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Senior Secured, Maturity Date December 2028, Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee2025-03-310001280784Debt Investments Communications & Networking (1.37%)2025-03-310001280784Debt Investments Consumer & Business Services and Altumint, Inc. Senior Secured, Maturity Date December 2027, Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and Carwow LTD Senior Secured, Maturity Date December 2027, Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and GoEuro Travel GmbH. Senior Secured, Maturity Date November 2029, Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and Houzz, Inc. Convertible Debt, Maturity Date May 2028, PIK Interest 11.50%2025-03-310001280784Debt Investments Consumer & Business Services and Jobandtalent USA, Inc. Senior Secured, Maturity Date October 2028, 1-month SOFR + 0.00%, Floor rate 1.00%, PIK Interest 7.00%, 5.33% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and Plentific Ltd. Senior Secured, Maturity Date October 2026, Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and Provi, Senior Secured, Maturity Date December 2026, Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and Riviera Partners LLC. Senior Secured, Maturity Date March 2028, 3-month SOFR + 8.27%, Floor rate 9.27%2025-03-310001280784Debt Investments Consumer & Business Services and RVShare, LLC, Senior Secured, Maturity Date December 2026, 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%2025-03-310001280784Debt Investments Consumer & Business Services and SeatGeek, Inc., Senior Secured, Maturity Date May 2026, Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services, Senior Secured, Maturity Date July 2026, Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and Total SeatGeek, Inc.2025-03-310001280784Debt Investments Consumer & Business Services and Skyword, Inc. Senior Secured, Maturity Date November 2027, Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee2025-03-310001280784Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date January 2027, FIXED 8.25%2025-03-310001280784Debt Investments Consumer & Business Services and Thumbtack, Inc. Senior Secured, Maturity Date March 2028, Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50%2025-03-310001280784Debt Investments Consumer & Business Services and Veem, Inc., Senior Secured, Maturity Date March 2027, Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25%2025-03-310001280784Debt Investments Consumer & Business Services and Veem, Inc., Senior Secured, Maturity Date March 2027, Prime + 4.70%, Floor rate 12.70%, PIK Interest 1.50%.2025-03-310001280784Debt Investments Consumer & Business Services, and Total Veem, Inc.2025-03-310001280784Debt Investments Consumer & Business Services (18.03%)2025-03-310001280784Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC, Unsecured, Maturity Date September 2026, FIXED 3.45%, PIK Interest 8.05%2025-03-310001280784Debt Investments Diversified Financial Services, Unsecured, Maturity Date September 2026, Fixed 11.95%2025-03-310001280784Debt Investments Diversified Financial Services and Total Gibraltar Acquisition, LLC,.2025-03-310001280784Debt Investments Diversified Financial Services and Next Insurance, Inc, Senior Secured, Maturity Date February 2028, Prime -(1.50%), Floor rate 4.75%, PIK Interest 5.50%2025-03-310001280784Debt Investments Diversified Financial Services (2.42%)2025-03-310001280784Debt Investments Drug Discovery & Development and Adaptimmune Therapeutics plc. Senior Secured, Maturity Date June 2029, Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Akero Therapeutics, Inc. Senior Secured, Maturity Date March 2027, Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Aldeyra Therapeutics, Inc. Senior Secured, Maturity Date April 2026, Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Alector, Inc.. Senior Secured, Maturity Date December 2028, Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and AmplifyBio, LLC, Senior Secured, Maturity Date January 2027, Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Arcus Biosciences, Inc., Senior Secured, Maturity Date September 2029, Prime + 1.95%, Floor rate 10.45%, 7.75% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and ATAI Life Sciences N.V., Senior Secured, Maturity Date August 2026, Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc. Senior Secured, Maturity Date January 2028 Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and bluebird bio, Inc. Senior Secured, Maturity Date April 2029, Prime + 1.45%, Floor rate 9.95%, PIK Interest 2.45%, 6.45% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Braeburn, Inc., Senior Secured, Maturity Date October 2028, Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and COMPASS Pathways plc, Senior Secured, Maturity Date July 2027, Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Corium, Inc. Senior Secured, Maturity Date September 2026, Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Disc Medicine, Inc., Senior Secured, Maturity Date December 2029, Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and enGene, Inc. Senior Secured, Maturity Date January 2028, Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Heron Therapeutics, Inc.. Senior Secured, Maturity Date May 2026, Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Hibercell, Inc. Senior Secured, Maturity Date May 2025, Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Kura Oncology, Inc. Senior Secured, Maturity Date November 2027, Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc. Senior Secured, Maturity Date May 2027, Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and MoonLake Immunotherapeutics, Senior Secured, Maturity Date April 2030, Prime + 1.45%, Floor rate 8.45%, 6.95% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and NorthSea Therapeutics, Convertible Debt, Maturity Date December 2025, FIXED 6.00%2025-03-310001280784Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Senior Secured, Maturity Date December 2027, Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 7.06% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Senior Secured, Maturity Date December 2027, Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 3.00% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Total Phathom Pharmaceuticals, Inc.2025-03-310001280784Debt Investments Drug Discovery & Development and Replimune Group, Inc. Senior Secured, Maturity Date October 2027, Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Savara, Inc.. Senior Secured, Maturity Date April 2030, Prime + 1.45%, Floor rate 7.45%, 6.95% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and SynOx Therapeutics Limited, Senior Secured, Maturity Date May 2027, Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and uniQure B.V., Senior Secured, Maturity Date January 2027, Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc. Senior Secured, Maturity Date July 2027, Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee2025-03-310001280784Debt Investments Drug Discovery & Development (53.38%)2025-03-310001280784Debt Investments Electronics & Computer Hardware and Locus Robotics Corp., Senior Secured, Maturity Date December 2028, Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee2025-03-310001280784Debt Investments Electronics & Computer Hardware and Shield AI, Inc., Senior Secured, Maturity Date February 2029, Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee2025-03-310001280784Debt Investments Electronics & Computer Hardware (8.20%)2025-03-310001280784Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc. Senior Secured, Maturity Date November 2026, 3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45%2025-03-310001280784Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Senior Secured, Maturity Date February 2028, Prime + 3.10%, Floor rate 8.10%, 3.78% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Curana Health Holdings, LLC, Senior Secured, Maturity Date January 2028, Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Ennoble Care LLC, Senior Secured, Maturity Date February 2030, Prime + 2.60%, Floor rate 10.35%, 7.95% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Equality Health, LLC, Senior Secured, Maturity Date February 2026, Prime + 4.25%, Floor rate 9.50%, PIK Interest 1.55%2025-03-310001280784Debt Investments Healthcare Services, Other and Main Street Rural, Inc. Senior Secured, Maturity Date July 2027, Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Marathon Health, LLC, Senior Secured, Maturity Date February 2029, Prime + 0.75%, Floor rate 8.75%, PIK Interest 2.25%, 3.00% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Marathon Health, LLC, Senior Secured, Maturity Date February 2029, Prime + 3.00%, Floor rate 11.00%2025-03-310001280784Debt Investments Total Marathon Health, LLC2025-03-310001280784Debt Investments Healthcare Services, Other and Modern Life, Inc. Senior Secured, Maturity Date February 2027, Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and NeueHealth, Inc. Senior Secured, Maturity Date June 2028, Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Recover Together, Inc. Senior Secured, Maturity Date July 2027, Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Strive Health Holdings, LLC, Senior Secured, Maturity Date September 2027, Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and Vida Health, Inc. Senior Secured, Maturity Date July 2026, Prime - 2.75% Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other and WellBe Senior Medical, LLC, Senior Secured, Maturity Date May 2029, Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee2025-03-310001280784Debt Investments Healthcare Services, Other (30.79%)2025-03-310001280784Debt Investments Information Services and Saama Technologies, LLC, Senior Secured, Maturity Date July 2027, Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee2025-03-310001280784Debt Investments Information Services (1.02%)2025-03-310001280784Debt Investments Manufacturing Technology and VulcanForms Inc. Secured, Maturity Date January 2028, Prime + 4.25%, Floor rate 11.25%, 4.25% Exit Fee2025-03-310001280784Debt Investments Manufacturing Technology (0.99%)2025-03-310001280784Debt Investments Medical Devices & Equipment and Orchestra BioMed Holdings, Inc., Secured, Maturity Date November 2028, Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee2025-03-310001280784Debt Investments Medical Devices & Equipment and Senseonics Holdings, Inc., Senior Secured, Maturity Date September 2027 Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee2025-03-310001280784Debt Investments Medical Devices & Equipment and Sight Sciences, Inc., Senior Secured, Maturity Date July 2028, Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee2025-03-310001280784Debt Investments Medical Devices & Equipment (3.73%) 2025-03-310001280784Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 1-month SOFR + 8.14%, Floor rate 9.14%2025-03-310001280784Debt Investments Software and Allvue Systems, LLC, Senior Secured, Maturity Date September 2029, 3-month SOFR + 6.50%, Floor rate 7.50%2025-03-310001280784Debt Investments Software and AlphaSense, Inc., Senior Secured, Maturity Date June 2029, 3-month SOFR + 6.25%, Floor rate 8.25%2025-03-310001280784Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 3-month SOFR + 10.00%, Floor rate 11.00%2025-03-310001280784Debt Investments Software and Armis, Inc., Senior Secured, Maturity Date March 2028, Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee2025-03-310001280784Debt Investments Software and Armis, Inc., Senior Secured, Maturity Date March 2028, Prime + 1.25%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee2025-03-310001280784Debt Investments Software and Total Armis, Inc.2025-03-310001280784Debt Investments Software and Babel Street, Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.00%, Floor rate 9.00%2025-03-310001280784Debt Investments Software and Behavox Limited, Senior Secured, Maturity Date September 2027, Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee2025-03-310001280784Debt Investments Software and Brain Corporation, Senior Secured, Maturity Date September 2028, Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee2025-03-310001280784Debt Investments Software and Carbyne, Inc., Senior Secured, Maturity Date February 2029, Prime + 3.50%, Floor rate 10.00%, 3.50% Exit Fee2025-03-310001280784Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 3-month SOFR + 8.99%, Floor rate 9.89%2025-03-310001280784Debt Investments Software and CoreView USA, Inc., Senior Secured, Maturity Date January 2029, Prime +2.75%, Floor rate 9.25%, 4.95% Exit Fee2025-03-310001280784Debt Investments Software and Coronet Cyber Security Ltd., Senior Secured, Maturity Date October 2028, Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85%2025-03-310001280784Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date December 2027, Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee2025-03-310001280784Debt Investments Software and Dispatch Technologies, Inc., Senior Secured, Maturity Date April 2028, 3-month SOFR + 8.01%, Floor rate 8.76%2025-03-310001280784Debt Investments Software and DocPlanner, Senior Secured, Maturity Date January 2030, Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee2025-03-310001280784Debt Investments Software and Dragos, Inc., Senior Secured, Maturity Date July 2027, Prime + 2.00%, Floor rate 8.75%, PIK Interest 2.00%, 2.00% Exit Fee2025-03-310001280784Debt Investments Software and DroneDeploy, Inc., Senior Secured, Maturity Date November 2028, Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee2025-03-310001280784Debt Investments Software and Earnix, Inc., Senior Secured, Maturity Date June 2029, Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45%2025-03-310001280784Debt Investments Software and Elation Health, Inc., Senior Secured, Maturity Date April 2029, Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.30%, 3.95% Exit Fee2025-03-310001280784Debt Investments Software and Fortified Health Security, Senior Secured, Maturity Date December 2027, 1-month SOFR + 7.64%, Floor rate 8.54%2025-03-310001280784Debt Investments Software and Harness, Inc., Senior Secured, Maturity Date March 2029, Prime - 2.25%, Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee2025-03-310001280784Debt Investments Software and iGrafx, LLC, Senior Secured, Maturity Date May 2027, 1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee2025-03-310001280784Debt Investments Software and iSpot.tv, Inc., Senior Secured, Maturity Date January 2029, Prime + 2.25%, Floor rate 8.75%, PIK Interest 1.00%, 5.70% Exit Fee2025-03-310001280784Debt Investments Software and Khoros, Senior Secured, Maturity Date January 2025, 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%2025-03-310001280784Debt Investments Software and Leapwork ApS., Senior Secured, Maturity Date February 2026, Prime + 0.25%, Floor rate 7.00%, PIK Interest 1.95%, 2.70% Exit Fee2025-03-310001280784Debt Investments Software and LinenMaster, LLC., Senior Secured, Maturity Date August 2028, 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%2025-03-310001280784Debt Investments Software and Loftware, Inc., Senior Secured, Maturity Date March 2028, 3-month SOFR + 7.88%, Floor rate 8.88%2025-03-310001280784Debt Investments Software and LogicSource, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.93%, Floor rate 9.93%2025-03-310001280784Debt Investments Software and LogRhythm, Inc., Senior Secured, Maturity Date July 2029, 3-month SOFR + 7.50%, Floor rate 8.50%2025-03-310001280784Debt Investments Software and Marigold Group, Inc., Senior Secured, Maturity Date November 2026, PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55%2025-03-310001280784Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date December 2025, 6-month SOFR + 9.31%, Floor rate 10.06%2025-03-310001280784Debt Investments Software and Morphisec Information Security 2014 Ltd., Senior Secured, Maturity Date October 2027, Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee2025-03-310001280784Debt Investments Software and New Relic, Inc., Senior Secured, Maturity Date November 2030, 3-month SOFR + 6.75%, Floor rate 7.75%2025-03-310001280784Debt Investments Software and Omeda Holdings, LLC, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.05%, Floor rate 9.05%2025-03-310001280784Debt Investments Software and PayIt, LLC, Senior Secured, Maturity Date December 2028, Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee2025-03-310001280784Debt Investments Software and Pindrop Security, Inc., Senior Secured, Maturity Date June 2029, Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee2025-03-310001280784Debt Investments Software and Remodel Health Holdco, LLC., Senior Secured, Maturity Date December 2028 ,Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee2025-03-310001280784Debt Investments Software and Reveleer, Senior Secured, Maturity Date February 2027, Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee2025-03-310001280784Debt Investments Software and Semperis Technologies Inc., Senior Secured, Maturity Date April 2028, Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25%2025-03-310001280784Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 3-month SOFR + 8.88%, Floor rate 9.78%2025-03-310001280784Debt Investments Software and Simon Data, Inc., Senior Secured, Maturity Date March 2027, Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee2025-03-310001280784Debt Investments Software and Sisense Ltd., Senior Secured, Maturity Date July 2027, Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee2025-03-310001280784Debt Investments Smartsheet Inc.., Senior Secured, Maturity Date January 2031 , 3-month SOFR + 6.50%, Floor rate 7.25%2025-03-310001280784Debt Investments Snappt, Inc., Senior Secured, Maturity Date April 2029, Prime + 2.35%, Floor rate 8.85%, PIK Interest 1.00%, 4.25% Exit Fee2025-03-310001280784Debt Investments Software and Streamline Healthcare Solutions, Senior Secured, Maturity Date March 2028, 3-month SOFR + 7.25%, Floor rate 8.25%2025-03-310001280784Debt Investments Software and Sumo Logic, Inc., Senior Secured, Maturity Date May 2030, 6-month SOFR + 6.50%, Floor rate 7.50%2025-03-310001280784Debt Investments Software and Suzy, Inc.., Senior Secured, Maturity Date August 2027, Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee2025-03-310001280784Debt Investments Software and TaxCalc., Senior Secured, Maturity Date November 2029, Daily SONIA + 8.17%, Floor rate 8.67%2025-03-310001280784Debt Investments Software and ThreatConnect, Inc., Senior Secured, Maturity Date May 2026, 3-month SOFR + 9.15%, Floor rate 10.00%2025-03-310001280784Debt Investments Software and Tipalti Solutions Ltd., Senior Secured, Maturity Date April 2029, Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%2025-03-310001280784Debt Investments Software and Tipalti Solutions Ltd., Senior Secured, Maturity Date April 2029, Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%, 3.75% Exit Fee2025-03-310001280784Debt Investments Software and Total Tipalti Solutions Ltd.2025-03-310001280784Debt Investments Software and Zappi, Inc., Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.03%, Floor rate 9.03%2025-03-310001280784Debt Investments Software and Zimperium, Inc., Senior Secured, Maturity Date May 2027, 3-month SOFR + 8.31%, Floor rate 9.31%2025-03-310001280784Debt Investments Software (61.81%)2025-03-310001280784Debt Investments Space Technologies and Voyager Space Holdings, Inc., Senior Secured, Maturity Date July 2028, Prime + 1.25%, Floor rate 9.75%, PIK Interest 2.50%, 5.50% Exit Fee2025-03-310001280784Debt Investments Space Technologies (2.47%)2025-03-310001280784Debt Investments Sustainable and Renewable Technology and Electric Hydrogen Co., Senior Secured, May 2028, Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.89% Exit Fee2025-03-310001280784Debt Investments Sustainable and Renewable Technology (0.99%)2025-03-310001280784Debt Investments (186.90%)2025-03-310001280784Equity Investments Biotechnology Tools and Alamar Biosciences, Inc., Equity, Acquisition Date 2/21/2024, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Biotechnology Tools and Alamar Biosciences, Inc., Equity, Acquisition Date 2/21/2024, Series Preferred Series C2025-03-310001280784Equity Investments Biotechnology Tools (0.05%)2025-03-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 7/16/2013, Series Preferred Series B2025-01-012025-03-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 7/16/2013, Series Preferred Series B2025-03-310001280784Equity Investments Consumer & Business Products and Total Fabletics, Inc.2025-03-310001280784Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units2025-01-012025-03-310001280784Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units2025-03-310001280784Equity Investments Consumer & Business Products (0.02%)2025-03-310001280784Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-42025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-42025-03-310001280784Equity Investments Consumer & Business Services and Jobandtalent USA, Inc., Equity, Acquisition Date 2/11/2025, Series Preferred Series F2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Jobandtalent USA, Inc., Equity, Acquisition Date 2/11/2025, Series Preferred Series F2025-03-310001280784Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A2025-03-310001280784Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-12025-01-012025-03-310001280784Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-12025-03-310001280784Equity Investments Consumer & Business Services and Total OfferUp, Inc.2025-03-310001280784Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Services and Reischling Press, Inc., Equity, Acquisition Date 7/31/2020, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Reischling Press, Inc., Equity, Acquisition Date 7/31/2020, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock2025-03-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB2025-03-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 12/29/2023, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 12/29/2023, Series Preferred Series C2025-03-310001280784Equity Investments Consumer & Business Services and Total Tectura Corporation2025-03-310001280784Equity Investments Consumer & Business Services and Worldremit Group Limited, Equity, Acquisition Date 6/24/2024, Series Preferred Series X2025-01-012025-03-310001280784Equity Investments Consumer & Business Services and Worldremit Group Limited, Equity, Acquisition Date 6/24/2024, Series Preferred Series X2025-03-310001280784Equity Investments Consumer & Business Services (0.40%)2025-03-310001280784Equity Investments Diversified Financial Services and Gibraltar Acquisition, LLC, Equity, Acquisition Date 3/1/2018, Series Member Units2025-01-012025-03-310001280784Equity Investments Diversified Financial Services and Gibraltar Acquisition, LLC, Equity, Acquisition Date 3/1/2018, Series Member Units2025-03-310001280784Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units2025-01-012025-03-310001280784Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units2025-03-310001280784Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-22025-01-012025-03-310001280784Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-22025-03-310001280784Equity Investments Diversified Financial Services (3.38%)2025-03-310001280784Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock2025-03-310001280784Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D2025-01-012025-03-310001280784Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D2025-03-310001280784Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock2025-03-310001280784Equity Investments Drug Delivery and Talphera, Inc, Equity, Acquisition Date 12/10/2018, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Delivery and Talphera, Inc, Equity, Acquisition Date 12/10/2018, Series Common Stock2025-03-310001280784Equity Investments Drug Delivery (0.00%)2025-03-310001280784Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 3/8/2024, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 3/8/2024, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Arcus Biosciences, Inc., Equity, Acquisition Date 2/19/2025, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Arcus Biosciences, Inc., Equity, Acquisition Date 2/19/2025, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Heron Therapeutics, Inc., Equity, Acquisition Date 7/25/2023, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Heron Therapeutics, Inc., Equity, Acquisition Date 7/25/2023, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B2025-03-310001280784Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Kura Oncology, Inc., Equity, Acquisition Date 6/16/2023, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Kura Oncology, Inc., Equity, Acquisition Date 6/16/2023, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Equity, Acquisition Date 9/29/2023, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Equity, Acquisition Date 9/29/2023, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C2025-03-310001280784Equity Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Equity, Acquisition Date 6/9/2023, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Equity, Acquisition Date 6/9/2023, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Rafael Holdings, Inc. (p.k.a. Cyclo Therapeutics, Inc.), Equity, Acquisition Date 4/6/2021, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Rafael Holdings, Inc. (p.k.a. Cyclo Therapeutics, Inc.), Equity, Acquisition Date 4/6/2021, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B2025-03-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C2025-03-310001280784Equity Investments Drug Discovery & Development and Total Valo Health LLC2025-03-310001280784Equity Investments Drug Discovery & Development and Verge Analytics, Inc., Equity, Acquisition Date 9/6/2023, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Verge Analytics, Inc., Equity, Acquisition Date 9/6/2023, Series Preferred Series C2025-03-310001280784Equity Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Equity, Acquisition Date 11/6/2023, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Equity, Acquisition Date 11/6/2023, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock2025-01-012025-03-310001280784Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock2025-03-310001280784Equity Investments Drug Discovery & Development (1.81%)2025-03-310001280784Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F2025-01-012025-03-310001280784Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F2025-03-310001280784Equity Investments Electronics & Computer Hardware and Shield AI, Inc., Equity, Acquisition Date 2/7/2025, Series Preferred Series F12025-01-012025-03-310001280784Equity Investments Electronics & Computer Hardware and Shield AI, Inc., Equity, Acquisition Date 2/7/2025, Series Preferred Series F12025-03-310001280784Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E2025-01-012025-03-310001280784Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E2025-03-310001280784Equity Investments Electronics & Computer Hardware (0.15%)2025-03-310001280784Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock2025-01-012025-03-310001280784Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock2025-03-310001280784Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Common Stock2025-01-012025-03-310001280784Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Common Stock2025-03-310001280784Equity Investments Healthcare Services, Other and Click Therapeutics, Inc., Equity, Acquisition Date 5/20/2024, Series Common Stock2025-01-012025-03-310001280784Equity Investments Healthcare Services, Other and Click Therapeutics, Inc., Equity, Acquisition Date 5/20/2024, Series Common Stock2025-03-310001280784Equity Investments Healthcare Services, Other and Curana Health Holdings, LLC, Equity, Acquisition Date 5/13/2024, Series Common Units2025-01-012025-03-310001280784Equity Investments Healthcare Services, Other and Curana Health Holdings, LLC, Equity, Acquisition Date 5/13/2024, Series Common Units2025-03-310001280784Equity Investments Healthcare Services, Other and Main Street Rural, Inc., Equity, Acquisition Date 10/28/2024, Series Preferred Series D2025-01-012025-03-310001280784Equity Investments Healthcare Services, Other and Main Street Rural, Inc., Equity, Acquisition Date 10/28/2024, Series Preferred Series D2025-03-310001280784Equity Investments Healthcare Services, Other and WellBe Senior Medical, LLC, Equity, Acquisition Date 6/10/2024, Series Common Units2025-01-012025-03-310001280784Equity Investments Healthcare Services, Other and WellBe Senior Medical, LLC, Equity, Acquisition Date 6/10/2024, Series Common Units2025-03-310001280784Equity Investments Healthcare Services, Other (0.37%)2025-03-310001280784Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E2025-01-012025-03-310001280784Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E2025-03-310001280784Equity Investments Information Services (0.23%)2025-03-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units2025-01-012025-03-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units2025-03-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-22025-01-012025-03-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-22025-03-310001280784Equity Investments Medical Devices & Equipment and Total Coronado Aesthetics, LLC2025-03-310001280784Equity Investments Medical Devices & Equipment (0.00%)2025-03-310001280784Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C2025-03-310001280784Equity Investments Semiconductors (0.00%)2025-03-310001280784Equity Investments Software and Armis, Inc., Equity, Acquisition Date 10/18/2024, Series Preferred Series D2025-01-012025-03-310001280784Equity Investments Software and Armis, Inc., Equity, Acquisition Date 10/18/2024, Series Preferred Series D2025-03-310001280784Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note2025-01-012025-03-310001280784Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note2025-03-310001280784Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-32025-01-012025-03-310001280784Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-32025-03-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C2025-03-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D2025-01-012025-03-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D2025-03-310001280784Equity Investments Software and Total Contentful Global, Inc.2025-03-310001280784Equity Investments Software and DNAnexus, Inc, Equity, Acquisition Date 3/21/2014, Series Preferred Series C2025-01-012025-03-310001280784Equity Investments Software and DNAnexus, Inc, Equity, Acquisition Date 3/21/2014, Series Preferred Series C2025-03-310001280784Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock2025-01-012025-03-310001280784Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock2025-03-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 22025-01-012025-03-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 22025-03-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 32025-01-012025-03-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 32025-03-310001280784Equity Investments Software and Total Druva Holdings, Inc.2025-03-310001280784Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock2025-01-012025-03-310001280784Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock2025-03-310001280784Equity Investments Software and Leapwork ApS., Equity, Acquisition Date 8/25/2023, Series Preferred Series B22025-01-012025-03-310001280784Equity Investments Software and Leapwork ApS., Equity, Acquisition Date 8/25/2023, Series Preferred Series B22025-03-310001280784Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock2025-01-012025-03-310001280784Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock2025-03-310001280784Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock2025-01-012025-03-310001280784Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock2025-03-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E2025-01-012025-03-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E2025-03-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F2025-01-012025-03-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F2025-03-310001280784Equity Investments Software and Total SingleStore, Inc.2025-03-310001280784Equity Investments Software and SirionLabs Pte. Ltd., Equity, Acquisition Date 6/30/2024, Series Preferred Series F12025-01-012025-03-310001280784Equity Investments Software and SirionLabs Pte. Ltd., Equity, Acquisition Date 6/30/2024, Series Preferred Series F12025-03-310001280784Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Common Stock2025-01-012025-03-310001280784Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Common Stock2025-03-310001280784Equity Investments Software (0.81%)2025-03-310001280784Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-12025-01-012025-03-310001280784Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-12025-03-310001280784Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock2025-01-012025-03-310001280784Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock2025-03-310001280784Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D2025-01-012025-03-310001280784Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D2025-03-310001280784Equity Investments Sustainable and Renewable Technology and SUNation Energy, Inc., Equity, Acquisition Date 12/10/2020, Series Common Stock2025-01-012025-03-310001280784Equity Investments Sustainable and Renewable Technology and SUNation Energy, Inc., Equity, Acquisition Date 12/10/2020, Series Common Stock2025-03-310001280784Equity Investments Sustainable and Renewable Technology (0.11%)2025-03-310001280784Equity Investments (7.34%)2025-03-310001280784Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Series Preferred Series C2025-01-012025-03-310001280784Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Series Preferred Series C2025-03-310001280784Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Series Common Stock2025-03-310001280784Warrant Investments and Biotechnology Tools (0.01%)2025-03-310001280784Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Series Common Stock2025-03-310001280784Warrant Investments and Communications & Networking (0.01%)2025-03-310001280784Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Series Preferred Series C2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Series Preferred Series C2025-03-310001280784Warrant Investments and Consumer & Business Products (0.04%)2025-03-310001280784Warrant Investments and Consumer & Business Services and Altumint, Inc., Warrant, Acquisition Date 10/31/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Altumint, Inc., Warrant, Acquisition Date 10/31/2024, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 2/13/2024, Series Preferred Series D-42025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 2/13/2024, Series Preferred Series D-42025-03-310001280784Warrant Investments and Consumer & Business Services and Total Carwow LTD2025-03-310001280784Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Series Preferred Series D2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Series Preferred Series D2025-03-310001280784Warrant Investments and Consumer & Business Services and Plentific Ltd, Warrant, Acquisition Date 10/3/2023, Series Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Plentific Ltd, Warrant, Acquisition Date 10/3/2023, Series Ordinary Shares2025-03-310001280784Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Series Preferred Series B2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Series Preferred Series B2025-03-310001280784Warrant Investments and Consumer & Business Services and Total Skyword, Inc.2025-03-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Series