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 March 31, 2022

☐ 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 May 2, 2022, there were 123,879,248 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 March 31, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2022 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2021	18
	Notes to Consolidated Financial Statements (unaudited)	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 4.	Controls and Procedures	78
PART II. OTHER INFORMATION		79
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	80
Item 3.	Defaults Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	80
Item 6.	Exhibits and Financial Statement Schedules	81
SIGNATURES		86

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, 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)


	March 31, 2022		December 31, 2021
	(unaudited)
Assets
Investments, at fair value:
Non-control/Non-affiliate investments (cost of $2,492,877 and $2,293,398, respectively)	$	2,511,227	$	2,351,560
Control investments (cost of $85,358 and $84,039, respectively)		76,277		73,504
Affiliate investments (cost of $8,167 and $13,547, respectively)		4,830		9,458
Total investments, at fair value (cost of $2,586,402 and $2,390,984, respectively)		2,592,334		2,434,522
Cash and cash equivalents		59,330		133,115
Restricted cash		3,127		3,150
Interest receivable		19,648		17,365
Right of use asset		6,142		6,761
Other assets		10,966		5,100
Total assets	$	2,691,547	$	2,600,013

Liabilities
Debt (net of debt issuance costs - Note 5)	$	1,323,995	$	1,236,303
Accounts payable and accrued liabilities		27,228		47,781
Operating lease liability		6,876		7,382
Total liabilities	$	1,358,099	$	1,291,466

Net assets consist of:
Common stock, par value	$	124	$	117
Capital in excess of par value		1,178,019		1,091,907
Total distributable earnings		155,305		216,523
Total net assets	$	1,333,448	$	1,308,547
Total liabilities and net assets	$	2,691,547	$	2,600,013

Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized)		123,194		116,619
Net asset value per share	$	10.82	$	11.22

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)


	Three Months Ended March 31,
	2022			2021
Investment income:
Interest income
Non-control/Non-affiliate investments	$	60,090		$	62,982
Control investments		1,115			799
Affiliate investments		1,047			1
Total interest income		62,252			63,782
Fee income
Non-control/Non-affiliate investments		2,889			4,969
Control investments		16			8
Total fee income		2,905			4,977
Total investment income		65,157			68,759
Operating expenses:
Interest		11,647			14,750
Loan fees		1,842			2,800
General and administrative		3,818			3,596
Tax expenses		712			1,438
Employee compensation
Compensation and benefits		8,329			9,804
Stock-based compensation		4,424			2,744
Total employee compensation		12,753			12,548
Total gross operating expenses		30,772			35,132
Expenses allocated to the Adviser Subsidiary		(1,402	)		(933	)
Total net operating expenses		29,370			34,199
Net investment income		35,787			34,560
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss)
Non-control/Non-affiliate investments		(2,467	)		7,770
Affiliate investments		3,772			—
Loss on debt extinguishment		(3,686	)		—
Total net realized gain (loss)		(2,381	)		7,770
Net change in unrealized appreciation (depreciation)
Non-control/Non-affiliate investments		(38,949	)		18,022
Control investments		1,454			1,702
Affiliate investments		753			2,109
Total net change in unrealized appreciation (depreciation)		(36,742	)		21,833
Total net realized gain (loss) and net change in unrealized appreciation (depreciation)		(39,123	)		29,603
Net increase (decrease) in net assets resulting from operations	$	(3,336	)	$	64,163

Net investment income before investment gains and losses per common share:
Basic	$	0.30		$	0.30
Change in net assets resulting from operations per common share:
Basic	$	(0.03	)	$	0.56
Diluted	$	(0.03	)	$	0.55
Weighted average shares outstanding
Basic		118,296			114,304
Diluted		118,296			114,803
Distributions paid per common share:
Basic	$	0.48		$	0.37

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 March 31, 2022	Shares			Par Value		of par value			(loss)			Assets
Balance as of December 31, 2021		116,619		$	117	$	1,091,907		$	216,523		$	1,308,547
Net increase (decrease) in net assets resulting from operations		—			—		—			(3,336	)		(3,336	)
Public offering, net of offering expenses		4,860			5		85,244			—			85,249
Issuance of common stock due to stock option exercises		37			—		454			—			454
Retired shares from net issuance		(2	)		—		(32	)		—			(32	)
Issuance of common stock under restricted stock plan		765			1		(1	)		—			—
Retired shares for restricted stock vesting		(126	)		—		(3,694	)		—			(3,694	)
Distributions reinvested in common stock		60			—		1,025			—			1,025
Issuance of common stock from conversion of 2022 Convertible Notes		981			1		(1	)		—			—
Distributions		—			—		—			(57,882	)		(57,882	)
Stock-based compensation (1)		—			—		3,117			—			3,117
Balance as of March 31, 2022		123,194		$	124	$	1,178,019		$	155,305		$	1,333,448

(1)

Stock-based compensation includes $40 of restricted stock and option expense related to director compensation for the three months ended March 31, 2022.




						Capital in			Distributable
	Common Stock					excess			Earnings			Net
For the Three Months Ended March 31, 2021	Shares			Par Value		of par value			(loss)			Assets
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		—			—		—			64,163			64,163
Public offering, net of offering expenses		—			—		(195	)		—			(195	)
Issuance of common stock due to stock option exercises		222			—		2,745			—			2,745
Retired shares from net issuance		(50	)		—		(603	)		—			(603	)
Issuance of common stock under restricted stock plan		924			1		(1	)		—			—
Retired shares for restricted stock vesting		(121	)		—		(3,181	)		—			(3,181	)
Distributions reinvested in common stock		67			—		1,040			—			1,040
Distributions		—			—		—			(42,795	)		(42,795	)
Stock-based compensation (1)		—			—		2,516			—			2,516
Balance as of March 31, 2021		115,768		$	116	$	1,160,519		$	154,759		$	1,315,394

(1)

Stock-based compensation includes $25 of restricted stock and option expense related to director compensation for the three months ended March 31, 2021.

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	For the Three Months Ended March 31,
	2022			2021
Cash flows used in operating activities:
Net increase (decrease) in net assets resulting from operations	$	(3,336	)	$	64,163
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(351,601	)		(355,333	)
Fundings allocated to Adviser Funds		61,081			48,353
Principal and fee payments received on investments		96,311			209,747
Proceeds from the sale of investments		8,816			12,973
Net unrealized (appreciation) depreciation		36,742			(21,833	)
Net realized (gain) loss		(1,305	)		(7,770	)
Accretion of paid-in-kind principal		(4,976	)		(2,475	)
Accretion of loan discounts		(972	)		(1,176	)
Accretion of loan discount on convertible notes		112			168
Accretion of loan exit fees		(5,709	)		(5,744	)
Change in loan income, net of collections		3,535			13,414
Unearned fees related to unfunded commitments		1,037			(1,505	)
Loss on debt extinguishment		3,686			—
Amortization of debt issuance costs		1,371			2,156
Depreciation and amortization		54			94
Stock-based compensation and amortization of restricted stock grants (1)		3,117			2,516
Change in operating assets and liabilities:
Interest receivable		(2,289	)		(1,520	)
Other assets		(13,229	)		1,849
Accrued liabilities		(21,067	)		(8,496	)
Net cash provided by (used in) operating activities		(188,622	)		(50,419	)

Cash flows used in investing activities:
Purchases of capital equipment		(50	)		(12	)
Net cash used in investing activities		(50	)		(12	)

Cash flows provided by (used in) financing activities:
Issuance of common stock		86,184			—
Offering expenses		(935	)		(195	)
Retirement of employee shares, net		(3,272	)		(1,039	)
Distributions paid		(56,857	)		(41,755	)
Issuance of debt		535,500			342,218
Repayment of debt		(441,000	)		(397,727	)
Debt issuance costs		(4,140	)		(1,842	)
Fees paid for credit facilities and debentures		(616	)		(35	)
Net cash provided by (used in) financing activities		114,864			(100,375	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(73,808	)		(150,806	)
Cash, cash equivalents, and restricted cash at beginning of period		136,265			237,622
Cash, cash equivalents, and restricted cash at end of period	$	62,457		$	86,816

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid	$	19,010		$	17,359
Income tax, including excise tax, paid	$	7,119		$	3,488
Distributions reinvested	$	1,025		$	1,040

(1)

Stock-based compensation includes $40 and $25 of restricted stock and option expense related to director compensation for the three months ended March 31, 2022 and 2021, 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 Three Months Ended March 31,
(Dollars in thousands)	2022		2021
Cash and cash equivalents	$	59,330	$	74,987
Restricted cash		3,127		11,829
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows	$	62,457	$	86,816

