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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)
_________________________________________________
| | | | | | | | |
Maryland | | 74-3113410 |
(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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.001 per share | | HTGC | | New York Stock Exchange |
6.25% Notes due 2033 | | HCXY | | New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 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 | x | | Accelerated filer | o | |
Non-accelerated filer | o | | Smaller reporting company | o | |
Emerging growth company | o | | | | |
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
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 equivalents | 49,379 | | | 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 receivable | 33,096 | | | 32,578 | |
Right of use asset | 16,309 | | | 16,778 | |
Other assets | 3,035 | | | 5,836 | |
Total assets | $ | 4,031,211 | | | $ | 3,831,591 | |
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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 liabilities | 36,747 | | | 54,861 | |
Operating lease liability | 17,211 | | | 18,194 | |
Total liabilities | $ | 2,030,581 | | | $ | 1,842,010 | |
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Net assets consist of: | | | |
Common stock, par value | $ | 174 | | | $ | 171 | |
Capital in excess of par value | 1,942,583 | | | 1,900,490 | |
Total distributable earnings | 57,873 | | | 88,920 | |
Total net assets | $ | 2,000,630 | | | $ | 1,989,581 | |
Total liabilities and net assets | $ | 4,031,211 | | | $ | 3,831,591 | |
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Shares of common stock outstanding ($0.001 par value and 300,000 authorized) | 173,285 | | 170,575 |
Net asset value per share | $ | 11.55 | | | $ | 11.66 | |
See notes to consolidated financial statements
3
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| | | | | | | | | | | | | | | | | |
(in thousands, except per share data) | Three Months Ended March 31, | | |
| 2025 | | 2024 | | | | |
Investment income: | | | | | | | |
Interest and dividend income: | | | | | | | |
Excluding payment-in-kind (PIK) interest income | | | | | | | |
Non-control/Non-affiliate investments | $ | 98,996 | | | $ | 102,925 | | | | | |
Control investments | 3,103 | | | 2,957 | | | | | |
| | | | | | | |
Total interest and dividend income, excluding PIK interest income | 102,099 | | | 105,882 | | | | | |
PIK interest income | | | | | | | |
Non-control/Non-affiliate investments | 12,939 | | | 9,897 | | | | | |
Control investments | 534 | | | — | | | | | |
Total PIK interest income | 13,473 | | | 9,897 | | | | | |
Total interest and dividend income | 115,572 | | | 115,779 | | | | | |
Fee income: | | | | | | | |
Non-control/Non-affiliate investments | 3,900 | | | 5,738 | | | | | |
Control investments | 39 | | | 36 | | | | | |
Total fee income | 3,939 | | | 5,774 | | | | | |
Total investment income | 119,511 | | | 121,553 | | | | | |
Operating expenses: | | | | | | | |
Interest | 19,698 | | | 17,624 | | | | | |
Loan fees | 2,398 | | | 2,397 | | | | | |
General and administrative | 4,812 | | | 5,058 | | | | | |
Tax expenses | 912 | | | 711 | | | | | |
Employee compensation: | | | | | | | |
Compensation and benefits | 13,914 | | | 16,344 | | | | | |
Stock-based compensation | 3,602 | | | 3,134 | | | | | |
Total employee compensation | 17,516 | | | 19,478 | | | | | |
Total gross operating expenses | 45,336 | | | 45,268 | | | | | |
Expenses allocated to the Adviser Subsidiary | (3,283) | | | (2,877) | | | | | |
Total net operating expenses | 42,053 | | | 42,391 | | | | | |
Net investment income | 77,458 | | | 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 investments | 1,977 | | | (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: | | | | | | | |
Basic | 171,494 | | 157,445 | | | | |
Diluted | 175,383 | | 157,920 | | | | |
Distributions paid per common share: | | | | | | | |
Basic | $ | 0.47 | | | $ | 0.48 | | | | | |
See notes to consolidated financial statements
4
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | Common Stock | | Capital in excess of par value | | Distributable Earnings (loss) | | Net Assets |
For the Three Months Ended March 31, 2025 | Shares | | Par Value | | | |
Balance as of December 31, 2024 | 170,575 | | $ | 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 expenses | 2,000 | | 2 | | | 39,415 | | | — | | | 39,417 | |
Issuance of common stock under equity-based award plans | 789 | | 1 | | | 86 | | | — | | | 87 | |
Shares retired on vesting of equity-based awards | (201) | | — | | | (3,556) | | | — | | | (3,556) | |