Preferred Series A2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Series Preferred Series A2025-03-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Series Preferred Series B2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Series Preferred Series B2025-03-310001280784Warrant Investments and Consumer & Business Services and Total Snagajob.com, Inc.2025-03-310001280784Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2025-03-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Series Preferred Series D2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Series Preferred Series D2025-03-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Series Preferred Series E2025-01-012025-03-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Series Preferred Series E2025-03-310001280784Warrant Investments and Consumer & Business Services and Total Worldremit Group Limited2025-03-310001280784Warrant Investments and Consumer & Business Services (0.28%)2025-03-310001280784Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2023, Series Common Stock2025-03-310001280784Warrant Investments and Diversified Financial Services (0.07%)2025-03-310001280784Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Series Common Stock2025-03-310001280784 Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Series Class A Units2025-01-012025-03-310001280784 Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Series Class A Units2025-03-310001280784Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and blubird bio, Inc., Warrant, Acquisition Date 3/15/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and blubird bio, Inc., Warrant, Acquisition Date 3/15/2024, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Series Preferred Series B2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Series Preferred Series B2025-03-310001280784Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and COMPASS Pathways plc, Warrant, Acquisition Date 6/30/2023, Series Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and COMPASS Pathways plc, Warrant, Acquisition Date 6/30/2023, Series Ordinary Shares2025-03-310001280784Warrant Investments and Drug Discovery & Development and Curevo, Inc., Warrant, Acquisition Date 6/9/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Curevo, Inc., Warrant, Acquisition Date 6/9/2023, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/22/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/22/2023, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Heron Therapeutics, Inc., Warrant, Acquisition Date 8/9/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Heron Therapeutics, Inc., Warrant, Acquisition Date 8/9/2023, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Series Preferred Series E2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Series Preferred Series E2025-03-310001280784Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and SynOx Therapeutics Limited, Warrant, Acquisition Date 4/18/2024, Series Preferred Series B2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and SynOx Therapeutics Limited, Warrant, Acquisition Date 4/18/2024, Series Preferred Series B2025-03-310001280784Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 12/30/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 12/30/2021, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Series Common Units2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Series Common Units2025-03-310001280784Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/18/2019, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/18/2019, Series Common Stock2025-03-310001280784Warrant Investments and Drug Discovery & Development (0.46%)2025-03-310001280784Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Series Common Stock2025-03-310001280784Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Series Common Stock2025-03-310001280784Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Series Common Stock2025-03-310001280784Warrant Investments and Electronics & Computer Hardware (0.01%)2025-03-310001280784Warrant Investments and Healthcare Services, Other and Curana Health Holdings, LLC., Warrant, Acquisition Date 1/4/2024, Series Common Units2025-01-012025-03-310001280784Warrant Investments and Healthcare Services, Other and Curana Health Holdings, LLC., Warrant, Acquisition Date 1/4/2024, Series Common Units2025-03-310001280784Warrant Investments and Healthcare Services, Other and Modern Life, Inc., Warrant, Acquisition Date 3/30/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Healthcare Services, Other and Modern Life, Inc., Warrant, Acquisition Date 3/30/2023, Series Common Stock2025-03-310001280784Warrant Investments and Healthcare Services, Other and NeueHealth, Inc., Warrant, Acquisition Date 6/21/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Healthcare Services, Other and NeueHealth, Inc., Warrant, Acquisition Date 6/21/2024, Series Common Stock2025-03-310001280784Warrant Investments and Healthcare Services, Other and Recover Together, Inc.., Warrant, Acquisition Date 7/3/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Healthcare Services, Other and Recover Together, Inc.., Warrant, Acquisition Date 7/3/2023, Series Common Stock2025-03-310001280784Warrant Investments and Healthcare Services, Other and Strive Health Holdings, LLC., Warrant, Acquisition Date 9/28/2023, Series Common Units2025-01-012025-03-310001280784Warrant Investments and Healthcare Services, Other and Strive Health Holdings, LLC., Warrant, Acquisition Date 9/28/2023, Series Common Units2025-03-310001280784Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Series Preferred Series E2025-01-012025-03-310001280784Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Series Preferred Series E2025-03-310001280784Warrant Investments and Healthcare Services, Other (0.11%)2025-03-310001280784Warrant Investments and Information Services and NetBase Quid, Inc., Warrant, Acquisition Date 8/22/2017, Series Preferred Series 12025-01-012025-03-310001280784Warrant Investments and Information Services and NetBase Quid, Inc., Warrant, Acquisition Date 8/22/2017, Series Preferred Series 12025-03-310001280784Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Series Common Stock2025-03-310001280784Warrant Investments and Information Services (0.00%)2025-03-310001280784Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2025-03-310001280784Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Series Common Stock2025-03-310001280784Warrant Investments and Manufacturing Technology and VulcanForms Inc., Warrant, Acquisition Date 1/30/2025, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Manufacturing Technology and VulcanForms Inc., Warrant, Acquisition Date 1/30/2025, Series Common Stock2025-03-310001280784Warrant Investments and Manufacturing Technology (0.04%)2025-03-310001280784Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Series Preferred Series E-12025-01-012025-03-310001280784Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Series Preferred Series E-12025-03-310001280784Warrant Investments and Media/Content/Info (0.01%)2025-03-310001280784Warrant Investments and Medical Devices & Equipment and Orchestra BioMed Holdings, Inc., Warrant, Acquisition Date 11/6/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Medical Devices & Equipment and Orchestra BioMed Holdings, Inc., Warrant, Acquisition Date 11/6/2024, Series Common Stock2025-03-310001280784Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Series Common Stock2025-03-310001280784Warrant Investments and Medical Devices & Equipment and Senseonics Holdings, Inc., Warrant, Acquisition Date 9/8/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Medical Devices & Equipment and Senseonics Holdings, Inc., Warrant, Acquisition Date 9/8/2023, Series Common Stock2025-03-310001280784Warrant Investments and Medical Devices & Equipment and Sight Sciences, Inc., Warrant, Acquisition Date 1/22/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Medical Devices & Equipment and Sight Sciences, Inc., Warrant, Acquisition Date 1/22/2024, Series Common Stock2025-03-310001280784Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Series Common Stock2025-03-310001280784Warrant Investments and Medical Devices & Equipment (0.03%)2025-03-310001280784Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Series Preferred Series D-22025-01-012025-03-310001280784Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Series Preferred Series D-22025-03-310001280784Warrant Investments and Semiconductors (0.02%)2025-03-310001280784Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Series Preferred Series G2025-01-012025-03-310001280784Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Series Preferred Series G2025-03-310001280784Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Series Common Stock2025-03-310001280784Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Series Common Stock2025-03-310001280784Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Series Common Stock2025-03-310001280784Warrant Investments and Software and Carbyne, Inc., Warrant, Acquisition Date 2/24/2025 Series Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Software and Carbyne, Inc., Warrant, Acquisition Date 2/24/2025 Series Ordinary Shares2025-03-310001280784Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2025-03-310001280784Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Series Common Stock2025-03-310001280784Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Series Preferred Series B2025-01-012025-03-310001280784Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Series Preferred Series B2025-03-310001280784Warrant Investments and Software and Coronet Cyber Security Ltd., Warrant, Acquisition Date 9/26/2024, Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Software and Coronet Cyber Security Ltd., Warrant, Acquisition Date 9/26/2024, Ordinary Shares2025-03-310001280784Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Series Common Stock2025-03-310001280784Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Series Common Stock2025-03-310001280784Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Series Common Stock2025-03-310001280784Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Series Common Stock2025-03-310001280784Warrant Investments and Software and Dragos, Inc., Warrant, Acquisition Date 6/28/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Dragos, Inc., Warrant, Acquisition Date 6/28/2023, Series Common Stock2025-03-310001280784Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Series Common Stock2025-03-310001280784Warrant Investments and Software and Earnix, Inc., Warrant, Acquisition Date 6/6/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Earnix, Inc., Warrant, Acquisition Date 6/6/2024, Series Common Stock2025-03-310001280784Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Series Common Stock2025-03-310001280784Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Series Preferred Series B2025-01-012025-03-310001280784Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Series Preferred Series B2025-03-310001280784Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Series Common Stock2025-03-310001280784Warrant Investments and Software and Harness, Inc., Warrant, Acquisition Date 3/12/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Harness, Inc., Warrant, Acquisition Date 3/12/2024, Series Common Stock2025-03-310001280784Warrant Investments and Software and Kore.ai, Inc., Warrant, Acquisition Date 3/31/2023, Series Preferred Series C2025-01-012025-03-310001280784Warrant Investments and Software and Kore.ai, Inc., Warrant, Acquisition Date 3/31/2023, Series Preferred Series C2025-03-310001280784Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Series Common Stock2025-03-310001280784Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Series Preferred Series LB-22025-01-012025-03-310001280784Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Series Preferred Series LB-22025-03-310001280784Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2025-03-310001280784Warrant Investments and Software and Morphisec Information Security 2014 Ltd., Warrant, Acquisition Date 10/1/2024, Series Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Software and Morphisec Information Security 2014 Ltd., Warrant, Acquisition Date 10/1/2024, Series Ordinary Shares2025-03-310001280784Warrant Investments and Software and Pindrop Security, Inc., Warrant, Acquisition Date 6/26/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Pindrop Security, Inc., Warrant, Acquisition Date 6/26/2024, Series Common Stock2025-03-310001280784Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Series Common Stock2025-03-310001280784Warrant Investments and Software and Semperis Technologies Inc., Warrant, Acquisition Date 4/23/2024, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Semperis Technologies Inc., Warrant, Acquisition Date 4/23/2024, Series Common Stock2025-03-310001280784Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Series Common Stock2025-03-310001280784Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Series Preferred Series D2025-01-012025-03-310001280784Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Series Preferred Series D2025-03-310001280784Warrant Investments and Software and Sisense Ltd., Warrant, Acquisition Date 6/28/2023, Series Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Software and Sisense Ltd., Warrant, Acquisition Date 6/28/2023, Series Ordinary Shares2025-03-310001280784Warrant Investments and Software and Suzy, Inc. Warrant, Acquisition Date 8/24/2023, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and Suzy, Inc. Warrant, Acquisition Date 8/24/2023, Series Common Stock2025-03-310001280784Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Series Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Series Ordinary Shares2025-03-310001280784Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/27/2025, Series Ordinary Shares2025-01-012025-03-310001280784Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/27/2025, Series Ordinary Shares2025-03-310001280784Warrant Investments and Software and Total Tipalti Solutions Ltd.2025-03-310001280784Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Series Common Stock2025-03-310001280784Warrant Investments and Software (0.48%)2025-03-310001280784Warrant Investments and Space Technologies and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Space Technologies and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Series Common Stock2025-03-310001280784Warrant Investments and Space Technologies (0.00%)2025-03-310001280784Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Series Common Stock2025-01-012025-03-310001280784Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Series Common Stock2025-03-310001280784Warrant Investments and Sustainable and Renewable Technology and Electric Hydrogen Co., Warrant, Acquisition Date 3/27/2024, Series Common stock2025-01-012025-03-310001280784Warrant Investments and Sustainable and Renewable Technology and Electric Hydrogen Co., Warrant, Acquisition Date 3/27/2024, Series Common stock2025-03-310001280784Warrant Investments and Sustainable and Renewable Technology (0.02%)2025-03-310001280784Warrant Investments (1.57%)2025-03-310001280784Investments in Securities (195.81%)2025-03-310001280784Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, Acquisition Date 11/16/20202025-01-012025-03-310001280784Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, Acquisition Date 11/16/20202025-03-310001280784Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund II C.V., Investment Funds & Vehicles, Acquisition Date 6/23/20222025-01-012025-03-310001280784Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund II C.V., Investment Funds & Vehicles, Acquisition Date 6/23/20222025-03-310001280784Investment Funds & Vehicles Investments and Drug Discovery & Development (0.33%)2025-03-310001280784Investment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/20222025-01-012025-03-310001280784Investment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/20222025-03-310001280784Investment Funds & Vehicles Investments and Software (0.02%)2025-03-310001280784Investment Funds & Vehicles Investments (0.35%)2025-03-310001280784Investments before Cash & Cash Equivalents (196.16%)2025-03-310001280784Investment Funds and Cash & Cash Equivalent and GS Financial Square Government Fund, Series FGTXX/38141W2732025-03-310001280784Investment Fund In Cash & Cash Equivalents (1.30%)2025-03-310001280784Investment Fund After Cash & Cash Equivalents (197.46%)2025-03-310001280784Foreign Currency Exchange Contracts, Great British Pound (GBP) Counterparty Goldman Sachs Bank USA Settlement Date 6/3/20242025-01-012025-03-310001280784Foreign Currency Exchange Contracts, Great British Pound (GBP) Counterparty Goldman Sachs Bank USA Settlement Date 6/3/20242025-03-310001280784Total Foreign Currency Forward ((0.02%))2025-03-310001280784htgc:OneMonthSOFRMember2025-03-310001280784htgc:ThreeMonthSOFRMember2025-03-310001280784htgc:SixMonthSOFRMember2025-03-310001280784us-gaap:FairValueInputsLevel1Memberus-gaap:WarrantMember2025-03-310001280784us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2025-03-310001280784htgc:BlackCrowAIIncMemberhtgc:PromissoryNotesMember2025-03-310001280784htgc:RoyaltyContractMemberhtgc:PhathomPharmaceuticalsIncMember2025-03-310001280784Debt Investments Biotechnology Tools and PathAI, Inc., Senior Secured, Maturity Date January 2027, Prime + 2.15%, Floor rate 9.15%, 7.85% Exit Fee2024-12-310001280784Debt Investments Biotechnology Tools (1.70%)2024-12-310001280784Debt Investments Communications and Networking and Aryaka Networks, Inc., Senior Secured, Maturity Date December 2028, Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee2024-12-310001280784Debt Investment Communications & Networking (1.38%)2024-12-310001280784Debt Investment Consumer & Business Services and Altumint, Inc., Senior Secured, Maturity Date December 2027, Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee2024-12-310001280784Debt Investment Consumer & Business Services and Carwow LTD, Senior Secured, Maturity Date December 2027, Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee2024-12-310001280784Debt Investment Consumer & Business Services and GoEuro Travel GmbH, Senior Secured, Maturity Date November 2029, Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee2024-12-310001280784Debt Investments Consumer & Business Services and Houzz, Inc., Convertible Debt, Maturity Date May 2028, PIK Interest 11.50%2024-12-310001280784Debt Investments Consumer & Business Services and Jobandtalent USA, Inc., Senior Secured, Maturity Date August 2025, 1-month SOFR + 8.86% Floor rate 9.75%, 2.89% Exit Fee2024-12-310001280784Debt Investments Consumer & Business Services and Plentific Ltd, Senior Secured, Maturity Date October 2026, Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee2024-12-310001280784Debt Investments Consumer & Business Services and Provi, Senior Secured, Maturity Date December 2026, Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee2024-12-310001280784Debt Investments Consumer & Business Services and Riviera Partners LLC, Senior Secured, Maturity Date April 2027, 3-month SOFR + 8.27%, Floor rate 9.27%2024-12-310001280784Debt Investments Consumer & Business Services and RVShare, LLC, Senior Secured, Maturity Date December 2026, 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%2024-12-310001280784Debt Investment Consumer & Business Services and SeatGeek, Inc., Senior Secured, Maturity Date May 2026, Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee2024-12-310001280784Debt Investment Consumer & Business Services and SeatGeek, Inc., Senior Secured, Maturity Date July 2026, Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee2024-12-310001280784Debt Investment Consumer & Business Services and Total SeatGeek, Inc2024-12-310001280784Debt Investment Consumer & Business Services and Skyword, Inc., Senior Secured, Maturity Date November 2027, Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee2024-12-310001280784Debt Investment Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date January 2027, FIXED 8.25%2024-12-310001280784Debt Investment Consumer & Business Services and Thumbtack, Inc., Senior Secured, Maturity Date March 2028, Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50%2024-12-310001280784Debt Investment Consumer & Business Services and Veem, Inc., Senior Secured, Maturity Date March 2027, Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25%, 4.50% Exit Fee2024-12-310001280784Debt Investment Consumer & Business Services and Veem, Inc., Senior Secured, Maturity Date March 2027, Prime + 4.70%, Floor rate 12.70%, PIK Interest 1.50%, 4.50% Exit Fee2024-12-310001280784Debt Investment Consumer & Business Services and Total Veem, Inc.,2024-12-310001280784Debt Investment Consumer & Business Services (18.03%)2024-12-310001280784Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC, Unsecured, Maturity Date September 2026, FIXED 3.45%, PIK Interest 8.05%2024-12-310001280784Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC, Unsecured, Maturity Date September 2026, FIXED 11.95%2024-12-310001280784Debt Investment Diversified Financial Services and Total Gibraltar Acquisition, LLC2024-12-310001280784Debt Investment Diversified Financial Services and Hercules Adviser LLC, Unsecured, Maturity Date June 2025, FIXED 5.00%2024-12-310001280784Debt Investment Diversified Financial Services and Next Insurance, Inc., Senior Secured, Maturity Date February 2028, Prime - 1.50%, Floor rate 4.75%, PIK Interest 5.50%2024-12-310001280784Debt Investment Diversified Financial Services (2.98%)2024-12-310001280784Debt Investments Drug Discovery & Development and Adaptimmune Therapeutics plc, Inc., Senior Secured, Maturity Date June 2029, Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee2024-12-310001280784Debt Investment Drug Discovery & Development and Akero Therapeutics, Inc., Senior Secured, Maturity Date March 2027, Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Aldeyra Therapeutics, Inc., Senior Secured, Maturity Date April 2026, Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Alector, Inc., Senior Secured, Maturity Date December 2028, Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee2024-12-310001280784Debt Investment Drug Discovery & Development and AmplifyBio, LLC, Senior Secured, Maturity Date January 2027, Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Arcus Biosciences, Inc., Senior Secured, Maturity Date September 2029, Prime + 1.95%, Floor rate 10.45%, 7.75% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and ATAI Life Sciences N.V., Senior Secured, Maturity Date August 2026, Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Senior Secured, Maturity Date January 2028, Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and bluebird bio, Inc., Senior Secured, Maturity Date April 2029, Prime + 1.45%, Floor rate 9.95%, PIK Interest 2.45%, 6.45% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Braeburn, Inc., Senior Secured, Maturity Date October 2028, Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and COMPASS Pathways plc, Senior Secured, Maturity Date July 2027, Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Corium, Inc., Senior Secured, Maturity Date September 2026, Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Disc Medicine, Inc., Senior Secured, Maturity Date December 2029, Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Eloxx Pharmaceuticals, Inc., Senior Secured, Maturity Date April 2025, Prime + 6.25%, Floor rate 9.50%, 4.00% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and enGene, Inc., Senior Secured, Maturity Date January 2028, Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Heron Therapeutics, Inc., Senior Secured, Maturity Date February 2026, Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Hibercell, Inc., Senior Secured, Maturity Date May 2025, Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Kura Oncology, Inc., Senior Secured, Maturity Date November 2027, Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Senior Secured, Maturity Date May 2027, Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and NorthSea Therapeutics, Convertible Debt, Maturity Date December 2025, FIXED 6.00%2024-12-310001280784Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Senior Secured, Maturity Date December 2027, Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 6.22% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Replimune Group, Inc., Senior Secured, Maturity Date October 2027, Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and SynOx Therapeutics Limited, Senior Secured, Maturity Date May 2027, Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and uniQure B.V., Senior Secured, Maturity Date January 2027, Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Senior Secured, Maturity Date July 2027, Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee2024-12-310001280784Debt Investments Drug Discovery & Development (52.10%)2024-12-310001280784Debt Investments Electronics & Computer Hardware and Locus Robotics Corp., Senior Secured, Maturity Date December 2028, Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee2024-12-310001280784Debt Investments Electronics & Computer Hardware and Shield AI, Inc., Senior Secured, Maturity Date February 2029, Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee2024-12-310001280784Debt Investments Electronics & Computer Hardware (8.13%)2024-12-310001280784Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc., Senior Secured, Maturity Date November 2026, 3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45%2024-12-310001280784Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Senior Secured, Maturity Date June 2026, Prime -1.50%, Floor rate 7.00%, PIK Interest 7.00%, 5.64% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Convertible Debt, Maturity Date December 2025, FIXED 12.00%2024-12-310001280784Debt Investments Healthcare Services, Other and Total Carbon Health Technologies, Inc.2024-12-310001280784Debt Investments Healthcare Services, Other and Curana Health Holdings, LLC, Senior Secured, Maturity Date January 2028, Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and Equality Health, LLC, Senior Secured, Maturity Date February 2026, Prime + 4.25%, Floor rate 9.50%, PIK Interest 1.55%, 1.11% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and Main Street Rural, Inc., Senior Secured, Maturity Date July 2027, Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and Marathon Health, LLC, Senior Secured, Maturity Date February 2029, Prime - 0.90%, Floor rate 7.10%, PIK Interest 4.00%, 3.00% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and Marathon Health, LLC, Senior Secured, Maturity Date February 2029, Prime + 3.00%, Floor rate 11.00%2024-12-310001280784Debt Investments Healthcare Services, Other and Marathon Health, LLC.2024-12-310001280784Debt Investment Healthcare Services, Other and Modern Life, Inc., Senior Secured, Maturity Date February 2027, Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and NeueHealth, Inc., Maturity Date June 2028, Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee2024-12-310001280784Debt Investment Healthcare Services, Other and Recover Together, Inc., Senior Secured, Maturity Date July 2027, Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee2024-12-310001280784Debt Investment Healthcare Services, Other and Strive Health Holdings, LLC, Senior Secured, Maturity Date September 2027, Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and Vida Health, Inc., Senior Secured, Maturity Date October 2026, Prime - 2.75%, Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other and WellBe Senior Medical LLC, Senior Secured, Maturity Date May 2029, Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee2024-12-310001280784Debt Investments Healthcare Services, Other (30.19%)2024-12-310001280784Debt Investments Information Services and Saama Technologies, LLC, Senior Secured, Maturity Date July 2027, Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee2024-12-310001280784Debt Investments Information Services (1.03%)2024-12-310001280784Debt Investments Medical Devices & Equipment and Orchestra BioMed Holdings, Inc., Senior Secured, Maturity Date November 2028, Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee2024-12-310001280784Debt Investments Medical Devices & Equipment and Senseonics Holdings, Inc., Senior Secured, Maturity Date September 2027, Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee2024-12-310001280784Debt Investments Medical Devices & Equipment and Sight Sciences, Inc., Senior Secured, Maturity Date July 2028, Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee2024-12-310001280784Debt Investments Medical Devices & Equipment (3.74%)2024-12-310001280784Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month SOFR + 10.40%, Floor rate 11.30%2024-12-310001280784Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month SOFR + 7.25%, Floor rate 8.15%2024-12-310001280784Debt Investment Software and Total 3GTMS, LLC2024-12-310001280784Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 3-month SOFR + 8.14%, Floor rate 9.14%2024-12-310001280784Debt Investments Software and Allvue Systems, LLC, Senior Secured, Maturity Date September 2029, 3-month SOFR + 6.25%, Floor rate 7.25%2024-12-310001280784Debt Investments Software and AlphaSense, Inc., Senior Secured, Maturity Date June 2029, 3-month SOFR + 6.25%, Floor rate 8.25%2024-12-310001280784Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 3-month SOFR + 10.00%, Floor rate 11.00%2024-12-310001280784Debt Investments Software and Armis, Inc., Senior Secured, Maturity Date March 2028, Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee2024-12-310001280784Debt Investments Software and Armis, Inc., Senior Secured, Maturity Date March 2028, Prime +1.25%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee2024-12-310001280784Debt Investments Software and Total Armis, Inc.2024-12-310001280784Debt Investments Software and Babel Street, Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.01%, Floor rate 9.01%2024-12-310001280784Debt Investments Software and Behavox Limited, Senior Secured, Maturity Date September 2027, Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee2024-12-310001280784Debt Investments Software and Brain Corporation, Senior Secured, Maturity Date September 2028, Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee2024-12-310001280784Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 3-month SOFR + 8.99%, Floor rate 9.89%2024-12-310001280784Debt Investments Software and Copper CRM, Inc, Senior Secured, Maturity Date March 2025, Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee2024-12-310001280784Debt Investments Software and CoreView USA, Inc., Senior Secured, Maturity Date January 2029, Prime +2.75%, Floor rate 9.25%, 4.95% Exit Fee2024-12-310001280784Debt Investments Software and Coronet Cyber Security Ltd., Senior Secured, Maturity Date October 2028, Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85%2024-12-310001280784Debt Investments Software and Cutover, Inc., Senior Secured, Maturity Date October 2025, Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee, 12024-12-310001280784Debt Investments Software and Cutover, Inc., Senior Secured, Maturity Date October 2025, Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee, 22024-12-310001280784Debt Investments Software and Total Cutover, Inc., 2024-12-310001280784Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date December 2027, Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee2024-12-310001280784Debt Investments Software and Dispatch Technologies, Inc., Senior Secured, Maturity Date April 2028, 3-month SOFR + 8.01%, Floor rate 8.76%2024-12-310001280784Debt Investments Software and Dragos, Inc., Senior Secured, Maturity Date July 2027, Prime + 2.00%, Floor rate 8.75%, PIK Interest 2.00%, 2.00% Exit Fee2024-12-310001280784Debt Investments Software and DroneDeploy, Inc., Senior Secured, Maturity Date November 2028, Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee2024-12-310001280784Debt Investments Software and Earnix, Inc., Senior Secured, Maturity Date June 2029, Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45%2024-12-310001280784Debt Investments Software and Elation Health, Inc., Senior Secured, Maturity Date March 2026, Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee2024-12-310001280784Debt Investments Software and Flight Schedule Pro, LLC, Senior Secured, Maturity Date October 2027, 1-month SOFR + 7.80%, Floor rate 8.70%2024-12-310001280784Debt Investments Software and Fortified Health Security, Senior Secured, Maturity Date December 2027, 1-month SOFR + 7.64%, Floor rate 8.54%2024-12-310001280784Debt Investments Software and Harness, Inc., Senior Secured, Maturity Date March 2029, Prime - 2.25%, Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee2024-12-310001280784Debt Investments Software and iGrafx, LLC, Senior Secured, Maturity Date May 2027, 1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee2024-12-310001280784Debt Investments Software and Khoros, Senior Secured, Maturity Date January 2025, 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%2024-12-310001280784Debt Investments Software and Leapwork ApS, Senior Secured, Maturity Date February 2026, Prime + 0.25%, Floor rate 7.00%, PIK Interest 1.95%, 2.70% Exit Fee2024-12-310001280784Debt Investments Software and LinenMaster, LLC, Senior Secured, Maturity Date August 2028, 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%2024-12-310001280784Debt Investment Software and Loftware, Inc., Senior Secured, Maturity Date March 2028, 3-month SOFR + 7.88%, Floor rate 8.88%2024-12-310001280784Debt Investment Software and LogicSource, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.93%, Floor rate 9.93%2024-12-310001280784Debt Investments Software and LogRhythm, Inc., Senior Secured, Maturity Date July 2029, 1-month SOFR + 7.50%, Floor rate 8.50%2024-12-310001280784Debt Investments Software and Marigold Group, Inc. (p.k.a. Campaign Monitor Limited), Senior Secured, Maturity Date November 2026, PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55%2024-12-310001280784Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date December 2025, 3-month SOFR + 9.21%, Floor rate 10.06%2024-12-310001280784Debt Investments Software and Morphisec Information Security 2014 Ltd., Senior Secured, Maturity Date October 2027, Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee2024-12-310001280784Debt Investments Software and New Relic, Inc., Senior Secured, Maturity Date November 2030, 1-month SOFR + 6.75%, Floor rate 7.75%2024-12-310001280784Debt Investments Software and Omeda Holdings, LLC, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.05%, Floor rate 9.05%2024-12-310001280784Debt Investments Software and PayIt, LLC, Senior Secured, Maturity Date December 2028, Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee2024-12-310001280784Debt Investments Software and Pindrop Security, Inc., Senior Secured, Maturity Date June 2029, Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee2024-12-310001280784Debt Investments Software and Remodel Health Holdco, LLC, Senior Secured, Maturity Date December 2028, Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee2024-12-310001280784Debt Investments Software and Reveleer, Senior Secured, Maturity Date February 2027, Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee2024-12-310001280784Debt Investments Software and Semperis Technologies Inc., Senior Secured, Maturity Date April 2028, Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25%2024-12-310001280784Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 3-month SOFR + 