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

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Debt Investments
Communications & Networking
1-5 Years Maturity
Cytracom Holdings LLC	Senior Secured	February 2025	3-month LIBOR + 9.31% or Floor rate of 10.31%	$	8,978	$	8,793	$	8,678	(11)(16)(17)
Rocket Lab Global Services, LLC	Senior Secured	June 2024	PRIME + 4.90% or Floor rate of 8.15%, PIK Interest 1.25%, 3.25% Exit Fee	$	88,819		88,839		90,873	(13)(15)
Subtotal: 1-5 Years Maturity							97,632		99,551
Subtotal: Communications & Networking (7.47%)*							97,632		99,551
Consumer & Business Products
1-5 Years Maturity
Grove Collaborative, Inc.	Senior Secured	April 2025	PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee	$	23,520		23,351		25,813	(18)
Subtotal: 1-5 Years Maturity							23,351		25,813
Subtotal: Consumer & Business Products (1.94%)*							23,351		25,813
Diversified Financial Services
1-5 Years Maturity
Gibraltar Business Capital, LLC	Unsecured	September 2026	FIXED 14.50%	$	15,000		14,674		13,628	(7)
	Unsecured	September 2026	FIXED 11.50%	$	10,000		9,830		9,329	(7)
Total Gibraltar Business Capital, LLC				$	25,000		24,504		22,957
Hercules Adviser LLC	Unsecured	May 2023	FIXED 5.00%	$	10,150		10,150		10,150	(7)
Subtotal: 1-5 Years Maturity							34,654		33,107
Subtotal: Diversified Financial Services (2.48%)*							34,654		33,107
Drug Discovery & Development
Under 1 Year Maturity
Chemocentryx, Inc.	Senior Secured	December 2022	PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	18,951		20,083		20,083	(10)
Subtotal: Under 1 Year Maturity							20,083		20,083
1-5 Years Maturity
Albireo Pharma, Inc.	Senior Secured	July 2024	PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee	$	10,000		10,277		10,325	(10)(11)
Aldeyra Therapeutics, Inc.	Senior Secured	October 2023	PRIME + 3.10% or Floor rate of 8.60%, 6.95% Exit Fee	$	15,000		15,697		15,633
Applied Genetic Technologies Corporation	Senior Secured	April 2024	PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee	$	20,000		20,564		20,421
Aveo Pharmaceuticals, Inc.	Senior Secured	September 2024	PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee	$	40,000		41,037		40,882	(11)(14)
Axsome Therapeutics, Inc.	Senior Secured	October 2026	PRIME + 5.70% or Floor rate of 8.95%, 5.82% Exit Fee	$	50,000		49,669		49,204	(10)(12)
Bicycle Therapeutics PLC	Senior Secured	October 2024	PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee	$	24,000		24,352		24,568	(5)(10)(11)(12)
BiomX, INC	Senior Secured	September 2025	PRIME + 5.70% or Floor rate of 8.95%, 6.55% Exit Fee	$	9,000		9,028		8,930	(5)(10)(11)
BridgeBio Pharma, Inc.	Senior Secured	November 2026	FIXED 9.00%, 2.00% Exit Fee	$	38,149		37,663		37,663	(13)(16)
Cellarity, Inc.	Senior Secured	June 2026	PRIME + 5.70% or Floor rate of 8.95%, 3.75% Exit Fee	$	30,000		29,524		29,524	(14)
Center for Breakthrough Medicines Holdings, LLC	Senior Secured	May 2024	PRIME + 5.50% or Floor rate of 8.75%, 7.50% Exit Fee	$	5,000		5,097		5,097
Century Therapeutics, Inc.	Senior Secured	April 2024	PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee	$	10,000		10,117		10,343	(11)
Chemocentryx, Inc.	Senior Secured	February 2025	PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee	$	5,000		5,178		5,076	(10)
Codiak Biosciences, Inc.	Senior Secured	October 2025	PRIME + 5.00% or Floor rate of 8.25%, 5.50% Exit Fee	$	25,000		25,531		25,191	(11)

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Corium, Inc.	Senior Secured	September 2026	PRIME + 5.70% or Floor rate of 8.95%, 7.75% Exit Fee	$	132,675	$	132,127	$	133,126	(15)
Eloxx Pharmaceuticals, Inc.	Senior Secured	April 2025	PRIME + 6.25% or Floor rate of 9.50%, 6.55% Exit Fee	$	12,500		12,518		12,329	(14)
enGene, Inc.	Senior Secured	July 2025	PRIME + 5.00% or Floor rate of 8.25%, 6.35% Exit Fee	$	7,000		6,909		6,909	(5)(10)
G1 Therapeutics, Inc.	Senior Secured	November 2026	PRIME + 5.90% or Floor rate of 9.15%, 9.86% Exit Fee	$	58,125		58,070		58,070	(10)(11)(12)(14)(16)
Geron Corporation	Senior Secured	October 2024	PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee	$	32,500		32,896		32,852	(10)(12)
Hibercell, Inc.	Senior Secured	May 2025	PRIME + 5.40% or Floor rate of 8.65%, 4.95% Exit Fee	$	17,000		17,107		17,036	(14)
Humanigen, Inc.	Senior Secured	March 2025	PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee	$	20,000		20,333		19,972	(9)(10)
Kaleido Biosciences, Inc.	Senior Secured	January 2024	PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee	$	5,776		6,937		1,880	(12)
Locus Biosciences, Inc.	Senior Secured	July 2025	PRIME + 6.10% or Floor rate of 9.35%, 4.95% Exit Fee	$	8,000		8,012		7,956	(14)
Nabriva Therapeutics	Senior Secured	June 2023	PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee	$	5,000		5,544		5,499	(5)(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	October 2026	PRIME + 2.25% or Floor rate of 5.50%, PIK Interest 3.35%, 7.50% Exit Fee	$	87,848		87,147		85,646	(10)(12)(13)(14)(15)(16)
Redshift Bioanalytics, Inc.	Senior Secured	April 2025	PRIME + 4.25% or Floor rate of 7.50%, 3.80% Exit Fee	$	1,500		1,472		1,472	(14)
Scynexis, Inc.	Senior Secured	March 2025	PRIME + 5.80% or Floor rate of 9.05%, 3.95% Exit Fee	$	18,667		18,431		18,349	(12)
Seres Therapeutics, Inc.	Senior Secured	October 2024	Prime + 6.40% or Floor rate of 9.65%, 4.98% Exit Fee	$	37,500		38,263		38,263	(12)
Syndax Pharmaceutics Inc.	Senior Secured	April 2024	PRIME + 6.00% or Floor rate of 9.25%, 4.99% Exit Fee	$	20,000		20,695		20,661	(12)(16)
Tarsus Pharmaceuticals, Inc.	Senior Secured	February 2027	PRIME + 5.20% or Floor rate of 8.45%, 4.75% Exit Fee	$	8,250		8,218		8,218	(10)(16)
TG Therapeutics, Inc.	Senior Secured	January 2026	PRIME + 2.15% or Floor rate of 5.40%, PIK Interest 3.45%, 5.95% Exit Fee	$	51,751		50,980		50,980	(10)(12)(13)
uniQure B.V.	Senior Secured	December 2025	PRIME + 4.70% or Floor rate of 7.95%, 7.28% Exit Fee	$	77,500		79,086		79,086	(5)(10)(11)(12)(15)
Unity Biotechnology, Inc.	Senior Secured	August 2024	PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee	$	20,000		20,807		20,983
Valo Health, LLC	Senior Secured	May 2024	PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee	$	11,500		11,606		11,541	(11)
X4 Pharmaceuticals, Inc.	Senior Secured	July 2024	PRIME + 3.75% or Floor rate of 8.75%, 8.80% Exit Fee	$	32,500		33,392		33,262	(11)(12)
Subtotal: 1-5 Years Maturity							954,284		946,947
Subtotal: Drug Discovery & Development (72.52%)*							974,367		967,030
Healthcare Services, Other
1-5 Years Maturity
Better Therapeutics, Inc.	Senior Secured	August 2025	PRIME + 5.70% or Floor rate of 8.95%, 5.95% Exit Fee	$	8,000		8,007		7,932	(14)(16)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	1-Month LIBOR + 5.00% or Floor rate of 6.00%, PIK Interest 4.45%	$	25,301		24,946		24,946	(13)(16)
Carbon Health Technologies, Inc.	Senior Secured	March 2025	PRIME + 5.60% or Floor rate of 8.85%, 4.61% Exit Fee	$	46,125		46,099		46,099	(12)(16)(18)
Equality Health, LLC	Senior Secured	February 2026	PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.55%	$	35,582		35,254		35,176	(12)(13)(16)
Subtotal: 1-5 Years Maturity							114,306		114,153
Subtotal: Healthcare Services, Other (8.56%)*							114,306		114,153

