htgc-20230930


(in thousands, except per share data)	September 30, 2023		December 31, 2022
	(unaudited)
Assets
Investments, at fair value:
Non-control/Non-affiliate investments (cost of $3,207,251 and $2,918,425, respectively)	$	3,158,241	$	2,887,497
Control investments (cost of $101,643 and $87,271, respectively)	103,150		76,458
Total investments, at fair value (cost of $3,308,894 and $3,005,696, respectively; fair value amounts related to a VIE $265,647 and $236,585, respectively)	3,261,391		2,963,955
Cash and cash equivalents	31,979		15,797
Restricted cash (amounts related to a VIE $5,252 and $10,079, respectively)	5,252		10,079
Interest receivable	32,053		31,682
Right of use asset	5,059		4,986
Other assets	668		2,356
Total assets	$	3,336,402	$	3,028,855

Liabilities
Debt (net of debt issuance costs - Note 5; amounts related to a VIE $148,397 and $147,957, respectively)	$	1,632,738	$	1,574,351
Accounts payable and accrued liabilities	46,259		47,539
Operating lease liability	5,348		5,506
Total liabilities	$	1,684,345	$	1,627,396

Net assets consist of:
Common stock, par value	$	152	$	134
Capital in excess of par value	1,579,377		1,341,416
Total distributable earnings	72,528		59,909
Total net assets	$	1,652,057	$	1,401,459
Total liabilities and net assets	$	3,336,402	$	3,028,855

Shares of common stock outstanding ($0.001 par value and 200,000 authorized)	151,179		133,045
Net asset value per share	$	10.93	$	10.53


(in thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Investment income:
Interest and dividend income:
Non-control/Non-affiliate investments	$	109,240	80,146		$	315,952	207,747
Control investments	1,099		1,181		3,270		3,440
Affiliate investments	—		81		—		1,204
Total interest and dividend income	110,339		81,408		319,222		212,391
Fee income:
Non-control/Non-affiliate investments	6,383		2,803		18,783		9,059
Control investments	22		18		60		51
Total fee income	6,405		2,821		18,843		9,110
Total investment income	116,744		84,229		338,065		221,501
Operating expenses:
Interest	16,428		14,499		50,237		38,844
Loan fees	2,524		2,183		7,317		5,517
General and administrative	4,591		4,364		13,868		12,504
Tax expenses	1,882		1,602		5,249		4,135
Employee compensation:
Compensation and benefits	13,604		10,968		41,062		30,357
Stock-based compensation	3,337		2,474		9,848		10,559
Total employee compensation	16,941		13,442		50,910		40,916
Total gross operating expenses	42,366		36,090		127,581		101,916
Expenses allocated to the Adviser Subsidiary	(2,416)		(1,863)		(7,509)		(6,335)
Total net operating expenses	39,950		34,227		120,072		95,581
Net investment income	76,794		50,002		217,993		125,920
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss):
Non-control/Non-affiliate investments	(2,587)		7,303		5,590		2,703
Affiliate investments	—		(2,014)		—		1,758
Loss on extinguishment of debt	—		—		—		(3,686)
Total net realized gain (loss)	(2,587)		5,289		5,590		775
Net change in unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	(45,141)		(4,149)		(18,597)		(94,847)
Control investments	(1,099)		(2,571)		12,320		3,611
Affiliate investments	—		4,631		—		4,089
Total net change in unrealized appreciation (depreciation)	(46,240)		(2,089)		(6,277)		(87,147)
Total net realized gain (loss) and net change in unrealized appreciation (depreciation)	(48,827)		3,200		(687)		(86,372)
Net increase (decrease) in net assets resulting from operations	$	27,967	$	53,202	$	217,306	$	39,548

Net investment income before gains and losses per common share:
Basic	$	0.52	$	0.39	$	1.53	$	1.01
Change in net assets resulting from operations per common share:
Basic	$	0.19	$	0.41	$	1.52	$	0.31
Diluted	$	0.19	$	0.41	$	1.51	$	0.30
Weighted average shares outstanding:
Basic	146,899		127,484		141,223		123,379
Diluted	147,110		129,334		142,126		124,767
Distributions paid per common share:
Basic	$	0.48	$	0.50	$	1.42	$	1.46


(in thousands)	Common Stock			Capital in excess of par value		Distributable Earnings (loss)		Net Assets
For the Three Months Ended September 30, 2023	Shares	Par Value
Balance as of June 30, 2023	144,641	$	145	$	1,468,270	$	117,095	$	1,585,510
Net increase (decrease) in net assets resulting from operations	—	—		—		27,967		27,967
Public offering, net of offering expenses	6,500	7		107,555		—		107,562
Issuance of common stock under equity-based award plans	21	—		163		—		163
Shares retired on vesting of equity-based awards	(48)	—		(675)		—		(675)
Distributions reinvested in common stock	65	—		1,057		—		1,057
Distributions	—	—		—		(72,534)		(72,534)
Stock-based compensation (1)	—	—		3,007		—		3,007
Balance as of September 30, 2023	151,179	$	152	$	1,579,377	$	72,528	$	1,652,057

For the Nine Months Ended September 30, 2023
Balance as of December 31, 2022	133,045	$	134	$	1,341,416	$	59,909	$	1,401,459
Net increase (decrease) in net assets resulting from operations	—	—		—		217,306		217,306
Public offering, net of offering expenses	16,221	16		238,294		—		238,310
Issuance of common stock under equity-based award plans	1,923	2		376		—		378
Shares retired on vesting of equity-based awards	(208)	—		(12,503)		—		(12,503)
Distributions reinvested in common stock	198	—		2,936		—		2,936
Distributions	—	—		—		(204,687)		(204,687)
Stock-based compensation (1)	—	—		8,858		—		8,858
Balance as of September 30, 2023	151,179	$	152	$	1,579,377	$	72,528	$	1,652,057


(in thousands)	Common Stock			Capital in excess of par value		Distributable Earnings (loss)		Net Assets
For the Three Months Ended September 30, 2022	Shares	Par Value
Balance as of June 30, 2022	127,285	$	128	$	1,242,618	$	84,994	$	1,327,740
Net increase (decrease) in net assets resulting from operations	—	—		—		53,202		53,202
Public offering, net of offering expenses	2,866	3		42,851		—		42,854
Issuance of common stock under equity-based award plans	45	—		266		—		266
Shares retired on vesting of equity-based awards	(68)	—		(838)		—		(838)
Distributions reinvested in common stock	63	—		949		—		949
Distributions	—	—		—		(63,950)		(63,950)
Stock-based compensation (1)	—	—		2,495		—		2,495
Balance as of September 30, 2022	130,191	$	131	$	1,288,341	$	74,246	$	1,362,718

For the Nine Months Ended September 30, 2022
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	—	—		—		39,548		39,548
Public offering, net of offering expenses	11,787	12		189,946		—		189,958
Issuance of common stock under equity-based award plans	870	1		719		—		720
Shares retired on vesting of equity-based awards	(250)	—		(5,458)		—		(5,458)
Distributions reinvested in common stock	184	—		2,895		—		2,895
Issuance of Convertible Notes	981	1		(1)		—		—
Distributions	—	—		—		(181,825)		(181,825)
Stock-based compensation (1)	—	—		8,333		—		8,333
Balance as of September 30, 2022	130,191	$	131	$	1,288,341	$	74,246	$	1,362,718


(in thousands)	For the Nine Months Ended September 30,
	2023		2022
Cash flows provided by (used in) operating activities:
Net increase (decrease) in net assets resulting from operations	$	217,306	$	39,548
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(1,291,627)		(1,097,812)
Fundings assigned to Adviser Funds	294,468		247,848
Principal and fee repayments received and proceeds from the sale of debt investments	685,103		378,109
Proceeds from the sale of equity and warrant investments	34,877		14,303
Net change in unrealized (appreciation) depreciation	6,277		87,147
Net realized (gain) loss	(5,590)		(4,461)
Accretion of paid-in-kind principal	(17,999)		(14,888)
Accretion of loan discounts	(5,344)		(2,996)
Accretion of loan discount on convertible notes	—		112
Accretion of loan exit fees	(14,140)		(18,398)
Change in loan income, net of collections	15,349		19,412
Unearned fees related to unfunded commitments	(279)		3,378
Realized loss on extinguishment of debt	—		364
Amortization of debt fees and issuance costs	5,227		4,051
Depreciation and amortization	167		160
Stock-based compensation and amortization of restricted stock grants (1)	8,858		8,333
Change in operating assets and liabilities:
Interest receivable	(366)		(8,039)
Other assets	6,533		(1,196)
Accrued liabilities	(1,419)		(14,856)
Net cash provided by (used in) operating activities	(62,599)		(359,881)

Cash flows provided by (used in) investing activities:
Purchases of capital equipment	(390)		(86)
Net cash provided by (used in) investing activities	(390)		(86)

Cash flows provided by (used in) financing activities:
Issuance of common stock	243,609		192,011
Offering expenses	(5,299)		(2,053)
Retirement of employee shares, net	(12,125)		(4,738)
Distributions paid	(201,751)		(178,930)
Issuance of debt	533,000		1,169,237
Repayment of debt	(478,000)		(878,198)
Debt issuance costs	—		(6,581)
Fees paid for credit facilities and debentures	(5,090)		(1,635)
Net cash provided by (used in) financing activities	74,344		289,113
Net increase (decrease) in cash, cash equivalents, and restricted cash	11,355		(70,854)
Cash, cash equivalents, and restricted cash at beginning of period	25,876		136,265
Cash, cash equivalents, and restricted cash at end of period	$	37,231	$	65,411

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid	$	57,410	$	44,382
Income tax, including excise tax, paid	$	5,205	$	7,341
Distributions reinvested	$	2,936	$	2,895


