10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended September 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00702

HERCULES CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)


Maryland		74-3113410
(State or Jurisdiction of Incorporation or Organization)		(IRS Employer Identification Number)
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices)		94301 (Zip Code)
		94301 (Zip Code)

(650) 289-3060

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $0.001 per share	HTGC	New York Stock Exchange
6.25% Notes due 2033	HCXY	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On October 21, 2021, there were 115,899,422 shares outstanding of the Registrant’s common stock, $0.001 par value.

HERCULES CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2021 and 2020 (unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)	7
	Consolidated Schedule of Investments as of September 30, 2021 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2020	19
	Notes to Consolidated Financial Statements (unaudited)	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	65
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	83
Item 4.	Controls and Procedures	84
PART II. OTHER INFORMATION		85
Item 1.	Legal Proceedings	85
Item 1A.	Risk Factors	85
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	86
Item 3.	Defaults Upon Senior Securities	86
Item 4.	Mine Safety Disclosures	86
Item 5.	Other Information	86
Item 6.	Exhibits and Financial Statement Schedules	87
SIGNATURES		92

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts, unless the context otherwise requires.

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)


	September 30, 2021		December 31, 2020
	(unaudited)
Assets
Investments, at fair value:
Non-control/Non-affiliate investments (cost of $2,330,982 and $2,175,651, respectively)	$	2,436,307	$	2,288,338
Control investments (cost of $81,020 and $65,257, respectively)		65,835		57,400
Affiliate investments (cost of $13,387 and $74,450, respectively)		9,712		8,340
Total investments, at fair value (cost of $2,425,389 and $2,315,358, respectively)		2,511,854		2,354,078
Cash and cash equivalents		235,851		198,282
Restricted cash		13,509		39,340
Interest receivable		17,859		19,077
Right of use asset		7,373		9,278
Other assets		4,762		3,942
Total assets	$	2,791,208	$	2,623,997

Liabilities
Debt (net of debt issuance costs - Note 5)	$	1,408,701	$	1,286,638
Accounts payable and accrued liabilities		37,098		36,343
Operating lease liability		7,877		9,312
Total liabilities	$	1,453,676	$	1,332,293

Net assets consist of:
Common stock, par value		116		115
Capital in excess of par value		1,166,725		1,158,198
Total distributable earnings		170,691		133,391
Total net assets	$	1,337,532	$	1,291,704
Total liabilities and net assets	$	2,791,208	$	2,623,997

Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized)		115,925		114,726
Net asset value per share	$	11.54	$	11.26

See notes to consolidated financial statements

The following table presents the assets and liabilities of our consolidated securitization trusts for the 2027 Asset-Backed Notes and the 2028 Asset-Backed Notes (see “Note 5 – Debt”), which are variable interest entities, or VIEs. The assets of our securitization VIEs can only be used to settle obligations of our consolidated securitization VIEs, these liabilities are only the obligations of our consolidated securitization VIEs, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statements of Assets and Liabilities above.


	September 30, 2021		December 31, 2020
(Dollars in thousands)	(unaudited)
Assets
Restricted Cash	$	13,509	$	39,340
2027 Asset-Backed Notes, investments in securities, at value (cost of $205,093 and $267,657, respectively)		206,707		269,551
2028 Asset-Backed Notes, investments in securities, at value (cost of $294,497 and $355,236, respectively)		297,094		356,097
Total assets	$	517,310	$	664,988

Liabilities
2027 Asset-Backed Notes, net (principal of $115,373 and $180,988, respectively) (1)	$	114,120	$	178,812
2028 Asset-Backed Notes, net (principal of $173,809 and $250,000, respectively) (1)		172,324		247,647
Total liabilities	$	286,444	$	426,459

(1)

The Company’s 2027 Asset-Backed Notes and the 2028 Asset-Backed Notes are presented net of the associated debt issuance costs. See “Note 5 – Debt”.

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Investment income:
Interest income
Non-control/Non-affiliate investments	$	62,239		$	64,403		$	185,497		$	192,408
Control investments		1,072			740			2,900			2,117
Affiliate investments		1			232			3			609
Total interest income		63,312			65,375			188,400			195,134
Fee income
Commitment, facility and loan fee income
Non-control/Non-affiliate investments		5,179			2,985			13,845			10,692
Control investments		20			5			43			15
Total commitment, facility and loan fee income		5,199			2,990			13,888			10,707
One-time fee income
Non-control/Non-affiliate investments		1,682			1,974			6,223			6,085
Total one-time fee income		1,682			1,974			6,223			6,085
Total fee income		6,881			4,964			20,111			16,792
Total investment income		70,193			70,339			208,511			211,926
Operating expenses:
Interest		13,069			14,807			42,309			44,415
Loan fees		1,674			1,824			6,694			5,268
General and administrative
Legal expenses		314			673			1,268			2,563
Tax expenses		2,395			994			5,579			3,028
Other expenses		3,771			3,624			10,481			11,622
Total general and administrative		6,480			5,291			17,328			17,213
Employee compensation
Compensation and benefits		8,898			7,181			27,051			22,575
Stock-based compensation		3,320			2,522			8,990			7,477
Total employee compensation		12,218			9,703			36,041			30,052
Total gross operating expenses		33,441			31,625			102,372			96,948
Expenses allocated to the Adviser Subsidiary		(1,337	)		—			(3,474	)		—
Total net operating expenses		32,104			31,625			98,898			96,948
Net investment income		38,089			38,714			109,613			114,978
Net realized gain (loss) and change in unrealized appreciation (depreciation):
Net realized gain (loss)
Non-control/Non-affiliate investments		22,813			(48,501	)		78,444			(41,393	)
Affiliate investments		—			—			(62,143	)		—
Loss on debt extinguishment		(1,702	)		—			(1,702	)		—
Total net realized gain (loss)		21,111			(48,501	)		14,599			(41,393	)
Net change in unrealized appreciation (depreciation)
Non-control/Non-affiliate investments		(31,759	)		54,299			(10,662	)		19,483
Control investments		(3,774	)		646			(7,327	)		(4,563	)
Affiliate investments		(118	)		(2,111	)		64,220			(12,416	)
Total net change in unrealized appreciation (depreciation)		(35,651	)		52,834			46,231			2,504
Total net realized gain (loss) and change in unrealized appreciation (depreciation):		(14,540	)		4,333			60,830			(38,889	)
Net increase (decrease) in net assets resulting from operations	$	23,549		$	43,047		$	170,443		$	76,089

Net investment income before investment gains and losses per common share:
Basic	$	0.33		$	0.34		$	0.95		$	1.03
Change in net assets resulting from operations per common share:
Basic	$	0.20		$	0.38		$	1.47		$	0.68
Diluted	$	0.20		$	0.38		$	1.46		$	0.67
Weighted average shares outstanding
Basic		114,805			113,489			114,590			111,342
Diluted		116,239			113,744			115,550			111,590
Distributions paid per common share:
Basic	$	0.39		$	0.32		$	1.15		$	1.04

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(dollars and shares in thousands)




						Capital in			Distributable
	Common Stock					excess			Earnings			Net
For the Three Months Ended September 30, 2021	Shares			Par Value		of par value			(loss)			Assets
Balance as of June 30, 2021		115,867		$	116	$	1,163,910		$	192,332		$	1,356,358
Net increase (decrease) in net assets resulting from operations		—			—		—			23,549			23,549
Public offering, net of offering expenses		—			—		(10	)		—			(10	)
Issuance of common stock due to stock option exercises		14			—		180			—			180
Retired shares from net issuance		(3	)		—		(52	)		—			(52	)
Issuance of common stock under restricted stock plan		38			—		—			—			—
Retired shares for restricted stock vesting		(46	)		—		(872	)		—			(872	)
Distributions reinvested in common stock		55			—		947			—			947
Distributions		—			—		—			(45,190	)		(45,190	)
Stock-based compensation (1)		—			—		2,622			—			2,622
Balance as of September 30, 2021		115,925		$	116	$	1,166,725		$	170,691		$	1,337,532

For the Nine Months Ended September 30, 2021
Balance as of December 31, 2020		114,726		$	115	$	1,158,198		$	133,391		$	1,291,704
Net increase (decrease) in net assets resulting from operations		—			—		—			170,443			170,443
Public offering, net of offering expenses		—			—		(208	)		—			(208	)
Issuance of common stock due to stock option exercises		277			—		3,813			—			3,813
Retired shares from net issuance		(65	)		—		(1,141	)		—			(1,141	)
Issuance of common stock under restricted stock plan		998			1		(1	)		—			—
Retired shares for restricted stock vesting		(200	)		—		(4,778	)		—			(4,778	)
Distributions reinvested in common stock		189			—		3,057			—			3,057
Distributions		—			—		—			(133,143	)		(133,143	)
Stock-based compensation (1)		—			—		7,785			—			7,785
Balance as of September 30, 2021		115,925		$	116	$	1,166,725		$	170,691		$	1,337,532

(1)

Stock-based compensation includes $36 and $86 of restricted stock and option expense related to director compensation for the three and nine months ended September 30, 2021.




						Capital in			Distributable
	Common Stock					excess			Earnings			Net
For the Three Months Ended September 30, 2020	Shares			Par Value		of par value			(loss)			Assets
Balance as of June 30, 2020		114,230			115	$	1,223,263		$	(59,348	)	$	1,164,030
Net increase (decrease) in net assets resulting from operations		—			—		—			43,047			43,047
Public offering, net of offering expenses		—			—		(96	)		—			(96	)
Issuance of common stock under restricted stock plan		34			—		—			—			—
Retired shares for restricted stock vesting		(24	)		—		(391	)		—			(391	)
Distributions reinvested in common stock		77			—		923			—			923
Distributions		—			—		—			(36,557	)		(36,557	)
Stock-based compensation (1)		—			—		2,124			—			2,124
Balance as of September 30, 2020		114,317		$	115	$	1,225,823		$	(52,858	)	$	1,173,080

For the Nine Months Ended September 30, 2020
Balance as of December 31, 2019		107,364		$	108	$	1,145,106		$	(12,165	)	$	1,133,049
Net increase (decrease) in net assets resulting from operations		—			—		—			76,089			76,089
Public offering, net of offering expenses		5,966			6		73,560			—			73,566
Issuance of common stock due to stock option exercises		29			—		362			—			362
Retired shares from net issuance		(24	)		—		(376	)		—			(376	)
Issuance of common stock under restricted stock plan		835			1		(1	)		—			—
Retired shares for restricted stock vesting		(51	)		—		(1,553	)		—			(1,553	)
Distributions reinvested in common stock		198			—		2,393			—			2,393
Distributions		—			—		—			(116,782	)		(116,782	)
Stock-based compensation (1)		—			—		6,332			—			6,332
Balance as of September 30, 2020		114,317		$	115	$	1,225,823		$	(52,858	)	$	1,173,080

(1)

Stock-based compensation includes $31 and $76 of restricted stock and option expense related to director compensation for the three and nine months ended September 30, 2020.