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Information Services
1-5 Years Maturity
Capella Space Corp.	Senior Secured	November 2024	PRIME + 5.00% or Floor rate of 8.25%, PIK Interest 1.10%, 4.00% Exit Fee	$	20,080	$	19,903	$	19,469	(13)(14)(18)
Yipit, LLC	Senior Secured	September 2026	1-month LIBOR + 9.08% or Floor rate of 10.08%	$	31,875		31,291		30,730	(16)(17)
Subtotal: 1-5 Years Maturity							51,194		50,199
Subtotal: Information Services (3.76%)*							51,194		50,199
Internet Consumer & Business Services
Under 1 Year Maturity
Nextroll, Inc.	Senior Secured	June 2022	1-month LIBOR + 9.28% or Floor rate of 10.28%, 3.50% Exit Fee	$	21,715		22,377		22,377	(12)(13)(18)
Subtotal: Under 1 Year Maturity							22,377		22,377
1-5 Years Maturity
AppDirect, Inc.	Senior Secured	August 2024	PRIME + 5.90% or Floor rate of 9.15%, 7.95% Exit Fee	$	30,790		31,592		32,371
Carwow LTD	Senior Secured	December 2024	PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.45%, 4.95% Exit Fee	£	21,250		28,846		28,005	(5)(10)(13)
Convoy, Inc.	Senior Secured	March 2026	PRIME + 3.20% or Floor rate of 6.45%, PIK Interest 1.95%, 4.55% Exit Fee	$	78,000		76,210		76,210	(15)(18)
ePayPolicy Holdings, LLC	Senior Secured	December 2024	3-month LIBOR + 8.50% or Floor rate of 9.50%	$	8,117		7,971		8,117	(11)
Rhino Labs, Inc.	Senior Secured	March 2024	PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 2.25%	$	16,219		15,892		15,998	(13)(14)
RVShare, LLC	Senior Secured	December 2026	1-month LIBOR + 5.50% or Floor rate of 6.50%, PIK Interest 4.00%	$	18,116		17,771		17,771	(13)(14)(16)
SeatGeek, Inc.	Senior Secured	June 2023	PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%	$	60,683		60,160		60,765	(13)
Skyword, Inc.	Senior Secured	September 2024	PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.90%, 4.00% Exit Fee	$	12,486		12,749		12,590	(13)
Tectura Corporation	Senior Secured	July 2024	PIK Interest 5.00%	$	10,680		240		—	(7)(8)(13)
	Senior Secured	July 2024	FIXED 8.25%	$	8,250		8,250		8,250	(7)
	Senior Secured	July 2024	PIK Interest 5.00%	$	13,023		13,023		97	(7)(8)(13)
Total Tectura Corporation				$	31,953		21,513		8,347
Thumbtack, Inc.	Senior Secured	April 2026	PRIME + 4.95% or Floor rate of 8.20%, PIK Interest 1.50%, 3.95% Exit Fee	$	10,000		9,863		9,863	(12)(16)
Veem, Inc.	Senior Secured	March 2025	PRIME + 4.00% or Floor rate of 7.25%, PIK Interest 1.25%	$	5,000		4,882		4,882	(16)
Worldremit Group Limited	Senior Secured	February 2025	1-month LIBOR + 9.25% or Floor rate of 10.25%, 3.00% Exit Fee	$	103,000		101,970		100,214	(5)(10)(12)(15)(18)
Subtotal: 1-5 Years Maturity							389,419		375,133
Greater than 5 Years Maturity
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 5.50%	$	20,960		20,960		20,725	(9)(13)
Subtotal: Greater than 5 Years Maturity							20,960		20,725
Subtotal: Internet Consumer & Business Services (31.36%)*							432,756		418,235
Manufacturing Technology
Under 1 Year Maturity
Bright Machines, Inc.	Senior Secured	November 2022	PRIME + 5.70% or Floor rate of 8.95%, 6.95% Exit Fee	$	15,000		15,138		15,138	(11)(18)
Subtotal: Under 1 Year Maturity							15,138		15,138
1-5 Years Maturity
MacroFab, Inc.	Senior Secured	March 2026	PRIME + 4.35% or Floor rate of 7.60%, PIK Interest 1.25%, 4.50% Exit Fee	$	10,000		9,630		9,630	(16)
Subtotal: 1-5 Years Maturity							9,630		9,630
Subtotal: Manufacturing Technology (1.86%)*							24,768		24,768

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Medical Devices & Equipment
1-5 Years Maturity
Lucira Health, Inc.	Senior Secured	February 2026	PRIME + 5.50% or Floor rate of 8.75%, 5.25% Exit Fee	$	15,000	$	14,803	$	14,803
Subtotal: 1-5 Years Maturity							14,803		14,803
Subtotal: Medical Devices & Equipment (1.11%)*							14,803		14,803
Semiconductors
1-5 Years Maturity
Fungible, Inc.	Senior Secured	December 2024	PRIME + 5.00% or Floor rate of 8.25%, 4.95% Exit Fee	$	20,000		19,208		19,208	(14)(18)
Subtotal: 1-5 Years Maturity							19,208		19,208
Subtotal: Semiconductors (1.44%)*							19,208		19,208
Software
Under 1 Year Maturity
Delphix Corp.	Senior Secured	February 2023	PRIME + 5.50% or Floor rate of 10.25%, 7.00% Exit Fee	$	60,000		62,177		62,177	(12)(15)(18)
Khoros (p.k.a Lithium Technologies)	Senior Secured	October 2022	6-month LIBOR + 8.00% or Floor rate of 9.00%	$	56,208		55,953		55,953	(16)
Pymetrics, Inc.	Senior Secured	October 2022	PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee	$	9,509		9,760		9,846	(13)
Subtotal: Under 1 Year Maturity							127,890		127,976
1-5 Years Maturity
3GTMS, LLC	Senior Secured	February 2025	6-month LIBOR + 9.28% or Floor rate of 10.28%	$	10,833		10,658		10,465	(16)(17)
Agilence, Inc.	Senior Secured	October 2026	1-Month LIBOR + 9.00% or Floor rate of 10.00%	$	9,377		9,125		9,125	(16)
Annex Cloud	Senior Secured	February 2027	BSBY + 9.00% or Floor rate of 10.00%	$	8,500		8,263		8,263	(16)
Brain Corporation	Senior Secured	April 2025	PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.00%, 3.95% Exit Fee	$	15,041		14,953		14,953	(13)(14)(16)
Campaign Monitor Limited	Senior Secured	November 2025	6-month LIBOR + 8.90% or Floor rate of 9.9%	$	33,000		32,488		33,000	(18)
Ceros, Inc.	Senior Secured	September 2026	6-month LIBOR + 8.89% or Floor rate of 9.89%	$	17,978		17,495		17,154	(16)(17)
CloudBolt Software, Inc.	Senior Secured	October 2024	PRIME + 6.70% or Floor rate of 9.95%, 2.95% Exit Fee	$	10,000		9,966		10,040	(11)(12)(18)
Copper CRM, Inc	Senior Secured	March 2025	Prime + 4.50% or Floor rate of 8.25%, PIK Interest 1.95%, 4.50% Exit Fee	$	10,000		9,884		9,884
Cybermaxx Intermediate Holdings, Inc.	Senior Secured	August 2026	6-month LIBOR + 9.28% or Floor rate of 10.28%	$	8,000		7,809		7,670	(16)
Dashlane, Inc.	Senior Secured	July 2025	PRIME + 3.05% or Floor rate of 7.55%, PIK Interest 1.10%, 7.10% Exit Fee	$	20,776		21,909		21,751	(11)(13)(16)(18)
Demandbase, Inc.	Senior Secured	August 2025	PRIME + 5.25% or Floor rate of 8.50%, 2.33% Exit Fee	$	22,500		22,088		21,941	(16)(18)
Enmark Systems, Inc.	Senior Secured	September 2026	6-month LIBOR + 6.83% or Floor rate of 7.83%, PIK Interest 2.19%	$	8,088		7,894		7,740	(11)(13)(16)(17)
Esentire, Inc.	Senior Secured	May 2024	3-month LIBOR + 9.96% or Floor rate of 10.96%	$	21,000		20,728		20,687	(5)(10)(11)(17)
Esme Learning Solutions, Inc.	Senior Secured	February 2025	PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.50%, 3.00% Exit Fee	$	5,007		4,775		4,770	(13)
Gryphon Networks Corp.	Senior Secured	January 2026	3-month LIBOR + 9.69% or Floor rate of 10.69%	$	5,232		5,112		5,124	(11)(16)
Ikon Science Limited	Senior Secured	October 2024	3-month LIBOR + 9.00% or Floor rate of 10.00%	$	6,825		6,648		6,663	(5)(10)(16)(17)