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Debt Investments
Biotechnology Tools
Alamar Biosciences, Inc.	Senior Secured	June 2026	Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee	$	5,036	$	5,069	$	5,135	(13)(14)(17)
PathAI, Inc.	Senior Secured	January 2027	Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee	$	28,000	27,858		28,314		(12)(17)
Subtotal: Biotechnology Tools (2.02%)*						32,927		33,449
Communications & Networking
Aryaka Networks, Inc.	Senior Secured	July 2026	Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee	$	15,113	15,009		15,536		(12)(14)(17)(19)
Cytracom Holdings LLC	Senior Secured	February 2025	3-month SOFR + 9.72%, Floor rate 10.62%	$	3,275	3,242		3,274		(11)(17)(18)
Rocket Lab Global Services, LLC	Senior Secured	June 2024	Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee	$	85,375	87,142		87,142		(11)(12)(13)(14)(16)
Subtotal: Communications & Networking (6.41%)*						105,393		105,952
Consumer & Business Services
AppDirect, Inc.	Senior Secured	April 2026	Prime + 5.50%, Floor rate 8.75%, 7.12% Exit Fee	$	55,790	57,399		59,140		(12)
Carwow LTD	Senior Secured	December 2024	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee	£	19,493	26,624		24,132		(5)(10)(14)(17)

Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 7.00%	$	22,897	22,897		23,491		(9)(14)
Jobandtalent USA, Inc.	Senior Secured	February 2025	1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee	$	14,000	14,030		14,180		(5)(10)
Provi	Senior Secured	December 2026	Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee	$	15,000	14,860		14,938		(15)
Rhino Labs, Inc.	Senior Secured	March 2024	Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%	$	9,069	9,039		9,039		(14)(15)
Riviera Partners LLC	Senior Secured	April 2027	3-month SOFR + 7.53%, Floor rate 8.53%	$	25,922	25,438		25,060		(17)(18)
RVShare, LLC	Senior Secured	December 2026	3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%	$	28,586	28,212		28,413		(13)(14)(15)(17)
SeatGeek, Inc.	Senior Secured	May 2026	Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 1.00% Exit Fee	$	25,167	25,067		25,282		(11)(14)(16)
	Senior Secured	July 2025	Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%	$	77,551	77,019		77,019		(12)(14)(16)

Total SeatGeek, Inc.				$	102,718	102,086		102,301
Skyword, Inc.	Senior Secured	November 2026	Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee	$	9,128	9,120		9,222		(13)(14)
Tectura Corporation	Senior Secured	July 2024	PIK Interest 5.00%	$	23,703	13,263		—		(7)(8)(14)
	Senior Secured	July 2024	FIXED 8.25%	$	8,250	8,250		6,243		(7)
Total Tectura Corporation				$	31,953	21,513		6,243
Thumbtack, Inc.	Senior Secured	April 2026	Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee	$	10,219	10,248		10,546		(12)(14)(17)
Udacity, Inc.	Senior Secured	September 2024	Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	52,733	53,544		52,559		(12)(14)
Veem, Inc.	Senior Secured	March 2025	Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee	$	5,091	5,130		5,193		(13)(14)
	Senior Secured	March 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee	$	5,091	5,142		5,256		(12)(14)
Total Veem, Inc.				$	10,182	10,272		10,449
Worldremit Group Limited	Senior Secured	February 2025	3-month SOFR + 9.40%, Floor rate 10.25%, 3.20% Exit Fee	$	88,250	88,965		89,162		(5)(10)(11)(12)(16)(19)
	Senior Secured	February 2025	1-month SOFR + 9.35%, Floor rate 10.25%, 3.20% Exit Fee	$	6,250	6,279		6,304		(5)(10)(16)(19)
Total Worldremit Group Limited				$	94,500	95,244		95,466
Subtotal: Consumer & Business Services (29.37%)*						500,526		485,179
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)	Unsecured	September 2026	FIXED 11.50%	$	25,000	24,638		24,638		(7)(20)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
	Unsecured	September 2026	FIXED 11.95%	$	10,000	$	9,801	$	9,801	(7)(20)
Total Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)				$	35,000	34,439		34,439

Hercules Adviser LLC	Unsecured	June 2025	FIXED 5.00%	$	12,000	12,000		12,000		(7)(23)

Next Insurance, Inc.	Senior Secured	February 2028	Prime -1.50%, Floor rate 4.75%, PIK Interest 5.50%	$	10,325	10,134		10,433		(14)(17)(19)
Subtotal: Diversified Financial Services (3.44%)*						56,573		56,872
Drug Discovery & Development
Akero Therapeutics, Inc.	Senior Secured	January 2027	Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee	$	12,500	12,454		12,948		(10)(13)(17)
Aldeyra Therapeutics, Inc.	Senior Secured	October 2024	Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee	$	15,000	16,137		16,296		(11)
Alladapt Immunotherapeutics Inc.	Senior Secured	September 2026	Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 5.30% Exit Fee	$	35,000	35,002		35,016		(13)
AmplifyBio, LLC	Senior Secured	January 2027	Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee	$	24,000	24,000		23,989		(15)
ATAI Life Sciences N.V.	Senior Secured	August 2026	Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee	$	10,500	10,643		10,783		(5)(10)
Axsome Therapeutics, Inc.	Senior Secured	January 2028	Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee	$	143,350	143,226		147,815		(10)(11)(12)(16)(17)
Bicycle Therapeutics PLC	Senior Secured	July 2025	Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee	$	11,500	11,849		11,654		(5)(10)(11)(12)
BiomX, INC	Senior Secured	September 2025	Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee	$	7,242	7,557		7,567		(5)(10)(11)
Braeburn, Inc.	Senior Secured	October 2028	Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee	$	52,500	51,942		51,942
BridgeBio Pharma, Inc.	Senior Secured	November 2026	FIXED 9.00%, 2.00% Exit Fee	$	38,167	38,064		34,821		(12)(13)(14)
Cellarity, Inc.	Senior Secured	June 2026	Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee	$	30,000	30,170		30,747		(13)(15)
COMPASS Pathways plc	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee	$	24,059	23,605		23,605		(5)(10)(14)
Corium, Inc.	Senior Secured	September 2026	Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee	$	132,675	135,071		137,809		(13)(16)
Curevo, Inc.	Senior Secured	June 2027	Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee	$	10,000	9,746		9,746		(15)
Eloxx Pharmaceuticals, Inc.	Senior Secured	April 2025	Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee	$	4,780	5,444		5,337		(15)
enGene, Inc.	Senior Secured	July 2025	Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee	$	9,842	10,151		10,222		(5)(10)(12)(13)
G1 Therapeutics, Inc.	Senior Secured	November 2026	Prime + 5.65%, Floor rate 9.15%, 11.41% Exit Fee	$	38,750	39,530		40,014		(11)(12)(15)
Geron Corporation	Senior Secured	April 2025	Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee	$	18,500	19,314		19,603		(10)(12)(13)(17)
Gritstone Bio, Inc.	Senior Secured	July 2027	Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee	$	22,916	23,062		23,118		(13)(14)(17)
Heron Therapeutics, Inc.	Senior Secured	February 2026	Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee	$	20,019	19,624		19,624		(14)(15)
Hibercell, Inc.	Senior Secured	May 2025	Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee	$	14,495	15,014		15,047		(13)(15)
HilleVax, Inc.	Senior Secured	May 2027	Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee	$	20,377	20,441		19,828		(14)(15)

Kura Oncology, Inc.	Senior Secured	November 2027	Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee	$	5,500	5,510		5,687		(10)(15)
Locus Biosciences, Inc.	Senior Secured	July 2025	Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee	$	6,140	6,361		6,394		(15)
Madrigal Pharmaceutical, Inc.	Senior Secured	May 2026	Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee	$	78,200	78,324		80,521		(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	October 2026	Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee	$	97,049	98,323		99,188		(10)(12)(14)(15)(16)(17)(22)
Redshift Bioanalytics, Inc.	Senior Secured	January 2026	Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee	$	5,000	5,024		5,080		(15)
Replimune Group, Inc.	Senior Secured	October 2027	Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee	$	20,986	21,035		21,536		(10)(12)(14)
Tarsus Pharmaceuticals, Inc.	Senior Secured	February 2027	Prime + 4.45%, Floor rate 8.45%, Cap rate 11.45%, 4.75% Exit Fee	$	12,375	12,452		12,701		(10)(13)(17)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
TG Therapeutics, Inc.	Senior Secured	January 2026	Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee	$	65,398	$	65,737	$	66,736	(10)(11)(12)(14)
uniQure B.V.	Senior Secured	January 2027	Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee	$	70,000	70,915		73,203		(5)(10)(11)(12)

Valo Health, LLC	Senior Secured	May 2024	Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee	$	3,833	4,217		4,217		(11)(13)
Viridian Therapeutics, Inc.	Senior Secured	October 2026	Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee	$	8,000	8,015		7,854		(10)(13)(17)


X4 Pharmaceuticals, Inc.	Senior Secured	October 2026	Prime + 3.15%, Floor rate 10.15%, 3.80% Exit Fee	$	55,000	54,444		54,762		(11)(12)(13)
Subtotal: Drug Discovery & Development (69.33%)*						1,132,403		1,145,410
Electronics & Computer Hardware
Locus Robotics Corp.	Senior Secured	June 2026	Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee	$	18,281	18,301		19,084		(17)(19)
Subtotal: Electronics & Computer Hardware (1.16%)*						18,301		19,084
Healthcare Services, Other
Better Therapeutics, Inc.	Senior Secured	August 2025	Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee	$	11,314	11,671		11,353		(15)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45%	$	58,316	57,667		57,926		(11)(13)(14)
Carbon Health Technologies, Inc.	Senior Secured	March 2025	Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee	$	46,125	47,023		47,342		(11)(13)
Equality Health, LLC	Senior Secured	February 2026	Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%	$	54,213	53,893		54,483		(11)(12)(14)
Main Street Rural, Inc.	Senior Secured	July 2027	Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee	$	24,500	24,350		24,350		(15)(17)
Modern Life, Inc.	Senior Secured	February 2027	Prime + 2.75%, Floor rate 8.75%, 3.00% Exit Fee	$	13,000	12,826		12,999		(13)(17)
Recover Together, Inc.	Senior Secured	July 2027	Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee	$	35,000	34,495		34,495
Strive Health Holdings, LLC	Senior Secured	September 2027	Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee	$	12,000	11,822		11,822		(15)
Vida Health, Inc.	Senior Secured	March 2026	9.20% + Lower of (Prime -3.25%) or 1.00%, Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee	$	22,000	21,885		21,532		(11)
Subtotal: Healthcare Services, Other (16.72%)*						275,632		276,302
Information Services
Capella Space Corp.	Senior Secured	November 2025	Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee	$	20,420	20,994		21,154		(14)(15)
Checkr Group, Inc.	Senior Secured	August 2028	Prime + 1.45%, Floor rate 8.00%, PIK Interest 2.00%, 2.75% Exit Fee	$	47,381	47,164		47,164		(14)(17)
Saama Technologies, LLC	Senior Secured	July 2027	Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee	$	11,666	11,544		11,544		(14)(17)
Signal Media Limited	Senior Secured	June 2025	Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee	$	4,500	4,463		4,454		(5)(10)(17)
Yipit, LLC	Senior Secured	September 2026	1-month SOFR + 8.47%, Floor rate 9.37%	$	31,875	31,452		31,757		(17)(18)
Subtotal: Information Services (7.03%)*						115,617		116,073
Manufacturing Technology
Bright Machines, Inc.	Senior Secured	April 2025	Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee	$	8,748	8,884		8,920		(13)