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)


	For the Nine Months Ended September 30,
	2021			2020
Cash flows used in operating activities:
Net increase in net assets resulting from operations	$	170,443		$	76,089
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(1,033,189	)		(631,431	)
Fundings assigned to Adviser Funds		107,793			—
Principal and fee payments received on investments		738,321			480,709
Proceeds from the sale of investments		98,567			22,057
Net unrealized (appreciation) depreciation on investments		(46,231	)		(2,504	)
Net realized (gain) loss on investments		(16,301	)		41,393
Accretion of paid-in-kind principal		(8,105	)		(6,481	)
Accretion of loan discounts		(2,737	)		(3,028	)
Accretion of loan discount on convertible notes		504			504
Accretion of loan exit fees		(17,364	)		(19,178	)
Change in loan income, net of collections		21,730			11,986
Unearned fees related to unfunded commitments		(2,367	)		30
Loss on extinguishment of debt		1,702			—
Amortization of debt fees and issuance costs		4,957			3,640
Depreciation and amortization		255			319
Stock-based compensation and amortization of restricted stock grants (1)		7,785			6,332
Change in operating assets and liabilities:
Interest receivable		1,218			701
Other assets		2,380			(1,844	)
Accounts payable		—			(17	)
Accrued liabilities		(680	)		(3,292	)
Net cash provided by (used in) operating activities		28,681			(24,015	)

Cash flows used in investing activities:
Purchases of capital equipment		(12	)		(115	)
Net cash used in investing activities		(12	)		(115	)

Cash flows used in financing activities:
Issuance of common stock		—			73,856
Offering expenses		(208	)		(290	)
Retirement of employee shares		(2,106	)		(1,567	)
Distributions paid		(130,086	)		(114,389	)
Issuance of debt		1,396,406			614,082
Repayments of debt		(1,272,712	)		(610,509	)
Debt issuance costs		(4,830	)		(1,419	)
Fees paid for credit facilities and debentures		(3,395	)		(2,569	)
Net cash used in financing activities		(16,931	)		(42,805	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		11,738			(66,935	)
Cash, cash equivalents, and restricted cash at beginning of period		237,622			114,996
Cash, cash equivalents, and restricted cash at end of period	$	249,360		$	48,061

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid	$	44,985		$	46,209
Income tax, including excise tax, paid	$	3,731		$	2,478
Distributions reinvested	$	3,057		$	2,393

(1)

Stock-based compensation includes $86 and $76 of restricted stock and option expense related to director compensation for the nine months ended September 30, 2021 and 2020, respectively.

The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:


	For the Nine Months Ended September 30,
(Dollars in thousands)	2021		2020
Cash and cash equivalents	$	235,851	$	27,554
Restricted cash		13,509		20,507
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows	$	249,360	$	48,061

See “Note 2 – Summary of Significant Accounting Policies” for a description of restricted cash and cash equivalents.

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
Debt Investments
Communications & Networking
1-5 Years Maturity
Cytracom Holdings LLC (11)(17)(18)	Communications & Networking	Senior Secured	February 2025	Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.31%	$	9,000	$	8,789	$	8,797
Rocket Lab Global Services, LLC (14)(16)	Communications & Networking	Senior Secured	June 2024	Interest rate PRIME + 4.90% or Floor rate of 8.15%, PIK Interest 1.25%, 3.25% Exit Fee	$	88,263		87,722		87,722
Subtotal: 1-5 Years Maturity								96,511		96,519
Subtotal: Communications & Networking (7.22%)*								96,511		96,519
Consumer & Business Products
1-5 Years Maturity
Grove Collaborative, Inc. (17)(19)	Consumer & Business Products	Senior Secured	April 2025	Interest rate PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee	$	19,600		19,177		19,177
Subtotal: 1-5 Years Maturity								19,177		19,177
Subtotal: Consumer & Business Products (1.43%)*								19,177		19,177
Diversified Financial Services
Under 1 Year Maturity
Newfront (9)	Diversified Financial Services	Convertible Debt	August 2022	PIK Interest 0.19%	$	403		402		403
Subtotal: Under 1 Year Maturity								402		403
1-5 Years Maturity
Gibraltar Business Capital, LLC (7)	Diversified Financial Services	Unsecured	September 2026	Interest rate FIXED 14.50%	$	15,000		14,651		13,957
	Diversified Financial Services	Unsecured	September 2026	Interest rate FIXED 11.50%	$	10,000		9,815		9,446
Total Gibraltar Business Capital, LLC					$	25,000		24,466		23,403
Hercules Adviser LLC (7)	Diversified Financial Services	Unsecured	May 2023	Interest rate FIXED 5.00%	$	6,100		6,100		6,100
Subtotal: 1-5 Years Maturity								30,566		29,503
Subtotal: Diversified Financial Services (2.24%)*								30,968		29,906
Drug Delivery
1-5 Years Maturity
Antares Pharma Inc. (10)(11)	Drug Delivery	Senior Secured	July 2024	Interest rate PRIME + 4.50% or Floor rate of 8.50%, 4.03% Exit Fee	$	20,000		20,671		20,765
Subtotal: 1-5 Years Maturity								20,671		20,765
Subtotal: Drug Delivery (1.55%)*								20,671		20,765
Drug Discovery & Development
Under 1 Year Maturity
Mesoblast (5)(10)(11)(13)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.95% or Floor rate of 9.70%, 9.40% Exit Fee	$	50,000		54,310		54,310
Petros Pharmaceuticals, Inc. (p.k.a. Metuchen Pharmaceuticals LLC)	Drug Discovery & Development	Senior Secured	December 2021	Interest rate PRIME + 7.25% or Floor rate of 11.50%, 3.05% Exit Fee	$	1,741		1,740		1,740
TG Therapeutics, Inc. (10)(13)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.25% Exit Fee	$	15,410		16,298		16,298
Subtotal: Under 1 Year Maturity								72,348		72,348
1-5 Years Maturity
Albireo Pharma, Inc. (10)(11)(17)	Drug Discovery & Development	Senior Secured	July 2024	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee	$	10,000		10,177		10,268
Aldeyra Therapeutics, Inc. (11)	Drug Discovery & Development	Senior Secured	October 2023	Interest rate PRIME + 3.10% or Floor rate of 8.60%, 6.95% Exit Fee	$	15,000		15,579		15,773
Applied Genetic Technologies Corporation (11)	Drug Discovery & Development	Senior Secured	April 2024	Interest rate PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee	$	20,000		20,241		20,238
Aveo Pharmaceuticals, Inc. (11)(15)	Drug Discovery & Development	Senior Secured	September 2023	Interest rate PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee	$	35,000		35,603		35,214
Axsome Therapeutics, Inc. (10)(13)	Drug Discovery & Development	Senior Secured	October 2025	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 5.82% Exit Fee	$	50,000		49,627		51,618
Bicycle Therapeutics PLC (5)(10)(11)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee	$	24,000		24,182		24,153
BiomX, INC (5)(10)	Drug Discovery & Development	Senior Secured	September 2025	Interest rate PRIME + 5.70% or Floor rate of 8.95%, 6.55% Exit Fee	$	9,000		8,927		8,927
BridgeBio Pharma LLC (12)(13)(16)(17)	Drug Discovery & Development	Senior Secured	May 2025	Interest rate PRIME + 4.40% or Floor rate of 7.65%, 5.54% Exit Fee	$	100,000		103,238		104,680
Century Therapeutics (11)	Drug Discovery & Development	Senior Secured	April 2024	Interest rate PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee	$	10,000		10,028		10,397
Chemocentryx, Inc. (10)(11)	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	18,951		19,958		19,955
	Drug Discovery & Development	Senior Secured	February 2024	Interest rate PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee	$	5,000		5,130		5,131
Total Chemocentryx, Inc.					$	23,951		25,088		25,086

