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 our ability to originate new loans and investments , certain margins 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 annual report on form 10-k should not be regarded as a representation by us that our plans and objectives will be achieved . these risks and uncertainties include those described in “ risk factors ” in this annual report on form 10-k under part 1a . you should not place undue reliance on these forward-looking statements , which apply only as of the date of this annual report on form 10-k. overview we are an externally managed , closed-end , non-diversified management investment company that has elected to be regulated as a bdc under the 1940 act . we have elected to be treated , and intend to qualify annually thereafter , as a ric under subchapter m of the code for u.s. federal income tax purposes beginning with our taxable year ending december 31 , 2014. our shares are currently listed on the new york stock exchange ( the “ nyse ” ) under the symbol “ tpvg ” . our 6.75 % notes due 2020 ( the `` 2020 notes `` ) are currently listed on the nyse under the symbol “ tpvz ” . our investment objective is to maximize our total return to stockholders primarily in the form of current income and , to a lesser extent , capital appreciation by primarily lending with warrants to venture growth stage companies focused in technology , life sciences and other high growth industries which are backed by tpc 's select group of leading venture capital investors . we were formed to expand the venture growth stage business segment of tpc 's global investment platform and are the primary vehicle through which tpc focuses its venture growth stage business . tpc is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative , flexible and customized debt financing , equity capital and complementary services throughout their lifespan . tpc is located on sand hill road in silicon valley and has a primary focus in technology , life sciences and other high growth industries . we commenced investment activities on march 5 , 2014. in order to expedite the ramp-up of our investment activities and further our ability to meet our investment objectives , on march 5 , 2014 , we acquired our initial portfolio . the net consideration paid was approximately $ 121.7 million which reflected approximately $ 123.7 million of investments less approximately $ 2.0 million of prepaid interest and the fair value of unfunded commitments . we financed the acquisition of our initial portfolio by using a portion of a $ 200.0 million credit facility ( the “ bridge facility ” ) provided by deutsche bank ag , new york branch ( “ deutsche bank ” ) . on march 11 , 2014 , we completed our initial public offering and sold 9,840,665 shares of common stock ( including 1,250,000 shares of common stock through the underwriters ' exercise of their overallotment option and the concurrent private placement of 257,332 shares of common stock to our adviser 's senior team and other persons associated with tpc ) of our common stock at an offering price of $ 15.00 per share . we received $ 141.6 million of net proceeds in connection with the initial public offering and concurrent private placement , net of the portion of the underwriting sales load and offering costs we paid . we used a portion of these net proceeds to pay down all amounts outstanding under the bridge facility and terminated the bridge facility in conjunction with such repayment . in february 2014 , we entered into a credit agreement with deutsche bank acting as administrative agent and a lender , and keybank national association , everbank commercial lender finance , inc. , and alostar bank of commerce , as other lenders , which provided us with a $ 150.0 million commitment , subject to borrowing base 71 requirements ( “ credit facility ” ) . in august 2014 , we amended the credit facility to increase the total commitments by $ 50.0 million to $ 200.0 million in aggregate . effective as of a january 2016 amendment to the credit facility , borrowings under the credit facility bear interest at the sum of ( i ) the commercial paper rate for certain specified lenders and 30-day libor for other lenders or , if libor is unavailable , the higher of deutsche bank 's commercial lending rate or the federal funds rate plus 0.50 % plus ( ii ) a margin of 3.0 % during the credit facility 's revolving period . the revolving period under the amended credit facility expires in february 2018. on march 27 , 2015 , we priced a public offering of 6,500,000 shares of our common stock , raising approximately $ 93.7 million after offering costs . on april 29 , 2015 , we received an additional approximately $ 2.2 million through the issuance of 154,018 shares of our common stock as the result of the underwriters ' partial exercise of their overallotment option . on august 4 , 2015 , we completed a public offering of $ 50.0 million in aggregate principal amount of our 2020 notes and received net proceeds of $ 48.3 million after the payment of fees and offering costs . story_separator_special_tag the yield on our portfolio , excluding the impact of prepayments was approximately 15.4 % and 14.5 % , respectively , for the year ended december 31 , 2015 and for the period from march 5 , 2014 ( commencement of 80 operations ) to december 31 , 2014. the yields on our portfolio are dependent on fundings and the performance of our loans including prepayments . for the year ended december 31 , 2015 , we recognized approximately $ 2.2 million in other income consisting of approximately $ 1.8 million due to the termination or expiration of unfunded commitments and approximately $ 0.4 million from the realization of certain fees paid by companies and miscellaneous income . for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , we recognized approximately $ 0.7 million in other income consisting of approximately $ 0.4 million due to the termination or expiration of unfunded commitments and approximately $ 0.3 million from the realization of certain fees paid by companies and miscellaneous income . for the year ended december 31 , 2015 , total operating expenses were approximately $ 20.1 million , comprising of approximately $ 9.5 million in base management and incentive fees , approximately $ 6.3 million in interest expense , approximately $ 1.5 million in administrative agreement expenses , and approximately $ 2.8 million in general and administrative expenses . for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , total operating expenses were approximately $ 12.5 million , comprising of approximately $ 5.6 million in base management and incentive fees , approximately $ 3.9 million in interest expense , approximately $ 1.1 million in administrative agreement expenses , and approximately $ 1.9 million in general and administrative expenses . in determining the base management fee , our adviser had agreed to exclude the u.s. treasury bill assets acquired at the end of the applicable quarters in 2015 and 2014 in 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 