Ouster, Inc.	Senior Secured	May 2026	Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee	$	14,000	14,185		14,796		(10)(13)
Subtotal: Manufacturing Technology (1.44%)*						23,069		23,716
Media/Content/Info
Fever Labs, Inc.	Senior Secured	September 2026	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	6,667	6,645		6,726		(19)
	Senior Secured	September 2025	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	1,333	1,337		1,346		(19)
	Senior Secured	December 2025	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	1,500	1,499		1,508		(19)
	Senior Secured	March 2026	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	1,667	1,658		1,663		(19)
	Senior Secured	June 2026	Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee	$	1,667	1,635		1,638		(19)
Total Fever Labs, Inc.				$	12,834	12,774		12,881
Subtotal: Media/Content/Info (0.78%)*						12,774		12,881


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Medical Devices & Equipment
Senseonics Holdings, Inc.	Senior Secured	September 2027	Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee	$	21,875	$	21,461	$	21,461
Subtotal: Medical Devices & Equipment (1.30%)*						21,461		21,461
Software
3GTMS, LLC	Senior Secured	February 2025	6-month SOFR + 9.70%, Floor rate 10.60%	$	12,605	12,508		12,548		(11)(17)(18)
	Senior Secured	February 2025	3-month SOFR + 6.88%, Floor rate 7.78%	$	2,000	1,998		1,984		(17)(18)
Total 3GTMS, LLC				$	14,605	14,506		14,532
Agilence, Inc.	Senior Secured	October 2026	1-month BSBY + 9.00%, Floor rate 10.00%	$	9,236	9,051		9,170		(12)(17)(18)
Alchemer LLC	Senior Secured	May 2028	1-month SOFR + 8.14%, Floor rate 9.14%	$	20,908	20,491		21,126		(13)(17)(18)
Allvue Systems, LLC	Senior Secured	September 2029	6-month SOFR + 7.25%, Floor rate 8.25%	$	36,410	35,505		35,505		(17)
Annex Cloud	Senior Secured	February 2027	1-month BSBY + 8.99%, Floor rate 9.99%	$	8,844	8,666		8,737		(13)
Automation Anywhere, Inc.	Senior Secured	September 2027	Prime + 4.25%, Floor rate 9.00%, 3.50% Exit Fee	$	19,600	19,270		20,032		(11)(17)(19)
Babel Street	Senior Secured	December 2027	3-month SOFR + 7.89%, Floor rate 8.89%	$	45,000	43,935		44,887		(15)(17)(18)
Brain Corporation	Senior Secured	April 2026	Prime + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee	$	30,338	30,490		30,694		(13)(14)(15)(17)
Campaign Monitor Limited	Senior Secured	November 2025	3-month SOFR + 9.05%, Floor rate 9.90%	$	33,000	32,672		33,000		(13)(19)
Catchpoint Systems, Inc.	Senior Secured	November 2025	3-month SOFR + 9.41%, Floor rate 11.81%	$	10,098	9,940		9,944		(18)
Ceros, Inc.	Senior Secured	September 2026	6-month LIBOR + 8.99%, Floor rate 9.89%	$	21,298	20,923		21,492		(17)(18)
	Senior Secured	September 2026	6-month SOFR + 8.89%, Floor rate 9.89%	$	1,622	1,599		1,614		(17)(18)
Total Ceros, Inc.				$	22,920	22,522		23,106
Constructor.io Corporation	Senior Secured	July 2027	1-month SOFR + 8.44%, Floor rate 9.44%	$	4,688	4,587		4,758		(13)(17)(18)
Convoy, Inc.	Senior Secured	March 2026	Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee	$	75,092	74,861		24,555		(8)(14)(19)
Copper CRM, Inc	Senior Secured	March 2025	Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.14% Exit Fee	$	9,500	9,629		9,407		(11)(14)
Cutover, Inc.	Senior Secured	October 2025	Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee	$	5,500	5,516		5,685		(5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc.	Senior Secured	August 2026	6-month SOFR + 8.63%, Floor rate 9.38%	$	7,975	7,840		7,701		(13)(17)
	Senior Secured	August 2026	6-month SOFR + 12.36%, Floor rate 13.11%	$	2,553	2,497		2,604		(17)
Total Cybermaxx Intermediate Holdings, Inc.				$	10,528	10,337		10,305
Dashlane, Inc.	Senior Secured	July 2025	Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 2.39% Exit Fee	$	42,729	42,897		43,211		(11)(13)(14)(19)
Dispatch Technologies, Inc.	Senior Secured	April 2028	3-month SOFR + 8.01%, Floor rate 8.76%	$	8,000	7,816		7,925		(17)(18)


DroneDeploy, Inc.	Senior Secured	July 2026	Prime + 4.50%, Floor rate 8.75%, 4.00% Exit Fee	$	6,250	6,043		6,092		(17)
Eigen Technologies Ltd.	Senior Secured	April 2025	Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee	$	3,750	3,786		3,749		(5)(10)
Elation Health, Inc.	Senior Secured	March 2026	Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee	$	5,096	4,985		5,155		(14)(17)(19)
Enmark Systems, Inc.	Senior Secured	September 2026	3-month SOFR + 6.88%, Floor rate 7.73%, PIK Interest 2.14%	$	8,338	8,195		8,338		(11)(14)(17)(18)
Flight Schedule Pro, LLC	Senior Secured	October 2027	1-month SOFR + 7.80%, Floor rate 8.70%	$	6,268	6,107		6,202		(17)(18)
Fortified Health Security	Senior Secured	December 2027	6-month SOFR + 7.79%, Floor rate 8.54%	$	7,000	6,844		6,845		(11)(17)(18)
Ikon Science Limited	Senior Secured	October 2024	3-month SOFR + 9.26%, Floor rate 10.00%	$	6,300	6,215		6,300		(5)(10)(17)(18)
Imperva, Inc.	Senior Secured	January 2027	3-month SOFR + 8.01%, Floor rate 8.75%	$	20,000	19,893		20,200		(19)
Khoros (p.k.a Lithium Technologies)	Senior Secured	January 2025	3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%	$	57,113	57,065		57,113


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Kore.ai, Inc.	Senior Secured	April 2027	Prime + 1.50%, Floor rate 9.25%, PIK Interest 2.20%, 2.27% Exit Fee	$	33,283	$	32,886	$	32,892	(14)
Leapwork ApS	Senior Secured	February 2026	Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee	$	3,795	3,780		3,867		(5)(10)(12)(14)(17)
LinenMaster, LLC	Senior Secured	August 2028	1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%	$	15,000	14,706		14,706		(17)
Loftware, Inc.	Senior Secured	March 2028	3-month SOFR + 7.88%, Floor rate 8.88%	$	25,900	25,303		25,820		(17)(18)
LogicSource	Senior Secured	July 2027	3-month SOFR + 8.93%, Floor rate 9.93%	$	13,300	13,062		13,485		(17)(18)
Mobile Solutions Services	Senior Secured	December 2025	3-month SOFR + 9.21%, Floor rate 10.06%	$	18,366	18,088		17,991		(18)
Nuvolo Technologies Corporation	Senior Secured	July 2026	Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee	$	22,500	22,680		23,494		(12)(13)(17)(19)
Omeda Holdings, LLC	Senior Secured	July 2027	3-month SOFR + 8.05%, Floor rate 9.05%	$	7,613	7,403		7,551		(11)(17)(18)
Onna Technologies, Inc.	Senior Secured	March 2026	Prime + 1.35%, Floor rate 8.85%, PIK Interest 1.75%, 4.45% Exit Fee	$	3,836	3,764		3,769		(14)(17)

Salary.com, LLC	Senior Secured	September 2027	3-month SOFR + 8.00%, Floor rate 9.00%	$	17,865	17,561		17,708		(18)
ShadowDragon, LLC	Senior Secured	December 2026	6-month SOFR + 9.05%, Floor rate 9.95%	$	6,000	5,875		5,776		(17)(18)
Simon Data, Inc.	Senior Secured	March 2027	Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.92% Exit Fee	$	14,991	14,871		15,097		(12)(14)
Sisense Ltd.	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 2.55% Exit Fee	$	34,659	34,275		34,363		(5)(10)(14)
Streamline Healthcare Solutions	Senior Secured	March 2028	1-month SOFR + 7.25%, Floor rate 8.25%	$	13,200	12,942		13,270		(17)(18)
Sumo Logic, Inc.	Senior Secured	May 2030	3-month SOFR + 6.50%, Floor rate 7.50%	$	23,000	22,446		22,852		(17)
Suzy, Inc.	Senior Secured	August 2027	Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee	$	12,005	11,745		11,745		(14)(15)(17)
Tact.ai Technologies, Inc.	Senior Secured	February 2024	Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	1,838	1,832		1,832		(14)
ThreatConnect, Inc.	Senior Secured	May 2026	6-month SOFR + 9.25%, Floor rate 10.00%	$	10,948	10,741		10,797		(17)(18)
Tipalti Solutions Ltd.	Senior Secured	April 2027	Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee	$	10,595	10,497		10,692		(5)(10)(14)(17)