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Imperva, Inc.	Senior Secured	January 2027	3-month LIBOR + 7.75% or Floor rate of 8.75%	$	20,000	$	19,857	$	19,997	(18)
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)	Senior Secured	July 2023	3-month SOFR + 10.15% or Floor rate of 11.15%	$	10,957		10,751		10,711	(17)
Logicworks	Senior Secured	January 2024	PRIME + 7.50% or Floor rate of 10.75%	$	12,000		11,878		11,979	(12)
Mixpanel, Inc.	Senior Secured	August 2024	PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee	$	20,523		20,443		21,172	(12)(13)(18)
Mobile Solutions Services	Senior Secured	December 2025	6-month LIBOR + 9.87% or Floor rate of 10.87%	$	5,500		5,359		5,292	(16)(17)
	Senior Secured	December 2025	6-month LIBOR + 9.06% or Floor rate of 10.06%	$	12,168		11,875		11,821	(16)(17)
Total Mobile Solutions Services				$	17,668		17,234		17,113
Nuvolo Technologies Corporation	Senior Secured	July 2025	PRIME + 5.25% or Floor rate of 8.50%, 2.04% Exit Fee	$	17,500		17,454		17,460	(12)(16)(18)
Pollen, Inc.	Senior Secured	November 2023	PRIME + 4.75% or Floor rate of 8.00%, PIK Interest 0.50%, 4.50% Exit Fee	$	7,467		7,570		7,412	(13)
	Senior Secured	November 2023	PRIME + 5.25% or Floor rate of 8.50%, PIK Interest 1.35%, 4.50% Exit Fee	$	13,085		13,124		13,257	(13)(14)
Total Pollen, Inc.				$	20,552		20,694		20,669
ShadowDragon, LLC	Senior Secured	December 2026	3-month LIBOR + 9.00% or Floor rate of 10.00%	$	6,000		5,835		5,835	(16)(17)
Tact.ai Technologies, Inc.	Senior Secured	February 2024	PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	5,211		5,359		5,297	(13)
ThreatConnect, Inc.	Senior Secured	May 2026	3-month LIBOR + 9.00% or Floor rate of 10.00%	$	11,116		10,817		10,777	(12)(16)(17)
Udacity, Inc.	Senior Secured	September 2024	PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	51,150		51,037		52,112	(12)(13)
VideoAmp, Inc.	Senior Secured	February 2025	PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.25%, 5.25% Exit Fee	$	62,587		60,917		60,917	(13)(14)(18)
Zimperium, Inc.	Senior Secured	July 2024	6-month LIBOR + 8.95% or Floor rate of 9.95%	$	17,452		17,151		17,111	(12)(17)
Subtotal: 1-5 Years Maturity							479,222		480,380
Subtotal: Software (45.62%)*							607,112		608,356
Sustainable and Renewable Technology
Under 1 Year Maturity
Impossible Foods, Inc.	Senior Secured	July 2022	PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee	$	8,714		13,133		13,133	(12)
Subtotal: Under 1 Year Maturity							13,133		13,133
1-5 Years Maturity
Pineapple Energy LLC	Senior Secured	December 2024	PIK Interest 10.00%	$	3,000		3,000		2,986	(6)(13)
Subtotal: 1-5 Years Maturity							3,000		2,986
Subtotal: Sustainable and Renewable Technology (1.21%)*							16,133		16,119
Total: Debt Investments (179.34%)*						$	2,410,284	$	2,391,342

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date (4)	Series (3)	Shares		Cost (2)		Value		Footnotes
Equity Investments
Communications & Networking
Peerless Network Holdings, Inc.	Equity	10/21/2020	Common Stock		3,328	$	—	$	18
	Equity	4/11/2008	Preferred Series A		1,135,000		1,230		6,242
Total Peerless Network Holdings, Inc.					1,138,328		1,230		6,260
Subtotal: Communications & Networking (0.47%)*							1,230		6,260
Consumer & Business Products
TechStyle, Inc. (p.k.a. Just Fabulous, Inc.)	Equity	4/30/2010	Common Stock		42,989		128		362
Subtotal: Consumer & Business Products (0.03%)*							128		362
Diversified Financial Services
Gibraltar Business Capital, LLC	Equity	3/1/2018	Common Stock		830,000		1,884		1,169	(7)
	Equity	3/1/2018	Preferred Series A		10,602,752		26,122		18,496	(7)
Total Gibraltar Business Capital, LLC					11,432,752		28,006		19,665
Hercules Adviser LLC	Equity	3/26/2021	Member Units		1		35		14,544	(7)
Newfront Insurance Holdings, Inc.	Equity	9/30/2021	Preferred Series D-2		210,282		403		538
Subtotal: Diversified Financial Services (2.61%)*							28,444		34,747
Drug Delivery
AcelRx Pharmaceuticals, Inc.	Equity	12/10/2018	Common Stock		176,730		1,329		51	(4)
Aytu BioScience, Inc.	Equity	3/28/2014	Common Stock		13,600		1,500		15	(4)
BioQ Pharma Incorporated	Equity	12/8/2015	Preferred Series D		165,000		500		120
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.)	Equity	4/6/2015	Common Stock		2,498		309		15	(4)
Subtotal: Drug Delivery (0.02%)*							3,638		201
Drug Discovery & Development
Albireo Pharma, Inc.	Equity	9/14/2020	Common Stock		25,000		1,000		746	(4)(10)
Applied Molecular Transport	Equity	4/6/2021	Common Stock		1,000		42		8	(4)(10)
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock		119,087		1,000		86	(4)
Aveo Pharmaceuticals, Inc.	Equity	7/31/2011	Common Stock		190,179		1,715		1,063	(4)
Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock		98,100		1,871		4,304	(4)(5)(10)
BridgeBio Pharma, Inc.	Equity	6/21/2018	Common Stock		231,329		2,255		2,348	(4)
Chemocentryx, Inc.	Equity	6/15/2020	Common Stock		17,241		1,000		432	(4)(10)
Concert Pharmaceuticals, Inc.	Equity	2/13/2019	Common Stock		70,796		1,367		239	(4)(10)
Dare Biosciences, Inc.	Equity	1/8/2015	Common Stock		13,550		1,000		20	(4)
Dynavax Technologies	Equity	7/22/2015	Common Stock		20,000		550		217	(4)(10)
Genocea Biosciences, Inc.	Equity	11/20/2014	Common Stock		27,933		2,000		35	(4)
Hibercell, Inc.	Equity	5/7/2021	Preferred Series B		3,466,840		4,250		3,078	(14)
Humanigen, Inc.	Equity	3/31/2021	Common Stock		43,243		800		130	(4)(10)
Kaleido Biosciences, Inc.	Equity	2/10/2021	Common Stock		86,585		1,000		-	(4)
NorthSea Therapeutics	Equity	12/15/2021	Preferred Series C		983		2,000		1,873	(5)(10)
Paratek Pharmaceuticals, Inc.	Equity	2/26/2007	Common Stock		76,362		2,744		227	(4)
Rocket Pharmaceuticals, Ltd.	Equity	8/22/2007	Common Stock		944		1,500		15	(4)
Savara, Inc.	Equity	8/11/2015	Common Stock		11,119		203		15	(4)
Sio Gene Therapies, Inc.	Equity	2/2/2017	Common Stock		16,228		1,269		11	(4)(10)
Tricida, Inc.	Equity	2/28/2018	Common Stock		68,816		863		566	(4)
uniQure B.V.	Equity	1/31/2019	Common Stock		17,175		332		310	(4)(5)(10)(15)
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)	Equity	12/11/2020	Preferred Series B		510,308		3,000		4,977
X4 Pharmaceuticals, Inc.	Equity	11/26/2019	Common Stock		198,277		1,641		347	(4)
Subtotal: Drug Discovery & Development (1.58%)*							33,402		21,047
Electronics & Computer Hardware
Skydio, Inc.	Equity	3/8/2022	Preferred Series E		248,900		1,500		1,563
Subtotal: Electronics & Computer Hardware (0.12%)*							1,500		1,563
Healthcare Services, Other
23andMe, Inc.	Equity	3/11/2019	Common Stock		825,732		5,094		3,162	(4)
Carbon Health Technologies, Inc.	Equity	3/30/2021	Preferred Series C		217,880		1,687		1,267
Subtotal: Healthcare Services, Other (0.33%)*							6,781		4,429