8.88%, Floor rate 9.78%2024-12-310001280784Debt Investments Software and Simon Data, Inc., Senior Secured, Maturity Date March 2027, Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee2024-12-310001280784Debt Investments Software and Sisense Ltd., Senior Secured, Maturity Date July 2027, Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee2024-12-310001280784Debt Investments Software and Streamline Healthcare Solutions, Senior Secured, Maturity Date March 2028, 3-month SOFR + 7.25%, Floor rate 8.25%2024-12-310001280784Debt Investments Software and Sumo Logic, Inc., Senior Secured, Maturity Date March 2030, 3-month SOFR + 6.50%, Floor rate 7.50%2024-12-310001280784Debt Investments Software and Suzy, Inc., Senior Secured, Maturity Date August 2027, Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee2024-12-310001280784Debt Investments Software and TaxCalc, Senior Secured, Maturity Date November 2029, 3-month SONIA + 8.05%, Floor rate 8.55%2024-12-310001280784Debt Investments Software and ThreatConnect, Inc., Senior Secured, Maturity Date May 2026, 3-month SOFR + 9.15%, Floor rate 10.00%2024-12-310001280784Debt Investments Software and Tipalti Solutions Ltd., Senior Secured, Maturity Date April 2027, Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.00%, 3.75% Exit Fee2024-12-310001280784Debt Investments Software and Zappi, Inc., Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.03%, Floor rate 9.03%2024-12-310001280784Debt Investments Software and Zimperium, Inc., Senior Secured, Maturity Date May 2027, 3-month SOFR + 8.31%, Floor rate 9.31%2024-12-310001280784Debt Investments Software (52.80%)2024-12-310001280784Debt Investments Space Technologies and Voyager Technologies, Inc., Senior Secured, Maturity Date July 2028, Prime + 1.25%, Floor rate 9.75%, PIK Interest 2.50%, 5.50% Exit Fee2024-12-310001280784Debt Investments Space Technologies (2.30%)2024-12-310001280784Debt Investments Sustainable and Renewable Technology and Ampion, PBC, Senior Secured, Maturity Date May 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee2024-12-310001280784Debt Investments Sustainable and Renewable Technology and Electric Hydrogen Co., Senior Secured, Maturity Date May 2028, Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.89% Exit Fee2024-12-310001280784Debt Investments Sustainable and Renewable Technology and SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC), Senior Secured, Maturity Date June 2027, FIXED 10.00%2024-12-310001280784Debt Investments Sustainable and Renewable Technology (1.27%)2024-12-310001280784Total Debt Investments (175.65%)2024-12-310001280784Equity Investments Biotechnology Tools and Alamar Biosciences, Inc., Equity, Acquisition Date 2/21/2024, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Biotechnology Tools and Alamar Biosciences, Inc., Equity, Acquisition Date 2/21/2024, Series Preferred Series C2024-12-310001280784Equity Investments Biotechnology Tools (0.07%)2024-12-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc. Equity, Acquisition Date 7/16/2013, Series Preferred Series B2024-01-012024-12-310001280784Equity Investments Consumer & Business Products and Fabletics, Inc. Equity, Acquisition Date 7/16/2013, Series Preferred Series B2024-12-310001280784Equity Investments Consumer & Business Products and Total Fabletics, Inc.2024-12-310001280784Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units2024-01-012024-12-310001280784Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units2024-12-310001280784Equity Investments Consumer & Business Products (0.04%)2024-12-310001280784Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-42024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-42024-12-310001280784Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A2024-12-310001280784Equity, Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-12024-01-012024-12-310001280784Equity, Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-12024-12-310001280784Equity Investments Consumer & Business Services and Total OfferUp, Inc.2024-12-310001280784Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Services and Reischling Press, Inc., Equity, Acquisition Date 7/31/2020, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Reischling Press, Inc., Equity, Acquisition Date 7/31/2020, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock2024-12-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB2024-12-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 12/29/2023, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 12/29/2023, Series Preferred Series C2024-12-310001280784Equity Investments Consumer & Business Services and Total Tectura Corporation2024-12-310001280784Equity Investments Consumer & Business Services and Worldremit Group Limited, Equity, Acquisition Date 6/24/2024, Series Preferred Series X2024-01-012024-12-310001280784Equity Investments Consumer & Business Services and Worldremit Group Limited, Equity, Acquisition Date 6/24/2024, Series Preferred Series X2024-12-310001280784Equity Investments Consumer & Business Services (0.38%)2024-12-310001280784Equity Investments Diversified Financial Services and Gibraltar Acquisition, Equity, Acquisition Date 3/1/2018, Series Member Units2024-01-012024-12-310001280784Equity Investments Diversified Financial Services and Gibraltar Acquisition, Equity, Acquisition Date 3/1/2018, Series Member Units2024-12-310001280784Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units2024-01-012024-12-310001280784Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units2024-12-310001280784Equity Investments Diversified Financial Services, Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-22024-01-012024-12-310001280784Equity Investments Diversified Financial Services, Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-22024-12-310001280784Equity Investments Diversified Financial Services (2.70%)2024-12-310001280784Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock2024-12-310001280784Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D2024-01-012024-12-310001280784Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D2024-12-310001280784Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock2024-12-310001280784Equity Investments Drug Delivery and Talphera, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Delivery and Talphera, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock2024-12-310001280784Equity Investments Drug Delivery (0.00%)2024-12-310001280784Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 3/8/2024, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 3/8/2024, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc.., Equity, Acquisition Date 5/9/2022, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc.., Equity, Acquisition Date 5/9/2022, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/05/2020, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/05/2020, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Cyclo Therapeutics, Inc., Equity, Acquisition Date 4/06/2021, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Cyclo Therapeutics, Inc., Equity, Acquisition Date 4/06/2021, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Heron Therapeutics, Inc., Equity, Acquisition Date 7/25/2023, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Heron Therapeutics, Inc., Equity, Acquisition Date 7/25/2023, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B2024-12-310001280784Equity Investments Drug Discovery & Development and HilleVax, Inc., Equity, Acquisition Date 5/3/2022, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and HilleVax, Inc., Equity, Acquisition Date 5/3/2022, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Kura Oncology, Inc., Equity, Acquisition Date 6/16/2023, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Kura Oncology, Inc., Equity, Acquisition Date 6/16/2023, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Equity, Acquisition Date 9/29/2023, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Equity, Acquisition Date 9/29/2023, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C2024-12-310001280784Equity Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Equity, Acquisition Date 6/9/2023, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Equity, Acquisition Date 6/9/2023, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B2024-12-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C2024-12-310001280784Equity Investments Drug Discovery & Development and Total Valo Health, LLC2024-12-310001280784Equity Investments Drug Discovery & Development and Verge Analytics, Inc., Equity, Acquisition Date 9/6/2023, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Verge Analytics, Inc., Equity, Acquisition Date 9/6/2023, Series Preferred Series C2024-12-310001280784Equity Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Equity, Acquisition Date 11/6/2023, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Equity, Acquisition Date 11/6/2023, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock2024-01-012024-12-310001280784Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock2024-12-310001280784Equity Investments Drug Discovery & Development (1.56%)2024-12-310001280784Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F2024-01-012024-12-310001280784Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F2024-12-310001280784Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E2024-01-012024-12-310001280784Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E2024-12-310001280784Equity Investments Electronics & Computer Hardware (0.05%)2024-12-310001280784Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock2024-01-012024-12-310001280784Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock2024-12-310001280784Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C2024-12-310001280784Equity Investments Healthcare Services, Other and Click Therapeutics, Inc., Equity, Acquisition Date 5/20/2024, Series Common Stock2024-01-012024-12-310001280784Equity Investments Healthcare Services, Other and Click Therapeutics, Inc., Equity, Acquisition Date 5/20/2024, Series Common Stock2024-12-310001280784Equity Investments Healthcare Services, Other and Curana Health Holdings, LLC, Equity, Acquisition Date 5/13/2024, Series Common Units2024-01-012024-12-310001280784Equity Investments Healthcare Services, Other and Curana Health Holdings, LLC, Equity, Acquisition Date 5/13/2024, Series Common Units2024-12-310001280784Equity Investments Healthcare Services, Other and Main Street Rural, Inc., Equity, Acquisition Date 10/28/2024, Series Preferred Series D2024-01-012024-12-310001280784Equity Investments Healthcare Services, Other and Main Street Rural, Inc., Equity, Acquisition Date 10/28/2024, Series Preferred Series D2024-12-310001280784Equity Investments Healthcare Services, Other and WellBe Senior Medical, LLC, Equity, Acquisition Date 6/10/2024, Series Common Units2024-01-012024-12-310001280784Equity Investments Healthcare Services, Other and WellBe Senior Medical, LLC, Equity, Acquisition Date 6/10/2024, Series Common Units2024-12-310001280784Equity Investments Healthcare Services, Other (0.38%)2024-12-310001280784Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E2024-01-012024-12-310001280784Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E2024-12-310001280784Equity Investments Information Services (0.20%)2024-12-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units2024-01-012024-12-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units2024-12-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-22024-01-012024-12-310001280784Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-22024-12-310001280784Equity Investments Medical Devices & Equipment and Total Coronado Aesthetics, LLC2024-12-310001280784Equity Investments Medical Devices & Equipment (0.00%)2024-12-310001280784Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C2024-12-310001280784Equity Investments Semiconductors (0.01%)2024-12-310001280784Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock2024-01-012024-12-310001280784Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock2024-12-310001280784Equity Investments Software and Armis, Inc., Equity, Acquisition Date 10/18/2024, Series Preferred Series D2024-01-012024-12-310001280784Equity Investments Software and Armis, Inc., Equity, Acquisition Date 10/18/2024, Series Preferred Series D2024-12-310001280784Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note2024-01-012024-12-310001280784Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note2024-12-310001280784Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-32024-01-012024-12-310001280784Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-32024-12-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C2024-12-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D2024-01-012024-12-310001280784Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D2024-12-310001280784Equity Investments Software and Total Contentful Global, Inc.2024-12-310001280784Equity Investments Software and DNAnexus, Inc., Equity, Acquisition Date 3/21/2014, Series Preferred Series C2024-01-012024-12-310001280784Equity Investments Software and DNAnexus, Inc., Equity, Acquisition Date 3/21/2014, Series Preferred Series C2024-12-310001280784Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock2024-01-012024-12-310001280784Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock2024-12-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 22024-01-012024-12-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 22024-12-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 32024-01-012024-12-310001280784Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 32024-12-310001280784Equity Investments Software and Total Druva Holdings, Inc.2024-12-310001280784Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock2024-01-012024-12-310001280784Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock2024-12-310001280784Equity Investments Software and Leapwork ApS, Equity, Acquisition Date 8/25/2023, Preferred Series B22024-01-012024-12-310001280784Equity Investments Software and Leapwork ApS, Equity, Acquisition Date 8/25/2023, Preferred Series B22024-12-310001280784Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock2024-01-012024-12-310001280784Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock2024-12-310001280784Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock2024-01-012024-12-310001280784Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock2024-12-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E2024-01-012024-12-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E2024-12-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F2024-01-012024-12-310001280784Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F2024-12-310001280784Equity Investments Software and Total SingleStore, Inc.2024-12-310001280784Equity Investments Software and SirionLabs Pte. Ltd., Equity, Acquisition Date 6/30/2024, Series Preferred Series F12024-01-012024-12-310001280784Equity Investments Software and SirionLabs Pte. Ltd., Equity, Acquisition Date 6/30/2024, Series Preferred Series F12024-12-310001280784Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E2024-01-012024-12-310001280784Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E2024-12-310001280784Equity Investments Software (0.99%)2024-12-310001280784Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-12024-01-012024-12-310001280784Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-12024-12-310001280784Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock2024-01-012024-12-310001280784Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock2024-12-310001280784Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D2024-01-012024-12-310001280784Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D2024-12-310001280784Equity Investments Sustainable and Renewable Technology and SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC), Equity, Acquisition Date 12/10/2020, Series Common Stock2024-01-012024-12-310001280784Equity Investments Sustainable and Renewable Technology and SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC), Equity, Acquisition Date 12/10/2020, Series Common Stock2024-12-310001280784Equity Investments Sustainable and Renewable Technology (0.10%)2024-12-310001280784Equity Investments (6.47%)2024-12-310001280784Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Series Preferred Series C2024-01-012024-12-310001280784Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Series Preferred Series C2024-12-310001280784Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Series Common Stock2024-12-310001280784Warrant Investments and Biotechnology Tools (0.01%)2024-12-310001280784Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Series Common Stock2024-12-310001280784Warrant Investments and Communications & Networking (0.01%)2024-12-310001280784Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Series Preferred Series C2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Series Preferred Series C2024-12-310001280784Warrant Investments and Consumer & Business Products (0.04%)2024-12-310001280784Warrant Investments and Consumer & Business Services and Altumint, Inc., Warrant, Acquisition Date 10/31/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Altumint, Inc., Warrant, Acquisition Date 10/31/2024, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 2/13/2024, Series Preferred Series D-42024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 2/13/2024, Series Preferred Series D-42024-12-310001280784Warrant Investments and Consumer & Business Services and Total Carwow LTD2024-12-310001280784Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Series Preferred Series D2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Series Preferred Series D2024-12-310001280784Warrant Investments and Consumer & Business Services and Plentific Ltd, Warrant, Acquisition Date 10/3/2023, Series Ordinary shares2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Plentific Ltd, Warrant, Acquisition Date 10/3/2023, Series Ordinary shares2024-12-310001280784Warrant Investments and Consumer & Business Services and Provi., Warrant, Acquisition Date 12/22/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Provi., Warrant, Acquisition Date 12/22/2022, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Series Preferred Series B2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Series Preferred Series B2024-12-310001280784Warrant Investments and Consumer & Business Services and Total Skyword, Inc.2024-12-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Series Preferred Series A2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Series Preferred Series A2024-12-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Series Preferred Series B2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Series Preferred Series B2024-12-310001280784Warrant Investments and Consumer & Business Services and Total Snagajob.com, Inc.2024-12-310001280784Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2024-12-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Series Preferred Series D2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Series Preferred Series D2024-12-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Series Preferred Series E2024-01-012024-12-310001280784Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Series Preferred Series E2024-12-310001280784Warrant Investments and Consumer & Business Services and Total Worldremit Group Limited2024-12-310001280784Warrant Investments and Consumer & Business Services (0.32%)2024-12-310001280784Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2023, Series Common Stock2024-12-310001280784Warrant Investments and Diversified Financial Services (0.02%)2024-12-310001280784Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and AmplifyBio, Warrant, Acquisition Date 12/27/2022, Series Class A Units2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and AmplifyBio, Warrant, Acquisition Date 12/27/2022, Series Class A Units2024-12-310001280784Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and bluebird bio, Inc., Warrant, Acquisition Date 3/15/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and bluebird bio, Inc., Warrant, Acquisition Date 3/15/2024, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Series Preferred Series B2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Series Preferred Series B2024-12-310001280784Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and COMPASS Pathways plc, Warrant, Acquisition Date 6/30/2023, Series Ordinary Shares2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and COMPASS Pathways plc, Warrant, Acquisition Date 6/30/2023, Series Ordinary Shares2024-12-310001280784Warrant Investments and Drug Discovery & Development and Cuervo, Inc., Warrant, Acquisition Date 6/9/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Cuervo, Inc., Warrant, Acquisition Date 6/9/2023, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/22/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/22/2023, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc., Warrant, Acquisition Date 2/18/2016, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc., Warrant, Acquisition Date 2/18/2016, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Heron Therapeutics, Inc., Warrant, Acquisition Date 8/9/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Heron Therapeutics, Inc., Warrant, Acquisition Date 8/9/2023, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Series Preferred Series E2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Series Preferred Series E2024-12-310001280784Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and SynOx Therapeutics Limited, Warrant, Acquisition Date 4/18/2024, Series Preferred Series B2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and SynOx Therapeutics Limited, Warrant, Acquisition Date 4/18/2024, Series Preferred Series B2024-12-310001280784Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 12/30/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 12/30/2021, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Series Common Units2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Series Common Units2024-12-310001280784Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/18/2019, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/18/2019, Series Common Stock2024-12-310001280784Warrant Investments and Drug Discovery & Development (0.35%)2024-12-310001280784Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Series Common Stock2024-12-310001280784Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Series Common Stock2024-12-310001280784Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Series Common Stock2024-12-310001280784Warrant Investments and Electronics & Computer Hardware (0.01%)2024-12-310001280784Warrant Investments and Healthcare Services, Other and Curana Health Holdings, LLC, Warrant, Acquisition Date 1/4/2024, Series Common Units2024-01-012024-12-310001280784Warrant Investments and Healthcare Services, Other and Curana Health Holdings, LLC, Warrant, Acquisition Date 1/4/2024, Series Common Units2024-12-310001280784Warrant Investments and Healthcare Services, Other and Modern Life, Inc, Warrant, Acquisition Date 3/30/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Healthcare Services, Other and Modern Life, Inc, Warrant, Acquisition Date 3/30/2023, Series Common Stock2024-12-310001280784Warrant Investments and Healthcare Services, Other and NeueHealth, Inc., Warrant, Acquisition Date 6/21/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Healthcare Services, Other and NeueHealth, Inc., Warrant, Acquisition Date 6/21/2024, Series Common Stock2024-12-310001280784Warrant Investments and Healthcare Services, Other and Recover Together, Inc., Warrant, Acquisition Date 7/3/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Healthcare Services, Other and Recover Together, Inc., Warrant, Acquisition Date 7/3/2023, Series Common Stock2024-12-310001280784Warrant Investments and Healthcare Services, Other and Strive Health Holdings, LLC, Warrant, Acquisition Date 9/28/2023, Series Common Units2024-01-012024-12-310001280784Warrant Investments and Healthcare Services, Other and Strive Health Holdings, LLC, Warrant, Acquisition Date 9/28/2023, Series Common Units2024-12-310001280784Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Series Preferred Series E2024-01-012024-12-310001280784Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Series Preferred Series E2024-12-310001280784Warrant Investments and Healthcare Services, Other (0.11%)2024-12-310001280784Warrant Investments and Information Services and NetBase Quid, Inc. (p.k.a NetBase Solutions), Warrant, Acquisition Date 8/22/2017, Series Preferred Series 12024-01-012024-12-310001280784Warrant Investments and Information Services and NetBase Quid, Inc. (p.k.a NetBase Solutions), Warrant, Acquisition Date 8/22/2017, Series Preferred Series 12024-12-310001280784Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Series Common Stock2024-12-310001280784Warrant Investments and Information Services (0.00%)2024-12-310001280784Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Series Common Stock2024-12-310001280784Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Series Common Stock2024-12-310001280784Warrant Investments and Manufacturing Technology (0.06%)2024-12-310001280784Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Series Preferred Series E-12024-01-012024-12-310001280784Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Series Preferred Series E-12024-12-310001280784Warrant Investments and Media/Content/Info (0.00%)2024-12-310001280784Warrant Investments and Medical Devices & Equipment and Orchestra BioMed Holdings, Inc., Warrant, Acquisition Date 11/6/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Medical Devices & Equipment and Orchestra BioMed Holdings, Inc., Warrant, Acquisition Date 11/6/2024, Series Common Stock2024-12-310001280784Warrant Investments and Medical Devices & Equipment and Outset Medical Inc, Warrant, Acquisition Date 9/27/2013, Series Common stock2024-01-012024-12-310001280784Warrant Investments and Medical Devices & Equipment and Outset Medical Inc, Warrant, Acquisition Date 9/27/2013, Series Common stock2024-12-310001280784Warrant Investments and Medical Devices & Equipment and Senseonics Holdings, Inc, Warrant, Acquisition Date 9/8/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Medical Devices & Equipment and Senseonics Holdings, Inc, Warrant, Acquisition Date 9/8/2023, Series Common Stock2024-12-310001280784Warrant Investments and Medical Devices & Equipment and Sight Sciences, Inc., Warrant, Acquisition Date 1/22/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Medical Devices & Equipment and Sight Sciences, Inc., Warrant, Acquisition Date 1/22/2024, Series Common Stock2024-12-310001280784Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Series Common Stock2024-12-310001280784Warrant Investments and Medical Devices & Equipment (0.03%)2024-12-310001280784Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Series Preferred Series D-22024-01-012024-12-310001280784Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Series Preferred Series D-22024-12-310001280784Warrant Investments and Semiconductors (0.02%)2024-12-310001280784Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Series Preferred Series G2024-01-012024-12-310001280784Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Series Preferred Series G2024-12-310001280784Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Series Common Stock2024-12-310001280784Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Series Common Stock2024-12-310001280784Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Series Common Stock2024-12-310001280784Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2024-12-310001280784Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Series Common Stock2024-12-310001280784Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Series Preferred Series B2024-01-012024-12-310001280784Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Series Preferred Series B2024-12-310001280784Warrant Investments and Software and Coronet Cyber Security Ltd., Warrant, Acquisition Date 9/26/2024, Series Ordinary Shares2024-01-012024-12-310001280784Warrant Investments and Software and Coronet Cyber Security Ltd., Warrant, Acquisition Date 9/26/2024, Series Ordinary Shares2024-12-310001280784Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Series Common Stock2024-12-310001280784Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Series Common Stock2024-12-310001280784Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Series Common Stock2024-12-310001280784Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Series Common Stock2024-12-310001280784Warrant Investments and Software and Dragos, Inc., Warrant, Acquisition Date 6/28/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Dragos, Inc., Warrant, Acquisition Date 6/28/2023, Series Common Stock2024-12-310001280784Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Series Common Stock2024-12-310001280784Warrant Investments and Software and Earnix, Inc., Warrant, Acquisition Date 6/6/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Earnix, Inc., Warrant, Acquisition Date 6/6/2024, Series Common Stock2024-12-310001280784Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Series Common Stock2024-12-310001280784Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Series Preferred Series B2024-01-012024-12-310001280784Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Series Preferred Series B2024-12-310001280784Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Series Common Stock2024-12-310001280784Warrant Investments and Software and Harness, Inc., Warrant, Acquisition Date 3/12/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Harness, Inc., Warrant, Acquisition Date 3/12/2024, Series Common Stock2024-12-310001280784Warrant Investments and Software and Kore, ai, Inc., Warrant, Acquisition Date 3/31/2023, Series Preferred Series C2024-01-012024-12-310001280784Warrant Investments and Software and Kore, ai, Inc., Warrant, Acquisition Date 3/31/2023, Series Preferred Series C2024-12-310001280784Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Series Common Stock2024-12-310001280784Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Series Preferred Series LB-22024-01-012024-12-310001280784Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Series Preferred Series LB-22024-12-310001280784Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Series Common Stock2024-12-310001280784Debt Investments Software and Morphisec Information Security 2014 Ltd., Warrant, Acquisition Date 10/1/2024, Series Ordinary Shares2024-01-012024-12-310001280784Debt Investments Software and Morphisec Information Security 2014 Ltd., Warrant, Acquisition Date 10/1/2024, Series Ordinary Shares2024-12-310001280784Warrant Investments and Software and Pindrop Security, Inc., Warrant, Acquisition Date 6/26/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Pindrop Security, Inc., Warrant, Acquisition Date 6/26/2024, Series Common Stock2024-12-310001280784Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Series Common Stock2024-12-310001280784Warrant Investments and Software and Semperis Technologies Inc., Warrant, Acquisition Date 4/23/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Semperis Technologies Inc., Warrant, Acquisition Date 4/23/2024, Series Common Stock2024-12-310001280784Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Series Common Stock2024-12-310001280784Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Series Preferred Series D2024-01-012024-12-310001280784Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Series Preferred Series D2024-12-310001280784Warrant Investments and Software and Sisense Ltd., Warrant, Acquisition Date 6/8/2023, Series Ordinary Shares2024-01-012024-12-310001280784Warrant Investments and Software and Sisense Ltd., Warrant, Acquisition Date 6/8/2023, Series Ordinary Shares2024-12-310001280784Warrant Investments and Software and Suzy Inc, Warrant, Acquisition Date 8/24/2023, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and Suzy Inc, Warrant, Acquisition Date 8/24/2023, Series Common Stock2024-12-310001280784Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Series Ordinary Shares2024-01-012024-12-310001280784Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Series Ordinary Shares2024-12-310001280784Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Series Common Stock2024-12-310001280784Warrant Investments and Software (0.53%)2024-12-310001280784Warrant Investments and Space Technologies and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Space Technologies and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Series Common Stock2024-12-310001280784Warrant Investments and Space Technologies (0.00%)2024-12-310001280784Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Series Common Stock2024-12-310001280784Warrant Investments and Sustainable and Renewable Technology and Electric Hydrogen Co., Warrant, Acquisition Date 3/27/2024, Series Common Stock2024-01-012024-12-310001280784Warrant Investments and Sustainable and Renewable Technology and Electric Hydrogen Co., Warrant, Acquisition Date 3/27/2024, Series Common Stock2024-12-310001280784Warrant Investments and Sustainable and Renewable Technology 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Acquisition Date 6/23/20222024-01-012024-12-310001280784Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund II C.V., Investment Funds & Vehicles, Acquisition Date 6/23/20222024-12-310001280784Investment Funds & Vehicles Investments and Drug Discovery & Development (0.29%)2024-12-310001280784nvestment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/20222024-01-012024-12-310001280784nvestment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/20222024-12-310001280784Investment Funds & Vehicles Investments and Software (0.02%)2024-12-310001280784Investment Funds & Vehicles Investments (0.31%)2024-12-310001280784Investments before Cash & Cash Equivalents (183.96%)2024-12-310001280784Investment Fund Cash & Cash Equivalent and GS Financial Square Government Fund, Series FGTXX/38141W2732024-12-310001280784Investment Fund In Cash & Cash Equivalents (1.06%)2024-12-310001280784Investments After Cash & Cash Equivalents (185.02%)2024-12-310001280784Foreign Currency Exchange Contracts, Great British Pound (GBP) Counterparty Goldman Sachs Bank USA Settlement Date 6/3/20252024-01-012024-06-300001280784Foreign Currency Exchange Contracts, Great British Pound (GBP) Counterparty Goldman Sachs Bank USA Settlement Date 6/3/20252024-12-310001280784Total Foreign Currency Forward 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________________________________________
FORM 10-Q
_________________________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended March 31, 2025
OR
o 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)
_________________________________________________
Maryland74-3113410
(State or Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification Number)
1 North B Street., Suite 2000
San Mateo, California
(Address of Principal Executive Offices)
94401
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per share
HTGCNew York Stock Exchange
6.25% Notes due 2033HCXYNew 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 x No o
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 x No o
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
xAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
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 o No x
On April 24, 2025, there were 175,426,129 shares outstanding of the Registrant’s common stock, $0.001 par value.