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
Codiak Biosciences, Inc. (11)(17)	Drug Discovery & Development	Senior Secured	October 2025	Interest rate PRIME + 5.00% or Floor rate of 8.25%, 5.50% Exit Fee	$	25,000	$	25,404	$	25,374
Corium, Inc. (16)	Drug Discovery & Development	Senior Secured	September 2026	Interest rate PRIME + 5.70% or Floor rate of 8.95%, 7.75% Exit Fee	$	91,500		90,618		90,618
Eloxx Pharmaceuticals, Inc. (15)	Drug Discovery & Development	Senior Secured	April 2025	Interest rate PRIME + 6.25% or Floor rate of 9.50%, 6.55% Exit Fee	$	12,500		12,360		12,360
G1 Therapeutics, Inc. (10)(11)(17)	Drug Discovery & Development	Senior Secured	June 2025	Interest rate PRIME + 6.20% or Floor rate of 9.45%, 6.95% Exit Fee	$	26,000		26,341		26,524
Geron Corporation (10)(13)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee	$	22,750		22,913		22,933
Hibercell, Inc. (15)	Drug Discovery & Development	Senior Secured	May 2025	Interest rate PRIME + 5.40% or Floor rate of 8.65%, 4.95% Exit Fee	$	17,000		16,968		16,968
Humanigen, Inc. (9)(10)	Drug Discovery & Development	Senior Secured	March 2025	Interest rate PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee	$	20,000		20,126		19,957
Kaleido Biosciences, Inc. (13)	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee	$	22,500		23,351		23,371
Locus Biosciences (15)	Drug Discovery & Development	Senior Secured	July 2025	Interest rate PRIME + 6.10% or Floor rate of 9.35%, 4.95% Exit Fee	$	8,000		7,938		7,896
Nabriva Therapeutics (5)(10)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee	$	5,000		5,444		5,418
Phathom Pharmaceuticals, Inc. (10)(15)(16)	Drug Discovery & Development	Senior Secured	October 2026	Interest rate PRIME + 2.25% or Floor rate of 5.50%, PIK Interest 3.35%, 7.50% Exit Fee	$	86,500		85,035		85,035
Scynexis, Inc.	Drug Discovery & Development	Senior Secured	March 2025	Interest rate PRIME + 5.80% or Floor rate of 9.05%, 3.95% Exit Fee	$	16,000		15,765		15,765
Seres Therapeutics, Inc. (11)	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 4.40% or Floor rate of 9.65%, 4.85% Exit Fee	$	25,000		25,598		26,265
Syndax Pharmaceutics Inc. (13)	Drug Discovery & Development	Senior Secured	September 2023	Interest rate PRIME + 5.10% or Floor rate of 9.85%, 4.99% Exit Fee	$	20,000		20,538		20,872
uniQure B.V. (5)(10)(11)(13)(16)(17)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 3.35% or Floor rate of 8.85%, 4.95% Exit Fee	$	35,000		35,975		36,345
	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 5.00% or Floor rate of 8.25%, 1.65% Exit Fee	$	35,000		35,354		35,698
Total uniQure B.V.					$	70,000		71,329		72,043
Unity Biotechnology, Inc. (10)(11)	Drug Discovery & Development	Senior Secured	August 2024	Interest rate PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee	$	25,000		25,346		25,921
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC) (11)	Drug Discovery & Development	Senior Secured	May 2024	Interest rate PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee	$	11,500		11,481		11,537
X4 Pharmaceuticals, Inc. (11)(13)	Drug Discovery & Development	Senior Secured	July 2024	Interest rate PRIME + 3.75% or Floor rate of 8.75%, 8.80% Exit Fee	$	32,500		33,870		34,177
Yumanity Therapeutics, Inc. (11)	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 4.00% or Floor rate of 8.75%, 5.92% Exit Fee	$	14,106		14,542		14,588
Subtotal: 1-5 Years Maturity								857,657		863,976
Subtotal: Drug Discovery & Development (70.00%)*								930,005		936,324
Healthcare Services, Other
1-5 Years Maturity
Carbon Health Technologies, Inc. (13)(17)(19)	Healthcare Services, Other	Senior Secured	March 2025	Interest rate PRIME + 5.60% or Floor rate of 8.85%, 3.95% Exit Fee	$	11,250		11,241		11,258
Equality Health, LLC (13)(14)(17)	Healthcare Services, Other	Senior Secured	February 2026	Interest rate PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.55%	$	35,306		34,984		35,075
Subtotal: 1-5 Years Maturity								46,225		46,333
Subtotal: Healthcare Services, Other (3.46%)*								46,225		46,333
Information Services
Under 1 Year Maturity
Planet Labs, Inc. (11)	Information Services	Senior Secured	June 2022	Interest rate PRIME + 5.50% or Floor rate of 11.00%, 3.00% Exit Fee	$	25,000		25,317		25,317
Subtotal: Under 1 Year Maturity								25,317		25,317
1-5 Years Maturity
Yipit, LLC (17)(18)	Information Services	Senior Secured	September 2026	Interest rate 1-month LIBOR + 9.08% or Floor rate of 10.08%	$	45,900		44,984		44,984
Subtotal: 1-5 Years Maturity								44,984		44,984
Subtotal: Information Services (5.26%)*								70,301		70,301
Internet Consumer & Business Services
Under 1 Year Maturity
Nextroll, Inc. (13)(14)(19)	Internet Consumer & Business Services	Senior Secured	June 2022	Interest rate PRIME + 3.75% or Floor rate of 7.00%, PIK Interest 2.95%, 3.50% Exit Fee	$	21,395		21,950		21,950
Subtotal: Under 1 Year Maturity								21,950		21,950

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
1-5 Years Maturity
AppDirect, Inc. (11)(17)	Internet Consumer & Business Services	Senior Secured	August 2024	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 7.95% Exit Fee	$	30,790	$	31,230	$	32,253
ePayPolicy Holdings, LLC (11)(17)	Internet Consumer & Business Services	Senior Secured	December 2024	Interest rate 3-month LIBOR + 8.50% or Floor rate of 9.50%	$	8,169		7,999		8,129
EverFi, Inc. (13)(14)(16)	Internet Consumer & Business Services	Senior Secured	May 2022	Interest rate PRIME + 3.90% or Floor rate of 9.15%, PIK Interest 1.50%	$	85,564		85,210		85,210
Houzz, Inc. (9)(14)	Internet Consumer & Business Services	Convertible Debt	May 2028	PIK Interest 5.50%	$	20,390		20,390		20,390
Landing Holdings Inc. (14)(15)	Internet Consumer & Business Services	Senior Secured	March 2023	Interest rate PRIME + 6.00% or Floor rate of 9.25%, PIK Interest 2.55%	$	10,127		9,974		10,431
Rhino Labs, Inc. (14)(15)(17)	Internet Consumer & Business Services	Senior Secured	March 2024	Interest rate PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 2.25%	$	8,089		7,913		7,995
SeatGeek, Inc. (14)	Internet Consumer & Business Services	Senior Secured	June 2023	Interest rate PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%	$	60,531		59,805		59,902
Skyword, Inc. (14)	Internet Consumer & Business Services	Senior Secured	September 2024	Interest rate PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.90%, 4.00% Exit Fee	$	12,367		12,568		12,487
Tectura Corporation (7)(8)(14)	Internet Consumer & Business Services	Senior Secured	July 2024	PIK Interest 5.00%	$	10,680		240		—
	Internet Consumer & Business Services	Senior Secured	July 2024	Interest rate FIXED 8.25%	$	8,250		8,250		8,250
	Internet Consumer & Business Services	Senior Secured	July 2024	PIK Interest 5.00%	$	13,023		13,023		44
Total Tectura Corporation					$	31,953		21,513		8,294
Thumbtack, Inc. (13)(14)	Internet Consumer & Business Services	Senior Secured	September 2023	Interest rate PRIME + 3.45% or Floor rate of 8.95%, PIK Interest 1.50%, 3.95% Exit Fee	$	25,521		25,741		26,362
Zepz (p.k.a. Worldremit Group Limited) (5)(10)(16)(19)	Internet Consumer & Business Services	Senior Secured	February 2025	Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.25%, 3.00% Exit Fee	$	103,000		101,381		101,131
Subtotal: 1-5 Years Maturity								383,724		372,584
Subtotal: Internet Consumer & Business Services (29.50%)*								405,674		394,534
Manufacturing Technology
1-5 Years Maturity
Velo3d, Inc. (19)	Manufacturing Technology	Senior Secured	October 2023	Interest rate PRIME + 5.75% or Floor rate of 9.00%, 3.00% Exit Fee	$	7,143		7,199		7,199
Subtotal: 1-5 Years Maturity								7,199		7,199
Subtotal: Manufacturing Technology (0.54%)*								7,199		7,199
Medical Devices & Equipment
Under 1 Year Maturity
Quanterix Corporation (11)	Medical Devices & Equipment	Senior Secured	October 2021	Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.96% Exit Fee	$	1,943		1,993		1,993
Subtotal: Under 1 Year Maturity								1,993		1,993
Subtotal: Medical Devices & Equipment (0.15%)*								1,993		1,993
Software
Under 1 Year Maturity
Regent Education (8)(14)	Software	Senior Secured	January 2022	Interest rate FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee	$	3,029		3,142		1,106
Subtotal: Under 1 Year Maturity								3,142		1,106
1-5 Years Maturity
3GTMS, LLC. (11)(17)(18)	Software	Senior Secured	February 2025	Interest rate 6-Month LIBOR + 9.28% or Floor rate of 10.28%	$	10,000		9,799		9,990
Bitsight Technologies, Inc. (13)(17)(19)	Software	Senior Secured	November 2025	Interest rate PRIME + 6.75% or Floor rate of 10.00%, 3.50% Exit Fee	$	12,500		12,377		13,190
Businessolver.com, Inc. (11)(17)	Software	Senior Secured	May 2023	Interest rate 6-month LIBOR + 7.50% or Floor rate of 8.50%	$	41,197		40,821		41,176
Campaign Monitor Limited (11)(19)	Software	Senior Secured	November 2025	Interest rate 6-month LIBOR + 8.90% or Floor rate of 9.90%	$	33,000		32,430		33,000
Ceros, LLC (17)(18)	Software	Senior Secured	September 2026	Interest rate 3-month LIBOR + 8.89% or Floor rate of 9.89%	$	17,978		17,452		17,452
Clarabridge, Inc. (12)(13)(14)(17)	Software	Senior Secured	May 2024	Interest rate PRIME + 5.30% or Floor rate of 8.55%, PIK Interest 2.25%	$	56,787		56,416		57,356
Cloud 9 Software (13)	Software	Senior Secured	April 2024	Interest rate 3-month LIBOR + 8.20% or Floor rate of 9.20%	$	9,953		9,846		9,953