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date (4)	Series (3)	Shares		Cost (2)		Value		Footnotes
Information Services
Planet Labs, Inc.	Equity	6/21/2019	Common Stock		547,880	$	615	$	2,783	(4)
Yipit, LLC	Equity	12/30/2021	Preferred Series E		41,021		3,825		3,825
Zeta Global Corp.	Equity	11/20/2007	Common Stock		295,861		-		3,592	(4)(19)
Subtotal: Information Services (0.76%)*							4,440		10,200
Internet Consumer & Business Services
Black Crow AI, Inc. affiliates	Equity	3/24/2021	Preferred Note		3		3,000		3,000	(20)
Brigade Group, Inc.	Equity	3/1/2013	Common Stock		9,023		93		-
Carwow LTD	Equity	12/15/2021	Preferred Series D-4		199,742		1,151		634	(5)(10)
Contentful Global, Inc.	Equity	12/22/2020	Preferred Series C		41,000		138		315	(5)(10)
	Equity	11/20/2018	Preferred Series D		108,500		500		875	(5)(10)
Total Contentful Global, Inc.					149,500		638		1,190
DoorDash, Inc.	Equity	12/20/2018	Common Stock		81,996		945		9,609	(4)
Lyft, Inc.	Equity	12/26/2018	Common Stock		100,738		5,263		3,868	(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock		100,000		1,000		444	(4)(19)
Nextdoor.com, Inc.	Equity	8/1/2018	Common Stock		1,019,255		4,854		5,783	(4)(19)
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A		286,080		1,663		649
	Equity	10/25/2016	Preferred Series A-1		108,710		632		246
Total OfferUp, Inc.					394,790		2,295		895
Oportun	Equity	6/28/2013	Common Stock		48,365		577		695	(4)
Reischling Press, Inc.	Equity	7/31/2020	Common Stock		1,163		15		-
Rhino Labs, Inc.	Equity	1/24/2022	Preferred Series B-2		7,063		1,000		734
Savage X Holding, LLC	Equity	4/30/2010	Class A Units		42,137		13		238
Tectura Corporation	Equity	5/23/2018	Common Stock		414,994,863		900		-	(7)
	Equity	6/6/2016	Preferred Series BB		1,000,000		-		-	(7)
Total Tectura Corporation					415,994,863		900		-
TFG Holding, Inc.	Equity	4/30/2010	Common Stock		42,989		89		188
Uber Technologies, Inc.	Equity	12/1/2020	Common Stock		32,991		317		1,177	(4)
Subtotal: Internet Consumer & Business Services (2.13%)*							22,150		28,455
Medical Devices & Equipment
Coronado Aesthetics, LLC	Equity	10/15/2021	Common Units		180,000		-		28	(7)
	Equity	10/15/2021	Preferred Series A-2		5,000,000		250		586	(7)
Total Coronado Aesthetics, LLC					5,180,000		250		614
Flowonix Medical Incorporated	Equity	11/3/2014	Preferred Series AA		221,893		1,500		-
Gelesis, Inc.	Equity	11/30/2009	Common Stock		1,716,107		1,002		6,661	(4)(19)
ViewRay, Inc.	Equity	12/16/2013	Common Stock		36,457		333		143	(4)
Subtotal: Medical Devices & Equipment (0.56%)*							3,085		7,418
Semiconductors
Achronix Semiconductor Corporation	Equity	7/1/2011	Preferred Series C		277,995		160		437
Subtotal: Semiconductors (0.03%)*							160		437
Software
3GTMS, LLC.	Equity	8/9/2021	Common Stock		1,000,000		1,000		920
CapLinked, Inc.	Equity	10/26/2012	Preferred Series A-3		53,614		51		12
Docker, Inc.	Equity	11/29/2018	Common Stock		20,000		4,284		-
Druva Holdings, Inc.	Equity	10/22/2015	Preferred Series 2		458,841		1,000		2,513
	Equity	8/24/2017	Preferred Series 3		93,620		300		538
Total Druva Holdings, Inc.					552,461		1,300		3,051
HighRoads, Inc.	Equity	1/18/2013	Common Stock		190		307		-
Lightbend, Inc.	Equity	12/4/2020	Common Stock		38,461		265		6
Palantir Technologies	Equity	9/23/2020	Common Stock		1,418,337		8,669		19,474	(4)
SingleStore, Inc.	Equity	11/25/2020	Preferred Series E		580,983		2,000		1,516
	Equity	8/12/2021	Preferred Series F		52,956		280		171
Total SingleStore, Inc.					633,939		2,280		1,687
Sprinklr, Inc.	Equity	3/22/2017	Common Stock		700,000		3,749		8,330	(4)
Verana Health, Inc.	Equity	7/8/2021	Preferred Series E		952,562		2,000		1,218
Subtotal: Software (2.60%)*							23,905		34,698

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date (4)	Series (3)	Shares		Cost (2)		Value		Footnotes
Surgical Devices
Gynesonics, Inc.	Equity	1/18/2007	Preferred Series B		219,298	$	250	$	-
	Equity	6/16/2010	Preferred Series C		656,538		282		-
	Equity	2/8/2013	Preferred Series D		1,991,157		712		-
	Equity	7/14/2015	Preferred Series E		2,786,367		429		-
	Equity	12/18/2018	Preferred Series F		1,523,693		118		-
	Equity	12/18/2018	Preferred Series F-1		2,418,125		150		-
Total Gynesonics, Inc.					9,595,178		1,941		-
Subtotal: Surgical Devices (0.00%)*							1,941		-
Sustainable and Renewable Technology
Impossible Foods, Inc.	Equity	5/10/2019	Preferred Series E-1		188,611		2,000		2,770
Modumetal, Inc.	Equity	6/1/2015	Common Stock		1,035		500		-
NantEnergy, LLC	Equity	8/31/2013	Common Units		59,665		102		-
Pineapple Energy LLC	Equity	12/10/2020	Common Stock		498,978		5,167		1,844	(4)(6)(19)
Pivot Bio, Inc.	Equity	6/28/2021	Preferred Series D		593,080		4,500		2,310
Proterra, Inc.	Equity	5/28/2015	Common Stock		457,841		543		3,443	(4)
Subtotal: Sustainable and Renewable Technology (0.78%)*							12,812		10,367
Total: Equity Investments (12.01%)						$	143,616	$	160,184
Warrant Investments
Communications & Networking
Spring Mobile Solutions, Inc.	Warrant	4/19/2013	Common Stock		2,834,375	$	418	$	-
Subtotal: Communications & Networking (0.00%)*							418		-
Consumer & Business Products
Grove Collaborative, Inc.	Warrant	4/30/2021	Common Stock		83,625		433		311
Penumbra Brands, LLC	Warrant	6/3/2014	Common Stock		1,662,441		228		-
TechStyle, Inc.	Warrant	7/16/2013	Preferred Series B		206,185		1,101		1,928
The Neat Company	Warrant	8/13/2014	Common Stock		54,054		365		-
Whoop, Inc.	Warrant	6/27/2018	Preferred Series C		686,270		18		1,364
Subtotal: Consumer & Business Products (0.27%)*							2,145		3,603
Drug Delivery
Aerami Therapeutics Holdings, Inc.	Warrant	9/30/2015	Common Stock		110,882		74		-
BioQ Pharma Incorporated	Warrant	10/27/2014	Common Stock		459,183		1		-
PDS Biotechnology Corporation	Warrant	8/28/2014	Common Stock		3,929		390		-	(4)
Subtotal: Drug Delivery (0.00%)*							465		-
Drug Discovery & Development
Acacia Pharma Inc.	Warrant	6/29/2018	Common Stock		201,330		304		1	(4)(5)(10)
ADMA Biologics, Inc.	Warrant	12/21/2012	Common Stock		89,750		295		1	(4)
Albireo Pharma, Inc.	Warrant	6/8/2020	Common Stock		5,311		61		61	(4)(10)
Axsome Therapeutics, Inc.	Warrant	9/25/2020	Common Stock		15,541		681		157	(4)(10)
Brickell Biotech, Inc.	Warrant	2/18/2016	Common Stock		9,005		119		-	(4)
Cellarity, Inc.	Warrant	12/8/2021	Preferred Series B		100,000		287		207	(14)
Century Therapeutics, Inc.	Warrant	9/14/2020	Common Stock		16,112		37		39	(4)
Concert Pharmaceuticals, Inc.	Warrant	6/8/2017	Common Stock		61,273		178		3	(4)(10)
Dermavant Sciences Ltd.	Warrant	5/31/2019	Common Stock		223,642		101		256	(10)(12)
enGene, Inc.	Warrant	12/30/2021	Preferred Series 3		84,714		64		29	(5)(10)
Evofem Biosciences, Inc.	Warrant	6/11/2014	Common Stock		7,806		267		-	(4)
Genocea Biosciences, Inc.	Warrant	4/24/2018	Common Stock		41,176		165		1	(4)
Motif Bio PLC	Warrant	1/27/2020	Common Stock		121,337,041		282		-	(10)
Myovant Sciences, Ltd.	Warrant	10/16/2017	Common Stock		73,710		460		181	(4)(10)
Paratek Pharmaceuticals, Inc.	Warrant	6/27/2017	Common Stock		432,240		546		127	(4)
Phathom Pharmaceuticals, Inc.	Warrant	9/17/2021	Common Stock		64,687		848		125	(4)(10)(14)(15)
Redshift Bioanalytics, Inc.	Warrant	3/23/2022	Preferred Series E		142,653		6		6	(14)
Scynexis, Inc.	Warrant	5/14/2021	Common Stock		106,035		296		110	(4)
Stealth Bio Therapeutics Corp.	Warrant	6/30/2017	Common Stock		500,000		158		-	(4)(10)
TG Therapeutics, Inc.	Warrant	2/28/2019	Common Stock		231,613		1,033		767	(4)(10)(12)
Tricida, Inc.	Warrant	3/27/2019	Common Stock		31,352		280		12	(4)
Valo Health, LLC	Warrant	6/15/2020	Common Units		102,216		256		453
X4 Pharmaceuticals, Inc.	Warrant	3/18/2019	Common Stock		108,334		673		30	(4)
Yumanity Therapeutics, Inc.	Warrant	12/20/2019	Common Stock		15,414		110		-	(4)
Subtotal: Drug Discovery & Development (0.19%)*							7,507		2,566