Distributions reinvested in common stock | 122 | | — | | | 2,511 | | | — | | | 2,511 | |
Distributions | — | | — | | | — | | | (81,384) | | | (81,384) | |
Stock-based compensation(1) | — | | — | | | 3,637 | | | — | | | 3,637 | |
Balance as of March 31, 2025 | 173,285 | | $ | 174 | | | $ | 1,942,583 | | | $ | 57,873 | | | $ | 2,000,630 | |
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(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 Stock | | Capital in excess of par value | | Distributable Earnings (loss) | | Net Assets |
For the Three Months Ended March 31, 2024 | Shares | | Par Value | | | |
Balance as of December 31, 2023 | 157,758 | | $ | 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 expenses | 3,725 | | 4 | | | 66,404 | | | — | | | 66,408 | |
Issuance of common stock under equity-based award plans | 858 | | 1 | | | 477 | | | — | | | 478 | |
Shares retired on vesting of equity-based awards | (210) | | — | | | (3,179) | | | — | | | (3,179) | |
Distributions reinvested in common stock | 99 | | — | | | 1,780 | | | — | | | 1,780 | |
Distributions | — | | — | | | — | | | (76,031) | | | (76,031) | |
Stock-based compensation(1) | — | | — | | | 2,812 | | | — | | | 2,812 | |
Balance as of March 31, 2024 | 162,230 | | $ | 163 | | | $ | 1,730,829 | | | $ | 154,946 | | | $ | 1,885,938 | |
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(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
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| | | | | | | | | | | |
(in thousands) | For the Three Months Ended March 31, |
| 2025 | | 2024 |
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 investments | 144,483 | | | 174,100 | |
Proceeds from the sale of equity and warrant investments | 329 | | | 12,026 | |
Net change in unrealized (appreciation) depreciation | 25,565 | | | (3,634) | |
Net realized (gain) loss | 1,541 | | | (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 notes | 68 | | | — | |
Loss on extinguishment of debt | 15 | | | — | |
Accretion of loan exit fees | (7,436) | | | (6,736) | |
Change in loan income, net of collections | 4,365 | | | 4,529 | |
Unearned fees related to unfunded commitments | 1,102 | | | 841 | |
Amortization of debt fees and issuance costs | 1,842 | | | 1,759 | |
Depreciation and amortization | 89 | | | 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 assets | 2,041 | | | (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) | |
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Cash flows provided by (used in) financing activities: | | | |
Issuance of common stock | 40,160 | | | 67,275 | |
Offering expenses | (743) | | | (867) | |
Retirement of employee shares, net | (3,469) | | | (2,701) | |
Distributions paid | (78,873) | | | (74,251) | |
Issuance of debt | 569,188 | | | 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 activities | 160,105 | | | 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 period | 116,421 | | | 116,013 | |
Cash, cash equivalents, foreign cash and restricted cash at end of period | $ | 54,321 | | | $ | 60,286 | |
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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:
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(in thousands) | For the Three Months Ended March 31, |
| 2025 | | 2024 |
Cash and cash equivalents | $ | 49,379 | | | $ | 49,588 | |
Foreign cash | 1,780 | | | 588 | |
Restricted cash | 3,162 | | | 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
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
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Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | Principal Amount | | Cost(2) | | Value | | Footnotes |
Debt Investments | | | | | | | | | | |
Biotechnology Tools | | | | | | | | | | |
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PathAI, Inc. | Senior Secured | January 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 Secured | December 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) |
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Subtotal: Communications & Networking (1.37%)* | | | | 27,886 | | | 27,443 | | | |
Consumer & Business Services | | | | | | | | |
Altumint, Inc. | Senior Secured | December 2027 | Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee | $ | 10,000 | | | 9,940 | | | 10,127 | | | (15) |
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Carwow LTD | Senior Secured | December 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 GmbH | Senior Secured | November 2029 | Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee | $ | 48,750 | | | 48,387 | | | 48,387 | | | (5)(10)(17) |
Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 11.50% | $ | 26,426 | | | 26,425 | | | 27,673 | | | (9)(14) |
Jobandtalent USA, Inc. | Senior Secured | October 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 Ltd | Senior Secured | October 2026 | Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee | $ | 3,325 | | | 3,300 | | | 3,347 | | | (5)(10)(13) |
Provi | Senior Secured | December 2026 | Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | $ | 15,000 | | | 15,145 | | | 15,198 | | | (15) |
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Riviera Partners LLC | Senior Secured | March 2028 | 3-month SOFR + 8.27%, Floor rate 9.27% | $ | 36,401 | | | 36,047 | | | 35,175 | | | (18) |
RVShare, LLC | Senior Secured | December 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 Secured | May 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 Secured | July 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) |
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Total SeatGeek, Inc. | | | | $ | 103,494 | | | 103,258 | | | 105,402 | | | |
Skyword, Inc. | Senior Secured | November 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 Corporation | Senior Secured | January 2027 | FIXED 8.25% | $ | 8,250 | | | 8,250 | | | 8,032 | | | (7) |
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Thumbtack, Inc. | Senior Secured | March 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50% | $ | 20,996 | | | 20,661 | | | 21,208 | | | (11)(14)(17) |
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Veem, Inc. | Senior Secured | March 2027 | Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25% | $ | 5,413 | | | 5,401 | | | 5,342 | | | (13)(14) |
| Senior Secured | March 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 | | | |
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Subtotal: Consumer & Business Services (18.03%)* | | | | 360,998 | | | 360,788 | | | |
Diversified Financial Services | | | | | | | | |
Gibraltar Acquisition, LLC | Unsecured | September 2026 | FIXED 3.45%, PIK Interest 8.05% | $ | 27,104 | | | 26,899 | | | 26,899 | | | (7)(14)(20) |
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| Unsecured | September 2026 | FIXED 11.95% | $ | 10,000 | | | 9,891 | | | 9,891 | | | (7)(20) |
Total Gibraltar Acquisition, LLC | | | | $ | 37,104 | | | 36,790 | | | 36,790 | | | |
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Next Insurance, Inc. | Senior Secured | February 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 plc | Senior Secured | June 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 Secured | March 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 Secured | April 2026 | Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee | $ | 15,000 | | | 15,093 | | | 15,134 | | | (11) |
Alector, Inc. | Senior Secured | December 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
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | Principal Amount | | Cost(2) | | Value | | Footnotes |
AmplifyBio, LLC | Senior Secured | January 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 Secured | September 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 Secured | August 2026 | Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee | $ | 14,000 | | | 14,538 | | | 14,452 | | | (5)(10) |
Axsome Therapeutics, Inc. | Senior Secured | January 2028 | Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee | $ | 143,350 | | | 145,929 | | | 153,070 | | | (10)(11)(12)(16) |
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bluebird bio, Inc. | Senior Secured | April 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 Secured | October 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee | $ | 53,339 | | | 53,669 | | | 55,350 | | | (14) |
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COMPASS Pathways plc | Senior Secured | July 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 Secured | September 2026 | Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | $ | 86,925 | | | 90,906 | | | 90,279 | | | (13) |
Disc Medicine, Inc. | Senior Secured | December 2029 | Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee | $ | 22,500 | | | 22,433 | | | 22,755 | | | (6)(10)(15)(17) |
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enGene, Inc. | Senior Secured | January 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) |
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Heron Therapeutics, Inc. | Senior Secured | May 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 Secured | May 2025 | Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | $ | 1,612 | | | 2,442 | | | 2,442 | | | (13)(15) |