Zappi, Inc.	Senior Secured	December 2027	3-month SOFR + 8.03%, Floor rate 9.03%	$	9,000	8,806		8,912		(5)(10)(13)(17)(18)
Zimperium, Inc.	Senior Secured	May 2027	3-month SOFR + 8.31%, Floor rate 9.31%	$	16,313	16,042		16,394		(17)(18)
Subtotal: Software (47.79%)*						831,129		789,586
Sustainable and Renewable Technology
Ampion, PBC	Senior Secured	May 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee	$	4,082	4,088		4,147		(13)(14)
Pineapple Energy LLC	Senior Secured	June 2027	FIXED 10.00%	$	1,780	1,780		1,768		(19)
Subtotal: Sustainable and Renewable Technology (0.36%)*						5,868		5,915
Total: Debt Investments (187.15%)*						$	3,131,673	$	3,091,880


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
TFG Holding, Inc.	Equity	4/30/2010	Common Stock	173,180	$	89	$	503
Subtotal: Consumer & Business Products (0.12%)*					1,764		1,934
Consumer & Business Services
Carwow LTD	Equity	12/15/2021	Preferred Series D-4	199,742	1,151		531		(5)(10)
DoorDash, Inc.	Equity	12/20/2018	Common Stock	81,996	945		6,516		(4)
Lyft, Inc.	Equity	12/26/2018	Common Stock	100,738	5,263		1,062		(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock	100,000	1,000		370		(4)
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A	286,080	1,663		372
	Equity	10/25/2016	Preferred Series A-1	108,710	632		141
Total OfferUp, Inc.				394,790	2,295		513
Oportun	Equity	6/28/2013	Common Stock	48,365	577		349		(4)
Reischling Press, Inc.	Equity	7/31/2020	Common Stock	3,095	39		—
Rhino Labs, Inc.	Equity	1/24/2022	Preferred Series B-2	7,063	1,001		417
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		—
Subtotal: Consumer & Business Services (0.59%)*					13,171		9,758
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)	Equity	3/1/2018	Member Units	1	32,506		21,553		(7)(20)



Hercules Adviser LLC	Equity	3/26/2021	Member Units	1	35		28,668		(7)(23)
Newfront Insurance Holdings, Inc.	Equity	9/30/2021	Preferred Series D-2	210,282	403		312
Subtotal: Diversified Financial Services (3.06%)*					32,944		50,533
Drug Delivery
AcelRx Pharmaceuticals, Inc.	Equity	12/10/2018	Common Stock	8,836	1,329		5		(4)
Aytu BioScience, Inc.	Equity	3/28/2014	Common Stock	680	1,500		2		(4)
BioQ Pharma Incorporated	Equity	12/8/2015	Preferred Series D	165,000	500		—
PDS Biotechnology Corporation	Equity	4/6/2015	Common Stock	2,498	309		13		(4)
Subtotal: Drug Delivery (0.00%)*					3,638		20
Drug Discovery & Development
Applied Molecular Transport	Equity	4/6/2021	Common Stock	1,000	42		—		(4)(10)
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock	9,923	1,000		1		(4)
Axsome Therapeutics, Inc.	Equity	5/9/2022	Common Stock	127,021	4,165		8,878		(4)(10)(16)
Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock	98,100	1,871		1,971		(4)(5)(10)
BridgeBio Pharma, Inc.	Equity	6/21/2018	Common Stock	231,329	2,255		6,100		(4)
Dare Biosciences, Inc.	Equity	1/8/2015	Common Stock	13,550	1,000		6		(4)
Dynavax Technologies	Equity	7/22/2015	Common Stock	20,000	550		295		(4)(10)
Gritstone Bio, Inc.	Equity	10/26/2022	Common Stock	442,477	1,000		761		(4)


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
Heron Therapeutics, Inc.	Equity	7/25/2023	Common Stock	364,963	$	500	$	376	(4)
Hibercell, Inc.	Equity	5/7/2021	Preferred Series B	3,466,840	4,250		1,420		(15)
HilleVax, Inc.	Equity	5/3/2022	Common Stock	235,295	4,000		3,165		(4)
Humanigen, Inc.	Equity	3/31/2021	Common Stock	43,243	800		1		(4)(10)
Kura Oncology, Inc.	Equity	6/16/2023	Common Stock	47,826	550		436		(4)(10)
Madrigal Pharmaceutical, Inc.	Equity	9/29/2023	Common Stock	5,100	773		745		(4)(10)
NorthSea Therapeutics	Equity	12/15/2021	Preferred Series C	983	2,000		587		(5)(10)

Phathom Pharmaceuticals, Inc.	Equity	6/9/2023	Common Stock	147,233	1,730		1,527		(4)(10)(16)
Rocket Pharmaceuticals, Ltd.	Equity	8/22/2007	Common Stock	944	1,500		19		(4)
Savara, Inc.	Equity	8/11/2015	Common Stock	11,119	203		42		(4)
Sio Gene Therapies, Inc.	Equity	2/2/2017	Common Stock	16,228	1,269		6		(4)
Tarsus Pharmaceuticals, Inc.	Equity	5/5/2022	Common Stock	155,555	2,100		2,764		(4)(10)
uniQure B.V.	Equity	1/31/2019	Common Stock	17,175	332		115		(4)(5)(10)
Valo Health, LLC	Equity	12/11/2020	Preferred Series B	510,308	3,000		2,001
	Equity	10/31/2022	Preferred Series C	170,102	1,000		1,006
Total Valo Health, LLC				680,410	4,000		3,007
Verge Analytics, Inc.	Equity	9/6/2023	Preferred Series C	208,588	1,500		1,500

X4 Pharmaceuticals, Inc.	Equity	11/26/2019	Common Stock	1,566,064	2,945		1,707		(4)
Subtotal: Drug Discovery & Development (2.14%)*					40,335		35,429
Electronics & Computer Hardware
Locus Robotics Corp.	Equity	11/17/2022	Preferred Series F	15,116	650		408
Skydio, Inc.	Equity	3/8/2022	Preferred Series E	248,900	1,500		447
Subtotal: Electronics & Computer Hardware (0.05%)*					2,150		855
Healthcare Services, Other
23andMe, Inc.	Equity	3/11/2019	Common Stock	825,732	5,094		807		(4)
Carbon Health Technologies, Inc.	Equity	3/30/2021	Preferred Series C	217,880	1,687		564
Subtotal: Healthcare Services, Other (0.08%)*					6,781		1,371
Information Services
Planet Labs, Inc.	Equity	6/21/2019	Common Stock	547,880	615		1,424		(4)
Yipit, LLC	Equity	12/30/2021	Preferred Series E	41,021	3,825		4,540
Subtotal: Information Services (0.36%)*					4,440		5,964
Medical Devices & Equipment
Coronado Aesthetics, LLC	Equity	10/15/2021	Common Units	180,000	—		2		(7)

	Equity	10/15/2021	Preferred Series A-2	5,000,000	250		245		(7)
Total Coronado Aesthetics, LLC				5,180,000	250		247

Gelesis, Inc.	Equity	11/30/2009	Common Stock	1,490,700	871		72		(4)

ViewRay, Inc.	Equity	12/16/2013	Common Stock	36,457	332		—		(4)
Subtotal: Medical Devices & Equipment (0.02%)*					1,453		319


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
Semiconductors
Achronix Semiconductor Corporation	Equity	7/1/2011	Preferred Series C	277,995	$	160	$	377
Subtotal: Semiconductors (0.02%)*					160		377
Software
3GTMS, LLC	Equity	8/9/2021	Common Stock	1,000,000	1,000		896
Black Crow AI, Inc. affiliates	Equity	3/24/2021	Preferred Note	3	2,406		2,406		(21)
CapLinked, Inc.	Equity	10/26/2012	Preferred Series A-3	53,614	51		—
Contentful Global, Inc.	Equity	12/22/2020	Preferred Series C	41,000	138		281		(5)(10)
	Equity	11/20/2018	Preferred Series D	108,500	500		788		(5)(10)
Total Contentful Global, Inc.				149,500	638		1,069
Docker, Inc.	Equity	11/29/2018	Common Stock	20,000	4,284		568
Druva Holdings, Inc.	Equity	10/22/2015	Preferred Series 2	458,841	1,000		2,381
	Equity	8/24/2017	Preferred Series 3	93,620	300		513
Total Druva Holdings, Inc.				552,461	1,300		2,894
HighRoads, Inc.	Equity	1/18/2013	Common Stock	190	307		—
Leapwork ApS	Equity	8/25/2023	Preferred Series B2	183,073	250		230		(5)(10)
Lightbend, Inc.	Equity	12/4/2020	Common Stock	38,461	265		23
Nextdoor.com, Inc.	Equity	8/1/2018	Common Stock	1,019,255	4,854		1,855		(4)
Palantir Technologies	Equity	9/23/2020	Common Stock	818,337	5,002		13,093		(4)
SingleStore, Inc.	Equity	11/25/2020	Preferred Series E	580,983	2,000		1,923
	Equity	8/12/2021	Preferred Series F	52,956	280		219
Total SingleStore, Inc.				633,939	2,280		2,142
Verana Health, Inc.	Equity	7/8/2021	Preferred Series E	952,562	2,000		471
ZeroFox, Inc.	Equity	5/7/2020	Common Stock	289,992	101		255		(4)
Subtotal: Software (1.57%)*					24,738		25,902
Sustainable and Renewable Technology
Fulcrum Bioenergy, Inc.	Equity	9/13/2012	Preferred Series C-1	187,265	711		1,142
Impossible Foods, Inc.	Equity	5/10/2019	Preferred Series E-1	188,611	2,000		766
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	304,487	3,153		259		(4)
Pivot Bio, Inc.	Equity	6/28/2021	Preferred Series D	593,080	4,500		2,341

Proterra, Inc.	Equity	5/28/2015	Common Stock	457,841	542		25		(4)
Subtotal: Sustainable and Renewable Technology (0.27%)*					11,508		4,533
Total: Equity Investments (8.29%)*					$	143,082	$	136,995





Warrant Investments
Biotechnology Tools
Alamar Biosciences, Inc.	Warrant	6/21/2022	Preferred Series B	15,399	$	24	$	7