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
CloudBolt Software Inc. (11)(19)	Software	Senior Secured	October 2024	Interest rate PRIME + 6.70% or Floor rate of 9.95%, 2.95% Exit Fee	$	10,000	$	9,877	$	10,075
Cybermaxx Intermediate Holdings, Inc. (17)	Software	Senior Secured	August 2026	Interest rate 6-month LIBOR + 9.28% or Floor rate of 10.28%	$	8,000		7,792		7,792
Dashlane, Inc. (11)(14)(17)(19)	Software	Senior Secured	July 2025	Interest rate PRIME + 3.05% or Floor rate of 7.55%, PIK Interest 1.10%, 7.10% Exit Fee	$	20,661		21,614		21,614
Delphix Corp. (13)(19)	Software	Senior Secured	February 2023	Interest rate PRIME + 5.50% or Floor rate of 10.25%, 5.00% Exit Fee	$	60,000		61,258		62,345
Demandbase, Inc. (17)(19)	Software	Senior Secured	August 2025	Interest rate PRIME + 5.25% or Floor rate of 8.50%, 2.00% Exit Fee	$	16,875		16,365		16,365
Enmark Systems (17)(18)	Software	Senior Secured	September 2026	Interest rate 6-Month Libor LIBOR + 6.83% or Floor rate of 7.83%, PIK Interest 2.19%	$	8,000		7,789		7,789
Esentire, Inc. (5)(10)(18)	Software	Senior Secured	May 2024	Interest rate 3-month LIBOR + 9.96% or Floor rate of 10.96%	$	21,000		20,671		20,671
Gryphon Networks Corp. (17)	Software	Senior Secured	January 2026	Interest rate 3-month LIBOR + 9.69% or Floor rate of 10.69%	$	5,232		5,099		5,152
Ikon Science Limited (5)(10)(11)(17)(18)	Software	Senior Secured	October 2024	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	7,000		6,791		7,000
Jolt Software, Inc. (14)	Software	Senior Secured	October 2022	Interest rate PRIME + 3.00% or Floor rate of 8.50%, PIK Interest 1.75%, 4.50% Exit Fee	$	7,741		7,929		7,986
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.) (11)(18)	Software	Senior Secured	July 2023	Interest rate 3-month LIBOR + 10.14% or Floor rate of 11.14%	$	8,628		8,433		8,459
Khoros (p.k.a Lithium Technologies) (11)(17)	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	55,000		54,507		55,000
Logicworks (13)(17)	Software	Senior Secured	January 2024	Interest rate PRIME + 7.50% or Floor rate of 10.75%	$	10,000		9,846		10,031
Mixpanel, Inc. (14)(19)	Software	Senior Secured	August 2024	Interest rate PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee	$	20,339		20,189		21,065
Mobile Solutions Services (11)(17)(18)	Software	Senior Secured	December 2025	Interest rate 6-month LIBOR + 9.87% or Floor rate of 10.87%	$	18,933		18,408		18,910
Nuvolo Technologies Corporation (13)(19)	Software	Senior Secured	July 2025	Interest rate PRIME + 7.70% or Floor rate of 10.95%, 1.75% Exit Fee	$	15,000		14,943		15,049
Pollen, Inc. (14)(15)	Software	Senior Secured	November 2023	Interest rate PRIME + 4.75% or Floor rate of 8.00%, PIK Interest 0.50%, 4.50% Exit Fee	$	20,448		20,374		20,195
Pymetrics, Inc (14)	Software	Senior Secured	October 2022	Interest rate PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee	$	9,624		9,732		9,856
Reltio, Inc. (13)(14)(19)	Software	Senior Secured	July 2023	Interest rate PRIME + 5.70% or Floor rate of 8.95%, PIK Interest 1.70%, 4.95% Exit Fee	$	10,204		10,231		10,527
Tact.ai Technologies, Inc. (11)(14)	Software	Senior Secured	February 2024	Interest rate PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	5,159		5,248		5,210
ThreatConnect, Inc. (13)(17)(18)	Software	Senior Secured	May 2026	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	11,172		10,844		10,844
Udacity, Inc. (14)(17)	Software	Senior Secured	September 2024	Interest rate PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	35,669		35,502		36,767
Zimperium, Inc. (18)	Software	Senior Secured	July 2024	Interest rate 1-month LIBOR + 8.95% or Floor rate of 9.95%	$	15,673		15,361		15,361
Subtotal: 1-5 Years Maturity								577,944		586,180
Greater than 5 Years Maturity
Imperva, Inc. (19)	Software	Senior Secured	January 2027	Interest rate 3-month LIBOR + 7.75% or Floor rate of 8.75%	$	20,000		19,845		20,200
Subtotal: Greater than 5 Years Maturity								19,845		20,200
Subtotal: Software (45.42%)*								600,931		607,486

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
Sustainable and Renewable Technology
Under 1 Year Maturity
Impossible Foods, Inc. (12)(13)	Sustainable and Renewable Technology	Senior Secured	July 2022	Interest rate PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee	$	21,188	$	25,385	$	25,385
Pineapple Energy LLC (6)(9)(14)(17)	Sustainable and Renewable Technology	Senior Secured	January 2022	Interest rate FIXED 10.00%	$	120		120		120
Subtotal: Under 1 Year Maturity								25,505		25,505
1-5 Years Maturity
Pineapple Energy LLC (6)(8)(9)(14)(17)	Sustainable and Renewable Technology	Senior Secured	December 2023	PIK Interest 10.00%	$	7,500		7,500		7,500
Subtotal: 1-5 Years Maturity								7,500		7,500
Subtotal: Sustainable and Renewable Technology (2.47%)*								33,005		33,005
Total: Debt Investments (169.23%)*							$	2,262,660	$	2,263,542

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Series	Shares		Cost (3)		Value (4)
Equity Investments
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Equity	Common Stock		3,328	$	—	$	8
	Communications & Networking	Equity	Preferred Series A		1,135,000		1,230		4,322
Total Peerless Network Holdings, Inc.					1,138,328		1,230		4,330
Subtotal: Communications & Networking (0.32%)*							1,230		4,330
Consumer & Business Products
TechStyle, Inc. (p.k.a. Just Fabulous, Inc.)	Consumer & Business Products	Equity	Common Stock		42,989		128		373
Subtotal: Consumer & Business Products (0.03%)*							128		373
Diversified Financial Services
Gibraltar Business Capital, LLC (7)	Diversified Financial Services	Equity	Common Stock		830,000		1,884		1,166
	Diversified Financial Services	Equity	Preferred Series A		10,602,752		26,122		16,168
Total Gibraltar Business Capital, LLC					11,432,752		28,006		17,334
Hercules Adviser LLC (7)	Diversified Financial Services	Equity	Member Units				35		10,704
Subtotal: Diversified Financial Services (2.10%)*							28,041		28,038
Drug Delivery
AcelRx Pharmaceuticals, Inc. (4)	Drug Delivery	Equity	Common Stock		176,730		1,329		180
Aytu BioScience, Inc. (p.k.a. Neos Therapeutics, Inc.) (4)	Drug Delivery	Equity	Common Stock		13,600		1,500		39
BioQ Pharma Incorporated	Drug Delivery	Equity	Preferred Series D		165,000		500		173
Kaleo, Inc.	Drug Delivery	Equity	Preferred Series B		82,500		1,007		2,340
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.) (4)	Drug Delivery	Equity	Common Stock		2,498		309		37
Subtotal: Drug Delivery (0.21%)*							4,645		2,769
Drug Discovery & Development
Albireo Pharma, Inc. (4)(10)	Drug Discovery & Development	Equity	Common Stock		25,000		1,000		780
Applied Molecular Transport (4)(10)	Drug Discovery & Development	Equity	Common Stock		1,000		42		26
Aveo Pharmaceuticals, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		190,179		1,715		1,174
Bicycle Therapeutics PLC (4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		98,100		1,871		4,080
BridgeBio Pharma LLC (4)(16)	Drug Discovery & Development	Equity	Common Stock		231,329		2,255		10,843
Avalo Therapeutics, Inc. (p.k.a. Cerecor, Inc.) (4)	Drug Discovery & Development	Equity	Common Stock		119,087		1,000		260
Chemocentryx, Inc. (4)(10)	Drug Discovery & Development	Equity	Common Stock		17,241		1,000		295
Concert Pharmaceuticals, Inc. (4)(10)	Drug Discovery & Development	Equity	Common Stock		70,796		1,367		231
Dare Biosciences, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		13,550		1,000		23
Dynavax Technologies (4)(10)	Drug Discovery & Development	Equity	Common Stock		20,000		550		384
Genocea Biosciences, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		27,933		2,000		54
Hibercell, Inc. (15)	Drug Discovery & Development	Equity	Preferred Series B		3,466,840		4,250		4,252
Humanigen, Inc. (4)(10)	Drug Discovery & Development	Equity	Common Stock		43,243		800		256
Kaleido Biosciences, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		86,585		1,000		473
Paratek Pharmaceuticals, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		76,362		2,744		372
Rocket Pharmaceuticals, Ltd. (4)	Drug Discovery & Development	Equity	Common Stock		944		1,500		28
Savara, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		11,119		203		15
Sio Gene Therapies, Inc. (p.k.a. Axovant Gene Therapies Ltd.) (4)(10)	Drug Discovery & Development	Equity	Common Stock		16,228		1,269		35
Tricida, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		68,816		863		320
uniQure B.V. (4)(5)(10)(16)	Drug Discovery & Development	Equity	Common Stock		17,175		332		550
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)	Drug Discovery & Development	Equity	Preferred Series B		510,308		3,000		4,183
X4 Pharmaceuticals, Inc. (4)	Drug Discovery & Development	Equity	Common Stock		198,277		1,641		1,049
Subtotal: Drug Discovery & Development (2.22%)*							31,402		29,683
Healthcare Services, Other
23andMe, Inc. (4)(20)	Healthcare Services, Other	Equity	Common Stock		828,360		5,094		6,692
Carbon Health Technologies, Inc.	Healthcare Services, Other	Equity	Preferred Series C		217,880		1,687		2,039
Subtotal: Healthcare Services, Other (0.65%)*							6,781		8,731
Information Services
Zeta Global Corp. (4)(20)	Information Services	Equity	Common Stock		295,861		—		1,565
Subtotal: Information Services (0.12%)*							—		1,565
Internet Consumer & Business Services
Black Crow AI, Inc. (6)	Internet Consumer & Business Services	Equity	Preferred Series Seed		872,797		1,000		1,243
Black Crow AI, Inc. affiliates(21)	Internet Consumer & Business Services	Equity	Preferred Note		3		3,000		3,000
Brigade Group, Inc.	Internet Consumer & Business Services	Equity	Common Stock		9,023		93		—