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date (4)	Series (3)	Shares		Cost (2)		Value		Footnotes
Electronics & Computer Hardware
908 Devices, Inc.	Warrant	3/15/2017	Common Stock		49,078	$	101	$	370	(4)
Skydio, Inc.	Warrant	11/8/2021	Common Stock		622,255		557		2,424
Subtotal: Electronics & Computer Hardware (0.21%)*							658		2,794
Healthcare Services, Other
Vida Health, Inc.	Warrant	3/28/2022	Common Stock		100,618		114		110
Subtotal: Healthcare Services, Other (0.01%)*							114		110
Information Services
Capella Space Corp.	Warrant	10/21/2021	Common Stock		176,200		207		-	(14)
INMOBI Inc.	Warrant	11/19/2014	Common Stock		65,587		82		-	(10)
NetBase Solutions, Inc.	Warrant	8/22/2017	Preferred Series 1		60,000		356		449
Subtotal: Information Services (0.03%)*							645		449
Internet Consumer & Business Services
Aria Systems, Inc.	Warrant	5/22/2015	Preferred Series G		231,535		74		-
Carwow LTD	Warrant	12/14/2021	Common Stock		174,163		164		187	(5)(10)
Cloudpay, Inc.	Warrant	4/10/2018	Preferred Series B		6,763		54		240	(5)(10)
Convoy, Inc.	Warrant	3/30/2022	Common Stock		165,456		974		962	(15)
First Insight, Inc.	Warrant	5/10/2018	Preferred Series B		75,917		96		102
Houzz, Inc.	Warrant	10/29/2019	Common Stock		529,661		20		53
Interactions Corporation	Warrant	6/16/2015	Preferred Series G-3		68,187		204		389
Landing Holdings Inc.	Warrant	3/12/2021	Common Stock		11,806		116		-	(14)
Lendio, Inc.	Warrant	3/29/2019	Preferred Series D		127,032		39		87
Rhino Labs, Inc.	Warrant	3/12/2021	Common Stock		13,106		470		287	(14)
RumbleON, Inc.	Warrant	4/30/2018	Common Stock		5,139		87		20	(4)
Savage X Holding, LLC	Warrant	6/27/2014	Class A Units		206,185		-		1,163
SeatGeek, Inc.	Warrant	6/12/2019	Common Stock		1,379,761		842		3,664
ShareThis, Inc.	Warrant	12/14/2012	Preferred Series C		493,502		547		-
Skyword, Inc.	Warrant	8/23/2019	Preferred Series B		444,444		83		2
Snagajob.com, Inc.	Warrant	4/20/2020	Common Stock		600,000		16		114	(12)
	Warrant	6/30/2016	Preferred Series A		1,800,000		782		206	(12)
	Warrant	8/1/2018	Preferred Series B		1,211,537		62		119	(12)
Total Snagajob.com, Inc.					3,611,537		860		325
TFG Holding, Inc.	Warrant	6/27/2014	Common Stock		206,185		-		90
The Faction Group LLC	Warrant	11/3/2014	Preferred Series AA		8,076		234		543
Thumbtack, Inc.	Warrant	5/1/2018	Common Stock		267,225		844		783
Veem, Inc.	Warrant	3/31/2022	Common Stock		98,428		126		126
Worldremit Group Limited	Warrant	2/11/2021	Preferred Series D		77,215		129		704	(5)(10)(15)
	Warrant	8/27/2021	Preferred Series E		1,868		26		11	(5)(10)(15)
Total Worldremit Group Limited					79,083		155		715
Subtotal: Internet Consumer & Business Services (0.74%)*							5,989		9,852
Manufacturing Technology
Bright Machines, Inc.	Warrant	3/31/2022	Common Stock		196,335		151		151
MacroFab, Inc.	Warrant	3/23/2022	Common Stock		1,111,111		528		525
Xometry, Inc.	Warrant	5/9/2018	Common Stock		87,784		47		2,088	(4)
Subtotal: Manufacturing Technology (0.21%)*							726		2,764
Media/Content/Info
Zoom Media Group, Inc.	Warrant	12/21/2012	Preferred Series A		1,204		348		-
Subtotal: Media/Content/Info (0.00%)*							348		-
Medical Devices & Equipment
Aspire Bariatrics, Inc.	Warrant	1/28/2015	Common Stock		22,572		456		-
Flowonix Medical Incorporated	Warrant	11/3/2014	Preferred Series AA		155,325		362		-	(12)
	Warrant	9/21/2018	Preferred Series BB		725,806		351		-	(12)
Total Flowonix Medical Incorporated					881,131		713		-
Intuity Medical, Inc.	Warrant	12/29/2017	Preferred Series B-1		3,076,323		294		90
Lucira Health, Inc.	Warrant	2/4/2022	Common Stock		59,642		110		27	(4)
Outset Medical, Inc.	Warrant	9/27/2013	Common Stock		62,794		401		1,769	(4)
Tela Bio, Inc.	Warrant	3/31/2017	Common Stock		15,712		61		5	(4)
Subtotal: Medical Devices & Equipment (0.14%)*							2,035		1,891
Semiconductors
Achronix Semiconductor Corporation	Warrant	6/26/2015	Preferred Series D-2		750,000		99		1,173
Fungible, Inc.	Warrant	12/16/2021	Common Stock		800,000		751		164	(14)
Subtotal: Semiconductors (0.10%)*							850		1,337

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)


Portfolio Company	Type of Investment	Acquisition Date (4)	Series (3)	Shares		Cost (2)		Value		Footnotes
Software
Bitsight Technologies, Inc.	Warrant	11/18/2020	Common Stock		29,691	$	284	$	665
Brain Corporation	Warrant	10/4/2021	Common Stock		194,629		165		90	(14)
CloudBolt Software, Inc.	Warrant	9/30/2020	Common Stock		211,342		117		47
Cloudian, Inc.	Warrant	11/6/2018	Common Stock		477,454		71		18
Couchbase, Inc.	Warrant	4/25/2019	Common Stock		105,350		462		806	(4)
Dashlane, Inc.	Warrant	3/11/2019	Common Stock		453,641		353		471
Delphix Corp.	Warrant	10/8/2019	Common Stock		718,898		1,594		4,659	(15)
Demandbase, Inc.	Warrant	8/2/2021	Common Stock		579,898		480		448
DNAnexus, Inc.	Warrant	3/21/2014	Preferred Series C		909,091		97		55
Esme Learning Solutions, Inc.	Warrant	1/27/2022	Common Stock		56,765		198		121
Evernote Corporation	Warrant	9/30/2016	Common Stock		62,500		106		26
Lightbend, Inc.	Warrant	2/14/2018	Preferred Series D		89,685		131		-
Mixpanel, Inc.	Warrant	9/30/2020	Common Stock		82,362		252		452
Nuvolo Technologies Corporation	Warrant	3/29/2019	Common Stock		70,000		172		288
Poplicus, Inc.	Warrant	5/28/2014	Common Stock		132,168		-		-
Pymetrics, Inc.	Warrant	9/15/2020	Common Stock		150,943		77		165
RapidMiner, Inc.	Warrant	11/28/2017	Preferred Series C-1		4,982		24		24
Reltio, Inc.	Warrant	6/30/2020	Common Stock		69,120		215		335
SignPost, Inc.	Warrant	1/13/2016	Series Junior 1 Preferred		474,019		314		-
SingleStore, Inc. (p.k.a. memsql, Inc.)	Warrant	4/28/2020	Preferred Series D		312,596		103		367
Tact.ai Technologies, Inc.	Warrant	2/13/2020	Common Stock		1,041,667		206		116
Udacity, Inc.	Warrant	9/25/2020	Common Stock		486,359		218		246
VideoAmp, Inc.	Warrant	1/21/2022	Common Stock		152,048		1,275		756	(14)
ZeroFox, Inc.	Warrant	5/7/2020	Preferred Series C-1		648,350		101		512
Zimperium, Inc.	Warrant	7/2/2021	Common Stock		20,563		72		49
Subtotal: Software (0.80%)*							7,087		10,716
Surgical Devices
Gynesonics, Inc.	Warrant	12/5/2012	Preferred Series C		33,670		13		-
TransMedics Group, Inc.	Warrant	11/7/2012	Common Stock		64,440		139		831	(4)
Subtotal: Surgical Devices (0.06%)*							152		831
Sustainable and Renewable Technology
Agrivida, Inc.	Warrant	6/20/2013	Preferred Series D		471,327		120		-
Fulcrum Bioenergy, Inc.	Warrant	9/13/2012	Preferred Series C-1		280,897		274		784
Halio, Inc.	Warrant	4/22/2014	Preferred Series A		325,000		155		149
	Warrant	4/7/2015	Preferred Series B		131,883		63		51
Total Halio, Inc.					456,883		218		200
Polyera Corporation	Warrant	12/11/2012	Preferred Series C		311,609		338		-
Subtotal: Sustainable and Renewable Technology (0.07%)*							950		984
Total: Warrant Investments (2.84%)*							30,089		37,897
Total Investments in Securities (14.85%)*						$	173,705	$	198,081
Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.	Investment Funds & Vehicles	11/16/2020					2,413		2,911	(5)(10)(16)
Total: Investment Funds & Vehicles Investments (0.22%)*						$	2,413	$	2,911
Total: Investments (194.41%)*						$	2,586,402	$	2,592,334

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

* Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.

(1)

Interest rate PRIME represents 3.50% as of March 31, 2022. 1-month LIBOR, 3-month LIBOR and 6-month LIBOR represent 0.45%, 0.96%, and 1.47%, respectively, as of March 31, 2022.

(2)

Gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation for federal income tax purposes totaled $101.4 million, $93.6 million and $7.8 million, respectively. The tax cost of investments is $2.6 billion.

(3)

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

(4)

Except for warrants in 27 publicly traded companies and common stock in 38 publicly traded companies, all investments are restricted as of March 31, 2022 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”).

(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 March 31, 2022, and is therefore considered non-income producing. Note that as of March 31, 2022, 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 is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).

(12)

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

(13)

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

(14)

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.

(15)

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 March 31, 2022.

(16)

Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of March 31, 2022. Refer to “Note 11 - Commitments and Contingencies”.

(17)

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.

(18)

Denotes second lien senior secured debt.

(19)

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.

