 2019                                   0.36
September 30, 2019              July 31, 2019                    August 30, 2019                 September 16, 2019                              0.36
December 31, 2019               October 30, 2019                 November 29, 2019               December 16, 2019                               0.36
March 31, 2020                  February 28, 2020                March 16, 2020                  March 30, 2020                                  0.36
June 30, 2020                   April 30, 2020                   June 16, 2020                   June 30, 2020                                   0.36
September 30, 2020              July 30, 2020                    August 31, 2020                 September 15, 2020                              0.36
December 31, 2020               October 29, 2020                 November 27, 2020               December 14, 2020                               0.36
December 31, 2020               December 21, 2020                December 31, 2020               January 13, 2021                                0.10    (2)
March 31, 2021                  February 24, 2021                March 15, 2021                  March 31, 2021                                  0.36
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
                                                                                                     Total cash distributions       $           11.86


_____________
(1)The amount of this initial distribution reflected a quarterly distribution
rate of $0.30 per share, prorated for the 27 days for the period from the
pricing of our initial public offering on March 5, 2014 (commencement of
operations), through March 31, 2014.
(2)Represents a special distribution.

For the three months ended March 31, 2022, distributions paid were comprised of
interest-sourced distributions (qualified interest income) in an amount equal to
72.4% of total distributions paid. As of March 31, 2022, we had estimated
undistributed taxable earnings from net investment income of $12.8 million, or
$0.41 per share.

Recent accounting pronouncements

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.

                                       64
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RECENT DEVELOPMENTS

Distribution

On April 28, 2022the Council declared a $0.36 regular quarterly distribution per share, payable on June 30, 2022 to shareholders of record on June 16, 2022.

Recent Portfolio Activity

From April 1, 2022 through May 4, 2022, we closed $66.0 million of additional
debt commitments and funded $49.2 million in new investments. TPC's direct
originations platform entered into $223.3 million of additional non-binding
signed term sheets with venture growth stage companies. These investment
opportunities for us are subject to due diligence, definitive documentation and
investment committee approval, as well as compliance with TPC's allocation
policy. From April 1, 2022 through May 4, 2022, we received $26.4 million of
principal prepayments generating more than $1.0 million of accelerated income.

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