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Series	Shares		Cost (3)		Value (4)
Contentful Global, Inc. (p.k.a. Contentful, Inc.) (5)(10)	Internet Consumer & Business Services	Equity	Preferred Series C		41,000	$	138	$	516
	Internet Consumer & Business Services	Equity	Preferred Series D		108,500		500		1,409
Total Contentful Global, Inc. (p.k.a. Contentful, Inc.)					149,500		638		1,925
DoorDash, Inc. (4)	Internet Consumer & Business Services	Equity	Common Stock		100,000		1,153		20,598
Lyft, Inc. (4)	Internet Consumer & Business Services	Equity	Common Stock		100,738		5,262		5,399
Nerdy Inc. (4)(20)	Internet Consumer & Business Services	Equity	Common Stock		100,000		1,000		836
Nextdoor.com, Inc.	Internet Consumer & Business Services	Equity	Common Stock		328,190		4,854		9,435
OfferUp, Inc.	Internet Consumer & Business Services	Equity	Preferred Series A		286,080		1,663		1,719
	Internet Consumer & Business Services	Equity	Preferred Series A-1		108,710		632		653
Total OfferUp, Inc.					394,790		2,295		2,372
Oportun (4)	Internet Consumer & Business Services	Equity	Common Stock		48,365		578		1,211
Reischling Press, Inc. (p.k.a. Blurb, Inc.)	Internet Consumer & Business Services	Equity	Common Stock		1,163		15		—
Savage X Holding, LLC	Internet Consumer & Business Services	Equity	Class A Units		42,137		13		64
Tectura Corporation (7)	Internet Consumer & Business Services	Equity	Common Stock		414,994,863		900		—
	Internet Consumer & Business Services	Equity	Preferred Series BB		1,000,000		—		—
Total Tectura Corporation					415,994,863		900		—
TFG Holding, Inc.	Internet Consumer & Business Services	Equity	Common Stock		42,989		89		231
Uber Technologies, Inc. (p.k.a. Postmates, Inc.) (4)	Internet Consumer & Business Services	Equity	Common Stock		32,991		317		1,478
Subtotal: Internet Consumer & Business Services (3.57%)*							21,207		47,792
Medical Devices & Equipment
Flowonix Medical Incorporated	Medical Devices & Equipment	Equity	Preferred Series AA		221,893		1,500		—
Gelesis, Inc.	Medical Devices & Equipment	Equity	Common Stock		227,013		—		4,636
	Medical Devices & Equipment	Equity	Preferred Series A-1		243,432		503		4,973
	Medical Devices & Equipment	Equity	Preferred Series A-2		191,626		500		3,914
Total Gelesis, Inc.					662,071		1,003		13,523
Medrobotics Corporation	Medical Devices & Equipment	Equity	Preferred Series E		136,798		250		—
	Medical Devices & Equipment	Equity	Preferred Series F		73,971		155		—
	Medical Devices & Equipment	Equity	Preferred Series G		163,934		500		—
Total Medrobotics Corporation					374,703		905		—
ViewRay, Inc. (4)	Medical Devices & Equipment	Equity	Common Stock		36,457		333		263
Subtotal: Medical Devices & Equipment (1.03%)*							3,741		13,786
Semiconductors
Achronix Semiconductor Corporation	Semiconductors	Equity	Preferred Series C		277,995		160		726
Subtotal: Semiconductors (0.05%)*							160		726
Software
3GTMS, LLC.	Software	Equity	Common Stock		1,000,000		1,000		857
CapLinked, Inc.	Software	Equity	Preferred Series A-3		53,614		51		88
Docker, Inc.	Software	Equity	Common Stock		20,000		4,284		8
Druva Holdings, Inc. (p.k.a. Druva, Inc.)	Software	Equity	Preferred Series 2		458,841		1,000		2,024
	Software	Equity	Preferred Series 3		93,620		300		460
Total Druva Holdings, Inc. (p.k.a. Druva, Inc.)					552,461		1,300		2,484
HighRoads, Inc.	Software	Equity	Common Stock		190		307		—
Lightbend, Inc.	Software	Equity	Preferred Series D		384,616		265		85
Palantir Technologies (4)	Software	Equity	Common Stock		1,418,337		8,669		34,097

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Series	Shares		Cost (3)		Value (4)
SingleStore, Inc. (p.k.a. memsql, Inc.)	Software	Equity	Preferred Series E		580,983	$	2,000	$	2,500
	Software	Equity	Preferred Series F		52,956		280		272
Total SingleStore, Inc. (p.k.a. memsql, Inc.)					633,939		2,280		2,772
Sprinklr, Inc. (4)(20)	Software	Equity	Common Stock		700,000		3,749		10,854
Verana Health, Inc.	Software	Equity	Preferred Series E		952,562		2,000		1,936
Subtotal: Software (3.98%)*							23,905		53,181
Surgical Devices
Gynesonics, Inc.	Surgical Devices	Equity	Preferred Series B		219,298		250		19
	Surgical Devices	Equity	Preferred Series C		656,538		282		56
	Surgical Devices	Equity	Preferred Series D		1,991,157		712		181
	Surgical Devices	Equity	Preferred Series E		2,786,367		429		284
	Surgical Devices	Equity	Preferred Series F		1,523,693		118		220
	Surgical Devices	Equity	Preferred Series F-1		2,418,125		150		316
Total Gynesonics, Inc.					9,595,178		1,941		1,076
Subtotal: Surgical Devices (0.08%)*							1,941		1,076
Sustainable and Renewable Technology
Impossible Foods, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series E-1		188,611		2,000		3,352
Modumetal, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series A-1		103,584		500		—
NantEnergy, LLC (p.k.a. Fluidic, Inc.)	Sustainable and Renewable Technology	Equity	Common Units		59,665		102		—
Pineapple Energy LLC (6)	Sustainable and Renewable Technology	Equity	Class A Units		17,647		4,767		849
Proterra, Inc. (4)(20)	Sustainable and Renewable Technology	Equity	Common Stock		457,841		543		4,140
Pivot Bio, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series D		59,307		4,500		4,020
Subtotal: Sustainable and Renewable Technology (0.92%)*							12,412		12,361
Total: Equity Investments (15.28%)*						$	135,593	$	204,411
Warrant Investments
Communications & Networking
Spring Mobile Solutions, Inc.	Communications & Networking	Warrant	Common Stock		2,834,375		418		—
Subtotal: Communications & Networking (0.00%)*							418		—
Consumer & Business Products
Penumbra Brands, LLC (p.k.a. Gadget Guard)	Consumer & Business Products	Warrant	Common Stock		1,662,441		228		—
Grove Collaborative, Inc.	Consumer & Business Products	Warrant	Common Stock		83,625		432		317
TechStyle, Inc. (p.k.a. Just Fabulous, Inc.)	Consumer & Business Products	Warrant	Preferred Series B		206,185		1,102		1,890
The Neat Company	Consumer & Business Products	Warrant	Common Stock		54,054		365		—
Whoop, Inc.	Consumer & Business Products	Warrant	Preferred Series C		68,627		18		605
Subtotal: Consumer & Business Products (0.21%)*							2,145		2,812
Drug Delivery
Aerami Therapeutics (p.k.a. Dance Biopharm, Inc.)	Drug Delivery	Warrant	Common Stock		110,882		74		—
BioQ Pharma Incorporated	Drug Delivery	Warrant	Common Stock		459,183		1		26
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.) (4)	Drug Delivery	Warrant	Common Stock		3,929		390		3
Subtotal: Drug Delivery (0.00%)*							465		29
Drug Discovery & Development
Acacia Pharma Inc. (4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		201,330		304		35
ADMA Biologics, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		89,750		295		—
Albireo Pharma, Inc. (4)(10)	Drug Discovery & Development	Warrant	Common Stock		5,311		60		70
Axsome Therapeutics, Inc. (4)(10)	Drug Discovery & Development	Warrant	Common Stock		15,541		681		171
Brickell Biotech, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		9,005		118		—
Century Therapeutics (4)	Drug Discovery & Development	Warrant	Common Units		16,112		37		156
Concert Pharmaceuticals, Inc. (4)(10)	Drug Discovery & Development	Warrant	Common Stock		61,273		178		3
Dermavant Sciences Ltd. (10)	Drug Discovery & Development	Warrant	Common Stock		223,642		100		388
Evofem Biosciences, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		7,806		266		—
Genocea Biosciences, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		41,176		165		4
Motif Bio PLC (10)	Drug Discovery & Development	Warrant	Common Stock		121,337,041		282		—

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Series	Shares		Cost (3)		Value (4)
Myovant Sciences, Ltd. (4)(10)	Drug Discovery & Development	Warrant	Common Stock		73,710	$	460	$	647
Paratek Pharmaceuticals, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		469,388		644		550
Phathom Pharmaceuticals, Inc. (4)(10)(15)(16)	Drug Discovery & Development	Warrant	Common Stock		64,687		848		792
Stealth Bio Therapeutics Corp. (4)(10)	Drug Discovery & Development	Warrant	Common Stock		500,000		158		1
Scynexis, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		60,591		188		118
TG Therapeutics, Inc. (4)(10)	Drug Discovery & Development	Warrant	Common Stock		147,058		564		3,236
Tricida, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		31,352		281		1
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)	Drug Discovery & Development	Warrant	Common Units		102,216		257		838
X4 Pharmaceuticals, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		108,334		673		36
Yumanity Therapeutics, Inc. (4)	Drug Discovery & Development	Warrant	Common Stock		15,414		110		41
Subtotal: Drug Discovery & Development (0.53%)*							6,669		7,087
Electronics & Computer Hardware
908 Devices, Inc. (4)	Electronics & Computer Hardware	Warrant	Common Stock		49,078		101		860
Subtotal: Electronics & Computer Hardware (0.06%)*							101		860
Information Services
InMobi Inc. (10)	Information Services	Warrant	Common Stock		65,587		82		—
Netbase Solutions, Inc.	Information Services	Warrant	Preferred Series 1		60,000		356		525
Planet Labs, Inc.	Information Services	Warrant	Common Stock		357,752		615		4,178
Sapphire Digital, Inc. (p.k.a. MDX Medical, Inc.)	Information Services	Warrant	Common Stock		2,812,500		283		744
Subtotal: Information Services (0.41%)*							1,336		5,447
Internet Consumer & Business Services
Aria Systems, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series G		231,535		73		—
Cloudpay, Inc. (5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series B		6,763		54		300
First Insight, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		75,917		96		80
Houzz, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		529,661		20		153
Interactions Corporation	Internet Consumer & Business Services	Warrant	Preferred Series G-3		68,187		204		520
Landing Holdings Inc. (15)	Internet Consumer & Business Services	Warrant	Common Stock		11,806		116		169
Lendio, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		127,032		39		92
LogicSource	Internet Consumer & Business Services	Warrant	Preferred Series C		79,625		30		165
Rhino Labs, Inc. (15)	Internet Consumer & Business Services	Warrant	Common Stock		13,106		471		144
RumbleON, Inc. (4)	Internet Consumer & Business Services	Warrant	Common Stock		5,139		87		35
SeatGeek, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		1,379,761		843		1,080
ShareThis, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series C		493,502		547		—
Skyword, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		444,444		83		16
Snagajob.com, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		600,000		16		67
	Internet Consumer & Business Services	Warrant	Preferred Series A		1,800,000		782		66
	Internet Consumer & Business Services	Warrant	Preferred Series B		1,211,537		62		30
Total Snagajob.com, Inc.					3,611,537		860		163
Tapjoy, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		748,670		316		80
The Faction Group LLC	Internet Consumer & Business Services	Warrant	Preferred Series AA		8,076		234		802
Thumbtack, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		190,953		553		984
Zepz (p.k.a. Worldremit Group Limited) (5)(10)(16)	Internet Consumer & Business Services	Warrant	Preferred Series D		77,215		129		1,915
	Internet Consumer & Business Services	Warrant	Preferred Series E		1,868		26		22
Total Zepz (p.k.a. Worldremit Group Limited)					79,083		155		1,937
Xometry, Inc. (4)(20)	Internet Consumer & Business Services	Warrant	Preferred Series B		87,784		47		2,973
Subtotal: Internet Consumer & Business Services (0.72%)*							4,828		9,693