HERCULES CAPITAL, INC.
FORM 10-Q TABLE OF CONTENTS


Table of Contents
PART I: FINANCIAL INFORMATION
In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc., its wholly owned subsidiaries, and its affiliated securitization trust 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, 2025
(unaudited)
December 31, 2024
Assets
Investments, at fair value:
Non-control/Non-affiliate investments (cost of $3,889,588 and $3,603,961, respectively)
$3,808,716 $3,546,799 
Control investments (cost of $105,494 and $104,916, respectively)
115,734 113,179 
Total investments, at fair value (cost of $3,995,082 and $3,708,877, respectively; fair value amounts related to a VIE $220,231 and $229,486, respectively)
3,924,450 3,659,978 
Cash and cash equivalents49,379 42,679 
Foreign cash (cost of $1,762 and $70,445, respectively)
1,780 70,445 
Restricted cash (amounts related to a VIE $3,162 and $3,297, respectively)
3,162 3,297 
Interest receivable33,096 32,578 
Right of use asset16,309 16,778 
Other assets3,035 5,836 
Total assets$4,031,211 $3,831,591 
Liabilities
Debt (net of unamortized debt issuance costs of $22,728 and $14,310, respectively; amounts related to a VIE $116,272 and $118,769, respectively)
$1,976,623 $1,768,955 
Accounts payable and accrued liabilities36,747 54,861 
Operating lease liability17,211 18,194 
Total liabilities$2,030,581 $1,842,010 
Net assets consist of:
Common stock, par value$174 $171 
Capital in excess of par value1,942,583 1,900,490 
Total distributable earnings57,873 88,920 
Total net assets$2,000,630 $1,989,581 
Total liabilities and net assets$4,031,211 $3,831,591 
Shares of common stock outstanding ($0.001 par value and 300,000 authorized)
173,285170,575
Net asset value per share$11.55 $11.66 
See notes to consolidated financial statements
3

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)Three Months Ended March 31,
20252024
Investment income:
Interest and dividend income:
Excluding payment-in-kind (PIK) interest income
Non-control/Non-affiliate investments$98,996 $102,925 
Control investments3,103 2,957 
Total interest and dividend income, excluding PIK interest income102,099 105,882 
PIK interest income
Non-control/Non-affiliate investments12,939 9,897 
Control investments534  
Total PIK interest income13,473 9,897 
Total interest and dividend income115,572 115,779 
Fee income:
Non-control/Non-affiliate investments3,900 5,738 
Control investments39 36 
Total fee income3,939 5,774 
Total investment income119,511 121,553 
Operating expenses:
Interest19,698 17,624 
Loan fees2,398 2,397 
General and administrative4,812 5,058 
Tax expenses912 711 
Employee compensation:
Compensation and benefits13,914 16,344 
Stock-based compensation3,602 3,134 
Total employee compensation17,516 19,478 
Total gross operating expenses45,336 45,268 
Expenses allocated to the Adviser Subsidiary(3,283)(2,877)
Total net operating expenses42,053 42,391 
Net investment income77,458 79,162 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss):
Non-control/Non-affiliate investments(1,541)8,168 
Loss on extinguishment of debt(15) 
Total net realized gain (loss)(1,556)8,168 
Net change in unrealized appreciation (depreciation):
Non-control/Non-affiliate investments(27,542)6,463 
Control investments1,977 (2,829)
Total net change in unrealized appreciation (depreciation)(25,565)3,634 
Total net realized gain (loss) and net change in unrealized appreciation (depreciation)(27,121)11,802 
Net increase (decrease) in net assets resulting from operations$50,337 $90,964 
Net investment income before gains and losses per common share:
Basic$0.45 $0.50 
Change in net assets resulting from operations per common share:
Basic$0.29 $0.57 
Diluted$0.29 $0.57 
Weighted average shares outstanding:    
Basic171,494157,445
Diluted175,383157,920
Distributions paid per common share:
Basic$0.47 $0.48 
See notes to consolidated financial statements
4

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)Common StockCapital in
excess
of par value
Distributable
Earnings
(loss)
Net
Assets
For the Three Months Ended March 31, 2025Shares Par Value
Balance as of December 31, 2024170,575$171 $1,900,490 $88,920 $1,989,581 
Net increase (decrease) in net assets resulting from operations— — 50,337 50,337 
Public offering, net of offering expenses2,0002 39,415 — 39,417 
Issuance of common stock under equity-based award plans7891 86 — 87 
Shares retired on vesting of equity-based awards(201)— (3,556)— (3,556)
Distributions reinvested in common stock122— 2,511 — 2,511 
Distributions— — (81,384)(81,384)
Stock-based compensation(1)
— 3,637 — 3,637 
Balance as of March 31, 2025173,285$174 $1,942,583 $57,873 $2,000,630 
(1)Stock-based compensation includes $35 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2025.
(in thousands)Common StockCapital in
excess
of par value
Distributable
Earnings
(loss)
Net
Assets
For the Three Months Ended March 31, 2024Shares Par Value
Balance as of December 31, 2023157,758$158 $1,662,535 $140,013 $1,802,706 
Net increase (decrease) in net assets resulting from operations— — 90,964 90,964 
Public offering, net of offering expenses3,7254 66,404 — 66,408 
Issuance of common stock under equity-based award plans8581 477 — 478 
Shares retired on vesting of equity-based awards(210)— (3,179)— (3,179)
Distributions reinvested in common stock99— 1,780 — 1,780 
Distributions— — (76,031)(76,031)
Stock-based compensation(1)
— 2,812 — 2,812 
Balance as of March 31, 2024162,230$163 $1,730,829 $154,946 $1,885,938 
(1)Stock-based compensation includes $35 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2024.

See notes to consolidated financial statements
5

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)For the Three Months Ended March 31,
20252024
Cash flows provided by (used in) operating activities:
Net increase in net assets resulting from operations$50,337 $90,964 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments(1)
(415,033)(605,239)
Fundings assigned to Adviser Funds(1)
 113,379 
Principal and fee repayments received and proceeds from the sale of debt investments144,483 174,100 
Proceeds from the sale of equity and warrant investments329 12,026 
Net change in unrealized (appreciation) depreciation25,565 (3,634)
Net realized (gain) loss1,541 (8,168)
Accretion of paid-in-kind interest(13,473)(9,897)
Accretion of loan discounts(1,109)(901)
Accretion of loan discounts on convertible notes68  
Loss on extinguishment of debt15  
Accretion of loan exit fees(7,436)(6,736)
Change in loan income, net of collections4,365 4,529 
Unearned fees related to unfunded commitments1,102 841 
Amortization of debt fees and issuance costs1,842 1,759 
Depreciation and amortization89 186 
Stock-based compensation and amortization of restricted stock grants(2)
3,637 2,812 
Change in operating assets and liabilities:
Interest receivable(1,215)(2,743)
Other assets2,041 (2,915)
Accrued liabilities(19,345)(1,254)
Net cash (used in) operating activities(222,197)(240,891)
Cash flows provided by (used in) investing activities:
Purchases of capital equipment(8)(292)
Net cash (used in) investing activities(8)(292)
Cash flows provided by (used in) financing activities:
Issuance of common stock40,160 67,275 
Offering expenses(743)(867)
Retirement of employee shares, net(3,469)(2,701)
Distributions paid(78,873)(74,251)
Issuance of debt569,188 403,000 
Repayment of debt(360,812)(207,000)
Debt issuance costs(4,927) 
Fees paid for credit facilities(419) 
Net cash provided by financing activities160,105 185,456 
Net increase (decrease) in cash, cash equivalents, foreign cash and restricted cash(62,100)(55,727)
Cash, cash equivalents, foreign cash and restricted cash at beginning of period116,421 116,013 
Cash, cash equivalents, foreign cash and restricted cash at end of period$54,321 $60,286 
Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid$25,580 $24,084 
Income tax, including excise tax, paid$6,033 $4,902 
Distributions reinvested$2,511 $1,780 
(1)Excluded from the amounts presented are certain investment funding allocations of $124.1 million, which were directly funded by the Adviser Funds (as defined in "Note 1 – Description of Business") during the three month period ended March 31, 2025. Refer to Note 12 – Related Party Transaction for additional information.
(2)Stock-based compensation includes $35 thousand and $35 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2025 and 2024, respectively.
The following table presents a reconciliation of cash, cash equivalents, foreign cash 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:
(in thousands)For the Three Months Ended March 31,
20252024
Cash and cash equivalents$49,379 $49,588 
Foreign cash1,780 588 
Restricted cash3,162 10,110 
Total cash, cash equivalents, foreign cash and restricted cash presented in the Consolidated Statements of Cash Flows$54,321 $60,286 
See “Note 2 – Summary of Significant Accounting Policies” for a description of cash, cash equivalents, foreign cash and restricted cash.
See notes to consolidated financial statements
6

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor(1)
Principal
Amount
Cost(2)
ValueFootnotes
Debt Investments
Biotechnology Tools
PathAI, Inc.Senior SecuredJanuary 2027
Prime + 2.15%, Floor rate 9.15%, 7.85% Exit Fee
$32,000 $33,032 $33,739 (12)(13)
Subtotal: Biotechnology Tools (1.69%)*
  33,032 33,739 
Communications & Networking    
Aryaka Networks, Inc.Senior SecuredDecember 2028
Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee
$28,003 27,886 27,443 (12)(14)(17)(19)
Subtotal: Communications & Networking (1.37%)*
27,886 27,443 
Consumer & Business Services
Altumint, Inc.Senior SecuredDecember 2027
Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee
$10,000 9,940 10,127 (15)
Carwow LTDSenior SecuredDecember 2027
Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee
£20,435 27,981 26,219 (5)(10)(14)
GoEuro Travel GmbHSenior SecuredNovember 2029
Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee
$48,750 48,387 48,387 (5)(10)(17)
Houzz, Inc.Convertible DebtMay 2028
PIK Interest 11.50%
$26,426 26,425 27,673 (9)(14)
Jobandtalent USA, Inc.Senior SecuredOctober 2028
1-month SOFR + 0.00%, Floor rate 1.00%, PIK Interest 7.00%, 5.33% Exit Fee
$13,536 13,874 13,148 (5)(10)(14)
Plentific LtdSenior SecuredOctober 2026
Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee
$3,325 3,300 3,347 (5)(10)(13)
ProviSenior SecuredDecember 2026
Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee
$15,000 15,145 15,198 (15)
Riviera Partners LLCSenior SecuredMarch 2028
3-month SOFR + 8.27%, Floor rate 9.27%
$36,401 36,047 35,175 (18)
RVShare, LLCSenior SecuredDecember 2026
3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%
$30,374 30,148 29,473 (13)(14)(15)
SeatGeek, Inc.Senior SecuredMay 2026
Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee
$25,359 25,514 25,832 (11)(14)(16)
Senior SecuredJuly 2026
Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee
$78,135 77,744 79,570 (12)(14)(16)
Total SeatGeek, Inc.$103,494 103,258 105,402  
Skyword, Inc.Senior SecuredNovember 2027
Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee
$6,616 6,760 6,691 (13)(14)
Tectura CorporationSenior SecuredJanuary 2027
FIXED 8.25%
$8,250 8,250 8,032 (7)
Thumbtack, Inc.Senior SecuredMarch 2028
Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50%
$20,996 20,661 21,208 (11)(14)(17)
Veem, Inc.Senior SecuredMarch 2027
Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25%
$5,413 5,401 5,342 (13)(14)
Senior SecuredMarch 2027
Prime + 4.70%, Floor rate 12.70%, PIK Interest 1.50%
$5,433 5,421 5,366 (12)(14)
Total Veem, Inc.$10,846 10,822 10,708 
Subtotal: Consumer & Business Services (18.03%)*
360,998 360,788 
Diversified Financial Services
Gibraltar Acquisition, LLCUnsecuredSeptember 2026
FIXED 3.45%, PIK Interest 8.05%
$27,104 26,899 26,899 (7)(14)(20)
UnsecuredSeptember 2026
FIXED 11.95%
$10,000 9,891 9,891 (7)(20)
Total Gibraltar Acquisition, LLC$37,104 36,790 36,790 
Next Insurance, Inc.Senior SecuredFebruary 2028
Prime - 1.50%, Floor rate 4.75%, PIK Interest 5.50%
$11,223 11,080 11,662 (13)(14)(19)
Subtotal: Diversified Financial Services (2.42%)*
 47,870 48,452 
Drug Discovery & Development
Adaptimmune Therapeutics plcSenior SecuredJune 2029
Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee
$15,167 15,126 15,050 (5)(10)(11)(14)
Akero Therapeutics, Inc.Senior SecuredMarch 2027
Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee
$17,500 17,811 17,994 (10)(13)(17)
Aldeyra Therapeutics, Inc.Senior SecuredApril 2026
Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee
$15,000 15,093 15,134 (11)
Alector, Inc.Senior SecuredDecember 2028
Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee
$7,000 6,957 6,957 (6)(10)(15)(17)
See notes to consolidated financial statements
7

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor(1)
Principal
Amount
Cost(2)
ValueFootnotes
AmplifyBio, LLCSenior SecuredJanuary 2027
Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee
$22,458 $23,247 $13,095 (14)(15)
Arcus Biosciences, Inc.Senior SecuredSeptember 2029
Prime + 1.95%, Floor rate 10.45%, 7.75% Exit Fee
$37,500 37,511 38,913 (6)(10)(15)(17)
ATAI Life Sciences N.V.Senior SecuredAugust 2026
Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee
$14,000 14,538 14,452 (5)(10)
Axsome Therapeutics, Inc.Senior SecuredJanuary 2028
Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee
$143,350 145,929 153,070 (10)(11)(12)(16)
bluebird bio, Inc.Senior SecuredApril 2029
Prime + 1.45%, Floor rate 9.95%, PIK Interest 2.45%, 6.45% Exit Fee
$66,058 64,724 60,624 (14)
Braeburn, Inc.Senior SecuredOctober 2028
Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee
$53,339 53,669 55,350 (14)
COMPASS Pathways plcSenior SecuredJuly 2027
Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee
$24,576 24,826 25,453 (5)(10)(11)(14)
Corium, Inc.Senior SecuredSeptember 2026
Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee
$86,925 90,906 90,279 (13)
Disc Medicine, Inc.Senior SecuredDecember 2029
Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee
$22,500 22,433 22,755 (6)(10)(15)(17)
enGene, Inc.Senior SecuredJanuary 2028
Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee
$15,970 16,133 16,177 (5)(10)(14)
Heron Therapeutics, Inc.Senior SecuredMay 2026
Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee
$20,480 20,654 20,660 (14)(15)(17)
Hibercell, Inc.Senior SecuredMay 2025
Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee
$1,612 2,442 2,442 (13)(15)
Kura Oncology, Inc.Senior SecuredNovember 2027
Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee
$5,500 5,646 5,707 (10)(15)
Madrigal Pharmaceutical, Inc.Senior SecuredMay 2027
Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee
$78,200 80,159 82,430 (10)(13)
MoonLake ImmunotherapeuticsSenior SecuredApril 2030
Prime + 1.45%, Floor rate 8.45%, 6.95% Exit Fee
$57,000 56,421 56,421 (5)(10)
NorthSea TherapeuticsConvertible DebtDecember 2025
FIXED 6.00%
$273 273 273 (5)(9)(10)
Phathom Pharmaceuticals, Inc.Senior SecuredDecember 2027
Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 7.06% Exit Fee
$138,620 141,882 142,910 (6)(10)(12)(14)(15) (16)(22)
Senior SecuredDecember 2027
Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 3.00% Exit Fee
$31,385 31,224 31,510 (14)(15)(16)
Total Phathom Pharmaceuticals, Inc.$170,005 173,106 174,420 
Replimune Group, Inc.Senior SecuredOctober 2027
Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee
$32,009 32,513 33,866 (10)(12)(13)(14)
Savara, Inc.Senior SecuredApril 2030
Prime + 1.45%, Floor rate 7.45%, 6.95% Exit Fee
$21,450 21,334 21,334 (6)(10)(15)
SynOx Therapeutics LimitedSenior SecuredMay 2027
Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee
$4,500 4,511 4,579 (5)(10)(11)
uniQure B.V.Senior SecuredJanuary 2027
Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee
$35,000 36,243 37,135 (5)(10)(11)(12)
Viridian Therapeutics, Inc.Senior SecuredOctober 2026
Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee
$8,000 8,268 8,481 (10)(13)
X4 Pharmaceuticals, Inc.Senior SecuredJuly 2027
Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee
$75,000 75,735 74,933 (11)(12)(13)
Subtotal: Drug Discovery & Development (53.38%)*
1,066,208 1,067,984 
Electronics & Computer Hardware
Locus Robotics Corp.Senior SecuredDecember 2028
Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee
$48,750 48,665 48,981 (6)(15)(17)
Shield AI, Inc.Senior SecuredFebruary 2029
Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee
$114,471 113,782 115,062 (12)(14)(16)
Subtotal: Electronics & Computer Hardware (8.20%)*
162,447 164,043 
Healthcare Services, Other
Blue Sprig Pediatrics, Inc.Senior SecuredNovember 2026
3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45%
$73,027 72,543 71,114 (11)(12)(13)(14)
Carbon Health Technologies, Inc.Senior SecuredFebruary 2028
Prime + 3.10%, Floor rate 8.10%, 3.78% Exit Fee
$42,125 42,482 40,351 (11)(13)(14)
Curana Health Holdings, LLCSenior SecuredJanuary 2028
Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee
$27,500 27,814 28,113 (13)(17)(19)
Ennoble Care LLCSenior SecuredFebruary 2030
Prime + 2.60%, Floor rate 10.35%, 7.95% Exit Fee
$9,000 8,916 8,916 (6)(15)(17)
See notes to consolidated financial statements
8

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor(1)
Principal
Amount
Cost(2)
ValueFootnotes
Equality Health, LLCSenior SecuredFebruary 2026
Prime + 4.25%, Floor rate 9.50%, PIK Interest 1.55%
$70,952 $70,976 $70,976 (11)(12)(14)
Main Street Rural, Inc.Senior SecuredJuly 2027
Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee
$38,500 39,321 39,614 (13)(15)(17)
Marathon Health, LLCSenior SecuredFebruary 2029
Prime + 0.75%, Floor rate 8.75%, PIK Interest 2.25%, 3.00% Exit Fee
$168,301 167,702 168,880 (14)(16)(17)
Senior SecuredFebruary 2029
Prime + 3.00%, Floor rate 11.00%
$5,000 5,000 5,000 (16)(17)
Total Marathon Health, LLC$173,301 172,702 173,880 
Modern Life, Inc.Senior SecuredFebruary 2027
Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee
$18,200 18,391 18,402 (13)
NeueHealth, Inc.Senior SecuredJune 2028
Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee
$25,188 24,483 24,449 (12)(14)
Recover Together, Inc.Senior SecuredJuly 2027
Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee
$45,000 45,705 44,769 (13)
Strive Health Holdings, LLCSenior SecuredSeptember 2027
Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee
$30,000 29,905 30,521 (15)
Vida Health, Inc.Senior SecuredOctober 2026
Prime - 2.75% Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee
$37,248 38,018 37,396 (11)(14)
WellBe Senior Medical, LLCSenior SecuredMay 2029
Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee
$28,468 28,413 27,410 (14)(15)(17)
Subtotal: Healthcare Services, Other (30.79%)*
619,669 615,911 
Information Services
Saama Technologies, LLCSenior SecuredJuly 2027
Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee
$19,878 19,891 20,313 (12)(14)
Subtotal: Information Services (1.02%)*
19,891 20,313 
Manufacturing Technology
VulcanForms Inc.Senior SecuredJanuary 2028
Prime + 4.25%, Floor rate 11.25%, 4.25% Exit Fee
$20,000 19,860 19,860 (19)
Subtotal: Manufacturing Technology (0.99%)*
19,860 19,860 
Medical Devices & Equipment
Orchestra BioMed Holdings, Inc.Senior SecuredNovember 2028
Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee
$15,000 14,821 14,821 (6)(15)
Senseonics Holdings, Inc.Senior SecuredSeptember 2027
Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee
$30,625 31,011 31,621 (11)
Sight Sciences, Inc.Senior SecuredJuly 2028
Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee
$28,000 27,967 28,230 (6)
Subtotal: Medical Devices & Equipment (3.73%)*
73,799 74,672 
Software
Alchemer LLCSenior SecuredMay 2028
1-month SOFR + 8.14%, Floor rate 9.14%
$20,310 20,002 20,310 (13)(17)(18)
Allvue Systems, LLCSenior SecuredSeptember 2029
3-month SOFR + 6.50%, Floor rate 7.50%
$42,564 41,738 41,783 (17)
AlphaSense, Inc.Senior SecuredJune 2029
3-month SOFR + 6.25%, Floor rate 8.25%
$20,000 19,823 19,824 (11)(17)
Annex CloudSenior SecuredFebruary 2027
3-month SOFR + 10.00%, Floor rate 11.00%
$11,007 10,874 3,404 (8)(13)(18)
Armis, Inc.Senior SecuredMarch 2028
Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee
$50,987 50,838 51,220 (12)(14)(17)
Senior SecuredMarch 2028
Prime + 1.25%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee
$25,276 25,141 25,048 (14)(17)
Total Armis, Inc.$76,263 75,979 76,268 
Babel StreetSenior SecuredDecember 2027
3-month SOFR + 8.00%, Floor rate 9.00%
$65,173 63,986 64,584 (15)(17)(18)
Behavox LimitedSenior SecuredSeptember 2027
Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee
$10,626 10,618 10,475 (5)(10)(14)(17)
Brain CorporationSenior SecuredSeptember 2028
Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee
$32,209 31,984 32,171 (13)(14)
Carbyne, Inc.Senior SecuredFebruary 2029
Prime + 3.50%, Floor rate 10.00%, 3.50% Exit Fee
$7,450 7,367 7,367 
Ceros, Inc.Senior SecuredSeptember 2026
3-month SOFR + 8.99%, Floor rate 9.89%
$22,762 22,548 22,146 (18)
CoreView USA, Inc.Senior SecuredJanuary 2029
Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee
$25,000 24,805 24,805 (6)(17)
Coronet Cyber Security Ltd.Senior SecuredOctober 2028
Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85%
$8,718 8,579 8,359 (14)(17)
See notes to consolidated financial statements
9