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
PathAI, Inc.	Warrant	12/23/2022	Common Stock	53,418	$	461	$	307	(12)
Subtotal: Biotechnology Tools (0.02%)*					485		314
Communications & Networking
Aryaka Networks, Inc.	Warrant	6/28/2022	Common Stock	229,611	123		80		(12)
Subtotal: Communications & Networking (0.00%)*					123		80
Consumer & Business Products
Gadget Guard, LLC	Warrant	6/3/2014	Common Stock	1,662,441	228		—



The Neat Company	Warrant	8/13/2014	Common Stock	54,054	365		—
Whoop, Inc.	Warrant	6/27/2018	Preferred Series C	686,270	18		225
Subtotal: Consumer & Business Products (0.01%)*					611		225
Consumer & Business Services
Carwow LTD	Warrant	12/14/2021	Common Stock	174,163	164		58		(5)(10)
Houzz, Inc.	Warrant	10/29/2019	Common Stock	529,661	20		—
Landing Holdings Inc.	Warrant	3/12/2021	Common Stock	11,806	116		184		(15)
Lendio, Inc.	Warrant	3/29/2019	Preferred Series D	127,032	39		16
Provi	Warrant	12/22/2022	Common Stock	117,042	166		103		(15)
Rhino Labs, Inc.	Warrant	3/12/2021	Common Stock	13,106	471		1		(15)
RumbleON, Inc.	Warrant	10/30/2018	Common Stock	1,048	15		—		(4)
SeatGeek, Inc.	Warrant	6/12/2019	Common Stock	1,379,761	842		1,863		(16)
Skyword, Inc.	Warrant	11/14/2022	Common Stock	1,607,143	57		66
	Warrant	8/23/2019	Preferred Series B	444,444	83		5
Total Skyword, Inc.				2,051,587	140		71
Snagajob.com, Inc.	Warrant	4/20/2020	Common Stock	600,000	16		—
	Warrant	6/30/2016	Preferred Series A	1,800,000	782		—
	Warrant	8/1/2018	Preferred Series B	1,211,537	62		—
Total Snagajob.com, Inc.				3,611,537	860		—
Thumbtack, Inc.	Warrant	5/1/2018	Common Stock	267,225	844		403		(12)
Udacity, Inc.	Warrant	9/25/2020	Common Stock	486,359	218		—		(12)
Veem, Inc.	Warrant	3/31/2022	Common Stock	98,428	126		10		(12)
Worldremit Group Limited	Warrant	2/11/2021	Preferred Series D	77,215	129		18		(5)(10)(12)(16)
	Warrant	8/27/2021	Preferred Series E	1,868	26		—		(5)(10)(16)
Total Worldremit Group Limited				79,083	155		18
Subtotal: Consumer & Business Services (0.17%)*					4,176		2,727



Diversified Financial Services
Next Insurance, Inc.	Warrant	2/3/2023	Common Stock	522,930	214		149
Subtotal: Diversified Financial Services (0.01%)*					214		149
Drug Delivery
Aerami Therapeutics Holdings, Inc.	Warrant	9/30/2015	Common Stock	110,882	74		—


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
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
ADMA Biologics, Inc.	Warrant	2/24/2014	Common Stock	58,000	166		5		(4)
Akero Therapeutics, Inc.	Warrant	6/15/2022	Common Stock	22,949	175		764		(4)(10)
AmplifyBio, LLC	Warrant	12/27/2022	Class A Units	69,239	238		172		(15)
Axsome Therapeutics, Inc.	Warrant	9/25/2020	Common Stock	61,004	1,290		1,338		(4)(10)(12)(16)
Cellarity, Inc.	Warrant	12/8/2021	Preferred Series B	100,000	286		173		(15)
Century Therapeutics, Inc.	Warrant	9/14/2020	Common Stock	16,112	37		—		(4)
COMPASS Pathways plc	Warrant	6/30/2023	Ordinary Shares	75,376	278		237		(4)(5)(10)
Curevo, Inc.	Warrant	6/9/2023	Common Stock	95,221	233		190		(15)
Dermavant Sciences Ltd.	Warrant	5/31/2019	Common Stock	223,642	101		56		(5)(10)
enGene, Inc.	Warrant	12/30/2021	Preferred Series 3	133,692	72		—		(5)(10)(12)
Evofem Biosciences, Inc.	Warrant	6/11/2014	Common Stock	3	266		—		(4)
Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.)	Warrant	2/18/2016	Common Stock	201	119		—		(4)
Heron Therapeutics, Inc.	Warrant	8/9/2023	Common Stock	238,095	228		111		(4)(15)
Kineta, Inc.	Warrant	12/20/2019	Common Stock	2,202	110		—		(4)
Kura Oncology, Inc.	Warrant	11/2/2022	Common Stock	14,342	88		30		(4)(10)(15)
Madrigal Pharmaceutical, Inc.	Warrant	5/9/2022	Common Stock	13,229	570		1,102		(4)(10)

Phathom Pharmaceuticals, Inc.	Warrant	9/17/2021	Common Stock	64,687	848		109		(4)(10)(12)(15)(16)
Redshift Bioanalytics, Inc.	Warrant	3/23/2022	Preferred Series E	475,510	20		12		(15)
Scynexis, Inc.	Warrant	5/14/2021	Common Stock	106,035	296		38		(4)
TG Therapeutics, Inc.	Warrant	2/28/2019	Common Stock	264,226	1,284		1,101		(4)(10)(12)
Valo Health, LLC	Warrant	6/15/2020	Common Units	102,216	256		121
X4 Pharmaceuticals, Inc.	Warrant	3/18/2019	Common Stock	1,392,787	510		365		(4)
Subtotal: Drug Discovery & Development (0.36%)*					7,471		5,924
Electronics & Computer Hardware
908 Devices, Inc.	Warrant	3/15/2017	Common Stock	49,078	101		57		(4)
Locus Robotics Corp.	Warrant	6/21/2022	Common Stock	8,503	34		119

Skydio, Inc.	Warrant	11/8/2021	Common Stock	622,255	557		170
Subtotal: Electronics & Computer Hardware (0.02%)*					692		346
Healthcare Services, Other
Modern Life, Inc.	Warrant	3/30/2023	Common Stock	37,618	164		153
Recover Together, Inc.	Warrant	7/3/2023	Common Stock	194,830	382		309
Strive Health Holdings, LLC	Warrant	9/28/2023	Common Units	51,760	83		82		(15)


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
Vida Health, Inc.	Warrant	3/28/2022	Common Stock	155,957	$	120	$	4
Subtotal: Healthcare Services, Other (0.03%)*					749		548
Information Services
Capella Space Corp.	Warrant	10/21/2021	Common Stock	176,200	207		56		(15)
INMOBI Inc.	Warrant	11/19/2014	Common Stock	65,587	82		—		(5)(10)
NetBase Solutions, Inc.	Warrant	8/22/2017	Preferred Series 1	60,000	356		351
Signal Media Limited	Warrant	6/29/2022	Common Stock	94,857	35		41		(5)(10)
Subtotal: Information Services (0.03%)*					680		448
Manufacturing Technology
Bright Machines, Inc.	Warrant	3/31/2022	Common Stock	392,308	537		442
MacroFab, Inc.	Warrant	3/23/2022	Common Stock	1,111,111	528		912

Xometry, Inc.	Warrant	5/9/2018	Common Stock	87,784	47		809		(4)
Subtotal: Manufacturing Technology (0.13%)*					1,112		2,163
Media/Content/Info
Fever Labs, Inc.	Warrant	12/30/2022	Preferred Series E-1	369,370	67		236
Subtotal: Media/Content/Info (0.01%)*					67		236

Medical Devices & Equipment




Intuity Medical, Inc.	Warrant	12/29/2017	Preferred Series B-1	3,076,323	294		—
Outset Medical, Inc.	Warrant	9/27/2013	Common Stock	62,794	401		205		(4)
Senseonics Holdings, Inc.	Warrant	9/8/2023	Common Stock	728,317	200		206		(4)
Tela Bio, Inc.	Warrant	3/31/2017	Common Stock	15,712	61		—		(4)
Subtotal: Medical Devices & Equipment (0.02%)*					956		411
Semiconductors
Achronix Semiconductor Corporation	Warrant	6/26/2015	Preferred Series D-2	750,000	99		802
Subtotal: Semiconductors (0.05%)*					99		802
Software
Aria Systems, Inc.	Warrant	5/22/2015	Preferred Series G	231,535	74		—
Automation Anywhere, Inc.	Warrant	9/23/2022	Common Stock	254,778	449		401
Bitsight Technologies, Inc.	Warrant	11/18/2020	Common Stock	29,691	284		508
Brain Corporation	Warrant	10/4/2021	Common Stock	194,629	165		53		(15)
CloudBolt Software, Inc.	Warrant	9/30/2020	Common Stock	211,342	117		5
Cloudian, Inc.	Warrant	11/6/2018	Common Stock	477,454	71		25
Cloudpay, Inc.	Warrant	4/10/2018	Preferred Series B	6,763	54		805		(5)(10)
Convoy, Inc.	Warrant	3/30/2022	Common Stock	165,456	974		—
Couchbase, Inc.	Warrant	4/25/2019	Common Stock	105,350	462		821		(4)
Cutover, Inc.	Warrant	9/21/2022	Common Stock	102,898	26		50		(5)(10)(12)
Dashlane, Inc.	Warrant	3/11/2019	Common Stock	453,641	353		109
Delphix Corp.	Warrant	10/8/2019	Common Stock	718,898	1,594		3,752


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
Demandbase, Inc.	Warrant	8/2/2021	Common Stock	727,047	$	545	$	248
DNAnexus, Inc.	Warrant	3/21/2014	Preferred Series C	909,091	97		146
Dragos, Inc.	Warrant	6/28/2023	Common Stock	49,309	1,452		1,167
DroneDeploy, Inc.	Warrant	6/30/2022	Common Stock	95,911	278		379
Eigen Technologies Ltd.	Warrant	4/13/2022	Common Stock	522	8		3		(5)(10)
Elation Health, Inc.	Warrant	9/12/2022	Common Stock	362,837	583		188