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Series	Shares		Cost (3)		Value (4)
Media/Content/Info
Zoom Media Group, Inc.	Media/Content/Info	Warrant	Preferred Series A		1,204	$	348	$	—
Subtotal: Media/Content/Info (0.00%)*							348		—
Medical Devices & Equipment
Aspire Bariatrics, Inc.	Medical Devices & Equipment	Warrant	Common Stock		22,572		455		—
Flowonix Medical Incorporated	Medical Devices & Equipment	Warrant	Preferred Series AA		155,325		362		—
	Medical Devices & Equipment	Warrant	Preferred Series BB		725,806		351		—
Total Flowonix Medical Incorporated					881,131		713		—
Intuity Medical, Inc.	Medical Devices & Equipment	Warrant	Preferred Series B-1		3,076,323		294		287
Medrobotics Corporation	Medical Devices & Equipment	Warrant	Preferred Series E		455,539		370		—
Outset Medical, Inc. (4)	Medical Devices & Equipment	Warrant	Common Stock		62,794		402		1,955
SonaCare Medical, LLC	Medical Devices & Equipment	Warrant	Preferred Series A		6,464		188		—
Tela Bio, Inc. (4)	Medical Devices & Equipment	Warrant	Common Stock		15,712		61		6
Subtotal: Medical Devices & Equipment (0.17%)*							2,483		2,248
Semiconductors
Achronix Semiconductor Corporation	Semiconductors	Warrant	Preferred Series D-2		750,000		99		1,951
Subtotal: Semiconductors (0.15%)*							99		1,951
Software
Bitsight Technologies, Inc.	Software	Warrant	Common Stock		29,691		284		600
CloudBolt Software Inc.	Software	Warrant	Common Stock		211,342		117		109
Cloudian, Inc.	Software	Warrant	Common Stock		477,454		72		41
Couchbase, Inc. (4)(20)	Software	Warrant	Common Stock		105,350		462		1,493
Dashlane, Inc.	Software	Warrant	Common Stock		560,536		405		422
Demandbase, Inc.	Software	Warrant	Common Stock		483,248		404		463
Delphix Corp.	Software	Warrant	Common Stock		718,898		1,593		2,842
DNAnexus, Inc.	Software	Warrant	Preferred Series C		909,091		97		95
Evernote Corporation	Software	Warrant	Common Stock		62,500		106		75
Fuze, Inc.	Software	Warrant	Preferred Series F		256,158		89		—
Lightbend, Inc.	Software	Warrant	Preferred Series C-1		854,787		130		59
Mixpanel, Inc.	Software	Warrant	Common Stock		82,362		252		503
Nuvolo Technologies Corporation	Software	Warrant	Common Stock		50,000		89		367
OneLogin, Inc.	Software	Warrant	Common Stock		381,620		305		1,560
Poplicus, Inc.	Software	Warrant	Common Stock		132,168		—		—
Pymetrics, Inc	Software	Warrant	Common Stock		150,943		76		149
RapidMiner, Inc.	Software	Warrant	Preferred Series C-1		4,982		24		47
Reltio, Inc.	Software	Warrant	Common Stock		69,120		215		290
Signpost, Inc.	Software	Warrant	Series Junior 1 Preferred		474,019		314		—
SingleStore, Inc. (p.k.a. memsql, Inc.)	Software	Warrant	Preferred Series D		312,596		103		713
Tact.ai Technologies, Inc.	Software	Warrant	Common Stock		1,041,667		206		188
Udacity, Inc.	Software	Warrant	Common Stock		486,359		218		297
ZeroFox, Inc.	Software	Warrant	Preferred Series C-1		648,350		100		302
Zimperium, Inc.	Software	Warrant	Common Stock		20,563		72		70
Subtotal: Software (0.80%)*							5,733		10,685
Specialty Pharmaceuticals
Alimera Sciences, Inc. (4)	Specialty Pharmaceuticals	Warrant	Common Stock		30,581		132		6
Subtotal: Specialty Pharmaceuticals (0.00%)*							132		6
Surgical Devices
Gynesonics, Inc.	Surgical Devices	Warrant	Preferred Series C		151,123		67		14
TransMedics Group, Inc. (p.k.a Transmedics, Inc.) (4)	Surgical Devices	Warrant	Common Stock		64,440		139		1,102
Subtotal: Surgical Devices (0.08%)*							206		1,116
Sustainable and Renewable Technology
Agrivida, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series D		471,327		120		—
Fulcrum Bioenergy, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series C-1		280,897		275		706

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Series	Shares		Cost (3)		Value (4)
Halio, Inc. (p.k.a. Kinestral Technologies, Inc.)	Sustainable and Renewable Technology	Warrant	Preferred Series A		325,000	$	155	$	165
	Sustainable and Renewable Technology	Warrant	Preferred Series B		131,883		62		54
Total Halio, Inc. (p.k.a. Kinestral Technologies, Inc.)					456,883		217		219
Polyera Corporation	Sustainable and Renewable Technology	Warrant	Preferred Series C		311,609		338		—
Subtotal: Sustainable and Renewable Technology (0.07%)*							950		925
Total: Warrant Investments (3.20%)*						$	25,913	$	42,859
Total: Investments in Securities (187.72%)*						$	2,424,166	$	2,510,812

Investment Funds & Vehicles
Forbion Growth Opportunities Fund I C.V. (5)(10)(17)	Drug Discovery & Development	Investment Funds & Vehicles					1,223		1,042
Total: Investments in Investment Funds & Vehicles (0.08%)*						$	1,223	$	1,042
Total: Investments before Cash and Cash Equivalents (187.80%)*						$	2,425,389	$	2,511,854

Cash & Cash Equivalents
GS Financial Square Government Fund		Cash & Cash Equivalents	Institutional Shares				206,000		206,000
Total: Investments in Cash & Cash Equivalents (15.40%)*						$	206,000	$	206,000
Total: Investments after Cash and Cash Equivalents (203.20%)*						$	2,631,389	$	2,717,854

* Value as a percent of net assets

(1)

Preferred and common stock, warrants, and equity interests are generally non-income producing.

(2)

Interest rate PRIME represents 3.25% as of September 30, 2021. 1-month LIBOR, 3-month LIBOR and 6-month LIBOR represent 0.08%, 0.13%, and 0.16%, respectively, as of September 30, 2021.

(3)

Gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation for federal income tax purposes totaled $158.6 million, $70.5 million and $88.1 million, respectively. The tax cost of investments is $2.4 billion.

(4)

Except for warrants in 27 publicly traded companies and common stock in 34 publicly traded companies, all investments are restricted as of September 30, 2021 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”). No unrestricted securities of the same issuer are outstanding. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.

(5)

Non-U.S. company or the company’s principal place of business is outside the United States.

(6)

Affiliate investment as defined under the Investment Company Act of 1940, as amended, (the “1940 Act”) in which Hercules owns at least 5% but generally less than 25% of the company’s voting securities.

(7)

Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board.

(8)

Debt is on non-accrual status as of September 30, 2021, and is therefore considered non-income producing. Note that as of September 30, 2021, only the PIK, or payment-in-kind, portion is on non-accrual for the Company’s debt investment in Tectura Corporation.

(9)

Denotes that all or a portion of the debt investment is convertible debt.

(10)

Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

(11)

Denotes that all or a portion of the debt investment secures the notes offered in the 2027 Asset-Backed Notes or 2028 Asset-Backed Notes (as defined in “Note 5 — Debt”).

(12)

Denotes that all or a portion of the debt investment is pledged as collateral under the Wells Facility (as defined in “Note 5 — Debt”).

(13)

Denotes that all or a portion of the debt investment is pledged as collateral under the Union Bank Facility (as defined in “Note 5 — Debt”).

(14)

Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.

(15)

Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.

(16)

Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of September 30, 2021.

(17)

Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of September 30, 2021. Refer to “Note 11 - Commitments and Contingencies”.

(18)

Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.

(19)

Denotes second lien senior secured debt.

(20)

Denotes all or a portion of the public equity or warrant investment was acquired in a transaction exempt from registration under the Securities Act of 1933 (“Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2021, the aggregate fair value of these securities is $28,553, or 2.13% of the Company’s net assets.

(21)

Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock in portfolio company Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of September 30, 2021, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $3.0 million.

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2020

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
Debt Investments
Communications & Networking
1-5 Years Maturity
Cytracom Holdings LLC (11)(17)(18)	Communications & Networking	Senior Secured	February 2025	Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.25%	$	7,000	$	6,819	$	6,955
Subtotal: 1-5 Years Maturity								6,819		6,955
Subtotal: Communications & Networking (0.59%)*								6,819		6,955
Diversified Financial Services
1-5 Years Maturity
Gibraltar Business Capital, LLC (7)	Diversified Financial Services	Unsecured	March 2023	Interest rate FIXED 14.50%	$	15,000		14,838		14,970
Subtotal: 1-5 Years Maturity								14,838		14,970
Subtotal: Diversified Financial Services (1.28%)*								14,838		14,970
Drug Delivery
1-5 Years Maturity
Antares Pharma Inc. (10)(11)(15)	Drug Delivery	Senior Secured	July 2022	Interest rate PRIME + 4.50% or Floor rate of 4.50%, 4.14% Exit Fee	$	40,000		41,104		41,242
Subtotal: 1-5 Years Maturity								41,104		41,242
Subtotal: Drug Delivery (3.52%)*								41,104		41,242
Drug Discovery & Development
Under 1 Year Maturity
Genocea Biosciences, Inc. (11)	Drug Discovery & Development	Senior Secured	May 2021	Interest rate PRIME + 3.00% or Floor rate of 8.00%, 5.90% Exit Fee	$	12,922		13,892		13,892
Petros Pharmaceuticals, Inc. (p.k.a. Metuchen Pharmaceuticals LLC)	Drug Discovery & Development	Senior Secured	December 2021	Interest rate PRIME + 7.25% or Floor rate of 11.50%, 3.05% Exit Fee	$	6,653		7,167		7,156
Stealth Bio Therapeutics Corp. (10)(11)	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 5.50% or Floor rate of 9.50%, 7.69% Exit Fee	$	9,027		10,463		10,463
Subtotal: Under 1 Year Maturity								31,522		31,511
1-5 Years Maturity
Acacia Pharma Inc. (5)(10)(11)	Drug Discovery & Development	Senior Secured	January 2022	Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee	$	5,452		5,775		5,754
Albireo Pharma, Inc. (10)(11)	Drug Discovery & Development	Senior Secured	July 2024	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee	$	10,000		9,995		10,106
Aldeyra Therapeutics, Inc. (11)	Drug Discovery & Development	Senior Secured	October 2023	Interest rate PRIME + 3.10% or Floor rate of 9.10%, 6.95% Exit Fee	$	15,000		15,349		15,623
Applied Genetic Technologies Corporation (11)	Drug Discovery & Development	Senior Secured	December 2023	Interest rate PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee	$	10,000		10,025		10,163
Aveo Pharmaceuticals, Inc. (11)	Drug Discovery & Development	Senior Secured	September 2023	Interest rate PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee	$	15,000		15,069		15,069
Axsome Therapeutics, Inc. (10)(17)	Drug Discovery & Development	Senior Secured	October 2025	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 4.85% Exit Fee	$	50,000		49,023		49,023
Bicycle Therapeutics PLC (5)(10)(11)(17)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee	$	15,000		14,984		14,984
BridgeBio Pharma LLC (12)(13)(16)	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 3.85% or Floor rate of 8.75%, 6.35% Exit Fee	$	35,000		36,163		36,930
	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee	$	20,000		20,541		20,977
	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 3.10% or Floor rate of 8.85%, 5.75% Exit Fee	$	20,000		20,400		20,822
Total BridgeBio Pharma LLC					$	75,000		77,104		78,729
Century Therapeutics (11)	Drug Discovery & Development	Senior Secured	April 2024	Interest rate PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee	$	10,000		9,897		9,897
Chemocentryx, Inc. (10)(11)(15)	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	20,000		20,704		21,031
	Drug Discovery & Development	Senior Secured	February 2024	Interest rate PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee	$	5,000		5,039		5,332
Total Chemocentryx, Inc.					$	25,000		25,743		26,363
Codiak Biosciences, Inc. (11)(17)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee	$	25,000		25,099		25,223
Dermavant Sciences Ltd. (10)(13)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 4.45% or Floor rate of 9.95%, 6.95% Exit Fee	$	20,000		20,615		20,553
Eidos Therapeutics, Inc. (10)(13)	Drug Discovery & Development	Senior Secured	October 2023	Interest rate PRIME + 3.25% or Floor rate of 8.50%, 5.95% Exit Fee	$	8,750		8,905		9,182
G1 Therapeutics, Inc. (10)(11)(17)	Drug Discovery & Development	Senior Secured	June 2024	Interest rate PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee	$	20,000		20,053		20,404
Geron Corporation (10)(17)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee	$	16,250		16,158		16,158
Kaleido Biosciences, Inc. (13)	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee	$	22,500		22,916		23,135
Mesoblast (5)(10)(11)(13)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.95% or Floor rate of 9.70%, 8.70% Exit Fee	$	50,000		53,043		53,086
Nabriva Therapeutics (5)(10)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 4.30% or Floor rate of 9.80%, 7.01% Exit Fee	$	5,000		5,259		5,251
Seres Therapeutics, Inc. (11)	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 4.40% or Floor rate of 9.65%, 4.85% Exit Fee	$	25,000		25,238		25,990