(20)

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 for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of March 31, 2022, 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, 2021

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Debt Investments
Communications & Networking
1-5 Years Maturity
Cytracom Holdings LLC	Senior Secured	February 2025	3-month LIBOR + 9.31% or Floor rate of 10.31%	$	9,000	$	8,802	$	8,725	(11)(16)(17)
Rocket Lab Global Services, LLC	Senior Secured	June 2024	PRIME + 4.90% or Floor rate of 8.15%, PIK Interest 1.25%, 3.25% Exit Fee	$	88,542		88,286		90,505	(13)(15)
Subtotal: 1-5 Years Maturity							97,088		99,230
Subtotal: Communications & Networking (7.58%)*							97,088		99,230
Consumer & Business Products
1-5 Years Maturity
Grove Collaborative, Inc.	Senior Secured	April 2025	PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee	$	23,520		23,162		23,298	(18)
Subtotal: 1-5 Years Maturity							23,162		23,298
Subtotal: Consumer & Business Products (1.78%)*							23,162		23,298
Diversified Financial Services
Under 1 Year Maturity
Newfront Insurance Holdings, Inc.	Convertible Note	August 2022	PIK Interest 0.19% or Floor rate of 0.19%	$	403		403		403	(9)
Subtotal: Under 1 Year Maturity							403		403
1-5 Years Maturity
Gibraltar Business Capital, LLC	Unsecured	September 2026	FIXED 14.50%	$	15,000		14,662		13,818	(7)
	Unsecured	September 2026	FIXED 11.50%	$	10,000		9,823		9,394	(7)
Total Gibraltar Business Capital, LLC				$	25,000		24,485		23,212
Hercules Adviser LLC	Unsecured	May 2023	FIXED 5.00%	$	8,850		8,850		8,850	(7)
Subtotal: 1-5 Years Maturity							33,335		32,062
Subtotal: Diversified Financial Services (2.48%)*							33,738		32,465
Drug Discovery & Development
Under 1 Year Maturity
Chemocentryx, Inc.	Senior Secured	December 2022	PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	18,951		20,036		20,036	(10)
Subtotal: Under 1 Year Maturity							20,036		20,036
1-5 Years Maturity
Albireo Pharma, Inc.	Senior Secured	July 2024	PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee	$	10,000		10,229		10,268	(10)(11)
Aldeyra Therapeutics, Inc.	Senior Secured	October 2023	PRIME + 3.10% or Floor rate of 8.60%, 6.95% Exit Fee	$	15,000		15,639		15,653
Applied Genetic Technologies Corporation	Senior Secured	April 2024	PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee	$	20,000		20,416		20,339
Aveo Pharmaceuticals, Inc.	Senior Secured	September 2024	PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee	$	40,000		40,842		40,776	(11)(14)
Axsome Therapeutics, Inc.	Senior Secured	October 2026	PRIME + 5.70% or Floor rate of 8.95%, 5.82% Exit Fee	$	50,000		49,542		48,859	(10)(12)
Bicycle Therapeutics PLC	Senior Secured	October 2024	PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee	$	24,000		24,271		24,454	(5)(10)(11)(12)(16)
BiomX, INC	Senior Secured	September 2025	PRIME + 5.70% or Floor rate of 8.95%, 6.55% Exit Fee	$	9,000		8,980		8,980	(5)(10)(11)
BridgeBio Pharma, Inc.	Senior Secured	November 2026	FIXED 9.00%, 2.00% Exit Fee	$	38,000		37,462		37,462
Cellarity, Inc.	Senior Secured	June 2026	PRIME + 5.70% or Floor rate of 8.95%, 3.75% Exit Fee	$	30,000		29,422		29,422	(14)
Center for Breakthrough Medicines Holdings, LLC	Senior Secured	May 2023	PRIME + 5.50% or Floor rate of 8.75%, 7.50% Exit Fee	$	5,000		5,005		5,005
Century Therapeutics	Senior Secured	April 2024	PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee	$	10,000		10,075		10,361	(11)

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Chemocentryx, Inc.	Senior Secured	February 2025	PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee	$	5,000	$	5,161	$	5,070	(10)
Codiak Biosciences, Inc.	Senior Secured	October 2025	PRIME + 5.00% or Floor rate of 8.25%, 5.50% Exit Fee	$	25,000		25,459		25,316	(11)
Corium, Inc.	Senior Secured	September 2026	PRIME + 5.70% or Floor rate of 8.95%, 7.75% Exit Fee	$	91,500		90,997		90,997	(15)
Eloxx Pharmaceuticals, Inc.	Senior Secured	April 2025	PRIME + 6.25% or Floor rate of 9.50%, 6.55% Exit Fee	$	12,500		12,443		12,443	(14)
enGene, Inc.	Senior Secured	July 2025	PRIME + 5.00% or Floor rate of 8.25%, 6.35% Exit Fee	$	7,000		6,858		6,858	(5)(10)
G1 Therapeutics, Inc.	Senior Secured	November 2026	PRIME + 5.90% or Floor rate of 9.15%, 9.86% Exit Fee	$	58,125		57,873		57,874	(10)(11)(12)(14)(16)
Geron Corporation	Senior Secured	October 2024	PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee	$	32,500		32,704		32,744	(10)(12)
Hibercell, Inc.	Senior Secured	May 2025	PRIME + 5.40% or Floor rate of 8.65%, 4.95% Exit Fee	$	17,000		17,041		17,014	(14)
Humanigen, Inc.	Senior Secured	March 2025	PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee	$	20,000		20,235		19,985	(9)(10)
Kaleido Biosciences, Inc.	Senior Secured	January 2024	PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee	$	22,500		23,505		23,384	(12)
Locus Biosciences	Senior Secured	July 2025	PRIME + 6.10% or Floor rate of 9.35%, 4.95% Exit Fee	$	8,000		7,977		7,900	(14)
Nabriva Therapeutics	Senior Secured	June 2023	PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee	$	5,000		5,500		5,459	(5)(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	October 2026	PRIME + 2.25% or Floor rate of 5.50%, PIK Interest 3.35%, 7.50% Exit Fee	$	87,116		86,075		86,075	(10)(12)(13)(14)(15)(16)
Scynexis, Inc.	Senior Secured	March 2025	PRIME + 5.80% or Floor rate of 9.05%, 3.95% Exit Fee	$	16,000		15,826		15,778
Seres Therapeutics, Inc.	Senior Secured	November 2023	PRIME + 4.40% or Floor rate of 9.65%, 4.85% Exit Fee	$	24,051		24,777		25,183
Syndax Pharmaceutics Inc.	Senior Secured	April 2024	PRIME + 6.00% or Floor rate of 9.25%, 4.99% Exit Fee	$	20,000		20,646		20,653	(12)(16)
TG Therapeutics, Inc.	Senior Secured	January 2026	PRIME + 2.15% or Floor rate of 5.40%, PIK Interest 3.45%, 5.95% Exit Fee	$	51,450		50,470		50,470	(10)
uniQure B.V.	Senior Secured	December 2025	PRIME + 4.70% or Floor rate of 7.95%, 7.28% Exit Fee	$	77,500		78,755		78,755	(5)(10)(11)(12)(15)
Unity Biotechnology, Inc.	Senior Secured	August 2024	PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee	$	22,701		23,293		23,627	(9)
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)	Senior Secured	May 2024	PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee	$	11,500		11,547		11,492	(11)
X4 Pharmaceuticals, Inc.	Senior Secured	July 2024	PRIME + 3.75% or Floor rate of 8.75%, 8.80% Exit Fee	$	32,500		34,140		34,085	(11)(12)
Yumanity Therapeutics, Inc.	Senior Secured	January 2024	PRIME + 4.00% or Floor rate of 8.75%, 5.92% Exit Fee	$	12,732		13,256		13,187
Subtotal: 1-5 Years Maturity							916,421		915,928
Subtotal: Drug Discovery & Development (71.53%)*							936,457		935,964
Healthcare Services, Other
1-5 Years Maturity
Better Therapeutics, Inc.	Senior Secured	August 2025	PRIME + 5.70% or Floor rate of 8.95%, 5.95% Exit Fee	$	8,000		7,966		7,966	(14)(16)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	3-month LIBOR + 5.00% or Floor rate of 6.00%, PIK Interest 4.45%	$	25,022		24,653		24,653	(13)(16)
Carbon Health Technologies, Inc.	Senior Secured	March 2025	PRIME + 5.60% or Floor rate of 8.85%, 4.61% Exit Fee	$	46,125		45,964		45,964	(16)(18)
Equality Health, LLC	Senior Secured	February 2026	PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.55%	$	35,444		35,141		35,056	(12)(13)(16)
Subtotal: 1-5 Years Maturity							113,724		113,639
Subtotal: Healthcare Services, Other (8.68%)*							113,724		113,639
Information Services
1-5 Years Maturity
Capella Space	Senior Secured	November 2024	PRIME + 5.00% or Floor rate of 8.25%, PIK Interest 1.10%, 4.00% Exit Fee	$	20,025		19,751		19,424	(13)(14)(18)
Yipit, LLC	Senior Secured	September 2026	1-month LIBOR + 9.08% or Floor rate of 10.08%	$	45,900		45,022		45,022	(16)(17)
Subtotal: 1-5 Years Maturity							64,773		64,446
Subtotal: Information Services (4.93%)*							64,773		64,446