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Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee | $ | 5,500 | | | 5,646 | | | 5,707 | | | (10)(15) |
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Madrigal Pharmaceutical, Inc. | Senior Secured | May 2027 | Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | $ | 78,200 | | | 80,159 | | | 82,430 | | | (10)(13) |
MoonLake Immunotherapeutics | Senior Secured | April 2030 | Prime + 1.45%, Floor rate 8.45%, 6.95% Exit Fee | $ | 57,000 | | | 56,421 | | | 56,421 | | | (5)(10) |
NorthSea Therapeutics | Convertible Debt | December 2025 | FIXED 6.00% | $ | 273 | | | 273 | | | 273 | | | (5)(9)(10) |
Phathom Pharmaceuticals, Inc. | Senior Secured | December 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 Secured | December 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 Secured | October 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 Secured | April 2030 | Prime + 1.45%, Floor rate 7.45%, 6.95% Exit Fee | $ | 21,450 | | | 21,334 | | | 21,334 | | | (6)(10)(15) |
SynOx Therapeutics Limited | Senior Secured | May 2027 | Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee | $ | 4,500 | | | 4,511 | | | 4,579 | | | (5)(10)(11) |
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| | | | | | | | | | |
uniQure B.V. | Senior Secured | January 2027 | Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee | $ | 35,000 | | | 36,243 | | | 37,135 | | | (5)(10)(11)(12) |
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Viridian Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | $ | 8,000 | | | 8,268 | | | 8,481 | | | (10)(13) |
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X4 Pharmaceuticals, Inc. | Senior Secured | July 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 Secured | December 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 Secured | February 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 Secured | November 2026 | 3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45% | $ | 73,027 | | | 72,543 | | | 71,114 | | | (11)(12)(13)(14) |
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Carbon Health Technologies, Inc. | Senior Secured | February 2028 | Prime + 3.10%, Floor rate 8.10%, 3.78% Exit Fee | $ | 42,125 | | | 42,482 | | | 40,351 | | | (11)(13)(14) |
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Curana Health Holdings, LLC | Senior Secured | January 2028 | Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee | $ | 27,500 | | | 27,814 | | | 28,113 | | | (13)(17)(19) |
Ennoble Care LLC | Senior Secured | February 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
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | Principal Amount | | Cost(2) | | Value | | Footnotes |
Equality Health, LLC | Senior Secured | February 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 Secured | July 2027 | Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | $ | 38,500 | | | 39,321 | | | 39,614 | | | (13)(15)(17) |
Marathon Health, LLC | Senior Secured | February 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 Secured | February 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 Secured | February 2027 | Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee | $ | 18,200 | | | 18,391 | | | 18,402 | | | (13) |
| | | | | | | | | | |
NeueHealth, Inc. | Senior Secured | June 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 Secured | July 2027 | Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee | $ | 45,000 | | | 45,705 | | | 44,769 | | | (13) |
Strive Health Holdings, LLC | Senior Secured | September 2027 | Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee | $ | 30,000 | | | 29,905 | | | 30,521 | | | (15) |
Vida Health, Inc. | Senior Secured | October 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, LLC | Senior Secured | May 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, LLC | Senior Secured | July 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 Secured | January 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 | | | |
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Medical Devices & Equipment | | | | | | | | | |
Orchestra BioMed Holdings, Inc. | Senior Secured | November 2028 | Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee | $ | 15,000 | | | 14,821 | | | 14,821 | | | (6)(15) |
Senseonics Holdings, Inc. | Senior Secured | September 2027 | Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee | $ | 30,625 | | | 31,011 | | | 31,621 | | | (11) |