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor(1)
Principal
Amount
Cost(2)
ValueFootnotes
Dashlane, Inc.Senior SecuredDecember 2027
Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee
$45,601 $46,814 $47,902 (11)(13)(14)(17)(19)
Dispatch Technologies, Inc.Senior SecuredApril 2028
3-month SOFR + 8.01%, Floor rate 8.76%
$8,628 8,478 8,312 (17)(18)
DocPlannerSenior SecuredJanuary 2030
Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee
68,200 69,353 73,090 (5)(10)(17)
Dragos, Inc.Senior SecuredJuly 2027
Prime + 2.00%, Floor rate 8.75%, PIK Interest 2.00%, 2.00% Exit Fee
$13,079 12,512 12,544 (14)(17)
DroneDeploy, Inc.Senior SecuredNovember 2028
Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee
$9,375 9,292 9,286 (13)(17)
Earnix, Inc.Senior SecuredJune 2029
Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45%
$19,380 19,082 19,161 (11)(14)(17)
Elation Health, Inc.Senior SecuredApril 2029
Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.30%, 3.95% Exit Fee
$13,456 13,020 13,020 (11)(19)
Fortified Health SecuritySenior SecuredDecember 2027
1-month SOFR + 7.64%, Floor rate 8.54%
$6,983 6,873 6,919 (11)(17)(18)
Harness, Inc.Senior SecuredMarch 2029
Prime - 2.25%, Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee
$29,994 29,677 29,811 (14)(17)(19)
iGrafx, LLCSenior SecuredMay 2027
1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee
$4,937 4,875 4,856 (18)
iSpot.tv, Inc.Senior SecuredJanuary 2029
Prime + 2.25%, Floor rate 8.75%, PIK Interest 1.00%, 5.70% Exit Fee
$8,257 8,178 8,178 (14)(17)(19)
KhorosSenior SecuredJanuary 2025
3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%
$61,341 61,317 16,180 (8)(14)(24)
Leapwork ApSSenior SecuredFebruary 2026
Prime + 0.25%, Floor rate 7.00%, PIK Interest 1.95%, 2.70% Exit Fee
$8,929 8,974 8,974 (5)(10)(12)(14)
LinenMaster, LLCSenior SecuredAugust 2028
1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%
$15,512 15,285 15,515 (12)(14)(17)
Loftware, Inc.Senior SecuredMarch 2028
3-month SOFR + 7.88%, Floor rate 8.88%
$27,206 26,757 27,206 (17)(18)
LogicSourceSenior SecuredJuly 2027
1-month SOFR + 8.93%, Floor rate 9.93%
$13,111 12,955 13,111 (17)(18)
LogRhythm, Inc.Senior SecuredJuly 2029
3-month SOFR + 7.50%, Floor rate 8.50%
$25,000 24,334 24,346 (17)
Marigold Group, Inc.Senior SecuredNovember 2026
PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55%
$40,264 39,822 34,001 (13)(14)(19)
Mobile Solutions ServicesSenior SecuredDecember 2025
6-month SOFR + 9.31%, Floor rate 10.06%
$18,366 18,270 17,716 (18)
Morphisec Information Security 2014 Ltd.Senior SecuredOctober 2027
Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee
$10,000 9,926 9,926 (5)(10)
New Relic, Inc.Senior SecuredNovember 2030
1-month SOFR + 6.75%, Floor rate 7.75%
$21,890 21,417 21,346 (17)
Omeda Holdings, LLCSenior SecuredJuly 2027
3-month SOFR + 8.05%, Floor rate 9.05%
$7,631 7,493 7,631 (11)(17)(18)
PayIt, LLCSenior SecuredDecember 2028
Prime +1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee
$12,048 11,961 11,961 (6)(14)(15)(17)(19)
Pindrop Security, Inc.Senior SecuredJune 2029
Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee
$31,000 30,611 30,849 (15)(17)
Remodel Health Holdco, LLCSenior SecuredDecember 2028
Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee
$25,000 24,818 24,399 (6)(15)
ReveleerSenior SecuredFebruary 2027
Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee
$36,528 36,765 36,825 (14)(15)(17)
Semperis Technologies Inc.Senior SecuredApril 2028
Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25%
$22,936 22,787 23,464 (11)(14)(17)(19)
ShadowDragon, LLCSenior SecuredDecember 2026
3-month SOFR + 8.88%, Floor rate 9.78%
$6,000 5,927 5,925 (17)(18)
Simon Data, Inc.Senior SecuredMarch 2027
Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee
$12,919 13,020 12,881 (12)(14)
Sisense Ltd.Senior SecuredJuly 2027
Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee
$33,638 34,189 34,212 (5)(10)(14)
Smartsheet Inc.Senior SecuredJanuary 2031
3-month SOFR + 6.50%, Floor rate 7.25%
$46,785 45,870 45,870 (17)
Snappt, Inc.Senior SecuredApril 2029
Prime + 2.35%, Floor rate 8.85%, PIK Interest 1.00%, 4.25% Exit Fee
$20,000 19,769 19,769 (6)(15)
Streamline Healthcare SolutionsSenior SecuredMarch 2028
3-month SOFR + 7.25%, Floor rate 8.25%
$17,600 17,342 17,514 (11)(13)(17)(18)
Sumo Logic, Inc.Senior SecuredMay 2030
6-month SOFR + 6.50%, Floor rate 7.50%
$23,000 22,537 22,625 (17)
Suzy, Inc.Senior SecuredAugust 2027
Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee
$24,460 24,237 24,686 (6)(14)(15)(17)
TaxCalcSenior SecuredNovember 2029
Daily SONIA + 8.17%, Floor rate 8.67%
£7,500 9,527 9,502 (5)(10)(17)(18)
ThreatConnect, Inc.Senior SecuredMay 2026
3-month SOFR + 9.15%, Floor rate 10.00%
$12,254 12,158 12,241 (18)
See notes to consolidated financial statements
10

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor(1)
Principal
Amount
Cost(2)
ValueFootnotes
Tipalti Solutions Ltd.Senior SecuredApril 2029
Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%
$75,000 $74,571 $74,571 (16)
Senior SecuredApril 2029
Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%, 3.75% Exit Fee
$42,000 41,763 41,763 (16)
Total Tipalti Solutions Ltd.$117,000 116,334 116,334 
Zappi, Inc.Senior SecuredDecember 2027
3-month SOFR + 8.03%, Floor rate 9.03%
$12,696 12,505 12,667 (5)(10)(13)(17)(18)
Zimperium, Inc.Senior SecuredMay 2027
3-month SOFR + 8.31%, Floor rate 9.31%
$14,790 14,633 14,370 (17)(18)
Subtotal: Software (61.81%)*
1,287,997 1,236,621 
Space Technologies
Voyager Technologies, Inc.Senior SecuredJuly 2028
Prime + 1.25%, Floor rate 9.75%, PIK Interest 2.50%, 5.50% Exit Fee
$45,724 45,767 49,505 (11)(14)(15)
Subtotal: Space Technologies (2.47%)*
45,767 49,505 
Sustainable and Renewable Technology
Electric Hydrogen Co.Senior SecuredMay 2028
Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.89% Exit Fee
$20,190 19,866 19,903 (14)(15)(19)
Subtotal: Sustainable and Renewable Technology (0.99%)*
19,866 19,903 
Total: Debt Investments (186.90%)*
$3,785,290 $3,739,234 
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Equity Investments
Biotechnology Tools
Alamar Biosciences, Inc.Equity2/21/2024Preferred Series C503,778$1,500 $970 
Subtotal: Biotechnology Tools (0.05%)*
1,500 970 
Consumer & Business Products
Fabletics, Inc. Equity4/30/2010Common Stock42,989128 19 
Equity7/16/2013Preferred Series B130,1911,101 172 
Total Fabletics, Inc. 173,1801,229 191 
Grove Collaborative, Inc.Equity4/30/2021Common Stock12,260433 17 (4)
Savage X Holding, LLCEquity4/30/2010Class A Units172,32813 158 
Subtotal: Consumer & Business Products (0.02%)*
1,675 366 
Consumer & Business Services
Carwow LTDEquity12/15/2021Preferred Series D-4216,0731,151 632 (5)(10)
Jobandtalent USA, Inc.Equity2/11/2025Preferred Series F47,754563 563 (5)(10)
Lyft, Inc.Equity12/26/2018Common Stock100,7385,263 1,196 (4)
Nerdy Inc.Equity9/17/2021Common Stock100,0001,000 142 (4)
OfferUp, Inc.Equity10/25/2016Preferred Series A286,0801,663 405 
Equity10/25/2016Preferred Series A-1108,710632 154 
Total OfferUp, Inc.   394,7902,295 559 
OportunEquity6/28/2013Common Stock48,365577 266 (4)
Reischling Press, Inc.Equity7/31/2020Common Stock3,09539  
Rhino Labs, Inc.Equity1/24/2022Common Stock7,0631,000  
See notes to consolidated financial statements
11

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Tectura CorporationEquity5/23/2018Common Stock414,994,863$900 $2 (7)
Equity6/6/2016Preferred Series BB1,000,000 7 (7)
Equity12/29/2023Preferred Series C3,235,29813,263 3,729 (7)
Total Tectura Corporation419,230,16114,163 3,738 
Worldremit Group LimitedEquity6/24/2024Preferred Series X9,737922 977 (5)(10)
Subtotal: Consumer & Business Services (0.40%)*
26,973 8,073 
Diversified Financial Services
Gibraltar Acquisition, LLCEquity3/1/2018Member Units134,006 22,110 (7)(20)
Hercules Adviser LLCEquity3/26/2021Member Units112,035 45,017 (7)(23)
Newfront Insurance Holdings, Inc.Equity9/30/2021Preferred Series D-2210,282403 456 
Subtotal: Diversified Financial Services (3.38%)*
46,444 67,583 
Drug Delivery
Aytu BioScience, Inc.Equity3/28/2014Common Stock6801,500 1 (4)
BioQ Pharma IncorporatedEquity12/8/2015Preferred Series D165,000500  
PDS Biotechnology CorporationEquity4/6/2015Common Stock2,498309 3 (4)
Talphera, Inc.Equity12/10/2018Common Stock8,8361,329 4 (4)
Subtotal: Drug Delivery (0.00%)*
3,638 8 
Drug Discovery & Development
Akero Therapeutics, Inc.Equity3/8/2024Common Stock34,4831,000 1,396 (4)(10)
Arcus Biosciences, Inc.Equity2/19/2025Common Stock204,5452,250 1,606 (4)(10)
Avalo Therapeutics, Inc.Equity8/19/2014Common Stock421,000  (4)
Axsome Therapeutics, Inc.Equity5/9/2022Common Stock127,0214,165 14,815 (4)(10)(16)
Bicycle Therapeutics PLCEquity10/5/2020Common Stock98,1001,871 833 (4)(5)(10)
BridgeBio Pharma, Inc.Equity6/21/2018Common Stock231,3292,255 7,997 (4)
Dare Biosciences, Inc.Equity1/8/2015Common Stock1,1291,000 3 (4)
Dynavax TechnologiesEquity7/22/2015Common Stock20,000550 259 (4)(10)
Heron Therapeutics, Inc.Equity7/25/2023Common Stock364,963500 803 (4)
Hibercell, Inc.Equity5/7/2021Preferred Series B3,466,8404,250 217 (15)
HilleVax, Inc.Equity5/3/2022Common Stock235,2954,000 341 (4)
Kura Oncology, Inc.Equity6/16/2023Common Stock47,826550 316 (4)(10)
Madrigal Pharmaceutical, Inc.Equity9/29/2023Common Stock5,100774 1,689 (4)(10)
NorthSea TherapeuticsEquity12/15/2021Preferred Series C9832,000 1,134 (5)(10)
Phathom Pharmaceuticals, Inc.Equity6/9/2023Common Stock147,2331,730 923 (4)(10)(16)
Rafael Holdings, Inc. (p.k.a. Cyclo Therapeutics, Inc.)Equity4/6/2021Common Stock4742  (4)(10)
Rocket Pharmaceuticals, Ltd.Equity8/22/2007Common Stock9441,500 6 (4)
Savara, Inc.Equity8/11/2015Common Stock11,119203 31 (4)
uniQure B.V.Equity1/31/2019Common Stock17,175332 182 (4)(5)(10)
See notes to consolidated financial statements
12

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Valo Health, LLCEquity12/11/2020Preferred Series B510,308$3,000 $748  
 Equity10/31/2022Preferred Series C170,1021,000 630  
Total Valo Health, LLC   680,4104,000 1,378  
Verge Analytics, Inc.Equity9/6/2023Preferred Series C208,5881,500 1,446 
Viridian Therapeutics, Inc.Equity11/6/2023Common Stock32,310400 436 (4)(10)
X4 Pharmaceuticals, Inc.Equity11/26/2019Common Stock1,566,0642,945 370 (4)
Subtotal: Drug Discovery & Development (1.81%)*
38,817 36,181  
Electronics & Computer Hardware    
Locus Robotics Corp.Equity11/17/2022Preferred Series F15,116650 267 
Shield AI, Inc.Equity2/7/2025Preferred Series F128,9002,250 2,250 (16)
Skydio, Inc.Equity3/8/2022Preferred Series E248,9001,500 543 
Subtotal: Electronics & Computer Hardware (0.15%)*
4,400 3,060  
Healthcare Services, Other    
23andMe, Inc.Equity3/11/2019Common Stock41,2865,094  
Carbon Health Technologies, Inc.Equity3/30/2021Common Stock390,8091,910  
Click Therapeutics, Inc.Equity5/20/2024Common Stock560,0001,662 1,900 (15)
Curana Health Holdings, LLCEquity5/13/2024Common Units1,114,3802,500 2,983 
Main Street Rural, Inc.Equity10/28/2024Preferred Series D496873 1,018 
WellBe Senior Medical, LLCEquity6/10/2024Common Units181,1631,600 1,535 
Subtotal: Healthcare Services, Other (0.37%)*
13,639 7,436  
Information Services      
Yipit, LLCEquity12/30/2021Preferred Series E41,0213,825 4,604  
Subtotal: Information Services (0.23%)*
3,825 4,604  
Medical Devices & Equipment     
Coronado Aesthetics, LLCEquity10/15/2021Common Units180,000  (7)
 Equity10/15/2021Preferred Series A-25,000,000250 47 (7)
Total Coronado Aesthetics, LLC   5,180,000250 47  
Subtotal: Medical Devices & Equipment (0.00%)*
250 47  
Semiconductors     
Achronix Semiconductor CorporationEquity7/1/2011Preferred Series C277,995160 97  
Subtotal: Semiconductors (0.00%)*
160 97  
Software    
Armis, Inc.Equity10/18/2024Preferred Series D294,2132,000 1,765 
Black Crow AI, Inc. affiliatesEquity3/24/2021Preferred Note32,406 2,406 (21)
CapLinked, Inc.Equity10/26/2012Preferred Series A-353,61451   
Contentful Global, Inc.Equity12/22/2020Preferred Series C41,000138 270 (5)(10)
 Equity11/20/2018Preferred Series D108,500500 759 (5)(10)
Total Contentful Global, Inc.   149,500638 1,029  
See notes to consolidated financial statements
13

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
DNAnexus, Inc.Equity3/21/2014Preferred Series C51,948$97 $4 
Docker, Inc.Equity11/29/2018Common Stock20,0004,284 164  
Druva Holdings, Inc.Equity10/22/2015Preferred Series 2458,8411,000 4,481  
 Equity8/24/2017Preferred Series 393,620300 931  
Total Druva Holdings, Inc.   552,4611,300 5,412  
HighRoads, Inc.Equity1/18/2013Common Stock190307   
Leapwork ApSEquity8/25/2023Preferred Series B2183,073250 113 (5)(10)
Lightbend, Inc.Equity12/4/2020Common Stock38,461265 26  
Nextdoor.com, Inc.Equity8/1/2018Common Stock1,019,2554,854 1,559 (4)
SingleStore, Inc.Equity11/25/2020Preferred Series E580,9832,000 1,850  
 Equity8/12/2021Preferred Series F52,956280 206  
Total SingleStore, Inc.   633,9392,280 2,056  
SirionLabs Pte. Ltd.Equity6/30/2024Preferred Series F1152,2501,792 1,590 (5)(10)
Verana Health, Inc.Equity7/8/2021Common Stock23,8142,000 79  
Subtotal: Software (0.81%)*
22,524 16,203  
Sustainable and Renewable Technology     
Impossible Foods, Inc.Equity5/10/2019Preferred Series E-1188,6112,000 115 
Modumetal, Inc.Equity6/1/2015Common Stock1,035500  
Pivot Bio, Inc.Equity6/28/2021Preferred Series D593,0804,500 2,007  
SUNation Energy, Inc.Equity12/10/2020Common Stock4053,153  (4)
Subtotal: Sustainable and Renewable Technology (0.11%)*
10,153 2,122  
Total: Equity Investments (7.34%)*
$173,998 $146,750  
Warrant Investments
Biotechnology Tools
Alamar Biosciences, Inc.Warrant6/21/2022Preferred Series C75,56736 60  
PathAI, Inc.Warrant12/23/2022Common Stock53,418460 50 (12)
Subtotal: Biotechnology Tools (0.01%)*
496 110  
Communications & Networking    
Aryaka Networks, Inc.Warrant6/28/2022Common Stock486,097242 158 (12)
Subtotal: Communications & Networking (0.01%)*
242 158  
Consumer & Business Products    
Gadget Guard, LLCWarrant6/3/2014Common Stock1,662,441228   
Whoop, Inc.Warrant6/27/2018Preferred Series C686,27017 773  
Subtotal: Consumer & Business Products (0.04%)*
245 773  
Consumer & Business Services    
Altumint, Inc.Warrant10/31/2024Common Stock1,701127 97 (15)
Carwow LTDWarrant12/14/2021Common Stock174,163164 46 (5)(10)
See notes to consolidated financial statements
14

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Warrant2/13/2024Preferred Series D-4109,257$20 $8 (5)(10)
Total Carwow LTD283,420184 54 
Houzz, Inc.Warrant10/29/2019Common Stock529,66120   
Landing Holdings Inc.Warrant3/12/2021Common Stock11,806116 101 (15)
Lendio, Inc.Warrant3/29/2019Preferred Series D127,03239 8  
Plentific LtdWarrant10/3/2023Ordinary Shares27,29860 28 (5)(10)
ProviWarrant12/22/2022Common Stock117,042166 28 (15)
Rhino Labs, Inc.Warrant3/12/2021Common Stock13,106470  (15)
SeatGeek, Inc.Warrant6/12/2019Common Stock1,604,7241,242 4,342 (12)(16)
Skyword, Inc.Warrant11/14/2022Common Stock1,607,14357 9  
 Warrant8/23/2019Preferred Series B444,44483 1  
Total Skyword, Inc.   2,051,587140 10  
Snagajob.com, Inc.Warrant4/20/2020Common Stock600,00016   
 Warrant6/30/2016Preferred Series A1,800,000782   
 Warrant8/1/2018Preferred Series B1,211,53762   
Total Snagajob.com, Inc.   3,611,537860   
Thumbtack, Inc.Warrant5/1/2018Common Stock343,497985 938 
Veem, Inc.Warrant3/31/2022Common Stock98,428126 4 (12)
Worldremit Group LimitedWarrant2/11/2021Preferred Series D77,215129 90 (5)(10)
 Warrant8/27/2021Preferred Series E1,86826  (5)(10)
Total Worldremit Group Limited   79,083155 90  
Subtotal: Consumer & Business Services (0.28%)*
4,690 5,700  
Diversified Financial Services    
Next Insurance, Inc.Warrant2/3/2023Common Stock522,930214 1,331  
Subtotal: Diversified Financial Services (0.07%)*
214 1,331  
Drug Discovery & Development      
Akero Therapeutics, Inc.Warrant6/15/2022Common Stock32,129330 812 (4)(10)
AmplifyBio, LLCWarrant12/27/2022Class A Units69,239238  (15)
Axsome Therapeutics, Inc.Warrant9/25/2020Common Stock61,0041,290 2,842 (4)(10)(12)(16)
bluebird bio, Inc.Warrant3/15/2024Common Stock111,2061,744  
Cellarity, Inc.Warrant12/8/2021Preferred Series B100,000287 27 (15)
Century Therapeutics, Inc.Warrant9/14/2020Common Stock16,11237  (4)
COMPASS Pathways plcWarrant6/30/2023Ordinary Shares75,376278 21 (4)(5)(10)
Curevo, Inc.Warrant6/9/2023Common Stock95,221233 313 (15)
enGene, Inc.Warrant12/22/2023Common Stock43,689118 52 (4)(5)(10)
Heron Therapeutics, Inc.Warrant8/9/2023Common Stock238,095228 257 (4)(15)
Kineta, Inc.Warrant12/20/2019Common Stock2,202110  (4)
Kura Oncology, Inc.Warrant11/2/2022Common Stock14,34288 6 (4)(10)(15)
See notes to consolidated financial statements
15

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Madrigal Pharmaceutical, Inc.Warrant5/9/2022Common Stock13,229$570 $2,309 (4)(10)
Phathom Pharmaceuticals, Inc.Warrant9/17/2021Common Stock64,687848 5 (4)(10)(12)(15)(16)
Redshift Bioanalytics, Inc.Warrant3/23/2022Preferred Series E475,51020 17 (15)
Scynexis, Inc.Warrant5/14/2021Common Stock106,035296  (4)
SynOx Therapeutics LimitedWarrant4/18/2024Preferred Series B251,19583 68 (5)(10)
TG Therapeutics, Inc.Warrant12/30/2021Common Stock117,168721 2,387 (4)(10)
Valo Health, LLCWarrant6/15/2020Common Units102,216256 18  
X4 Pharmaceuticals, Inc.Warrant3/18/2019Common Stock1,392,787510 19 (4)
Subtotal: Drug Discovery & Development (0.46%)*
8,285 9,153  
Electronics & Computer Hardware     
908 Devices, Inc.Warrant3/15/2017Common Stock49,078101 21 (4)
Locus Robotics Corp.Warrant6/21/2022Common Stock8,50334 45  
Skydio, Inc.Warrant11/8/2021Common Stock622,255557 201  
Subtotal: Electronics & Computer Hardware (0.01%)*
692 267  
Healthcare Services, Other    
Curana Health Holdings, LLCWarrant1/4/2024Common Units447,410156 666 
Modern Life, Inc.Warrant3/30/2023Common Stock52,665210 117  
NeueHealth, Inc.Warrant6/21/2024Common Stock185,625716 940 (4)(12)
Recover Together, Inc.Warrant7/3/2023Common Stock194,830382 128 
Strive Health Holdings, LLCWarrant9/28/2023Common Units129,400278 358 (15)
Vida Health, Inc.Warrant3/28/2022Preferred Series E192,431121   
Subtotal: Healthcare Services, Other (0.11%)*
1,863 2,209  
Information Services     
NetBase Quid, Inc.Warrant8/22/2017Preferred Series 160,000356   
Signal Media LimitedWarrant6/29/2022Common Stock129,63857 6 (5)(10)
Subtotal: Information Services (0.00%)*
413 6  
Manufacturing Technology     
Bright Machines, Inc.Warrant3/31/2022Common Stock392,308537 615  
MacroFab, Inc.Warrant3/23/2022Common Stock1,111,111528 147  
VulcanForms Inc.Warrant1/30/2025Common Stock83,26237 31 
Subtotal: Manufacturing Technology (0.04%)*
1,102 793  
Media/Content/Info   
Fever Labs, Inc.Warrant12/30/2022Preferred Series E-1369,37067 114  
Subtotal: Media/Content/Info (0.01%)*
67 114  
Medical Devices & Equipment   
Orchestra BioMed Holdings, Inc.Warrant11/6/2024Common Stock52,264180 105 (4)(6)(15)
Outset Medical, Inc.Warrant9/27/2013Common Stock4,185401 4 (4)
Senseonics Holdings, Inc.Warrant9/8/2023Common Stock1,032,718276 302 (4)
See notes to consolidated financial statements
16