decrease over time as our portfolio and capital base grow . we expect base management and income incentive fees will increase as we grow our asset base and our earnings . capital gains incentive fee will depend on realized and unrealized gains and losses . interest expense will increase as we utilize more of our credit facility , and we expect fees per the administrative agreement and general and administrative agreements will increase to meet the additional requirements associated with servicing a larger portfolio . there were $ 0.3 million of realized losses during the year ended december 31 , 2015 and no realized gains or losses for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014. the table below summarizes our net change in unrealized gains ( losses ) on investments , which was primarily due to changes discount rates used to determine fair value . net change in unrealized gains ( losses ) in subsequent periods may be volatile as it depends on changes in the market , changes in the underlying performance of our portfolio companies and their respective industries , and many other factors . replace_table_token_16_th the tables below summarize the unrealized gains and losses in our investments in portfolio companies as of december 31 , 2015 and december 31 , 2014. replace_table_token_17_th 81 replace_table_token_18_th in addition to the unrealized gains and losses in our investments in portfolio companies summarized in the table above , there were unrealized losses of approximately $ 3 thousand , on u.s. treasury bills as of both december 31 , 2015 and december 31 , 2014. the table below summarizes our return on average total assets and return on average net asset value for the year ended december 31 , 2015 and for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014. replace_table_token_19_th ( 1 ) percentage is presented on an annualized basis . the average net asset values and the average total assets are computed based on daily balances . critical accounting policies the preparation of our financial statements in accordance with gaap requires us 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 could cause actual results to differ . in addition to the discussion below , we describe our critical accounting policies in the notes to our consolidated financial statements included elsewhere in this annual report on form 10-k. valuation of investments we measure the value of our investments at fair value in accordance with accounting standards codification topic 820 , fair value measurements and disclosure , or “ asc topic 820 , ” issued by the financial accounting standards board , or “ fasb . ” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date . the valuation committee of the board is responsible for assisting the board in valuing investments that are not publicly traded or for which current market values are not readily available . investments for which market quotations are readily available are valued using market quotations , which are generally obtained from independent pricing services , broker-dealers or market makers . with respect to portfolio investments for which market quotations 82 are not readily available , the board , with the assistance of the adviser and its senior investment team and independent valuation agents , is responsible for determining , in good faith , the fair value in accordance with the

debt investments by financing product ( dollars in thousands ) fair value percentage of total debt investments growth capital loans $ 246,311 99.5 % equipment financings 1,298 0.5 total debt investments $ 247,609 100.0 % approximately 18.0 % and 20.5 % of the debt investments in our portfolio as of december 31 , 2015 and december 31 , 2014 , respectively , based on the aggregate fair value , consisted of growth capital loans where the borrower has a term loan facility , with or without an accompanying revolving loan , in priority to our senior lien . investment activity during the year ended december 31 , 2015 , we entered into fifteen new commitments with eight new customers , six existing customers and one previous customer totaling $ 213.8 million , funded seventeen debt investments for approximately $ 101.3 million in principal value , acquired warrants representing approximately $ 1.8 74 million of value and exercised warrants into equity with a cost basis of approximately $ 0.2 million in one company , and made two equity investments of approximately $ 0.7 million . during the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , we entered into fifteen new commitments with eleven new customers and four existing customers totaling $ 269.5 million , we funded 32 debt investments for approximately $ 159.4 million in principal balance , acquired warrants representing approximately $ 3.5 million of value , and made two equity investments totaling approximately $ 0.5 million . during the year ended december 31 , 2015 , we had prepayments from six of our portfolio companies for approximately $ 73.4 million in principal value . during the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , we had prepayments from two of our portfolio companies for approximately $ 27.7 million in principal value .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt investments by financing product ( dollars in thousands ) fair value percentage of total debt investments growth capital loans $ 246,311 99.5 % equipment financings 1,298 0.5 total debt investments $ 247,609 100.0 % approximately 18.0 % and 20.5 % of the debt investments in our portfolio as of december 31 , 2015 and december 31 , 2014 , respectively , based on the aggregate fair value , consisted of growth capital loans where the borrower has a term loan facility , with or without an accompanying revolving loan , in priority to our senior lien . investment activity during the year ended december 31 , 2015 , we entered into fifteen new commitments with eight new customers , six existing customers and one previous customer totaling $ 213.8 million , funded seventeen debt investments for approximately $ 101.3 million in principal value , acquired warrants representing approximately $ 1.8 74 million of value and exercised warrants into equity with a cost basis of approximately $ 0.2 million in one company , and made two equity investments of approximately $ 0.7 million . during the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , we entered into fifteen new commitments with eleven new customers and four existing customers totaling $ 269.5 million , we funded 32 debt investments for approximately $ 159.4 million in principal balance , acquired warrants representing approximately $ 3.5 million of value , and made two equity investments totaling approximately $ 0.5 million . during the year ended december 31 , 2015 , we had prepayments from six of our portfolio companies for approximately $ 73.4 million in principal value . during the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , we had prepayments from two of our portfolio companies for approximately $ 27.7 million in principal value .