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Internet Consumer & Business Services
Under 1 Year Maturity
Nextroll, Inc.	Senior Secured	June 2022	PRIME + 3.75% or Floor rate of 7.00%, PIK Interest 2.95%, 3.50% Exit Fee	$	21,555	$	22,164	$	22,164	(12)(13)(18)
Subtotal: Under 1 Year Maturity							22,164		22,164
1-5 Years Maturity
AppDirect, Inc.	Senior Secured	August 2024	PRIME + 5.90% or Floor rate of 9.15%, 7.95% Exit Fee	$	30,790		31,416		32,248
Carwow LTD	Senior Secured	December 2024	PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.45%, 4.95% Exit Fee	£	21,250		28,632		28,632	(5)(10)(13)
ePayPolicy Holdings, LLC	Senior Secured	December 2024	3-month LIBOR + 8.50% or Floor rate of 9.50%	$	8,169		8,011		7,967	(11)(16)
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 5.50%	$	20,676		20,676		20,425	(9)(13)
Rhino Labs, Inc.	Senior Secured	March 2024	PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 2.25%	$	16,136		15,765		15,876	(13)(14)
RVShare, LLC	Senior Secured	December 2026	1-month LIBOR + 5.50% or Floor rate of 6.50%, PIK Interest 4.00%	$	15,000		14,701		14,701	(14)(16)
SeatGeek, Inc.	Senior Secured	June 2023	PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%	$	60,607		59,983		60,316	(13)
Skyword, Inc.	Senior Secured	September 2024	PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.90%, 4.00% Exit Fee	$	12,426		12,665		12,521	(13)
Tectura Corporation	Senior Secured	July 2024	PIK Interest 5.00%	$	10,680		240		—	(7)(8)(13)
	Senior Secured	July 2024	FIXED 8.25%	$	8,250		8,250		8,250	(7)(8)
	Senior Secured	July 2024	PIK Interest 5.00%	$	13,023		13,023		19	(7)(8)(13)
Total Tectura Corporation				$	31,953		21,513		8,269
Thumbtack, Inc.	Senior Secured	September 2023	PRIME + 3.45% or Floor rate of 8.95%, PIK Interest 1.50%, 3.95% Exit Fee	$	25,618		25,965		26,372	(12)(13)
Zepz (p.k.a. Worldremit Group Limited)	Senior Secured	February 2025	3-month LIBOR + 9.25% or Floor rate of 10.25%, 3.00% Exit Fee	$	103,000		101,674		100,472	(5)(10)(12)(15)(18)
Subtotal: 1-5 Years Maturity							341,001		327,799
Subtotal: Internet Consumer & Business Services (26.74%)*							363,165		349,963
Manufacturing Technology
Under 1 Year Maturity
Bright Machines, Inc.	Senior Secured	November 2022	PRIME + 5.70% or Floor rate of 8.95%, 6.95% Exit Fee	$	15,000		14,995		14,995	(18)
Subtotal: Under 1 Year Maturity							14,995		14,995
Subtotal: Manufacturing Technology (1.15%)*							14,995		14,995
Semiconductors
1-5 Years Maturity
Fungible Inc.	Senior Secured	December 2024	PRIME + 5.00% or Floor rate of 8.25%, 4.95% Exit Fee	$	20,000		19,072		19,072	(14)(18)
Subtotal: 1-5 Years Maturity							19,072		19,072
Subtotal: Semiconductors (1.46%)*							19,072		19,072
Software
Under 1 Year Maturity
Khoros (p.k.a Lithium Technologies)	Senior Secured	October 2022	6-month LIBOR + 8.00% or Floor rate of 9.00%	$	56,208		55,834		55,834	(16)
Pymetrics, Inc.	Senior Secured	October 2022	PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee	$	9,667		9,845		9,845	(13)
Regent Education	Senior Secured	January 2022	FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee	$	2,951		3,064		2,608	(8)(13)
Subtotal: Under 1 Year Maturity							68,743		68,287
1-5 Years Maturity
3GTMS, LLC.	Senior Secured	February 2025	6-Month LIBOR + 9.28% or Floor rate of 10.28%	$	10,000		9,812		9,656	(16)(17)
Agilence, Inc.	Senior Secured	October 2026	1-month LIBOR + 9.00% or Floor rate of 10.00%	$	9,400		9,138		9,138	(16)

See notes to consolidated financial statements

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(dollars in thousands)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Brain Corporation	Senior Secured	April 2025	PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.00%, 3.95% Exit Fee	$	10,016	$	9,943	$	9,943	(13)(14)(16)
Campaign Monitor Limited	Senior Secured	November 2025	6-month LIBOR + 7.90% or Floor rate of 11.15%	$	33,000		32,459		33,000	(18)
Ceros, LLC	Senior Secured	September 2026	3-month LIBOR + 8.89% or Floor rate of 9.89%	$	17,978		17,474		17,474	(16)(17)
Cloud 9 Software	Senior Secured	April 2024	3-month LIBOR + 8.20% or Floor rate of 9.20%	$	9,953		9,856		9,953	(12)
CloudBolt Software, Inc.	Senior Secured	October 2024	PRIME + 6.70% or Floor rate of 9.95%, 2.95% Exit Fee	$	10,000		9,923		10,035	(11)(12)(18)
Cybermaxx Intermediate Holdings, Inc.	Senior Secured	August 2026	6-month LIBOR + 9.28% or Floor rate of 10.28%	$	8,000		7,801		7,801	(16)
Dashlane, Inc.	Senior Secured	July 2025	PRIME + 3.05% or Floor rate of 7.55%, PIK Interest 1.10%, 7.10% Exit Fee	$	20,719		21,807		21,734	(11)(13)(16)(18)
Delphix Corp.	Senior Secured	February 2023	PRIME + 5.50% or Floor rate of 10.25%, 5.00% Exit Fee	$	60,000		61,736		62,345	(12)(15)(18)
Demandbase, Inc.	Senior Secured	August 2025	PRIME + 5.25% or Floor rate of 8.50%, 2.00% Exit Fee	$	16,875		16,463		16,463	(16)(18)
Enmark Systems	Senior Secured	September 2026	6-Month LIBOR + 6.83% or Floor rate of 7.83%, PIK Interest 2.19%	$	8,000		7,798		7,798	(11)(16)(17)
Esentire, Inc.	Senior Secured	May 2024	3-month LIBOR + 9.96% or Floor rate of 10.96%	$	21,000		20,699		20,750	(5)(10)(11)(17)
Gryphon Networks Corp.	Senior Secured	January 2026	3-month LIBOR + 9.69% or Floor rate of 10.69%	$	5,232		5,106		5,088	(11)(16)
Ikon Science Limited	Senior Secured	October 2024	3-month LIBOR + 9.00% or Floor rate of 10.00%	$	6,913		6,719		6,767	(5)(10)(16)(17)
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)	Senior Secured	July 2023	3-month LIBOR + 10.14% or Floor rate of 11.14%	$	8,571		8,403		8,375	(17)
Logicworks	Senior Secured	January 2024	PRIME + 7.50% or Floor rate of 10.75%	$	10,000		9,862		9,965	(12)(16)
Mixpanel, Inc.	Senior Secured	August 2024	PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee	$	20,431		20,292		21,030	(12)(13)(18)
Mobile Solutions Services	Senior Secured	December 2025	6-month LIBOR + 9.87% or Floor rate of 10.87%	$	19,074		18,575		18,834	(16)(17)
Nuvolo Technologies Corporation	Senior Secured	July 2025	PRIME + 7.70% or Floor rate of 10.95%, 1.75% Exit Fee	$	15,000		14,967		15,017	(12)(18)
Pollen, Inc.	Senior Secured	November 2023	PRIME + 4.75% or Floor rate of 8.00%, PIK Interest 0.50%, 4.50% Exit Fee	$	7,457		7,528		7,314	(13)
	Senior Secured	November 2023	PRIME + 5.25% or Floor rate of 8.50%, PIK Interest 1.35%, 4.50% Exit Fee	$	13,041		13,005		13,092	(13)(14)
Total Pollen, Inc.				$	20,498		20,533		20,406
Reltio, Inc.	Senior Secured	July 2023	PRIME + 5.70% or Floor rate of 8.95%, PIK Interest 1.70%, 4.95% Exit Fee	$	10,248		10,336		10,542	(13)(18)
ShadowDragon, LLC	Senior Secured	December 2026	3-month LIBOR + 9.00% or Floor rate of 10.00%	$	6,000		5,828		5,828	(16)(17)
Tact.ai Technologies, Inc.	Senior Secured	February 2024	PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	5,185		5,305		5,245	(13)
ThreatConnect, Inc.	Senior Secured	May 2026	3-month LIBOR + 9.00% or Floor rate of 10.00%	$	11,144		10,831		10,859	(12)(16)(17)
Udacity, Inc.	Senior Secured	September 2024	PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	50,895		50,646		51,722	(12)(13)
Zimperium, Inc.	Senior Secured	July 2024	1-month LIBOR + 8.95% or Floor rate of 9.95%	$	15,633		15,347		15,347	(12)(17)
Subtotal: 1-5 Years Maturity							437,659		441,115
Greater than 5 Years Maturity