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Sight Sciences, Inc.Warrant1/22/2024Common Stock113,247$363 $108 (4)(6)
Tela Bio, Inc.Warrant3/31/2017Common Stock15,71261  (4)
Subtotal: Medical Devices & Equipment (0.03%)*
1,281 519  
Semiconductors
Achronix Semiconductor CorporationWarrant6/26/2015Preferred Series D-2750,00099 328  
Subtotal: Semiconductors (0.02%)*
99 328  
Software
Aria Systems, Inc.Warrant5/22/2015Preferred Series G231,53574  
Automation Anywhere, Inc.Warrant9/23/2022Common Stock254,778448 277 
Bitsight Technologies, Inc.Warrant11/18/2020Common Stock29,691284 581 
Brain CorporationWarrant10/4/2021Common Stock435,396215 118 
Carbyne, Inc.Warrant2/24/2025Ordinary Shares11,40824 19 
CloudBolt Software, Inc.Warrant9/30/2020Common Stock211,342117 52 
Cloudian, Inc.Warrant11/6/2018Common Stock477,45471  
Cloudpay, Inc.Warrant4/10/2018Preferred Series B6,76354 790 (5)(10)
Coronet Cyber Security Ltd.Warrant9/26/2024Ordinary Shares39,183254 208 
Couchbase, Inc.Warrant4/25/2019Common Stock105,350462 698 (4)
Cutover, Inc.Warrant9/21/2022Common Stock102,89826 51 (5)(10)(12)
Dashlane, Inc.Warrant3/11/2019Common Stock770,838461 1,149 
Demandbase, Inc.Warrant8/2/2021Common Stock727,047545 74 
Dragos, Inc.Warrant6/28/2023Common Stock57,5281,575 936 
DroneDeploy, Inc.Warrant6/30/2022Common Stock95,911278 339 
Earnix, Inc.Warrant6/6/2024Common Stock20,762219 313 
Elation Health, Inc.Warrant9/12/2022Common Stock612,166739 382 
First Insight, Inc.Warrant5/10/2018Preferred Series B75,91796 10 
Fulfil Solutions, Inc.Warrant7/29/2022Common Stock84,995325 231 
Harness, Inc.Warrant3/12/2024Common Stock193,618534 480 
Kore.ai, Inc.Warrant3/31/2023Preferred Series C64,293208 79 
Leapwork ApSWarrant1/23/2023Common Stock93,21139 24 (5)(10)(12)
Lightbend, Inc.Warrant2/14/2018Preferred Series LB-286,984131 26 
Mixpanel, Inc.Warrant9/30/2020Common Stock82,362252 275 
Morphisec Information Security 2014 Ltd.Warrant10/1/2024Ordinary Shares200,115104 120 (5)(10)
Pindrop Security, Inc.Warrant6/26/2024Common Stock134,542494 417 (15)
Reltio, Inc.Warrant6/30/2020Common Stock69,120215 589 
Semperis Technologies Inc.Warrant4/23/2024Common Stock72,122114 191 
Simon Data, Inc.Warrant3/22/2023Common Stock77,93496 14 (12)
SingleStore, Inc.Warrant4/28/2020Preferred Series D312,596103 452 
Sisense Ltd.Warrant6/8/2023Ordinary Shares321,956174 62 (5)(10)
See notes to consolidated financial statements
17

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Suzy, Inc.Warrant8/24/2023Common Stock292,936$367 $256 (6)(15)
Tipalti Solutions Ltd.Warrant3/22/2023Ordinary Shares509,753360 274 (10)(16)
Warrant3/27/2025Ordinary Shares473,266136 128 (16)
Total Tipalti Solutions Ltd.983,019496402
VideoAmp, Inc.Warrant1/21/2022Common Stock152,0481,275 4 (15)
Subtotal: Software (0.48%)*
10,869 9,619 
Space Technologies
Capella Space Corp.Warrant10/21/2021Common Stock176,200207 22 (15)
Subtotal: Space Technologies (0.00%)*
207 22 
Sustainable and Renewable Technology  
Ampion, PBCWarrant4/15/2022Common Stock18,47252 83 
Electric Hydrogen Co.Warrant3/27/2024Common Stock246,618507 288 (15)
Subtotal: Sustainable and Renewable Technology (0.02%)*
559 371 
Total: Warrant Investments (1.57%)*
$31,324 $31,473 
Total Investments in Securities (195.81%)*
$3,990,612 $3,917,457 
Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.Investment Funds & Vehicles11/16/2020 $2,847 $5,236 (5)(10)(17)
Forbion Growth Opportunities Fund II C.V.Investment Funds & Vehicles6/23/2022 1,242 1,387 (5)(10)(17)
Subtotal: Drug Discovery & Development (0.33%)*
4,089 6,623  
Software
Liberty Zim Co-Invest L.P.Investment Funds & Vehicles7/21/2022381 370 (5)(10)
Subtotal: Software (0.02%)*
381 370 
Total: Investment Funds & Vehicles Investments (0.35%)*
$4,470 $6,993 
Total Investments before Cash & Cash Equivalents (196.16%)*
$3,995,082 $3,924,450 
Cash & Cash Equivalents
GS Financial Square Government FundCash & Cash EquivalentsFGTXX/38141W273$26,000 $26,000 
Total: Investments in Cash & Cash Equivalents (1.30%)*
$26,000 $26,000 
Total: Investments after Cash & Cash Equivalents (197.46%)*
$4,021,082 $3,950,450 
Foreign Currency Forward Contracts
Foreign CurrencySettlement DateCounterpartyAmountTransactionUS $ Value at Settlement DateValue
Great British Pound (GBP)6/3/2025Goldman Sachs Bank USA£20,511 Sold$26,178 $(301)
Total Foreign Currency Forward ((0.02%))*
  $26,178 $(301)

See notes to consolidated financial statements
18

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (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)Prime represents 7.50% as of March 31, 2025. 1-month SOFR, 3-month SOFR and 6-month SOFR represent 4.32%, 4.29%, and 4.19%, respectively, as of March 31, 2025.
(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $110.7 million, $181.0 million and $70.3 million, respectively. The tax cost of investments is $4.0 billion.
(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.
(4)Except for warrants in 21 publicly traded companies and common stock in 28 publicly traded companies, all investments are restricted as of March 31, 2025 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the “Valuation Committee”) and approved by the board of directors (the “Board”).
(5)Non-U.S. company or the company’s principal place of business is outside the United States.
(6)Denotes that all or a portion of the investment in this portfolio company is held by Hercules SBIC V, L.P., the Company’s wholly owned small business investment company.
(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, 2025, and is therefore considered non-income producing.
(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 MUFG Bank Facility (as defined in “Note 5 — Debt”).
(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).
(14)Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.
(15)Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.
(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of March 31, 2025.
(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of March 31, 2025 (Refer to “Note 11 - Commitments and Contingencies”).
(18)Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.
(19)Denotes second lien senior secured debt.
(20)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC.
(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of March 31, 2025, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 million.
(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $11.9 million and $11.7 million, respectively.
(23)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 – Description of Business” for additional disclosure.
(24)Denotes that the debt investment remains outstanding beyond its stated maturity date as it is subject to an ongoing workout process.
See notes to consolidated financial statements
19

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor (1)
Principal
Amount
Cost (2)
ValueFootnotes
Debt Investments
Biotechnology Tools
PathAI, Inc.Senior SecuredJanuary 2027
Prime + 2.15%, Floor rate 9.15%, 7.85% Exit Fee
$32,000 $32,801 $33,788 (12)(13)
Subtotal: Biotechnology Tools (1.70%)*
 32,801 33,788 
Communications & Networking   
Aryaka Networks, Inc.Senior SecuredDecember 2028
Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee
$27,926 27,693 27,491 (17)(19)
Subtotal: Communications & Networking (1.38%)*
 27,693 27,491 
Consumer & Business Services   
Altumint, Inc.Senior SecuredDecember 2027
Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee
$10,000 9,916 10,140 (15)
Carwow LTDSenior SecuredDecember 2027
Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee
£20,361 27,818 25,264 (5)(10)(14)
GoEuro Travel GmbHSenior SecuredNovember 2029
Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee
$48,750 48,276 48,276 (5)(10)(17)
Houzz, Inc.Convertible DebtMay 2028
PIK Interest 11.50%
$25,687 25,687 26,869 (9)(14)
Jobandtalent USA, Inc.Senior SecuredAugust 2025
1-month SOFR + 8.86%, Floor rate 9.75%, 2.89% Exit Fee
$13,011 13,276 12,994 (5)(10)
Plentific LtdSenior SecuredOctober 2026
Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee
$3,325 3,282 3,340 (5)(10)(13)
ProviSenior SecuredDecember 2026
Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee
$15,000 15,093 15,176 (15)
Riviera Partners LLCSenior SecuredApril 2027
3-month SOFR + 8.27%, Floor rate 9.27%
$36,493 36,104 35,017 (18)
RVShare, LLCSenior SecuredDecember 2026
3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%
$30,073 29,798 29,678 (13)(14)(15)
SeatGeek, Inc.Senior SecuredMay 2026
Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee
$25,327 25,413 25,821 (11)(14)(16)
Senior SecuredJuly 2026
Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee
$78,038 77,438 79,691 (12)(14)(16)
Total SeatGeek, Inc.$103,365 102,851 105,512  
Skyword, Inc.Senior SecuredNovember 2027
Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee
$6,587 6,715 6,637 (13)(14)
Tectura CorporationSenior SecuredJanuary 2027
FIXED 8.25%
$8,250 8,250 8,027 (7)
Thumbtack, Inc.Senior SecuredMarch 2028
Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50%
$20,918 20,561 21,192 (11)(14)(17)
Veem, Inc.Senior SecuredMarch 2027
Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25%, 4.50% Exit Fee
$5,172 5,350 5,322 (13)(14)
Senior SecuredMarch 2027
Prime + 4.70%, Floor rate 12.70%, PIK Interest 1.50%, 4.50% Exit Fee
$5,188 5,370 5,342 (12)(14)
Total Veem, Inc.$10,360 10,720 10,664  
Subtotal: Consumer & Business Services (18.03%)*
 358,347 358,786  
Diversified Financial Services    
Gibraltar Acquisition, LLCUnsecuredSeptember 2026
FIXED 3.45%, PIK Interest 8.05%
$26,569 26,337 26,337 (7)(14)(20)
 UnsecuredSeptember 2026
FIXED 11.95%
$10,000 9,875 9,875 (7)(20)
Total Gibraltar Acquisition, LLC$36,569 36,212 36,212  
Hercules Adviser LLCUnsecuredJune 2025
FIXED 5.00%
$12,000 12,000 12,000 (7)(23)
Next Insurance, Inc.Senior SecuredFebruary 2028
Prime - 1.50%, Floor rate 4.75%, PIK Interest 5.50%
$11,070 10,918 11,174 (13)(14)(19)
Subtotal: Diversified Financial Services (2.98%)*
  59,130 59,386  
Drug Discovery & Development
Adaptimmune Therapeutics plcSenior SecuredJune 2029
Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee
$30,260 30,121 31,198 (5)(10)(11)(14)
Akero Therapeutics, Inc.Senior SecuredMarch 2027
Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee
$17,500 17,706 18,005 (10)(13)(17)
Aldeyra Therapeutics, Inc.Senior SecuredApril 2026
Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee
$15,000 15,046 15,153 (11)
Alector, Inc.Senior SecuredDecember 2028
Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee
$7,000 6,930 6,930 (6)(10)(15)(17)
See notes to consolidated financial statements
20

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor (1)
Principal
Amount
Cost (2)
ValueFootnotes
AmplifyBio, LLCSenior SecuredJanuary 2027
Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee
$24,000 $24,640 $24,940 (15)
Arcus Biosciences, Inc.Senior SecuredSeptember 2029
Prime + 1.95%, Floor rate 10.45%, 7.75% Exit Fee
$37,500 37,379 37,379 (6)(10)(15)(17)
ATAI Life Sciences N.V.Senior SecuredAugust 2026
Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee
$14,000 14,442 14,385 (5)(10)(17)
Axsome Therapeutics, Inc.Senior SecuredJanuary 2028
Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee
$143,350 145,451 152,945 (10)(11)(12)(16)
bluebird bio, Inc.Senior SecuredApril 2029
Prime + 1.45%, Floor rate 9.95%, PIK Interest 2.45%, 6.45% Exit Fee
$65,655 64,028 55,344 (14)
Braeburn, Inc.Senior SecuredOctober 2028
Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee
$53,192 53,374 55,626 (14)
COMPASS Pathways plcSenior SecuredJuly 2027
Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee
$24,490 24,613 25,608 (5)(10)(11)(14)
Corium, Inc.Senior SecuredSeptember 2026
Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee
$105,225 109,543 109,178 (13)(16)
Disc Medicine, Inc.Senior SecuredDecember 2029
Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee
$22,500 22,363 22,363 (6)(10)(15)(17)
Eloxx Pharmaceuticals, Inc.Senior SecuredApril 2025
Prime + 6.25%, Floor rate 9.50%, 4.00% Exit Fee
$489 988 988 (15)
enGene, Inc.Senior SecuredJanuary 2028
Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee
$15,924 16,015 16,149 (5)(10)(14)
Heron Therapeutics, Inc.Senior SecuredFebruary 2026
Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee
$20,404 20,484 21,014 (14)(15)(17)
Hibercell, Inc.Senior SecuredMay 2025
Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee
$3,963 4,755 4,749 (13)(15)
Kura Oncology, Inc.Senior SecuredNovember 2027
Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee
$5,500 5,622 5,721 (10)(15)
Madrigal Pharmaceutical, Inc.Senior SecuredMay 2027
Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee
$78,200 79,896 82,775 (10)(13)
NorthSea TherapeuticsConvertible DebtDecember 2025
FIXED 6.00%
$273 273 273 (5)(9)(10)
Phathom Pharmaceuticals, Inc.Senior SecuredDecember 2027
Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 6.22% Exit Fee
$169,234 171,805 176,130 (6)(10)(12)(14) (15)(16)(22)
Replimune Group, Inc.Senior SecuredOctober 2027
Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee
$31,889 32,294 33,745 (10)(12)(13)(14)
SynOx Therapeutics LimitedSenior SecuredMay 2027
Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee
$4,500 4,471 4,573 (5)(10)(11)
uniQure B.V.Senior SecuredJanuary 2027
Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee
$35,000 36,102 37,135 (5)(10)(11)(12)
Viridian Therapeutics, Inc.Senior SecuredOctober 2026
Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee
$8,000 8,231 8,523 (10)(13)(17)
X4 Pharmaceuticals, Inc.Senior SecuredJuly 2027
Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee
$75,000 75,512 75,725 (11)(12)(13)
Subtotal: Drug Discovery & Development (52.10%)*
 1,022,084 1,036,554  
Electronics & Computer Hardware    
Locus Robotics Corp.Senior SecuredDecember 2028
Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee
$48,750 48,557 47,986 (6)(15)(17)
Shield AI, Inc.Senior SecuredFebruary 2029
Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee
$113,766 112,911 113,701 (12)(14)(16)
Subtotal: Electronics & Computer Hardware (8.13%)*
 161,468 161,687  
Healthcare Services, Other    
Blue Sprig Pediatrics, Inc.Senior SecuredNovember 2026
3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45%
$72,220 71,677 70,459 (11)(12)(13)(14)
Carbon Health Technologies, Inc.Senior SecuredJune 2026
Prime - 1.50%, Floor rate 7.00%, PIK Interest 7.00%, 5.64% Exit Fee
$41,473 43,348 41,610 (11)(13)(14)
Convertible DebtDecember 2025
FIXED 12.00%
$202 202 202 (9)
Total Carbon Health Technologies, Inc.$41,675 43,550 41,812 
Curana Health Holdings, LLCSenior SecuredJanuary 2028
Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee
$27,500 27,722 28,207 (13)(17)(19)
Equality Health, LLCSenior SecuredFebruary 2026
Prime + 4.25%, Floor rate 9.50%, PIK Interest 1.55%, 1.11% Exit Fee
$70,678 70,473 70,062 (11)(12)(14)
Main Street Rural, Inc.Senior SecuredJuly 2027
Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee
$38,500 39,089 39,582 (13)(15)(17)
See notes to consolidated financial statements
21

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor (1)
Principal
Amount
Cost (2)
ValueFootnotes
Marathon Health, LLCSenior SecuredFebruary 2029
Prime - 0.90%, Floor rate 7.10%, PIK Interest 4.00%, 3.00% Exit Fee
$159,176 $158,410 $161,882 (14)(16)(17)
Senior SecuredFebruary 2029
Prime + 3.00%, Floor rate 11.00%
$5,000 5,000 5,000 (16)(17)
Total Marathon Health, LLC$164,176 163,410 166,882 
Modern Life, Inc.Senior SecuredFebruary 2027
Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee
$18,200 18,299 18,340 (13)
NeueHealth, Inc.Senior SecuredJune 2028
Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee
$25,031 24,236 24,587 (12)(14)
Recover Together, Inc.Senior SecuredJuly 2027
Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee
$45,000 45,431 45,741 (13)
Strive Health Holdings, LLCSenior SecuredSeptember 2027
Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee
$30,000 29,742 30,587 (15)(17)
Vida Health, Inc.Senior SecuredOctober 2026
Prime - 2.75%, Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee
$36,761 37,367 36,772 (11)(14)
WellBe Senior Medical, LLCSenior SecuredMay 2029
Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee
$28,283 28,144 27,551 (14)(15)(17)
Subtotal: Healthcare Services, Other (30.19%)*
 599,140 600,582  
Information Services    
Saama Technologies, LLCSenior SecuredJuly 2027
Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee
$19,779 19,741 20,445 (12)(14)(17)
Subtotal: Information Services (1.03%)*
 19,741 20,445  
Medical Devices & Equipment
Orchestra BioMed Holdings, Inc.Senior SecuredNovember 2028
Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee
$15,000 14,740 14,740 (6)(15)
Senseonics Holdings, Inc.Senior SecuredSeptember 2027
Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee
$30,625 30,830 31,519 (11)
Sight Sciences, Inc.Senior SecuredJuly 2028
Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee
$28,000 27,830 28,127 (6)
Subtotal: Medical Devices & Equipment (3.74%)*
73,400 74,386 
Software   
3GTMS, LLCSenior SecuredFebruary 2025
3-month SOFR + 10.40%, Floor rate 11.30%
$13,279 13,268 13,268 (11)(17)(18)
Senior SecuredFebruary 2025
3-month SOFR + 7.25%, Floor rate 8.15%
$6,194 6,185 6,185 (17)(18)
Total 3GTMS, LLC$19,473 19,453 19,453  
Alchemer LLCSenior SecuredMay 2028
3-month SOFR + 8.14%, Floor rate 9.14%
$21,251 20,923 21,251 (13)(18)
Allvue Systems, LLCSenior SecuredSeptember 2029
3-month SOFR + 6.25%, Floor rate 7.25%
$42,564 41,704 41,628 (17)
AlphaSense, Inc.Senior SecuredJune 2029
3-month SOFR + 6.25%, Floor rate 8.25%
$20,000 19,816 19,578 (17)
Annex CloudSenior SecuredFebruary 2027
3-month SOFR + 10.00%, Floor rate 11.00%
$11,338 11,205 10,556 (13)(18)
Armis, Inc.Senior SecuredMarch 2028
Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee
$50,733 50,496 51,357 (12)(14)(17)
Senior SecuredMarch 2028
Prime + 1.25%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee
$25,150 24,968 25,082 (14)(17)
Total Armis, Inc.$75,883 75,464 76,439 
Babel StreetSenior SecuredDecember 2027
3-month SOFR + 8.01%, Floor rate 9.01%
$65,336 64,061 65,263 (15)(17)(18)
Behavox LimitedSenior SecuredSeptember 2027
Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee
$10,550 10,534 10,360 (5)(10)(14)
Brain CorporationSenior SecuredSeptember 2028
Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee
$32,009 31,704 31,984 (13)(14)
Ceros, Inc.Senior SecuredSeptember 2026
3-month SOFR + 8.99%, Floor rate 9.89%
$22,762 22,515 22,183 (17)(18)
Copper CRM, IncSenior SecuredMarch 2025
Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee
$8,515 8,839 8,839 (11)(14)
CoreView USA, Inc.Senior SecuredJanuary 2029
Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee
$25,000 24,731 24,731 (6)(17)
Coronet Cyber Security Ltd.Senior SecuredOctober 2028
Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85%
$8,591 8,446 8,446 (14)(17)
Cutover, Inc.Senior SecuredOctober 2025
Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee
$5,500 5,667 5,667 (5)(10)(12)
See notes to consolidated financial statements
22

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor (1)
Principal
Amount
Cost (2)
ValueFootnotes
Senior SecuredOctober 2025
Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee
£1,250 $1,612 $1,594 (5)(10)
Total Cutover, Inc.7,279 7,261 
Dashlane, Inc.Senior SecuredDecember 2027
Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee
$45,476 46,450 47,708 (11)(13)(14)(17)(19)
Dispatch Technologies, Inc.Senior SecuredApril 2028
3-month SOFR + 8.01%, Floor rate 8.76%
$8,896 8,758 8,641 (17)(18)
Dragos, Inc.Senior SecuredJuly 2027
Prime + 2.00%, Floor rate 8.75%, PIK Interest 2.00%, 2.00% Exit Fee
$13,022 12,383 12,431 (14)(17)
DroneDeploy, Inc.Senior SecuredNovember 2028
Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee
$9,375 9,255 9,274 (13)(17)
Earnix, Inc.Senior SecuredJune 2029
Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45%
$19,166 18,856 18,838 (11)(14)(17)
Elation Health, Inc.Senior SecuredMarch 2026
Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee
$12,878 12,860 13,215 (11)(14)(19)
Flight Schedule Pro, LLCSenior SecuredOctober 2027
1-month SOFR + 7.80%, Floor rate 8.70%
$7,297 7,145 7,271 (17)(18)
Fortified Health SecuritySenior SecuredDecember 2027
1-month SOFR + 7.64%, Floor rate 8.54%
$7,000 6,882 6,950 (11)(17)(18)
Harness, Inc.Senior SecuredMarch 2029
Prime - 2.25%, Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee
$18,132 17,947 18,060 (14)(17)(19)
iGrafx, LLCSenior SecuredMay 2027
1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee
$4,950 4,879 4,869 (18)
KhorosSenior SecuredJanuary 2025
3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%
$61,341 61,317 18,231 (8)(14)
Leapwork ApSSenior SecuredFebruary 2026
Prime + 0.25%, Floor rate 7.00%, PIK Interest 1.95%, 2.70% Exit Fee
$8,890 8,883 9,117 (5)(10)(12)(14)
LinenMaster, LLCSenior SecuredAugust 2028
1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%
$15,428 15,189 15,481 (12)(14)(17)
Loftware, Inc.Senior SecuredMarch 2028
3-month SOFR + 7.88%, Floor rate 8.88%
$27,206 26,726 27,399 (17)(18)
LogicSourceSenior SecuredJuly 2027
1-month SOFR + 8.93%, Floor rate 9.93%
$13,145 12,974 13,145 (17)(18)
LogRhythm, Inc.Senior SecuredJuly 2029
1-month SOFR + 7.50%, Floor rate 8.50%
$25,000 24,305 24,305 (17)
Marigold Group, Inc. (p.k.a. Campaign Monitor Limited)Senior SecuredNovember 2026
PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55%
$38,828 38,336 32,773 (13)(14)(19)
Mobile Solutions ServicesSenior SecuredDecember 2025
3-month SOFR + 9.21%, Floor rate 10.06%
$18,366 18,237 17,616 (18)
Morphisec Information Security 2014 Ltd.Senior SecuredOctober 2027
Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee
$10,000 9,861 9,861 (5)(10)
New Relic, Inc.Senior SecuredNovember 2030
1-month SOFR + 6.75%, Floor rate 7.75%
$21,890 21,402 21,644 (17)
Omeda Holdings, LLCSenior SecuredJuly 2027
3-month SOFR + 8.05%, Floor rate 9.05%
$7,669 7,518 7,669 (11)(17)(18)
PayIt, LLCSenior SecuredDecember 2028
Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee
$12,003 11,881 11,881 (6)(14)(15)(17)(19)
Pindrop Security, Inc.Senior SecuredJune 2029
Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee
$31,000 30,566 30,671 (15)(17)
Remodel Health Holdco, LLCSenior SecuredDecember 2028
Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee
$25,000 24,723 24,723 (6)(15)
ReveleerSenior SecuredFebruary 2027
Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee
$36,345 36,403 36,525 (14)(15)
Semperis Technologies Inc.Senior SecuredApril 2028
Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25%
$22,754 22,596 23,066 (11)(14)(19)
ShadowDragon, LLCSenior SecuredDecember 2026
3-month SOFR + 8.88%, Floor rate 9.78%
$6,000 5,918 5,953 (17)(18)
Simon Data, Inc.Senior SecuredMarch 2027
Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee
$13,087 13,152 13,175 (12)(14)
Sisense Ltd.Senior SecuredJuly 2027
Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee
$33,760 34,152 34,193 (5)(10)(14)
Streamline Healthcare SolutionsSenior SecuredMarch 2028
3-month SOFR + 7.25%, Floor rate 8.25%
$17,600 17,324 17,688 (11)(13)(17)(18)
Sumo Logic, Inc.Senior SecuredMay 2030
3-month SOFR + 6.50%, Floor rate 7.50%
$23,000 22,521 23,113 (17)
Suzy, Inc.Senior SecuredAugust 2027
Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee
$24,345 24,031 24,935 (6)(14)(15)(17)
TaxCalcSenior SecuredNovember 2029
3-month SONIA + 8.05%, Floor rate 8.55%
£7,500 9,518 9,198 (5)(10)(17)(18)
ThreatConnect, Inc.Senior SecuredMay 2026
3-month SOFR + 9.15%, Floor rate 10.00%
$12,324 12,208 12,324 (18)
See notes to consolidated financial statements
23