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2020

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
Syndax Pharmaceutics Inc. (13)	Drug Discovery & Development	Senior Secured	September 2023	Interest rate PRIME + 5.10% or Floor rate of 9.85%, 4.99% Exit Fee	$	20,000	$	20,221	$	20,582
TG Therapeutics, Inc. (10)(13)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.25% Exit Fee	$	30,000		30,423		30,820
Tricida, Inc. (11)(13)(15)(16)	Drug Discovery & Development	Senior Secured	April 2023	Interest rate PRIME + 2.35% or Floor rate of 8.35%, 11.04% Exit Fee	$	75,000		78,266		79,452
uniQure B.V. (5)(10)(11)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 3.35% or Floor rate of 8.85%, 4.95% Exit Fee	$	35,000		35,660		36,849
Unity Biotechnology, Inc. (10)	Drug Discovery & Development	Senior Secured	August 2024	Interest rate PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee	$	25,000		24,938		24,938
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC) (11)	Drug Discovery & Development	Senior Secured	May 2024	Interest rate PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee	$	11,500		11,279		11,394
X4 Pharmaceuticals, Inc. (11)	Drug Discovery & Development	Senior Secured	July 2024	Interest rate PRIME + 3.75% or Floor rate of 8.75%, 8.80% Exit Fee	$	32,500		33,082		33,097
Yumanity Therapeutics, Inc. (11)	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 4.00% or Floor rate of 8.75%, 7.25% Exit Fee	$	15,000		15,129		15,350
Subtotal: 1-5 Years Maturity								679,248		687,175
Subtotal: Drug Discovery & Development (61.26%)*								710,770		718,686
Electronics & Computer Hardware
Under 1 Year Maturity
Glo AB (8)(10)(14)	Electronics & Computer Hardware	Senior Secured	February 2021	Interest rate PRIME + 6.20% or Floor rate of 10.45%, PIK Interest 1.75%, 5.03% Exit Fee	$	1,631		2,145		2,145
Subtotal: Under 1 Year Maturity								2,145		2,145
Subtotal: Electronics & Computer Hardware (0.18%)*								2,145		2,145
Healthcare Services, Other
1-5 Years Maturity
The CM Group LLC (17)	Healthcare Services, Other	Senior Secured	June 2024	Interest rate 1-month LIBOR + 9.35% or Floor rate of 10.35%	$	10,358		10,229		10,086
Velocity Clinical Research, Inc. (13)(17)(18)	Healthcare Services, Other	Senior Secured	November 2024	Interest rate 1-month LIBOR + 9.08% or Floor rate of 10.08%	$	9,823		9,511		9,887
Subtotal: 1-5 Years Maturity								19,740		19,973
Subtotal: Healthcare Services, Other (1.70%)*								19,740		19,973
Information Services
Under 1 Year Maturity
Sapphire Digital, Inc. (p.k.a. MDX Medical, Inc.) (14)(15)(19)	Information Services	Senior Secured	December 2021	Interest rate PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.70%, 5.30% Exit Fee	$	15,825		16,216		16,216
Subtotal: Under 1 Year Maturity								16,216		16,216
1-5 Years Maturity
Planet Labs, Inc. (11)	Information Services	Senior Secured	June 2022	Interest rate PRIME + 5.50% or Floor rate of 11.00%, 3.00% Exit Fee	$	25,000		24,902		24,957
Yipit, LLC (11)(17)(18)	Information Services	Senior Secured	May 2024	Interest rate 1-month LIBOR + 8.88% or Floor rate of 9.88%	$	12,000		11,782		12,000
Subtotal: 1-5 Years Maturity								36,684		36,957
Subtotal: Information Services (4.53%)*								52,900		53,173
Internet Consumer & Business Services
Under 1 Year Maturity
Black Crow AI, Inc. (8)(9)	Internet Consumer & Business Services	Convertible Debt	October 2021	PIK Interest 1.00%	$	3,000		2,993		1,565
	Internet Consumer & Business Services	Convertible Debt	October 2021	PIK Interest 1.00%	$	1,000		1,000		643
Total Black Crow AI, Inc.					$	4,000		3,993		2,208
Intent (p.k.a. Intent Media, Inc.) (8)(14)	Internet Consumer & Business Services	Senior Secured	September 2021	PIK Interest 10.13%, 1.20% Exit Fee	$	4,125		4,150		1,413
Snagajob.com, Inc. (13)	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate PRIME + 6.90% or Floor rate of 10.15%, 3.05% Exit Fee	$	43,005		43,917		43,754
	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate PRIME + 7.80% or Floor rate of 11.05%, 3.05% Exit Fee	$	5,173		5,281		5,255
Total Snagajob.com, Inc.					$	48,178		49,198		49,009
Tectura Corporation (7)(8)(14)	Internet Consumer & Business Services	Senior Secured	March 2021	PIK Interest 5.00%	$	10,680		240	—
	Internet Consumer & Business Services	Senior Secured	March 2021	Interest rate FIXED 8.25%	$	8,250		8,250		8,250
	Internet Consumer & Business Services	Senior Secured	March 2021	PIK Interest 5.00%	$	13,023		13,023		350
Total Tectura Corporation					$	31,953		21,513		8,600
Subtotal: Under 1 Year Maturity								78,854		61,230
1-5 Years Maturity
AppDirect, Inc. (11)	Internet Consumer & Business Services	Senior Secured	August 2024	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 7.95% Exit Fee	$	30,790		30,712		30,712
ePayPolicy Holdings, LLC (11)(17)	Internet Consumer & Business Services	Senior Secured	December 2024	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	8,000		7,799		8,080