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 Suspicious Activity Report : 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 our ability to originate new loans and investments , certain margins 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 annual report on form 10-k should not be regarded as a representation by us that our plans and objectives will be achieved . these risks and uncertainties include those described in “ risk factors ” in this annual report on form 10-k under part 1a . you should not place undue reliance on these forward-looking statements , which apply only as of the date of this annual report on form 10-k. overview we are an externally managed , closed-end , non-diversified management investment company that has elected to be regulated as a bdc under the 1940 act . we have elected to be treated , and intend to qualify annually thereafter , as a ric under subchapter m of the code for u.s. federal income tax purposes beginning with our taxable year ending december 31 , 2014. our shares are currently listed on the new york stock exchange ( the “ nyse ” ) under the symbol “ tpvg ” . our 6.75 % notes due 2020 ( the `` 2020 notes `` ) are currently listed on the nyse under the symbol “ tpvz ” . our investment objective is to maximize our total return to stockholders primarily in the form of current income and , to a lesser extent , capital appreciation by primarily lending with warrants to venture growth stage companies focused in technology , life sciences and other high growth industries which are backed by tpc 's select group of leading venture capital investors . we were formed to expand the venture growth stage business segment of tpc 's global investment platform and are the primary vehicle through which tpc focuses its venture growth stage business . tpc is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative , flexible and customized debt financing , equity capital and complementary services throughout their lifespan . tpc is located on sand hill road in silicon valley and has a primary focus in technology , life sciences and other high growth industries . we commenced investment activities on march 5 , 2014. in order to expedite the ramp-up of our investment activities and further our ability to meet our investment objectives , on march 5 , 2014 , we acquired our initial portfolio . the net consideration paid was approximately $ 121.7 million which reflected approximately $ 123.7 million of investments less approximately $ 2.0 million of prepaid interest and the fair value of unfunded commitments . we financed the acquisition of our initial portfolio by using a portion of a $ 200.0 million credit facility ( the “ bridge facility ” ) provided by deutsche bank ag , new york branch ( “ deutsche bank ” ) . on march 11 , 2014 , we completed our initial public offering and sold 9,840,665 shares of common stock ( including 1,250,000 shares of common stock through the underwriters ' exercise of their overallotment option and the concurrent private placement of 257,332 shares of common stock to our adviser 's senior team and other persons associated with tpc ) of our common stock at an offering price of $ 15.00 per share . we received $ 141.6 million of net proceeds in connection with the initial public offering and concurrent private placement , net of the portion of the underwriting sales load and offering costs we paid . we used a portion of these net proceeds to pay down all amounts outstanding under the bridge facility and terminated the bridge facility in conjunction with such repayment . in february 2014 , we entered into a credit agreement with deutsche bank acting as administrative agent and a lender , and keybank national association , everbank commercial lender finance , inc. , and alostar bank of commerce , as other lenders , which provided us with a $ 150.0 million commitment , subject to borrowing base 71 requirements ( “ credit facility ” ) . in august 2014 , we amended the credit facility to increase the total commitments by $ 50.0 million to $ 200.0 million in aggregate . effective as of a january 2016 amendment to the credit facility , borrowings under the credit facility bear interest at the sum of ( i ) the commercial paper rate for certain specified lenders and 30-day libor for other lenders or , if libor is unavailable , the higher of deutsche bank 's commercial lending rate or the federal funds rate plus 0.50 % plus ( ii ) a margin of 3.0 % during the credit facility 's revolving period . the revolving period under the amended credit facility expires in february 2018. on march 27 , 2015 , we priced a public offering of 6,500,000 shares of our common stock , raising approximately $ 93.7 million after offering costs . on april 29 , 2015 , we received an additional approximately $ 2.2 million through the issuance of 154,018 shares of our common stock as the result of the underwriters ' partial exercise of their overallotment option . on august 4 , 2015 , we completed a public offering of $ 50.0 million in aggregate principal amount of our 2020 notes and received net proceeds of $ 48.3 million after the payment of fees and offering costs . story_separator_special_tag the yield on our portfolio , excluding the impact of prepayments was approximately 15.4 % and 14.5 % , respectively , for the year ended december 31 , 2015 and for the period from march 5 , 2014 ( commencement of 80 operations ) to december 31 , 2014. the yields on our portfolio are dependent on fundings and the performance of our loans including prepayments . for the year ended december 31 , 2015 , we recognized approximately $ 2.2 million in other income consisting of approximately $ 1.8 million due to the termination or expiration of unfunded commitments and approximately $ 0.4 million from the realization of certain fees paid by companies and miscellaneous income . for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , we recognized approximately $ 0.7 million in other income consisting of approximately $ 0.4 million due to the termination or expiration of unfunded commitments and approximately $ 0.3 million from the realization of certain fees paid by companies and miscellaneous income . for the year ended december 31 , 2015 , total operating expenses were approximately $ 20.1 million , comprising of approximately $ 9.5 million in base management and incentive fees , approximately $ 6.3 million in interest expense , approximately $ 1.5 million in administrative agreement expenses , and approximately $ 2.8 million in general and administrative expenses . for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014 , total operating expenses were approximately $ 12.5 million , comprising of approximately $ 5.6 million in base management and incentive fees , approximately $ 3.9 million in interest expense , approximately $ 1.1 million in administrative agreement expenses , and approximately $ 1.9 million in general and administrative expenses . in determining the base management fee , our adviser had agreed to exclude the u.s. treasury bill assets acquired at the end of the applicable quarters in 2015 and 2014 in 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 decrease over time as our portfolio and capital base grow . we expect base management and income incentive fees will increase as we grow our asset base and our earnings . capital gains incentive fee will depend on realized and unrealized gains and losses . interest expense will increase as we utilize more of our credit facility , and we expect fees per the administrative agreement and general and administrative agreements will increase to meet the additional requirements associated with servicing a larger portfolio . there were $ 0.3 million of realized losses during the year ended december 31 , 2015 and no realized gains or losses for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014. the table below summarizes our net change in unrealized gains ( losses ) on investments , which was primarily due to changes discount rates used to determine fair value . net change in unrealized gains ( losses ) in subsequent periods may be volatile as it depends on changes in the market , changes in the underlying performance of our portfolio companies and their respective industries , and many other factors . replace_table_token_16_th the tables below summarize the unrealized gains and losses in our investments in portfolio companies as of december 31 , 2015 and december 31 , 2014. replace_table_token_17_th 81 replace_table_token_18_th in addition to the unrealized gains and losses in our investments in portfolio companies summarized in the table above , there were unrealized losses of approximately $ 3 thousand , on u.s. treasury bills as of both december 31 , 2015 and december 31 , 2014. the table below summarizes our return on average total assets and return on average net asset value for the year ended december 31 , 2015 and for the period from march 5 , 2014 ( commencement of operations ) to december 31 , 2014. replace_table_token_19_th ( 1 ) percentage is presented on an annualized basis . the average net asset values and the average total assets are computed based on daily balances . critical accounting policies the preparation of our financial statements in accordance with gaap requires us 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 could cause actual results to differ . in addition to the discussion below , we describe our critical accounting policies in the notes to our consolidated financial statements included elsewhere in this annual report on form 10-k. valuation of investments we measure the value of our investments at fair value in accordance with accounting standards codification topic 820 , fair value measurements and disclosure , or “ asc topic 820 , ” issued by the financial accounting standards board , or “ fasb . ” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date . the valuation committee of the board is responsible for assisting the board in valuing investments that are not publicly traded or for which current market values are not readily available . investments for which market quotations are readily available are valued using market quotations , which are generally obtained from independent pricing services , broker-dealers or market makers . with respect to portfolio investments for which market quotations 82 are not readily available , the board , with the assistance of the adviser and its senior investment team and independent valuation agents , is responsible for determining , in good faith , the fair value in accordance with the