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Maturity Date
Interest Rate and Floor (1)
Principal
Amount
Cost (2)
ValueFootnotes
Tipalti Solutions Ltd.Senior SecuredApril 2027
Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.00%, 3.75% Exit Fee
$42,670 $42,379 $43,448 (5)(10)(14)
Zappi, Inc.Senior SecuredDecember 2027
3-month SOFR + 8.03%, Floor rate 9.03%
$12,729 12,522 12,756 (5)(10)(13)(17)(18)
Zimperium, Inc.Senior SecuredMay 2027
3-month SOFR + 8.31%, Floor rate 9.31%
$14,790 14,618 14,444 (17)(18)
Subtotal: Software (52.80%)*
 1,091,349 1,050,563  
Space Technologies
Voyager Technologies, Inc.Senior SecuredJuly 2028
Prime + 1.25%, Floor rate 9.75%, PIK Interest 2.50%, 5.50% Exit Fee
$45,439 45,302 45,690 (11)(14)(15)
Subtotal: Space Technologies (2.30%)*
45,302 45,690 
Sustainable and Renewable Technology    
Ampion, PBCSenior SecuredMay 2025
Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee
$3,984 4,102 4,141 (13)(14)
Electric Hydrogen Co.Senior SecuredMay 2028
Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.89% Exit Fee
$20,127 19,687 19,830 (14)(15)(19)
SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC)Senior SecuredJune 2027
FIXED 10.00%
$1,296 1,297 1,272 (19)
Subtotal: Sustainable and Renewable Technology (1.27%)*
 25,086 25,243  
Total: Debt Investments (175.65%)*
 $3,515,541 $3,494,601  
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Equity Investments
Biotechnology Tools
Alamar Biosciences, Inc.Equity2/21/2024Preferred Series C503,778 $1,500 $1,423 
Subtotal: Biotechnology Tools (0.07%)*
1,500 1,423 
Consumer & Business Products
Fabletics, Inc.Equity4/30/2010Common Stock42,989128 46 
Equity7/16/2013Preferred Series B130,1911,101 299  
Total Fabletics, Inc.173,180 1,229 345  
Grove Collaborative, Inc.Equity4/30/2021Common Stock12,260433 17 (4)
Savage X Holding, LLCEquity4/30/2010Class A Units172,32813 421 
Subtotal: Consumer & Business Products (0.04%)*
1,675 783  
Consumer & Business Services
Carwow LTDEquity12/15/2021Preferred Series D-4216,0731,151 627 (5)(10)
Lyft, Inc.Equity12/26/2018Common Stock100,7385,263 1,299 (4)
Nerdy Inc.Equity9/17/2021Common Stock100,0001,000 162 (4)
OfferUp, Inc.Equity10/25/2016Preferred Series A286,0801,663 467  
Equity10/25/2016Preferred Series A-1108,710632 177  
Total OfferUp, Inc.394,7902,295 644 
OportunEquity6/28/2013Common Stock48,365577 188 (4)
Reischling Press, Inc.Equity7/31/2020Common Stock3,09539  
Rhino Labs, Inc.Equity1/24/2022Common Stock7,0631,000   
Tectura CorporationEquity5/23/2018Common Stock414,994,863900 7 (7)
See notes to consolidated financial statements
24

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Equity6/6/2016Preferred Series BB1,000,000$ $17 (7)
Equity12/29/2023Preferred Series C3,235,29813,263 3,606 (7)
Total Tectura Corporation 419,230,16114,163 3,630  
Worldremit Group LimitedEquity6/24/2024Preferred Series X9,737922 952 (5)(10)
Subtotal: Consumer & Business Services (0.38%)*
26,410 7,502  
Diversified Financial Services      
Gibraltar Acquisition, LLCEquity3/1/2018Member Units134,006 23,051 (7)(20)
Hercules Adviser LLCEquity3/26/2021Member Units135 30,190 (7)(23)
Newfront Insurance Holdings, Inc.Equity9/30/2021Preferred Series D-2210,282403 404 
Subtotal: Diversified Financial Services (2.70%)*
34,444 53,645  
Drug Delivery   
Aytu BioScience, Inc.Equity3/28/2014Common Stock6801,500 1 (4)
BioQ Pharma IncorporatedEquity12/8/2015Preferred Series D165,000500  
PDS Biotechnology CorporationEquity4/6/2015Common Stock2,498309 4 (4)
Talphera, Inc.Equity12/10/2018Common Stock8,8361,329 5 (4)
Subtotal: Drug Delivery (0.00%)*
3,638 10  
Drug Discovery & Development     
Akero Therapeutics, Inc.Equity3/8/2024Common Stock34,4831,000 959 (4)(10)
Avalo Therapeutics, Inc.Equity8/19/2014Common Stock421,000  (4)
Axsome Therapeutics, Inc.Equity5/9/2022Common Stock127,0214,165 10,747 (4)(10)(16)
Bicycle Therapeutics PLCEquity10/5/2020Common Stock98,1001,871 1,373 (4)(5)(10)
BridgeBio Pharma, Inc.Equity6/21/2018Common Stock231,3292,255 6,348 (4)
Cyclo Therapeutics, Inc.Equity4/6/2021Common Stock13442  (4)(10)
Dare Biosciences, Inc.Equity1/8/2015Common Stock1,1291,000 4 (4)
Dynavax TechnologiesEquity7/22/2015Common Stock20,000550 256 (4)(10)
Heron Therapeutics, Inc.Equity7/25/2023Common Stock364,963500 558 (4)
Hibercell, Inc.Equity5/7/2021Preferred Series B3,466,8404,250 328 (15)
HilleVax, Inc.Equity5/3/2022Common Stock235,2954,000 487 (4)
Kura Oncology, Inc.Equity6/16/2023Common Stock47,826550 417 (4)(10)
Madrigal Pharmaceutical, Inc.Equity9/29/2023Common Stock5,100773 1,574 (4)(10)
NorthSea TherapeuticsEquity12/15/2021Preferred Series C9832,000 1,241 (5)(10)
Phathom Pharmaceuticals, Inc.Equity6/9/2023Common Stock147,2331,730 1,196 (4)(10)(16)
Rocket Pharmaceuticals, Ltd.Equity8/22/2007Common Stock9441,500 12 (4)
Savara, Inc.Equity8/11/2015Common Stock11,119203 34 (4)
uniQure B.V.Equity1/31/2019Common Stock17,175332 303 (4)(5)(10)
Valo Health, LLCEquity12/11/2020Preferred Series B510,3083,000 1,134 
Equity10/31/2022Preferred Series C170,1021,000 762 
Total Valo Health, LLC680,4104,000 1,896  
See notes to consolidated financial statements
25

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Verge Analytics, Inc.Equity9/6/2023Preferred Series C208,588$1,500 $1,519  
Viridian Therapeutics, Inc.Equity11/6/2023Common Stock32,310400 619 (4)(10)
X4 Pharmaceuticals, Inc.Equity11/26/2019Common Stock1,566,0642,945 1,149 (4)
Subtotal: Drug Discovery & Development (1.56%)*
36,566 31,020  
Electronics & Computer Hardware
Locus Robotics Corp.Equity11/17/2022Preferred Series F15,116650 294  
Skydio, Inc.Equity3/8/2022Preferred Series E248,9001,500 643  
Subtotal: Electronics & Computer Hardware (0.05%)*
2,150 937  
Healthcare Services, Other
23andMe, Inc.Equity3/11/2019Common Stock41,2865,094 134 (4)
Carbon Health Technologies, Inc.Equity3/30/2021Preferred Series C217,8801,687 2  
Click Therapeutics, Inc.Equity5/20/2024Common Stock560,0001,662 1,825 (15)
Curana Health Holdings, LLCEquity5/13/2024Common Units1,114,3802,500 2,603 
Main Street Rural, Inc.Equity10/28/2024Preferred Series D496874 874 
WellBe Senior Medical, LLCEquity6/10/2024Common Units181,1631,600 2,065 
Subtotal: Healthcare Services, Other (0.38%)*
13,417 7,503  
Information Services      
Yipit, LLCEquity12/30/2021Preferred Series E41,0213,825 3,898  
Subtotal: Information Services (0.20%)*
3,825 3,898  
Medical Devices & Equipment     
Coronado Aesthetics, LLCEquity10/15/2021Common Units180,000  (7)
Equity10/15/2021Preferred Series A-25,000,000250 69 (7)
Total Coronado Aesthetics, LLC   5,180,000250 69  
Subtotal: Medical Devices & Equipment (0.00%)*
250 69  
Semiconductors     
Achronix Semiconductor CorporationEquity7/1/2011Preferred Series C277,995160 210  
Subtotal: Semiconductors (0.01%)*
160 210  
Software     
3GTMS, LLCEquity8/9/2021Common Stock1,000,0001,000 666  
Armis, Inc.Equity10/18/2024Preferred Series D294,2132,000 2,000 
Black Crow AI, Inc. affiliatesEquity3/24/2021Preferred Note32,406 2,406 (21)
CapLinked, Inc.Equity10/26/2012Preferred Series A-353,61451   
Contentful Global, Inc.Equity12/22/2020Preferred Series C41,000138 257 (5)(10)
Equity11/20/2018Preferred Series D108,500500 722 (5)(10)
Total Contentful Global, Inc.   149,500638 979  
DNAnexus, Inc.Equity3/21/2014Preferred Series C51,94897 5 
Docker, Inc.Equity11/29/2018Common Stock20,0004,284 198  
Druva Holdings, Inc.Equity10/22/2015Preferred Series 2458,8411,000 5,194  
See notes to consolidated financial statements
26

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
 Equity8/24/2017Preferred Series 393,620$300 $1,075  
Total Druva Holdings, Inc.   552,4611,300 6,269  
HighRoads, Inc.Equity1/18/2013Common Stock190307   
Leapwork ApSEquity8/25/2023Preferred Series B2183,073250 132 (5)(10)
Lightbend, Inc.Equity12/4/2020Common Stock38,461265 24 
Nextdoor.com, Inc.Equity8/1/2018Common Stock1,019,2554,854 2,416 (4)
SingleStore, Inc.Equity11/25/2020Preferred Series E580,9832,000 1,988  
Equity8/12/2021Preferred Series F52,956280 216  
Total SingleStore, Inc.633,9392,280 2,204 
SirionLabs Pte. Ltd.Equity6/30/2024Preferred Series F1152,2501,792 1,996 (5)(10)
Verana Health, Inc.Equity7/8/2021Preferred Series E952,5622,000 370  
Subtotal: Software (0.99%)*
23,524 19,665  
Sustainable and Renewable Technology     
Impossible Foods, Inc.Equity5/10/2019Preferred Series E-1188,6112,000 106  
Modumetal, Inc.Equity6/1/2015Common Stock1,035500   
Pivot Bio, Inc.Equity6/28/2021Preferred Series D593,080 4,500 1,885 
SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC)Equity12/10/2020Common Stock4053,153 1 (4)
Subtotal: Sustainable and Renewable Technology (0.10%)*
10,153 1,992  
Total: Equity Investments (6.47%)*
 $157,712 $128,657  
Warrant Investments
Biotechnology Tools
Alamar Biosciences, Inc.Warrant6/21/2022Preferred Series C75,567$36 $122 
PathAI, Inc.Warrant12/23/2022Common Stock53,418460 101 (12)
Subtotal: Biotechnology Tools (0.01%)*
496 223 
Communications & Networking 
Aryaka Networks, Inc.Warrant6/28/2022Common Stock486,097242 209 (12)
Subtotal: Communications & Networking (0.01%)*
242 209 
Consumer & Business Products
Gadget Guard, LLCWarrant6/3/2014Common Stock1,662,441228  
Whoop, Inc.Warrant6/27/2018Preferred Series C686,27017 714 
Subtotal: Consumer & Business Products (0.04%)*
245 714 
Consumer & Business Services
Altumint, Inc.Warrant10/31/2024Common Stock1,701127 129 (15)
Carwow LTDWarrant12/14/2021Common Stock174,163164 55 (5)(10)
Warrant2/13/2024Preferred Series D-4109,25720 11 (5)(10)
Total Carwow LTD283,420184 66 
Houzz, Inc.Warrant10/29/2019Common Stock529,66120   
See notes to consolidated financial statements
27

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HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Landing Holdings Inc.Warrant3/12/2021Common Stock11,806$116 $115 (15)
Lendio, Inc.Warrant3/29/2019Preferred Series D127,03239 10  
Plentific LtdWarrant10/3/2023Ordinary Shares27,29860 38 (5)(10)
ProviWarrant12/22/2022Common Stock117,042166 77 (15)
Rhino Labs, Inc.Warrant3/12/2021Common Stock13,106470  (15)
SeatGeek, Inc.Warrant6/12/2019Common Stock1,604,7241,242 4,901 (12)(16)
Skyword, Inc.Warrant11/14/2022Common Stock1,607,14357 28  
Warrant8/23/2019Preferred Series B444,44483 3  
Total Skyword, Inc.2,051,587140 31  
Snagajob.com, Inc.Warrant4/20/2020Common Stock600,00016   
Warrant6/30/2016Preferred Series A1,800,000782   
 Warrant8/1/2018Preferred Series B1,211,53762   
Total Snagajob.com, Inc.   3,611,537860   
Thumbtack, Inc.Warrant5/1/2018Common Stock343,497985 878 
Veem, Inc.Warrant3/31/2022Common Stock98,428126 13 (12)
Worldremit Group LimitedWarrant2/11/2021Preferred Series D77,215129 95 (5)(10)
 Warrant8/27/2021Preferred Series E1,86826  (5)(10)
Total Worldremit Group Limited   79,083155 95  
Subtotal: Consumer & Business Services (0.32%)*
4,690 6,353  
Diversified Financial Services
Next Insurance, Inc.Warrant2/3/2023Common Stock522,930214 460 
Subtotal: Diversified Financial Services (0.02%)*
214 460 
Drug Discovery & Development      
Akero Therapeutics, Inc.Warrant6/15/2022Common Stock32,190330 519 (4)(10)
AmplifyBio, LLCWarrant12/27/2022Class A Units69,239238 151 (15)
Axsome Therapeutics, Inc.Warrant9/25/2020Common Stock61,0041,290 1,528 (4)(10)(12)(16)
bluebird bio, Inc.Warrant3/15/2024Common Stock111,2061,744  
Cellarity, Inc.Warrant12/8/2021Preferred Series B100,000287 103 (15)
Century Therapeutics, Inc.Warrant9/14/2020Common Stock16,11237  (4)
COMPASS Pathways plcWarrant6/30/2023Ordinary Shares75,376278 48 (4)(5)(10)
Curevo, Inc.Warrant6/9/2023Common Stock95,221233 154 (15)
enGene, Inc.Warrant12/22/2023Common Stock43,689118 102 (4)(5)(10)
Fresh Tracks Therapeutics, Inc.Warrant2/18/2016Common Stock201119  (4)
Heron Therapeutics, Inc.Warrant8/9/2023Common Stock238,095228 166 (4)(15)
Kineta, Inc.Warrant12/20/2019Common Stock2,202110  (4)
Kura Oncology, Inc.Warrant11/2/2022Common Stock14,34288 16 (4)(10)(15)
Madrigal Pharmaceutical, Inc.Warrant5/9/2022Common Stock13,229570 2,133 (4)(10)
Phathom Pharmaceuticals, Inc.Warrant9/17/2021Common Stock64,687848 22 (4)(10)(12)(15)(16)
See notes to consolidated financial statements
28

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Redshift Bioanalytics, Inc.Warrant3/23/2022Preferred Series E475,510$20 $22 (15)
Scynexis, Inc.Warrant5/14/2021Common Stock106,035296 2 (4)
SynOx Therapeutics LimitedWarrant4/18/2024Preferred Series B251,19583 76 (5)(10)
TG Therapeutics, Inc.Warrant12/30/2021Common Stock117,168721 1,730 (4)(10)
Valo Health, LLCWarrant6/15/2020Common Units102,216256 39 
X4 Pharmaceuticals, Inc.Warrant3/18/2019Common Stock1,392,787510 185 (4)
Subtotal: Drug Discovery & Development (0.35%)*
8,404 6,996  
Electronics & Computer Hardware      
908 Devices, Inc.Warrant3/15/2017Common Stock49,078101 1 (4)
Locus Robotics Corp.Warrant6/21/2022Common Stock8,50334 51  
Skydio, Inc.Warrant11/8/2021Common Stock622,255557 212  
Subtotal: Electronics & Computer Hardware (0.01%)*
692 264  
Healthcare Services, Other      
Curana Health Holdings, LLCWarrant1/4/2024Common Units447,410156 492 
Modern Life, Inc.Warrant3/30/2023Common Stock52,665210 169  
NeueHealth, Inc.Warrant6/21/2024Common Stock185,625716 1,032 (4)(12)
Recover Together, Inc.Warrant7/3/2023Common Stock194,830382 79 
Strive Health Holdings, LLCWarrant9/28/2023Common Units129,400278 325 (15)
Vida Health, Inc.Warrant3/28/2022Preferred Series E192,431121 2 
Subtotal: Healthcare Services, Other (0.11%)*
1,863 2,099  
Information Services      
NetBase Quid, Inc. (p.k.a NetBase Solutions)Warrant8/22/2017Preferred Series 160,000356   
Signal Media LimitedWarrant6/29/2022Common Stock129,63857 13 (5)(10)
Subtotal: Information Services (0.00%)*
413 13  
Manufacturing Technology      
Bright Machines, Inc.Warrant3/31/2022Common Stock392,308537 871  
MacroFab, Inc.Warrant3/23/2022Common Stock1,111,111528 291  
Subtotal: Manufacturing Technology (0.06%)*
1,065 1,162  
Media/Content/Info      
Fever Labs, Inc.Warrant12/30/2022Preferred Series E-1369,37067 63  
Subtotal: Media/Content/Info (0.00%)*
67 63  
Medical Devices & Equipment      
Orchestra BioMed Holdings, Inc.Warrant11/6/2024Common Stock52,264180 102 (4)(6)(15)
Outset Medical, Inc.Warrant9/27/2013Common Stock62,794401 7 (4)
Senseonics Holdings, Inc.Warrant9/8/2023Common Stock1,032,718276 203 (4)
Sight Sciences, Inc.Warrant1/22/2024Common Stock113,247363 195 (4)(6)
See notes to consolidated financial statements
29

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
Tela Bio, Inc.Warrant3/31/2017Common Stock15,712$61 $ (4)
Subtotal: Medical Devices & Equipment (0.03%)*
1,281 507  
Semiconductors      
Achronix Semiconductor CorporationWarrant6/26/2015Preferred Series D-2750,00099 494  
Subtotal: Semiconductors (0.02%)*
99 494  
Software     
Aria Systems, Inc.Warrant5/22/2015Preferred Series G231,53574   
Automation Anywhere, Inc.Warrant9/23/2022Common Stock254,778448 421  
Bitsight Technologies, Inc.Warrant11/18/2020Common Stock29,691284 442  
Brain CorporationWarrant10/4/2021Common Stock435,396215 84 
CloudBolt Software, Inc.Warrant9/30/2020Common Stock211,342117 9  
Cloudian, Inc.Warrant11/6/2018Common Stock477,45471   
Cloudpay, Inc.Warrant4/10/2018Preferred Series B6,76354 908 (5)(10)
Coronet Cyber Security Ltd.Warrant9/26/2024Ordinary Shares39,183254 266 
Couchbase, Inc.Warrant4/25/2019Common Stock105,350462 686 (4)
Cutover, Inc.Warrant9/21/2022Common Stock102,89826 83 (5)(10)(12)
Dashlane, Inc.Warrant3/11/2019Common Stock770,838461 1,102 
Demandbase, Inc.Warrant8/2/2021Common Stock727,047545 234  
Dragos, Inc.Warrant6/28/2023Common Stock57,5281,575 984  
DroneDeploy, Inc.Warrant6/30/2022Common Stock95,911278 417  
Earnix, Inc.Warrant6/6/2024Common Stock20,762220 327 
Elation Health, Inc.Warrant9/12/2022Common Stock362,837583 236  
First Insight, Inc.Warrant5/10/2018Preferred Series B75,91796 33  
Fulfil Solutions, Inc.Warrant7/29/2022Common Stock84,995325 274  
Harness, Inc.Warrant3/12/2024Common Stock193,618534 632 
Kore.ai, Inc.Warrant3/31/2023Preferred Series C64,293208 142  
Leapwork ApSWarrant1/23/2023Common Stock93,21139 35 (5)(10)(12)
Lightbend, Inc.Warrant2/14/2018Preferred Series LB-286,984131 26  
Mixpanel, Inc.Warrant9/30/2020Common Stock82,362252 264  
Morphisec Information Security 2014 Ltd.Warrant10/1/2024Ordinary Shares200,115104 108 (5)(10)
Pindrop Security, Inc.Warrant6/26/2024Common Stock134,542494 496 (15)
Reltio, Inc.Warrant6/30/2020Common Stock69,120215 698  
Semperis Technologies Inc.Warrant4/23/2024Common Stock72,122115 213 
Simon Data, Inc.Warrant3/22/2023Common Stock77,93496 22 (12)
SingleStore, Inc.Warrant4/28/2020Preferred Series D312,596103 551 
Sisense Ltd.Warrant6/8/2023Ordinary Shares321,956174 61 (5)(10)
Suzy, Inc.Warrant8/24/2023Common Stock292,936367 291 (6)(15)
Tipalti Solutions Ltd.Warrant3/22/2023Ordinary Shares509,753359 395 (5)(10)
See notes to consolidated financial statements
30

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
Portfolio CompanyType of
Investment
Acquisition Date(4)
Series (3)
Shares
Cost (2)
ValueFootnotes
VideoAmp, Inc.Warrant1/21/2022Common Stock152,048$1,275 $32 (15)
Subtotal: Software (0.53%)*
10,554 10,472  
Space Technologies
Capella Space Corp.Warrant10/21/2021Common Stock176,200 207 10 (15)
Subtotal: Space Technologies (0.00%)*
207 10 
Sustainable and Renewable Technology      
Ampion, PBCWarrant4/15/2022Common Stock18,47252 67  
Electric Hydrogen Co.Warrant3/27/2024Common Stock246,618507 394 (15)
Halio, Inc.Warrant4/7/2015Common Stock144,91463   
Subtotal: Sustainable and Renewable Technology (0.02%)*
622 461  
Total: Warrant Investments (1.53%)*
$31,154 $30,500  
Total Investments in Securities (183.64%)*
$3,704,407 $3,653,758  
Investment Funds & Vehicles Investments   
Drug Discovery & Development      
Forbion Growth Opportunities Fund I C.V.Investment Funds & Vehicles11/16/2020 $2,847 $4,382 (5)(10)(17)
Forbion Growth Opportunities Fund II C.V.Investment Funds & Vehicles6/23/2022 1,242 1,438 (5)(10)(17)
Subtotal: Drug Discovery & Development (0.29%)*
4,089 5,820  
Software      
Liberty Zim Co-Invest L.P.Investment Funds & Vehicles7/21/2022 381 400 (5)(10)
Subtotal: Software (0.02%)*
381 400  
Total: Investment Funds & Vehicles Investments (0.31%)*
$4,470 $6,220  
Total Investments before Cash & Cash Equivalents (183.96%)*
$3,708,877 $3,659,978  
Cash & Cash Equivalents
GS Financial Square Government FundCash & Cash EquivalentsFGTXX/38141W273$21,100 $21,100 
Total: Investments in Cash & Cash Equivalents (1.06%)*
$21,100 $21,100 
Total: Investments after Cash & Cash Equivalents (185.02%)*
$3,729,977 $3,681,078 
Foreign Currency Forward Contracts
Foreign CurrencySettlement DateCounterpartyAmountTransaction
US $ Notional Value at Settlement Date
Value
Great British Pound (GBP)6/3/2025Goldman Sachs Bank USA£20,511 Sold$26,178 $538 
Total Foreign Currency Forward (0.03%)*
$26,178 $538 
See notes to consolidated financial statements
31

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HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(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)Prime represents 7.50% as of December 31, 2024. 1-month SOFR, 3-month SOFR, and 6-month SOFR represent 4.33%, 4.31%, and 4.25%, respectively, as of December 31, 2024.
(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $108.4 million, $156.5 million, and $48.1 million, respectively. The tax cost of investments is $3.7 billion.
(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.
(4)Except for warrants in 23 publicly traded companies and common stock in 28 publicly traded companies, all investments are restricted as of December 31, 2024 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the "Valuation Committee") and approved by the board of directors (the "Board").
(5)Non-U.S. company or the company’s principal place of business is outside the United States.
(6)Denotes that all or a portion of the investment in this portfolio company is held by SBIC V, L.P., the Company's wholly owned small business investment company.
(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 December 31, 2024, and is therefore considered non-income producing.
(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 MUFG Bank Facility (as defined in “Note 5 — Debt”).
(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).
(14)Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.
(15)Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.
(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of December 31, 2024.
(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2024 (Refer to “Note 11 — Commitments and Contingencies”).
(18)Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.
(19)Denotes second lien senior secured debt.
(20)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC.
(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of December 31, 2024, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 million.
(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $11.9 million and $11.6 million, respectively.
(23)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1” for additional disclosure.
See notes to consolidated financial statements
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HERCULES CAPITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Description of Business
Hercules Capital, Inc. (the “Company”) is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology and life sciences industries. The Company sources its investments through its principal office located in San Mateo, CA, as well as through its additional offices in Boston, MA, New York, NY, San Diego, CA, Denver, CO, and London, United Kingdom. The Company was incorporated under the General Corporation Law of the State of Maryland in December 2003.
The Company is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Effective January 1, 2006, the Company elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M Part I of the Internal Revenue Code of 1986, as amended (the “Code”) (see “Note 6 - Income Taxes”).
The Company is not registered with the Commodity Futures Trading Commission (“CFTC”). The Company has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”), pursuant to Rule 4.5 under the CEA. Therefore, the Company is not, subject to registration or regulation as a “commodity pool operator” under the CEA.
Hercules Capital IV, L.P. (“HC IV”) and Hercules SBIC V, L.P. (“SBIC V”) are our wholly owned Delaware limited partnerships that were formed in December 2010 and September 2023, respectively. HC IV and SBIC V have each received licenses to operate as a Small Business Investment Company (“SBIC”) under the authority of the Small Business Administration (“SBA”) on October 27, 2020 and July 9, 2024, respectively. Our SBICs are subject to a variety of regulations concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments. Hercules Technology SBIC Management, LLC (“HTM”), is a wholly owned limited liability company subsidiary of the Company, which was formed in November 2003 and serves as the general partner of HC IV and SBIC V.
The Company has also established certain wholly owned subsidiaries, all of which are structured as Delaware corporations or limited liability companies (“LLCs”), to hold portfolio companies organized as LLCs (or other forms of pass-through entities). These subsidiaries are consolidated for financial reporting purposes in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Certain of the subsidiaries are taxable and not consolidated with Hercules for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments.
The Company formed Hercules Capital Management LLC and Hercules Adviser LLC in 2020 as wholly owned Delaware limited liability subsidiaries. The Company was granted no-action relief by the staff of the Securities and Exchange Commission (“SEC”) to allow Hercules Adviser LLC (the “Adviser Subsidiary”) to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The Adviser Subsidiary provides investment advisory and related services to investment vehicles (“Adviser Funds”) owned by one or more unrelated third-party investors (“External Parties”). The Adviser Subsidiary is owned by Hercules Capital Management LLC and collectively held and presented with Hercules Partner Holdings, LLC, which separately wholly owns the general partnership interests to each of the Adviser Funds.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated interim financial statements have been prepared in accordance with U.S. GAAP for interim financial information, and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments consisting solely of normal recurring accruals considered necessary for the fair statement of consolidated financial statements for the interim periods have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Therefore, the interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024. The year-end Consolidated Statements of Assets and Liabilities data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency.
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As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such, pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated.
Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE.
To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE.
The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework.
The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in 2022 in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The assets of the Company's securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit.