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2020

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
EverFi, Inc. (13)(14)(16)	Internet Consumer & Business Services	Senior Secured	May 2022	Interest rate PRIME + 3.90% or Floor rate of 9.15%, PIK Interest 2.30%	$	84,081	$	83,900	$	84,987
Houzz, Inc. (13)(14)	Internet Consumer & Business Services	Senior Secured	November 2022	Interest rate PRIME + 3.20% or Floor rate of 8.45%, PIK Interest 2.50%, 4.50% Exit Fee	$	51,403		51,854		52,151
Nextroll, Inc. (14)(19)	Internet Consumer & Business Services	Senior Secured	June 2022	Interest rate PRIME + 3.85% or Floor rate of 9.35%, PIK Interest 2.95%, 3.50% Exit Fee	$	20,921		21,240		21,526
SeatGeek, Inc. (14)	Internet Consumer & Business Services	Senior Secured	June 2023	Interest rate PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%	$	60,301		59,292		57,561
Skyword, Inc. (14)	Internet Consumer & Business Services	Senior Secured	September 2024	Interest rate PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.90%, 4.00% Exit Fee	$	12,196		12,291		12,021
Thumbtack, Inc. (13)(14)	Internet Consumer & Business Services	Senior Secured	September 2023	Interest rate PRIME + 3.45% or Floor rate of 8.95%, PIK Interest 1.50%, 3.95% Exit Fee	$	25,231		25,096		25,348
Varsity Tutors LLC (13)(14)(17)	Internet Consumer & Business Services	Senior Secured	August 2023	Interest rate PRIME + 5.25% or Floor rate of 10.75%, PIK Interest 0.55%, 3.00% Exit Fee	$	39,264		39,438		40,272
Wheels Up Partners LLC (11)	Internet Consumer & Business Services	Senior Secured	July 2022	Interest rate 3-month LIBOR + 8.55% or Floor rate of 9.55%	$	13,436		13,387		13,337
Xometry, Inc. (13)	Internet Consumer & Business Services	Senior Secured	May 2022	Interest rate PRIME + 3.95% or Floor rate of 8.70%, 6.18% Exit Fee	$	11,000		11,431		11,556
	Internet Consumer & Business Services	Senior Subordinate	May 2022	Interest rate PRIME + 3.95% or Floor rate of 8.70%, 6.25% Exit Fee	$	4,000		4,157		4,219
Total Xometry, Inc.					$	15,000		15,588		15,775
Subtotal: 1-5 Years Maturity								360,597		361,770
Subtotal: Internet Consumer & Business Services (36.06%)*								439,451		423,000
Media/Content/Info
1-5 Years Maturity
Bustle (14)(15)	Media/Content/Info	Senior Secured	June 2023	Interest rate PRIME + 4.35% or Floor rate of 9.35%, PIK Interest 1.95%, 4.45% Exit Fee	$	21,045		21,279		21,555
Subtotal: 1-5 Years Maturity								21,279		21,555
Subtotal: Media/Content/Info (1.84%)*								21,279		21,555
Medical Devices & Equipment
Under 1 Year Maturity
Intuity Medical, Inc. (11)(15)	Medical Devices & Equipment	Senior Secured	June 2021	Interest rate PRIME + 5.00% or Floor rate of 9.25%, 6.95% Exit Fee	$	11,217		12,365		12,365
Quanterix Corporation (11)	Medical Devices & Equipment	Senior Secured	October 2021	Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.96% Exit Fee	$	7,688		7,752		7,752
Sebacia, Inc. (8)	Medical Devices & Equipment	Senior Secured	January 2021	Interest rate PRIME + 4.35% or Floor rate of 8.85%	$	1,000		1,000	—
Subtotal: Under 1 Year Maturity								21,117		20,117
Subtotal: Medical Devices & Equipment (1.71%)*								21,117		20,117
Software
Under 1 Year Maturity
ZocDoc (11)(19)	Software	Senior Secured	August 2021	Interest rate PRIME + 6.20% or Floor rate of 10.95%, 2.00% Exit Fee	$	30,000		30,509		30,509
Subtotal: Under 1 Year Maturity								30,509		30,509
1-5 Years Maturity
3GTMS, LLC. (11)(17)(18)	Software	Senior Secured	February 2025	Interest rate 3-Month LIBOR + 9.28% or Floor rate of 10.28%	$	10,000		9,762		9,754
Abrigo (18)	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%	$	38,457		37,993		38,264
	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 5.96% or Floor rate of 6.96%	$	2,312		2,273		2,296
Total Abrigo					$	40,769		40,266		40,560
Bitsight Technologies, Inc. (19)	Software	Senior Secured	November 2025	Interest rate PRIME + 6.75% or Floor rate of 10.00%, 3.50% Exit Fee	$	12,500		12,289		12,289
Businessolver.com, Inc. (11)(17)	Software	Senior Secured	May 2023	Interest rate 6-month LIBOR + 7.50% or Floor rate of 8.50%	$	33,650		33,248		33,640
	Software	Senior Secured	May 2023	Interest rate 6-month LIBOR + 7.50% or Floor rate of 8.50%	$	7,650		7,532		7,579
Total Businessolver.com, Inc.					$	41,300		40,780		41,219
Campaign Monitor Limited (11)(19)	Software	Senior Secured	November 2025	Interest rate 6-month LIBOR + 8.90% or Floor rate of 9.90%	$	33,000		32,348		33,304
Clarabridge, Inc. (12)(13)(14)(17)	Software	Senior Secured	May 2024	Interest rate PRIME + 5.30% or Floor rate of 8.55%, PIK Interest 2.25%	$	55,823		55,359		56,940
Cloud 9 Software (13)	Software	Senior Secured	April 2024	Interest rate 3-month LIBOR + 8.20% or Floor rate of 9.20%	$	10,000		9,867		10,030

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2020

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
CloudBolt Software Inc. (17)(19)	Software	Senior Secured	October 2024	Interest rate PRIME + 6.70% or Floor rate of 9.95%, 2.95% Exit Fee	$	5,000	$	4,867	$	4,867
Cloudian, Inc. (11)	Software	Senior Secured	November 2022	Interest rate PRIME + 3.25% or Floor rate of 8.25%, 9.75% Exit Fee	$	15,000		15,883		15,883
Couchbase, Inc. (11)(15)(19)	Software	Senior Secured	June 2024	Interest rate PRIME + 5.25% or Floor rate of 10.75%, 3.75% Exit Fee	$	25,000		25,167		25,761
Dashlane, Inc. (11)(14)(17)(19)	Software	Senior Secured	April 2022	Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 8.50% Exit Fee	$	10,294		10,808		10,838
	Software	Senior Secured	March 2023	Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 4.95% Exit Fee	$	10,195		10,312		10,343
Total Dashlane, Inc.					$	20,489		21,120		21,181
Delphix Corp. (13)(19)	Software	Senior Secured	February 2023	Interest rate PRIME + 5.50% or Floor rate of 10.25%, 5.00% Exit Fee	$	60,000		59,932		61,159
Envisage Technologies, LLC (13)(18)	Software	Senior Secured	March 2025	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	9,750		9,525		9,750
ExtraHop Networks, Inc. (19)	Software	Senior Secured	September 2023	Interest rate PRIME + 7.00% or Floor rate of 10.25%, 2.50% Exit Fee	$	15,000		14,745		14,745
FreedomPay, Inc. (13)(19)	Software	Senior Secured	June 2023	Interest rate PRIME + 7.70% or Floor rate of 10.95%, 3.55% Exit Fee	$	10,000		9,972		10,126
Ikon Science Limited (5)(10)(11)(17)(18)	Software	Senior Secured	October 2024	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	7,000		6,744		6,724
Jolt Software, Inc. (14)	Software	Senior Secured	October 2022	Interest rate PRIME + 3.00% or Floor rate of 8.50%, PIK Interest 1.75%, 4.50% Exit Fee	$	7,639		7,725		7,828
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.) (11)(18)	Software	Senior Secured	July 2023	Interest rate 3-month LIBOR + 10.15% or Floor rate of 11.15%	$	8,695		8,477		8,509
Khoros (p.k.a Lithium Technologies) (11)	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	56,208		55,585		56,207
Logicworks (17)	Software	Senior Secured	January 2024	Interest rate PRIME + 7.50% or Floor rate of 10.75%	$	10,000		9,801		9,801
Mixpanel, Inc. (14)(19)	Software	Senior Secured	August 2024	Interest rate PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee	$	20,062		19,703		19,703
Mobile Solutions Services (17)(18)	Software	Senior Secured	December 2025	Interest rate 6-month LIBOR + 9.87% or Floor rate of 10.87%	$	5,500		5,323		5,400
	Software	Senior Secured	December 2025	Interest rate 6-month LIBOR + 9.87% or Floor rate of 10.87%	$	13,150		12,731		12,672
Total Mobile Solutions Services					$	18,650		18,054		18,072
Nuvolo Technologies Corporation (13)(17)(19)	Software	Senior Secured	April 2023	Interest rate PRIME + 7.25% or Floor rate of 11.50%	$	15,000		14,867		14,993
Optimizely Mergerco, Inc. (17)(18)	Software	Senior Secured	October 2025	Interest rate 6-month LIBOR + 10.00% or Floor rate of 11.00%	$	50,000		48,561		48,559
Pollen, Inc. (14)(15)(17)	Software	Senior Secured	November 2023	Interest rate PRIME + 4.75% or Floor rate of 8.00%, PIK Interest 0.50%, 4.50% Exit Fee	$	7,420		7,366		7,366
Pymetrics, Inc. (14)	Software	Senior Secured	October 2022	Interest rate PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee	$	9,497		9,409		9,409
Regent Education (14)	Software	Senior Secured	January 2022	Interest rate FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee	$	3,220		3,315		3,316
Reltio, Inc. (13)(14)(17)(19)	Software	Senior Secured	July 2023	Interest rate PRIME + 5.70% or Floor rate of 8.95%, PIK Interest 1.70%, 4.95% Exit Fee	$	10,073		9,928		10,136
SingleStore, Inc. (p.k.a. memsql, Inc.) (11)(14)(17)	Software	Senior Secured	May 2023	Interest rate PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 0.75%, 3.95% Exit Fee	$	5,021		5,012		5,137
Tact.ai Technologies, Inc. (11)(14)	Software	Senior Secured	February 2023	Interest rate PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	5,081		4,995		4,970
ThreatConnect, Inc. (13)(17)(18)	Software	Senior Secured	May 2024	Interest rate 3-month LIBOR + 8.26% or Floor rate of 9.26%	$	4,500		4,391		4,441
Udacity, Inc. (14)(17)	Software	Senior Secured	September 2024	Interest rate PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	35,130		34,700		34,700
Vela Trading Technologies (11)(14)(18)	Software	Senior Secured	July 2022	Interest rate 3-month LIBOR + 12.00% or Floor rate of 11.50%, PIK Interest 2.50%	$	18,131		17,826		14,505
ZeroFox, Inc. (13)	Software	Senior Secured	January 2023	Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.00% Exit Fee	$	20,000		20,118		20,118
Subtotal: 1-5 Years Maturity								668,459		672,062

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2020

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Maturity Date	Interest Rate and Floor (2)	Principal Amount		Cost (3)		Value (4)
Greater than 5 Years Maturity
Imperva, Inc. (19)	Software	Senior Secured	January 2027	Interest rate 3-month LIBOR + 7.75% or Floor rate of 8.75%	$	20,000	$	19,828	$	20,000
Subtotal: Greater than 5 Years Maturity								19,828		20,000
Subtotal: Software (61.60%)*								718,796		722,571
Sustainable and Renewable Technology
Under 1 Year Maturity
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6)(8)(14)	Sustainable and Renewable Technology	Senior Secured	January 2021	PIK Interest 10.00%	$	681		681		—
Subtotal: Under 1 Year Maturity								681		—
1-5 Years Maturity
Impossible Foods, Inc. (12)(13)	Sustainable and Renewable Technology	Senior Secured	July 2022	Interest rate PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee	$	38,868		42,285		42,548
Pineapple Energy LLC (6)(8)(9)	Sustainable and Renewable Technology	Senior Secured	December 2023	PIK Interest 10.00%	$	7,500		7,500		7,500
Subtotal: 1-5 Years Maturity								49,785		50,048
Subtotal: Sustainable and Renewable Technology (4.27%)*								50,466		50,048
Total: Debt Investments (178.54%)*							$	2,099,425	$	2,094,435

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2020

(dollars in thousands)


Portfolio Company	Sub-Industry	Type of Investment (1)	Series	Shares		Cost (3)		Value (4)
Equity Investments
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Equity	Common Stock		3,328	$	—	$	8
	Communications & Networking	Equity	Preferred Series A		1,135,000		1,230		3,800
Total Peerless Network Holdings, Inc.					1,138,328		1,230		3,808
Subtotal: Communications & Networking (0.29%)*							1,230		3,808
Consumer & Business Products
Intelligent Beauty, Inc.	Consumer & Business Products	Equity	Preferred Series B		111,156		230		743