First Insight, Inc.	Warrant	5/10/2018	Preferred Series B	75,917	96		45
Fulfil Solutions, Inc.	Warrant	7/29/2022	Common Stock	84,995	325		394
Kore.ai, Inc.	Warrant	3/31/2023	Preferred Series C	64,293	208		256
Leapwork ApS	Warrant	1/23/2023	Common Stock	39,948	16		38		(5)(10)(12)
Lightbend, Inc.	Warrant	2/14/2018	Preferred Series D	89,685	131		54
Mixpanel, Inc.	Warrant	9/30/2020	Common Stock	82,362	252		236
Nuvolo Technologies Corporation	Warrant	3/29/2019	Common Stock	70,000	172		640		(12)
Onna Technologies, Inc.	Warrant	7/5/2023	Common Stock	172,867	60		33
Poplicus, Inc.	Warrant	5/28/2014	Common Stock	132,168	—		—
Reltio, Inc.	Warrant	6/30/2020	Common Stock	69,120	215		386

Simon Data, Inc.	Warrant	3/22/2023	Common Stock	77,934	96		61		(12)
SingleStore, Inc.	Warrant	4/28/2020	Preferred Series D	312,596	103		416
Sisense Ltd.	Warrant	6/8/2023	Ordinary Shares	321,956	174		142		(5)(10)
Suzy, Inc.	Warrant	8/24/2023	Common Stock	292,936	367		334		(15)
Tact.ai Technologies, Inc.	Warrant	2/13/2020	Common Stock	1,041,667	206		—
The Faction Group LLC	Warrant	11/3/2014	Preferred Series AA	8,076	234		958
Tipalti Solutions Ltd.	Warrant	3/22/2023	Ordinary Shares	254,877	174		203		(5)(10)
VideoAmp, Inc.	Warrant	1/21/2022	Common Stock	152,048	1,275		120		(15)
Subtotal: Software (0.79%)*					11,690		12,976
Surgical Devices
TransMedics Group, Inc.	Warrant	9/11/2015	Common Stock	14,440	39		418		(4)
Subtotal: Surgical Devices (0.03%)*					39		418
Sustainable and Renewable Technology
Ampion, PBC	Warrant	4/15/2022	Common Stock	18,472	52		37
Halio, Inc.	Warrant	4/22/2014	Preferred Series A	325,000	155		22

	Warrant	4/7/2015	Preferred Series B	131,883	63		7
Total Halio, Inc.				456,883	218		29
Polyera Corporation	Warrant	3/24/2015	Preferred Series C	150,036	269		—
Subtotal: Sustainable and Renewable Technology (0.00%)*					539		66
Total: Warrant Investments (1.68%)*					$	30,168	$	27,833
Total Investments in Securities (197.13%)*					$	3,304,923	$	3,256,708


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Debt Investments
Biotechnology Tools
Alamar Biosciences, Inc.	Senior Secured	June 2026	Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee	$	5,000	$	4,951	$	4,951	(17)
PathAI, Inc.	Senior Secured	January 2027	Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee	$	28,000	27,388		27,388		(17)
Subtotal: Biotechnology Tools (2.31%)*						32,339		32,339
Communications & Networking
Aryaka Networks, Inc.	Senior Secured	July 2026	Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee	$	5,023	4,969		5,053		(14)(17)(19)
Cytracom Holdings LLC	Senior Secured	February 2025	3-month LIBOR + 9.31%, Floor rate 10.31%	$	8,910	8,768		8,748		(11)(17)(18)
Rocket Lab Global Services, LLC	Senior Secured	June 2024	Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee	$	84,581	85,430		87,933		(11)(12)(13)(14)(16)
Subtotal: Communications & Networking (7.26%)*						99,167		101,734
Consumer & Business Services
AppDirect, Inc.	Senior Secured	April 2026	Prime + 5.50%, Floor rate 8.75%, 8.29% Exit Fee	$	40,790	41,856		42,426		(12)(17)
Carwow LTD	Senior Secured	December 2024	Prime +4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee	£	18,890	26,024		22,971		(5)(10)(14)
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 5.50%	$	21,853	21,853		20,356		(9)(14)
Jobandtalent USA, Inc.	Senior Secured	February 2025	1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee	$	14,000	13,853		13,904		(5)(10)
Provi	Senior Secured	December 2026	Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee	$	15,000	14,739		14,739		(15)
Rhino Labs, Inc.	Senior Secured	March 2024	Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%	$	16,500	16,328		16,496		(14)(15)
RVShare, LLC	Senior Secured	December 2026	3-month LIBOR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%	$	27,730	27,265		27,256		(13)(14)(15)(17)
SeatGeek, Inc.	Senior Secured	June 2023	Prime + 5.00%, Floor rate 10.50%, PIK Interest 0.50%	$	60,915	60,721		60,721		(12)(13)(14)(16)
	Senior Secured	May 2026	Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%	$	25,071	24,912		25,823		(11)(14)(16)
Total SeatGeek, Inc.				$	85,986	85,633		86,544
Skyword, Inc.	Senior Secured	November 2026	Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee	$	9,007	8,918		8,870		(13)(14)
Tectura Corporation	Senior Secured	July 2024	PIK Interest 5.00%	$	10,680	240		—		(7)(8)(14)
	Senior Secured	July 2024	FIXED 8.25%	$	8,250	8,250		8,042		(7)(8)(14)
	Senior Secured	July 2024	PIK Interest 5.00%	$	13,023	13,023		—		(7)(8)(14)
Total Tectura Corporation				$	31,953	21,513		8,042
Thumbtack, Inc.	Senior Secured	April 2026	Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee	$	10,103	10,050		10,167		(12)(14)(17)
Udacity, Inc.	Senior Secured	September 2024	Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	51,937	52,265		52,976		(12)(14)
Veem, Inc.	Senior Secured	March 2025	Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee	$	5,043	5,000		5,042		(13)(14)
	Senior Secured	March 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee	$	5,033	4,988		5,124		(14)
Total Veem, Inc.				$	10,076	9,988		10,166
Worldremit Group Limited	Senior Secured	February 2025	3-month LIBOR + 9.25%, Floor rate 10.25%, 3.00% Exit Fee	$	94,500	94,418		93,837		(5)(10)(11)(12)(16)(19)
Subtotal: Consumer & Business Services (30.59%)*						444,703		428,750

Diversified Financial Services
Gibraltar Business Capital, LLC	Unsecured	September 2026	FIXED 14.50%	$	15,000	14,715		12,802		(7)
	Unsecured	September 2026	FIXED 11.50%	$	10,000	9,852		8,898		(7)
Total Gibraltar Business Capital, LLC				$	25,000	24,567		21,700