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Fair Value Measurements
The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value.
The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:
Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets.
Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company.
Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. It includes prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Generally, assets carried at fair value and included in this category are the debt investments and warrants and equities held in a private company.
Valuation of Investments
The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.
Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Company’s Valuation Committee as the “valuation designee”. As of March 31, 2025, approximately 97.4% of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the Valuation Committee, as valuation designee of the Board. The Company’s investments are carried at fair value in accordance with Rule 2a-5 under the 1940 Act and ASC Topic 946. Given the Company's investment strategy, nature of investments, and types of businesses in which it invests, substantially all of the Company’s investments are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to the valuation guidelines approved by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market values, the fair value of the Company’s investments may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material.
In accordance with procedures approved by its Board, the Company values investments on a quarterly basis following a multistep valuation process. The quarterly Board approved multi-step valuation process is described below:
(1)The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment;
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(2)Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary;
(3)The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board;
(4)The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and
(5)The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio.
Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee subject to oversight and approval of the Board.
As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation.
The Company records unrealized depreciation on investments when it believes that an investment has decreased in value, including where it believes collection of a debt investment is doubtful or, if under the in-exchange premise, when it believes the value of a debt investment is less than the amortized cost of the investment. Conversely, where appropriate, the Company records unrealized appreciation if it believes that the underlying portfolio company has appreciated in value and, therefore, that its investment has also appreciated in value or, if it believes, under the in-exchange premise, the value of an investment is greater than its amortized cost.
Debt Investments
The Company’s debt investments are substantially considered Level 3 assets under ASC Topic 820 with fair value as
determined in good faith pursuant to the process described above. In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below.
The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to
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estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date.
The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. The Company values syndicated debt investments, for which sufficient liquidity and market data are available, using broker quotes and bond indices amongst other factors. Debt investments with market quotations are generally considered Level 1 or 2 assets in line with ASC Topic 820. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis.
When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recording warrant or other equity instruments is accreted into interest income over the life of the debt investment.
Equity Securities and Warrants
Securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date.
At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes OPM. For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors.
Investment Funds & Vehicles
The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.
Derivative Instruments
The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on non-control/non-affiliate investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on non-control/non-affiliate investments in the Consolidated Statements of Operations. The net cash flows realized on settlement of derivatives are included in realized (gain) loss in the Consolidated Statements of Cash Flows.
Cash, Cash Equivalents, Foreign Cash, and Restricted Cash
Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair
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value. Foreign cash includes the value of foreign currencies held and translated using the prevailing foreign exchange rates on the reporting date. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions, including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”).
Foreign Currency Translation
The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
Other Assets
Other assets generally consist of prepaid expenses, debt issuance costs related to our Credit Facilities (as defined below) net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow and other investment related receivables.
Escrow Receivables
Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date.
Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”.
Investment Income Recognition
The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID related income. "Structured Debt" refers to a debt investment that is structured with an equity, warrant, option, or other right to purchase or convert into common or preferred equity investments. The OID recorded upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID value is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term.
Additionally, the Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest
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method. One-off fees for transaction and management services are generally recognized as income in the period when the services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected.
From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding.
Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal.
Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies to the extent that such amounts are payable by the portfolio company and are expected to be collected.
Realized Gains or Losses
Realized gains or losses are measured by the difference between the net proceeds from the sale or other realization event and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries.
Secured Borrowings
The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value.
Equity Offering Expenses
The Company’s offering expenses are charged against the proceeds from equity offerings when received as a reduction of capital upon completion of an offering of registered securities.
Debt
The debt of the Company is carried at amortized cost which is comprised of the principal amount borrowed net of any unamortized discount and debt issuance costs. Discounts and issuance costs are accreted to interest expense and loan fees, respectively, using the straight-line method, which closely approximates the effective yield method, over the remaining life of the underlying debt obligations (see “Note 5 – Debt”). Accrued but unpaid interest is included within Accounts payable and accrued liabilities on the Consolidated Statements of Assets and Liabilities. In the event that the debt is extinguished, either partially or in full, before maturity, the Company recognizes the gain or loss in the Consolidated Statements of Operations within net realized gains (losses) as a “Loss on extinguishment of debt”.
Debt Issuance Costs
Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest, debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements which are included within Other Assets as permitted under GAAP.
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Stock-Based Compensation
The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock-based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment. This includes certain assumptions such as stock price volatility, forfeiture rate, expected outcome probability, and expected option life, as applicable to each award. In accordance with ASC Topic 480, certain stock awards are classified as a liability. The compensation expense associated with these awards is recognized in the same manner as all other stock-based compensation. The award liability is recorded as deferred compensation and included in Accounts payable and accrued liabilities.
Income Taxes
The Company accounts for income taxes in accordance with the provisions of ASC Topic 740 Income Taxes, under which income taxes are provided for amounts currently payable and for amounts deferred based upon the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provisions of the enacted tax law. Valuation allowances may be used to reduce deferred tax assets to the amount likely to be realized.
Because taxable income as determined in accordance with U.S. federal tax regulations differ from U.S. GAAP, taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from the change in the classification of certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gains or losses are recognized at some time in the future for tax or U.S. GAAP purposes.
The Company has elected to be treated as a RIC under Subchapter M Part I of the Code. To qualify as a RIC, the Company is required to meet certain income and asset tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. See “Certain United States Federal Income Tax Considerations” included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 13, 2025 for additional information.
As a RIC, the Company is subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and capital gain net income realized, but not distributed, in preceding calendar years. The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains).
The amount to be paid out as a distribution is determined by the Board each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company's earnings fall below the amount of the dividend distributions declared, however, a portion of the total amount of the Company's distributions for the fiscal year may be deemed a return of capital.
Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or returns of capital. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, it may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.
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Earnings Per Share (“EPS”)
Basic EPS is calculated by dividing net earnings applicable to common stockholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and restricted stock for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable pursuant to stock options and to restricted stock for which future service is required as a condition to the delivery of the underlying common stock. Diluted EPS is computed using the if-converted method for convertible debt, which reflects the potential dilution that would occur if all of the notes were converted as of the beginning of the reporting period (or the date of issuance, if later). The if-converted method is computed by dividing the net increase (decrease) in net assets resulting from operations (adjusted to reverse any recognized interest expense), by the weighted average number of shares of common stock assuming all potential shares had been converted, and the additional shares of common stock were dilutive. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS, if applicable.
Comprehensive Income
The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have other comprehensive income for the three months ended March 31, 2025 or 2024. The Company’s comprehensive income is equal to its net increase in net assets resulting from operations.
Distributions
Distributions to common stockholders are approved by the Board on a quarterly basis and the distribution payable is recorded on the ex-dividend date. The Company maintains an “opt out” dividend reinvestment plan that provides for reinvestment of the Company’s distribution on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company declares a distribution, cash distributions will be automatically reinvested in additional shares of its common stock unless the stockholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions.
Segments
The Company has determined that it has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC 280”). Our Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). While the Company lends to and separately evaluates the performance of each portfolio company in which it invests across various technology-related industries including drug discovery and development, software, consumer & business services, and other healthcare services, the Company and the CODM evaluate and monitor performance of the business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, documentation, loan and compliance administration in addition to administrative functions of human resources, legal, finance and information technology.
The CODM uses our consolidated net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company’s performance and when allocating resources. Net Investment Income is comprised of consolidated total investment income (‘segment revenues’) and consolidated total net operating expenses (‘significant segment expenses’), which are considered the key segment measures of profit or loss received by the CODM. The information and operating expense categories included in the Company’s Consolidated Statement of Operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM.
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3. Fair Value of Financial Instruments
The Company values financial instruments in accordance with ASC 820, using the techniques and approaches outlined in the Company's valuation guidelines, which are approved by the Board. During the periods ended March 31, 2025 and December 31, 2024, there were no changes to the Company’s valuation techniques or approaches as described herein.
Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of March 31, 2025 and December 31, 2024.
(in thousands)Balance as of
March 31,
2025
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Other Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Description
Cash and cash equivalents
Money Market Fund(1)
$26,000 $26,000 $ $ 
Other assets and liabilities     
Escrow and Other Investment Receivables$1,966 $— $— $1,966 
Accounts Payable and Accrued Liabilities(972)— — (972)
Investments   
Senior Secured Debt$3,674,498 $— $— $3,674,498 
Unsecured Debt64,736 — — 64,736 
Preferred Stock52,662 — — 52,662 
Common Stock(2)
94,088 35,194 — 58,894 
Warrants31,473 — 10,888 20,585 
 $3,917,457 $35,194 $10,888 $3,871,375 
Investment Funds & Vehicles measured at Net Asset Value(3)
6,993    
Total Investments, at fair value$3,924,450    
Derivative Instruments(4)
(301)   
Total Investments including cash and cash equivalents and derivative instruments$3,950,149    
(in thousands)Balance as of
December 31,
2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Other Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Description
Cash and cash equivalents     
Money Market Fund(1)
$21,100 $21,100 $ $ 
Other assets and liabilities
Escrow and Other Investment Receivables$152 $— $— $152 
Accounts Payable and Accrued Liabilities(1,012)$— $— (1,012)
Investments   
Senior Secured Debt$3,419,044 $— $— $3,419,044 
Unsecured Debt75,557 — — 75,557 
Preferred Stock53,802 — — 53,802 
Common Stock(2)
74,855 30,262 — 44,593 
Warrants30,500 — 8,677 21,823 
 $3,653,758 $30,262 $8,677 $3,614,819 
Investment Funds & Vehicles measured at Net Asset Value(3)
6,220    
Total Investments, at fair value$3,659,978    
Derivative Instruments(4)
538 
Total Investments including cash and cash equivalents and derivative instruments$3,681,616 
(1)This investment is included in Cash and cash equivalents in the accompanying Consolidated Statements of Assets and Liabilities.
(2)Common stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's common stock.
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(3)In accordance with U.S. GAAP, certain investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities.
(4)Derivative Instruments are carried at fair value and are a Level 2 security within the Company's fair value hierarchy.

The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024.
(in thousands)Balance as of
January 1, 2025
Net Realized
Gains (Losses)(1)
Net Change in
Unrealized
Appreciation
(Depreciation)(2)
Purchases(5)
Sales
Repayments(6)
Gross
Transfers
into
Level 3(3)*
Gross
Transfers
out of
Level 3(3)*
Balance as of
March 31, 2025
Investments
Senior Secured Debt$3,419,044 $(48)$(25,181)$428,830 $— $(148,147)$— $ $3,674,498 
Unsecured Debt75,557 — 65 1,336 — — — (12,222)64,736 
Preferred Stock53,802 — (3,953)2,813 — — — — 52,662 
Common Stock44,593 (670)(2,014) (331)— 17,316 — 58,894 
Warrants21,823 (63)(1,527)352  — — — 20,585 
Other Assets and Liabilities             
Escrow and Other Investment Receivables152 56 — 1,814 (56)— — — 1,966 
Accounts Payable and Accrued Liabilities(1,012)— 358 44 (362)— — — (972)
Total$3,613,959 $(725)$(32,252)$435,189 $(749)$(148,147)$17,316 $(12,222)$3,872,369 
(in thousands)Balance as of
January 1, 2024
Net Realized
Gains (Losses)(1)
Net Change in
Unrealized
Appreciation
(Depreciation)(2)
Purchases(5)
Sales
Repayments(6)
Gross
Transfers
into
Level 3(4)*
Gross
Transfers
out of
Level 3(4)*
Balance as of
March 31, 2024
Investments              
Senior Secured Debt$2,987,577 $— $(104)$498,787 $— $(174,035)$— $— $3,312,225 
Unsecured Debt69,722 — 481 542 — — — — 70,745 
Preferred Stock53,038 — (2,326)1,597 — — — — 52,309 
Common Stock41,790 — (1,752)— — — — — 40,038 
Warrants22,088 904 (2,113)1,232 (2,829)— — — 19,282 
Other Assets             
Escrow and Other Investment Receivables10,888 13 7,353 — (13,234)— — — 5,020 
Total$3,185,103 $917 $1,539 $502,158 $(16,063)$(174,035)$ $ $3,499,619 
* The Company recognizes transfers as of the transaction date.
(1)Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations.
(2)Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations.
(3)Transfers out of Level 3 during the three months ended March 31, 2025 related to the conversion of the Company's Level 3 debt investments in Hercules Adviser LLC and Carbon Health Technologies, Inc., into common stock Level 3 investments. Transfers into Level 3 during the three months ended March 31, 2025 included the conversion of 23andMe, Inc. Level 1 common stock into Level 3 common stock due to bankruptcy and delisting.
(4)There were no transfers into or out of Level 3 during the three months ended March 31, 2024.
(5)Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of Level 3 investments. Amounts are net of purchases assigned to the Adviser Funds.
(6)Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization.
The following table presents the net unrealized appreciation (depreciation) recorded for debt, preferred stock, common stock and warrant Level 3 investments relating to assets still held at the reporting date.
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(in millions)Three Months Ended March 31,
20252024
Debt investments
$(23.4)$0.4 
Preferred stock
(4.0)(2.3)
Common stock
(2.3)(1.8)
Warrant investments
(1.6)0.7 
The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation guidelines, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable.
Investment Type - Level 3
Debt Investments
Fair Value as of
March 31, 2025
(in thousands)
Valuation
Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$787,506 Market Comparable CompaniesHypothetical Market Yield
8.78% - 16.34%
12.90%
  Premium/(Discount)
(2.50%) - 3.00%
0.17%
73,719 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 90.00%
80.32%
Technology1,281,565 Market Comparable CompaniesHypothetical Market Yield
9.81% - 21.18%
13.21%
  Premium/(Discount)
(1.00%) - 5.00%
0.17%
 27,673 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 70.00%
50.94%
53,584 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 72.50%
60.35%
Sustainable and Renewable Technology19,903 Market Comparable CompaniesHypothetical Market Yield
15.78% - 15.78%
15.78%
  Premium/(Discount)
0.50% - 0.50%
0.50%
Medical Devices59,851 Market Comparable CompaniesHypothetical Market Yield
11.81% - 12.77%
12.26%
Premium/(Discount)
0.00% - 0.50%
0.26%
Lower Middle Market585,224 Market Comparable CompaniesHypothetical Market Yield
10.43% - 17.48%
13.63%
  Premium/(Discount)
(0.75%) - 2.25%
0.58%
Debt Investments for which Cost Approximates Fair Value
 516,515 Debt Investments originated within 6 months  
 214,238 
Imminent Payoffs(4)
  
 82,666 Debt Investments Maturing in Less than One Year
36,790 Debt Investments in Wholly-Owned Subsidiaries
 $3,739,234 Total Level 3 Debt Investments
Escrow and Other Investment Receivables1,966 Expected Proceeds
Accounts Payable and Accrued Liabilities(972)
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 50.00%
39.79%
$3,740,228 Total Level Three Debt Investments and Other Investment Receivables (Payables)
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
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Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info”, “Space Technologies”, and “Software” industries.
Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
Medical Devices, above, is comprised of debt investments in the “Medical Devices & Equipment” industry.
Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.
(4)Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3
Debt Investments
Fair Value as of
December 31, 2024
(in thousands)
Valuation Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$947,065 Market Comparable CompaniesHypothetical Market Yield
8.42% - 16.19%
12.03%
  Premium/(Discount)
(2.50%) - 3.00%
0.13%
 55,344 
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 80.00%
75.53%
Technology1,365,943 Market Comparable CompaniesHypothetical Market Yield
10.21% - 20.58%
13.10%
  Premium/(Discount)
(0.75%) - 4.50%
0.20%
 26,869 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 70.00%
50.66%
 51,004 
Liquidation(3)
Probability weighting of alternative outcomes
22.00% - 78.00%
66.34%
Sustainable and Renewable Technology21,102 Market Comparable CompaniesHypothetical Market Yield
12.41% - 15.44%
15.25%
   Premium/(Discount)
0.25% - 3.50%
0.45%
Medical Devices59,645 Market Comparable CompaniesHypothetical Market Yield
11.79% - 12.75%
12.24%
Premium/(Discount)
0.00% - 0.50%
0.26%
Lower Middle Market636,258 Market Comparable CompaniesHypothetical Market Yield
10.27% - 21.00%
14.12%
   Premium/(Discount)
(0.25%) - 5.00%
1.07%
Debt Investments for which Cost Approximates Fair Value
 242,833 Debt Investments originated within 6 months  
 4,141 
Imminent Payoffs(4)
  
 36,185 Debt Investments Maturing in Less than One Year
48,212 Debt Investments in Wholly-Owned Subsidiaries
 $3,494,601 Total Level 3 Debt Investments
Accounts Payable and Accrued Liabilities(1,012)
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 50.00%
38.44%
$3,493,589 Total Level Three Debt Investments and Other Investment Receivables (Payables)
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info”, and “Software” industries.
Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
Medical Devices, above, is comprised of debt investments in the “Medical Devices & Equipment” industry.
Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.
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(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
March 31, 2025
(in thousands)
Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$48,390 Market Comparable Companies
Revenue Multiple(2)
0.2x - 16.5x
7.0x
  
Tangible Book Value Multiple(2)
1.6x - 1.6x
1.6x
  
Discount for Lack of Marketability(3)
16.31% - 92.53%
33.34%
 7,237 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(97.68%) - (0.65%)
(30.32%)
 50,151 Discounted Cash Flow
Discount Rate(7)
11.55% - 32.94%
29.55%
 5,778 
Other(6)
   
Warrant Investments18,779 Market Comparable Companies
Revenue Multiple(2)
0.5x - 12.9x
4.3x
  
Discount for Lack of Marketability(3)
7.36% - 32.40%
24.28%
 1,806 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(70.08%) - 54.33%
(3.87%)
Total Level 3 Equity and Warrant Investments$132,141     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
December 31, 2024
(in thousands)
Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$45,420 Market Comparable Companies
Revenue Multiple(2)
0.4x - 16.8x
9.1x
  
Tangible Book Value Multiple(2)
1.7x - 1.7x
1.7x
  
Discount for Lack of Marketability(3)
17.64% - 92.80%
36.12%
 12,374 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(96.57%) - 24.76%
(17.57%)
 34,677 Discounted Cash Flow
Discount Rate(7)
12.17% - 33.34%
30.21%
 5,924 
Other(6)
   
Warrant Investments18,302 Market Comparable Companies
Revenue Multiple(2)
0.8x - 14.1x
4.5x
  
Discount for Lack of Marketability(3)
14.72% - 34.35%
26.76%
 3,521 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(56.36%) - 24.76%
1.33%
Total Level 3 Equity and Warrant Investments$120,218     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
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(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent market transactions.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
The Company believes that the carrying amounts of its financial instruments, other than investments and debt, which consist of cash and cash equivalents, receivables including escrow receivables, accounts payable and accrued liabilities, approximate the fair values of such items due to the short maturity of such instruments. The debt obligations of the Company are recorded at amortized cost and not at fair value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s outstanding debt obligations are based on observable market trading prices or quotations and unobservable market rates as applicable for each instrument.
As of March 31, 2025 and December 31, 2024, the 2033 Notes (as defined in “Note 5 - Debt”) were trading on the New York Stock Exchange (“NYSE”) at $25.23 and $25.17 per unit at par value. The par value at underwriting for the 2033 Notes was $25.00 per unit. Based on market quotations on or around March 31, 2025 and December 31, 2024, the 2031 Asset-Backed Notes (as defined in “Note 5 - Debt”) were quoted for 0.971 and 0.963. Based on market quotations on or around March 31, 2025, the 2028 Convertible Notes (as defined in “Note 5 - Debt”) were quoted for 0.981 per dollar at par value. The fair values of the SBA debentures, June 2025 Notes, June 2025 3-Year Notes, March 2026 A Notes, March 2026 B Notes, September 2026, and January 2027 Notes (each as defined in “Note 5 - Debt”) are calculated based on the net present value of payments over the term of the notes using estimated market rates for similar notes and remaining terms. The fair values of the outstanding debt under the MUFG Bank Facility and the SMBC Facility (each as defined in “Note 5 - Debt”) are equal to their outstanding principal balances as of March 31, 2025 and December 31, 2024.
The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of March 31, 2025 and December 31, 2024:
(in thousands)March 31, 2025
DescriptionCarrying
Value
Approximate
Fair Value
Identical Assets
(Level 1)
Observable Inputs
(Level 2)
Unobservable Inputs
(Level 3)
SBA Debentures$287,049 $268,236 $— $— $268,236 
June 2025 Notes69,960 70,637 — — 70,637 
June 2025 3-Year Notes49,965 50,678 — — 50,678 
March 2026 A Notes49,913 49,012 — — 49,012 
March 2026 B Notes49,905 49,036 — — 49,036 
September 2026 Notes323,566 305,377 — — 305,377 
January 2027 Notes347,598 330,404 — — 330,404 
2028 Convertible Notes278,503 282,109 — 282,109 — 
2031 Asset-Backed Notes116,272 113,433 — 113,433 — 
2033 Notes39,070 40,368 — 40,368 — 
MUFG Bank Facility105,000 105,000 — — 105,000 
SMBC Facility259,822 260,006 — — 260,006 
Total$1,976,623 $1,924,296 $— $435,910 $1,488,386 
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(in thousands)December 31, 2024
DescriptionCarrying
Value
Approximate
Fair Value
Identical Assets
(Level 1)
Observable Inputs
(Level 2)
Unobservable Inputs
(Level 3)
SBA Debentures$271,371 $260,436 $— $— $260,436 
February 2025 Notes49,981 50,698 — — 50,698 
June 2025 Notes69,919 69,308 — — 69,308 
June 2025 3-Year Notes49,926 49,713 — — 49,713 
March 2026 A Notes49,889 49,052 — — 49,052 
March 2026 B Notes49,880 49,087 — — 49,087 
September 2026 Notes323,321 302,244 — — 302,244 
January 2027 Notes347,265 327,928 — — 327,928 
2031 Asset-Backed Notes118,769 115,031 — 115,031 — 
2033 Notes39,043 40,272 — 40,272 — 
MUFG Bank Facility116,000 116,000 — — 116,000 
SMBC Facility283,591 283,591 — — 283,591 
Total$1,768,955 $1,713,360 $— $155,303 $1,558,057 
4. Investments
Control and Affiliate Investments
As required by the 1940 Act, the Company classifies its investments by level of control. “Control investments” are defined in the 1940 Act as investments in those companies that the Company is deemed to “control”. Under the 1940 Act, the Company is generally deemed to “control” a company in which it has invested if it owns 25% or more of the voting securities of such company or has greater than 50% representation on its board. “Affiliate investments” are investments in those companies that are “affiliated companies” of the Company, as defined in the 1940 Act, which are not control investments. The Company is deemed to be an “affiliate” of a company in which it has invested if it owns 5% or more, but generally less than 25%, of the voting securities of such company. “Non-control/non-affiliate investments” are investments that are neither control investments nor affiliate investments. For purposes of determining the classification of its investments, the Company has included consideration of any voting securities or board appointment rights held by the Adviser Funds.
The following table summarizes the Company’s realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the three months ended March 31, 2025 and 2024.
(in thousands)For the Three Months Ended March 31, 2025
Portfolio Company(1)
TypeFair Value as of March 31, 2025Interest & Dividend Income Fee IncomeNet Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss)
Control Investments
Coronado Aesthetics, LLCControl$47 $ $ $(22)$ 
Gibraltar Acquisition LLC(2)
Control58,900 1,567 39 (941) 
Hercules Adviser LLC(3)
Control45,017 1,900  2,827  
Tectura CorporationControl11,770 170  113  
Total Control Investments$115,734 $3,637 $39 $1,977 $ 
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(in thousands)For the Three Months Ended March 31, 2024
Portfolio Company(1)
TypeFair Value as of March 31, 2024Interest & Dividend IncomeFee IncomeNet Change in Unrealized Appreciation (Depreciation)Realized Gain (Loss)
Control Investments
Coronado Aesthetics, LLCControl$283 $ $ $21 $ 
Gibraltar Acquisition, LLC(2)
Control57,931 1,033 <