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Hercules Adviser LLC	Unsecured	June 2025	FIXED 5.00%	$	12,000	$	12,000	$	12,000	(7)
Subtotal: Diversified Financial Services (2.40%)*						36,567		33,700
Drug Discovery & Development
Akero Therapeutics, Inc.	Senior Secured	January 2027	Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee	$	5,000	4,986		5,039		(10)(13)(17)
Aldeyra Therapeutics, Inc.	Senior Secured	October 2024	Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee	$	15,000	15,879		15,974		(11)
Alladapt Immunotherapeutics Inc.	Senior Secured	September 2026	Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 10.60% Exit Fee	$	15,000	14,920		14,920		(13)(17)
AmplifyBio, LLC	Senior Secured	January 2027	Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee	$	24,000	23,663		23,663		(15)
ATAI Life Sciences N.V.	Senior Secured	August 2026	Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee	$	10,500	10,513		10,513		(5)(10)
Aveo Pharmaceuticals, Inc.	Senior Secured	September 2024	Prime + 6.40%, Floor rate 9.65%, Cap rate 15.00%, 6.95% Exit Fee	$	40,000	41,644		43,183		(11)(15)
Axsome Therapeutics, Inc.	Senior Secured	October 2026	Prime + 5.70%, Floor rate 8.95%, Cap rate 10.70%, 5.31% Exit Fee	$	81,725	81,631		78,074		(10)(11)(12)(16)(17)
Bicycle Therapeutics PLC	Senior Secured	July 2025	Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee	$	11,500	11,757		11,435		(5)(10)(11)(12)
BiomX, INC	Senior Secured	September 2025	Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee	$	9,000	9,174		9,052		(5)(10)(11)
BridgeBio Pharma, Inc.	Senior Secured	November 2026	FIXED 9.00%, 2.00% Exit Fee	$	37,312	37,039		33,344		(12)(13)(14)
Cellarity, Inc.	Senior Secured	June 2026	Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee	$	30,000	29,841		30,097		(13)(15)
Century Therapeutics, Inc.	Senior Secured	April 2024	Prime + 6.30%, Floor rate 9.55%, 3.95% Exit Fee	$	10,000	10,235		10,292		(11)
Codiak Biosciences, Inc.	Senior Secured	October 2025	Prime + 5.00%, Floor rate 8.25%, 5.50% Exit Fee	$	25,000	25,759		25,177		(11)
Corium, Inc.	Senior Secured	September 2026	Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee	$	132,675	133,557		135,619		(13)(16)
Eloxx Pharmaceuticals, Inc.	Senior Secured	April 2025	Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee	$	12,500	12,753		12,535		(15)
enGene, Inc.	Senior Secured	July 2025	Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee	$	11,000	11,072		11,067		(5)(10)(12)(13)
Finch Therapeutics Group, Inc.	Senior Secured	November 2026	Prime + 4.05%, Floor rate 7.55%, Cap rate 8.80%, 5.50% Exit Fee	$	15,000	15,012		13,940
G1 Therapeutics, Inc.	Senior Secured	November 2026	Prime + 5.90%, Floor rate 9.15%, 9.86% Exit Fee	$	58,125	58,674		58,407		(11)(12)(15)(17)
Geron Corporation	Senior Secured	October 2024	Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee	$	18,500	19,109		19,174		(10)(12)(13)
Gritstone Bio, Inc.	Senior Secured	July 2027	Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee	$	15,113	15,109		15,109		(14)(17)
Hibercell, Inc.	Senior Secured	May 2025	Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee	$	17,000	17,313		17,265		(13)(15)
HilleVax, Inc.	Senior Secured	May 2027	Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee	$	12,072	12,043		11,333		(14)(15)(17)
Iveric Bio, Inc.	Senior Secured	August 2027	Prime + 4.00%, Floor rate 8.75%, Cap rate 10.25%, 4.25% Exit Fee	$	49,500	49,090		49,090		(10)(12)
Kura Oncology, Inc.	Senior Secured	November 2027	Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee	$	5,500	5,448		5,448		(10)(15)(17)
Locus Biosciences, Inc.	Senior Secured	July 2025	Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee	$	8,000	8,120		8,085		(15)
Madrigal Pharmaceutical, Inc.	Senior Secured	May 2026	Prime + 3.95%, Floor rate 7.45%, 5.35% Exit Fee	$	34,000	33,945		33,987		(10)(17)
Nabriva Therapeutics	Senior Secured	June 2023	Prime + 4.30%, Floor rate 9.80%, 9.95% Exit Fee	$	2,079	2,734		2,804		(5)(10)(13)
Phathom Pharmaceuticals, Inc.	Senior Secured	October 2026	Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee	$	94,737	95,032		93,916		(10)(12)(14)(15)(16) (17)(22)
Provention Bio, Inc.	Senior Secured	September 2027	Prime + 2.70%, Floor rate 8.20%, 6.60% Exit Fee	$	25,000	24,670		24,670		(17)
Redshift Bioanalytics, Inc.	Senior Secured	January 2026	Prime + 4.25%, Floor rate 7.50% 3.80% Exit Fee	$	5,000	4,957		4,946		(15)
Replimune Group, Inc.	Senior Secured	October 2027	Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee	$	20,754	20,656		20,656		(10)(14)(17)
Scynexis, Inc.	Senior Secured	March 2025	Prime + 5.80%, Floor rate 9.05%, 3.95% Exit Fee	$	18,667	18,675		18,698		(12)(13)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Seres Therapeutics, Inc.	Senior Secured	October 2024	Prime + 6.40%, Floor rate 9.65%, 4.98% Exit Fee	$	37,500	$	38,638	$	38,816	(12)(13)
Tarsus Pharmaceuticals, Inc.	Senior Secured	February 2027	Prime + 5.20%, Floor rate 8.45%, 4.75% Exit Fee	$	8,250	8,274		8,423		(10)(13)(17)
TG Therapeutics, Inc.	Senior Secured	January 2026	Prime + 2.15%, Floor rate 5.40%, PIK Interest 3.45%, 5.95% Exit Fee	$	47,983	47,889		48,649		(10)(11)(12)(14)
uniQure B.V.	Senior Secured	December 2025	Prime + 4.70%, Floor rate 7.95%, 7.28% Exit Fee	$	70,000	72,329		73,019		(5)(10)(11)(12)(16)
Unity Biotechnology, Inc.	Senior Secured	August 2024	Prime + 6.10%, Floor rate 9.35%, 6.25% Exit Fee	$	20,000	21,079		20,967		(13)
Valo Health, LLC	Senior Secured	May 2024	Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee	$	8,146	8,416		8,410		(11)(13)
Viridian Therapeutics, Inc.	Senior Secured	October 2026	Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 4.76% Exit Fee	$	2,000	2,012		1,934		(10)(13)(17)
X4 Pharmaceuticals, Inc.	Senior Secured	July 2024	Prime + 3.75%, Floor rate 8.75%, 8.80% Exit Fee	$	32,500	33,705		33,700		(11)(12)(13)
Subtotal: Drug Discovery & Development (78.59%)*						1,107,352		1,101,430
Electronics & Computer Hardware
Locus Robotics Corp.	Senior Secured	June 2026	Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee	$	18,281	18,171		18,723		(19)
Subtotal: Electronics & Computer Hardware (1.34%)*						18,171		18,723
Healthcare Services, Other
Better Therapeutics, Inc.	Senior Secured	August 2025	Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee	$	12,000	12,162		12,053		(15)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	1-month LIBOR + 5.00%, Floor rate 6.00%, PIK Interest 4.45%	$	51,480	50,813		49,732		(11)(13)(14)
Carbon Health Technologies, Inc.	Senior Secured	March 2025	Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee	$	46,125	46,552		46,548		(11)(13)(19)
Equality Health, LLC	Senior Secured	February 2026	Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%	$	53,587	53,164		53,871		(12)(14)
Oak Street Health, Inc.	Senior Secured	October 2027	Prime + 2.45%, Floor rate 7.95%, Cap rate 9.45%, PIK Interest 1.00%, 4.95% Exit Fee	$	33,808	33,651		33,651		(10)(14)(17)
Subtotal: Healthcare Services, Other (13.98%)*						196,342		195,855
Information Services
Capella Space Corp.	Senior Secured	November 2025	Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee	$	20,250	20,506		20,574		(14)(15)(19)
Signal Media Limited	Senior Secured	June 2025	Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee	$	750	742		738		(5)(10)(17)
Yipit, LLC	Senior Secured	September 2026	1-month SOFR + 9.08%, Floor rate 10.08%	$	31,875	31,371		30,763		(17)(18)
Subtotal: Information Services (3.72%)*						52,619		52,075
Manufacturing Technology
Bright Machines, Inc.	Senior Secured	April 2025	Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee	$	11,050	10,832		10,832		(13)
MacroFab, Inc.	Senior Secured	March 2026	Prime +4.35%, Floor rate 7.60%, PIK Interest 1.25%, 4.50% Exit Fee	$	17,137	16,766		16,917		(14)(17)
Ouster, Inc.	Senior Secured	May 2026	Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee	$	14,000	13,970		14,204		(10)(13)
Subtotal: Manufacturing Technology (2.99%)*						41,568		41,953
Semiconductors
Fungible, Inc.	Senior Secured	December 2024	Prime + 5.00%, Floor rate 8.25%, 4.95% Exit Fee	$	20,000	19,639		21,192		(15)(19)
Subtotal: Semiconductors (1.51%)*						19,639		21,192
Software
3GTMS, LLC	Senior Secured	February 2025	3-month LIBOR + 9.28%, Floor rate 10.28%	$	10,426	10,291		10,317		(11)(18)
	Senior Secured	February 2025	3-month LIBOR + 6.57%, Floor rate 7.57%	$	2,750	2,744		2,681		(18)
Total 3GTMS, LLC				$	13,176	13,035		12,998


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
Agilence, Inc.	Senior Secured	October 2026	1-month BSBY + 9.00%, Floor rate 10.00%	$	9,306	$	9,088	$	8,977	(12)(17)(18)
Alchemer LLC	Senior Secured	May 2028	1-month SOFR + 7.89%, Floor rate 8.89%	$	20,463	19,999		20,123		(17)(18)
Annex Cloud	Senior Secured	February 2027	1-month BSBY + 8.99%, Floor rate 10.00%	$	8,500	8,292		8,176		(13)(17)
Automation Anywhere, Inc.	Senior Secured	September 2027	Prime + 4.25%, Floor rate 9.00%, 2.50% Exit Fee	$	19,600	19,059		19,059		(11)(17)(19)
Babel Street	Senior Secured	December 2027	3-month SOFR + 7.89%, Floor rate 8.89%	$	45,000	43,801		43,801		(15)(17)(18)
Brain Corporation	Senior Secured	April 2025	Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.00%, 3.95% Exit Fee	$	20,166	20,242		20,138		(13)(14)(15)(17)
Campaign Monitor Limited	Senior Secured	November 2025	6-month SOFR + 8.90%, Floor rate 9.90%	$	33,000	32,578		33,000		(13)(19)
Catchpoint Systems, Inc.	Senior Secured	June 2026	3-month SOFR + 8.86%, Floor rate 9.76%	$	10,175	9,980		9,996		(18)
Ceros, Inc.	Senior Secured	September 2026	6-month LIBOR + 9.67%, Floor rate 10.67%	$	21,445	21,003		21,050		(17)(18)
CloudBolt Software, Inc.	Senior Secured	October 2024	Prime + 6.70%, Floor rate 9.95%, 3.45% Exit Fee	$	10,000	10,069		10,498		(11)(19)
Constructor.io Corporation	Senior Secured	July 2027	1-month SOFR + 8.44%, Floor rate 9.44%	$	4,688	4,573		4,573		(17)(18)
Convoy, Inc.	Senior Secured	March 2026	Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee	$	73,987	73,060		73,498		(14)(16)(19)
Copper CRM, Inc	Senior Secured	March 2025	Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee	$	10,144	10,150		9,820		(11)(14)
Cutover, Inc.	Senior Secured	October 2025	Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee	$	5,000	4,949		4,949		(5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc.	Senior Secured	August 2026	6-month SOFR + 9.53%, Floor rate 10.28%	$	10,528	10,298		10,114		(13)(17)
Dashlane, Inc.	Senior Secured	July 2025	Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%,4.95% Exit Fee	$	31,930	32,346		32,012		(11)(13)(14)(17)(19)
Demandbase, Inc.	Senior Secured	August 2025	Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.00%, 5.00% Exit Fee	$	28,503	28,442		28,664		(13)(14)(17)(19)
Dispatch Technologies, Inc.	Senior Secured	April 2028	3-month SOFR + 8.01%, Floor rate 8.76%	$	7,500	7,295		7,339		(17)(18)
Eigen Technologies Ltd.	Senior Secured	April 2025	Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee	$	3,750	3,744		3,746		(5)(10)
Elation Health, Inc.	Senior Secured	March 2026	Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee	$	5,021	4,839		4,839		(14)(17)(19)
Enmark Systems, Inc.	Senior Secured	September 2026	3-month LIBOR + 6.77%, Floor rate 7.77%, PIK Interest 2.16%	$	8,223	8,054		8,043		(11)(14)(17)(18)
Esentire, Inc.	Senior Secured	May 2024	3-month LIBOR + 9.96%, Floor rate 10.96%	$	8,436	8,361		8,376		(5)(10)(11)(18)
Esme Learning Solutions, Inc.	Senior Secured	February 2025	Prime + 5.50%, Floor rate 8.75%, PIK Interest 1.50%, 3.00% Exit Fee	$	4,892	4,737		1,671		(8)(14)
Fortified Health Security	Senior Secured	December 2027	6-month SOFR + 7.79%, Floor rate 8.54%	$	7,000	6,824		6,824		(17)(18)
Flight Schedule Pro, LLC	Senior Secured	October 2027	1-month SOFR + 7.79%, Floor rate 8.70%	$	5,948	5,771		5,771		(17)(18)
Ikon Science Limited	Senior Secured	October 2024	3-month Eurodollar + 9.00%, Floor rate 10.00%	$	6,563	6,422		6,484		(5)(10)(17)(18)
Imperva, Inc.	Senior Secured	January 2027	3-month LIBOR + 7.75%, Floor rate 8.75%	$	20,000	19,875		20,200		(19)
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)	Senior Secured	July 2023	3-month SOFR + 10.14%, Floor rate 11.14%	$	10,681	10,593		10,593		(18)
Khoros (p.k.a Lithium Technologies)	Senior Secured	January 2024	3-month SOFR + 8.00%, Floor rate 9.00%	$	56,208	56,062		55,520		(17)
LogicSource	Senior Secured	July 2027	3-month SOFR + 8.93%, Floor rate 9.93%	$	13,300	13,028		13,028		(17)
Logicworks	Senior Secured	January 2024	Prime + 7.50%, Floor rate 10.75%	$	14,500	14,398		14,473		(12)
Mobile Solutions Services	Senior Secured	December 2025	3-month LIBOR + 9.06%, Floor rate 10.06%	$	17,915	17,556		17,474		(17)(18)
Nextroll, Inc.	Senior Secured	July 2023	Prime + 3.75%, Floor rate 7.75%, PIK Interest 2.95%, 1.95% Exit Fee	$	22,211	22,284		22,284		(12)(14)
Nuvolo Technologies Corporation	Senior Secured	July 2025	Prime + 5.25% ,Floor rate 8.50%, 2.42% Exit Fee	$	22,500	22,508		22,817		(12)(13)(17)(19)
Omeda Holdings, LLC	Senior Secured	July 2027	3-month SOFR + 8.05%, Floor rate 9.05%	$	7,500	7,261		7,261		(17)(18)
Riviera Partners LLC	Senior Secured	April 2027	6-month SOFR + 7.53%, Floor rate 8.53%	$	26,184	25,622		25,487		(17)(18)
Salary.com, LLC	Senior Secured	September 2027	6-month SOFR + 8.00%, Floor rate 9.00%	$	18,000	17,654		17,654		(18)


Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	Principal Amount		Cost (2)		Value		Footnotes
ShadowDragon, LLC	Senior Secured	December 2026	3-month LIBOR + 9.00%, Floor rate 10.00%	$	5,985	$	5,841	$	5,830	(17)(18)
Tact.ai Technologies, Inc.	Senior Secured	February 2024	Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	4,250	4,481		4,446		(14)
ThreatConnect, Inc.	Senior Secured	May 2026	6-month LIBOR + 9.00%, Floor rate 10.00%	$	11,032	10,778		10,793		(17)(18)
VideoAmp, Inc.	Senior Secured	February 2025	Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.25%, 5.25% Exit Fee	$	63,187	62,640		63,429		(14)(15)(19)
Zappi, Inc.	Senior Secured	December 2027	3-month SOFR + 8.03%, Floor rate 9.03%	$	9,000	8,779		8,779		(5)(10)(17)(18)
Zimperium, Inc.	Senior Secured	May 2027	3-month SOFR + 8.31%, Floor rate 9.31%	$	16,313	16,000		16,072		(17)(18)
Subtotal: Software (54.28%)*						762,371		760,679
Sustainable and Renewable Technology
Ampion, PBC	Senior Secured	May 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee	$	4,037	3,985		4,008		(13)(14)
Pineapple Energy LLC	Senior Secured	December 2024	PIK Interest 10.00%	$	3,237	3,237		3,006		(14)
Subtotal: Sustainable and Renewable Technology (0.50%)*						7,222		7,014
Total: Debt Investments (199.47%)*						$	2,818,060	$	2,795,444


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Equity Investments
Consumer & Business Products
Grove Collaborative, Inc.	Equity	4/30/2021	Common Stock	61,300	$	433	$	24	(4)
Savage X Holding, LLC	Equity	4/30/2010	Class A Units	42,137	13		226
TechStyle, Inc.	Equity	4/30/2010	Common Stock	42,989	128		132
TFG Holding, Inc.	Equity	4/30/2010	Common Stock	42,989	89		116
Subtotal: Consumer & Business Products (0.04%)*					663		498
Consumer & Business Services
Carwow LTD	Equity	12/15/2021	Preferred Series D-4	199,742	1,151		257		(5)(10)
DoorDash, Inc.	Equity	12/20/2018	Common Stock	81,996	945		4,003		(4)
Lyft, Inc.	Equity	12/26/2018	Common Stock	100,738	5,263		1,110		(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock	100,000	1,000		225		(4)
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A	286,080	1,663		372
	Equity	10/25/2016	Preferred Series A-1	108,710	632		141
Total OfferUp, Inc.				394,790	2,295		513
Oportun	Equity	6/28/2013	Common Stock	48,365	577		266		(4)
Reischling Press, Inc.	Equity	7/31/2020	Common Stock	3,095	39		—
Rhino Labs, Inc.	Equity	1/24/2022	Preferred Series B-2	7,063	1,000		805
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		—
Uber Technologies, Inc.	Equity	12/1/2020	Common Stock	32,991	318		816		(4)
Subtotal: Consumer & Business Services (0.57%)*					13,488		7,995


Portfolio Company	Type of Investment	Acquisition Date(4)	Series (3)	Shares	Cost (2)		Value		Footnotes
Diversified Financial Services
Gibraltar Business Capital, LLC	Equity	3/1/2018	Common Stock	830,000	$	1,884	$	1,107	(7)
	Equity	3/1/2018	Preferred Series A	10,602,752	26,122		14,137		(7)
Total Gibraltar Business Capital, LLC				11,432,752	28,006		15,244
Hercules Adviser LLC	Equity	3/26/2021	Member Units	1	35		19,153		(7)
Newfront Insurance Holdings, Inc.	Equity	9/30/2021	Preferred Series D-2	210,282	403		472
Subtotal: Diversified Financial Services (2.49%)*					28,444		34,869
Drug Delivery
AcelRx Pharmaceuticals, Inc.	Equity	12/10/2018	Common Stock	8,836	1,329		20		(4)
Aytu BioScience, Inc.	Equity	3/28/2014	Common Stock	13,600	1,500		3		(4)
BioQ Pharma Incorporated	Equity	12/8/2015	Preferred Series D	165,000	500		33
PDS Biotechnology Corporation	Equity	4/6/2015	Common Stock	2,498	309		33		(4)
Subtotal: Drug Delivery (0.01%)*					3,638		89
Drug Discovery & Development
Akero Therapeutics, Inc.	Equity	9/19/2022	Common Stock	38,461	1,000		2,108		(4)(10)
Albireo Pharma, Inc.	Equity	9/14/2020	Common Stock	25,000	1,000		540		(4)(10)
Applied Molecular Transport	Equity	4/6/2021	Common Stock	1,000	42		—		(4)(10)
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock	9,924	1,000		50		(4)
Aveo Pharmaceuticals, Inc.	Equity	7/31/2011	Common Stock	190,179	1,715		2,843		(4)
Axsome Therapeutics, Inc.	Equity	5/9/2022	Common Stock	127,021	4,165		9,797		(4)(10)(16)
Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock	98,100	1,871		2,904		(4)(5)(10)
BridgeBio Pharma, Inc.	Equity	6/21/2018	Common Stock	231,329	2,255		1,763		(4)
Concert Pharmaceuticals, Inc.	Equity	2/13/2019	Common Stock	70,796	1,367		413		(4)(10)
Dare Biosciences, Inc.	Equity	1/8/2015	Common Stock	13,550	1,000		11		(4)
Dynavax Technologies	Equity	7/22/2015	Common Stock	20,000	550		213		(4)(10)
Gritstone Bio, Inc.	Equity	10/26/2022	Common Stock	442,477	1,000		1,527		(4)
Hibercell, Inc.	Equity	5/7/2021


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)


PART I. FINANCIAL INFORMATION		3

Item 1.	Consolidated Financial Statements	3

	Consolidated Statements of Assets and Liabilities as of September 30, 2023 (unaudited) and December 31, 2022	3

	Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2023 and 2022 (unaudited)	5

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)	6

	Consolidated Schedule of Investments as of September 30, 2023 (unaudited)	7

	Consolidated Schedule of Investments as of December 31, 2022	21

	Notes to Consolidated Financial Statements (unaudited)	35

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	72

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	89

Item 4.	Controls and Procedures	90

PART II. OTHER INFORMATION		91

Item 1.	Legal Proceedings	91

Item 1A.	Risk Factors	91

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds , and Issuer Purchases of Equity Securities	92

Item 3.	Defaults Upon Senior Securities	92

Item 4.	Mine Safety Disclosures	92

Item 5.	Other Information	92

Item 6.	Exhibits and Financial Statement Schedules	93

SIGNATURES		98


Portfolio Company	Type of Investment	Acquisition Date(6)	Series (3)	Shares	Cost (2)		Value		Footnotes
Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.	Investment Funds & Vehicles	11/16/2020			$	3,271	$	3,311	(5)(10)(17)
Forbion Growth Opportunities Fund II C.V.	Investment Funds & Vehicles	6/23/2022			319		987		(5)(10)(17)
Subtotal: Drug Discovery & Development (0.26%)*					3,590		4,298
Software
Liberty Zim Co-Invest L.P.	Investment Funds & Vehicles	7/21/2022			381		385		(5)(10)
Subtotal: Software (0.02%)*					381		385
Total: Investment Funds & Vehicles Investments (0.28%)*					$	3,971	$	4,683
Total Investments (197.41%)*					$	3,308,894	$	3,261,391


Foreign Currency Forward Contracts

Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Value
Great British Pound (GBP)	6/3/2024	Goldman Sachs Bank USA	£	19,288	Sold	$	23,810	$	230
Total Foreign Currency Forward (0.01%*)						$	23,810	$	230