Sight Sciences, Inc. | Senior Secured | July 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 | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
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Alchemer LLC | Senior Secured | May 2028 | 1-month SOFR + 8.14%, Floor rate 9.14% | $ | 20,310 | | | 20,002 | | | 20,310 | | | (13)(17)(18) |
Allvue Systems, LLC | Senior Secured | September 2029 | 3-month SOFR + 6.50%, Floor rate 7.50% | $ | 42,564 | | | 41,738 | | | 41,783 | | | (17) |
AlphaSense, Inc. | Senior Secured | June 2029 | 3-month SOFR + 6.25%, Floor rate 8.25% | $ | 20,000 | | | 19,823 | | | 19,824 | | | (11)(17) |
Annex Cloud | Senior Secured | February 2027 | 3-month SOFR + 10.00%, Floor rate 11.00% | $ | 11,007 | | | 10,874 | | | 3,404 | | | (8)(13)(18) |
Armis, Inc. | Senior Secured | March 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 Secured | March 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 Street | Senior Secured | December 2027 | 3-month SOFR + 8.00%, Floor rate 9.00% | $ | 65,173 | | | 63,986 | | | 64,584 | | | (15)(17)(18) |
Behavox Limited | Senior Secured | September 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 Corporation | Senior Secured | September 2028 | Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee | $ | 32,209 | | | 31,984 | | | 32,171 | | | (13)(14) |
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Carbyne, Inc. | Senior Secured | February 2029 | Prime + 3.50%, Floor rate 10.00%, 3.50% Exit Fee | $ | 7,450 | | | 7,367 | | | 7,367 | | | |
Ceros, Inc. | Senior Secured | September 2026 | 3-month SOFR + 8.99%, Floor rate 9.89% | $ | 22,762 | | | 22,548 | | | 22,146 | | | (18) |
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CoreView USA, Inc. | Senior Secured | January 2029 | Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee | $ | 25,000 | | | 24,805 | | | 24,805 | | | (6)(17) |
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Coronet Cyber Security Ltd. | Senior Secured | October 2028 | Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85% | $ | 8,718 | | | 8,579 | | | 8,359 | | | (14)(17) |
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See notes to consolidated financial statements
9
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | Principal Amount | | Cost(2) | | Value | | Footnotes |
Dashlane, Inc. | Senior Secured | December 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 Secured | April 2028 | 3-month SOFR + 8.01%, Floor rate 8.76% | $ | 8,628 | | | 8,478 | | | 8,312 | | | (17)(18) |
DocPlanner | Senior Secured | January 2030 | Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee | € | 68,200 | | | 69,353 | | | 73,090 | | | (5)(10)(17) |
Dragos, Inc. | Senior Secured | July 2027 | Prime + 2.00%, Floor rate 8.75%, PIK Interest 2.00%, 2.00% Exit Fee | $ | 13,079 | | | 12,512 | | | 12,544 | | | (14)(17) |
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DroneDeploy, Inc. | Senior Secured | November 2028 | Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee | $ | 9,375 | | | 9,292 | | | 9,286 | | | (13)(17) |
Earnix, Inc. | Senior Secured | June 2029 | Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45% | $ | 19,380 | | | 19,082 | | | 19,161 | | | (11)(14)(17) |
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Elation Health, Inc. | Senior Secured | April 2029 | Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.30%, 3.95% Exit Fee | $ | 13,456 | | | 13,020 | | | 13,020 | | | (11)(19) |
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Fortified Health Security | Senior Secured | December 2027 | 1-month SOFR + 7.64%, Floor rate 8.54% | $ | 6,983 | | | 6,873 | | | 6,919 | | | (11)(17)(18) |
Harness, Inc. | Senior Secured | March 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, LLC | Senior Secured | May 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 Secured | January 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) |
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Khoros | Senior Secured | January 2025 | 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50% | $ | 61,341 | | | 61,317 | | | 16,180 | | | (8)(14)(24) |
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Leapwork ApS | Senior Secured | February 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, LLC | Senior Secured | August 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 Secured | March 2028 | 3-month SOFR + 7.88%, Floor rate 8.88% | $ | 27,206 | | | 26,757 | | | 27,206 | | | (17)(18) |
LogicSource | Senior Secured | July 2027 | 1-month SOFR + 8.93%, Floor rate 9.93% | $ | 13,111 | | | 12,955 | | | 13,111 | | | (17)(18) |
LogRhythm, Inc. | Senior Secured | July 2029 | 3-month SOFR + 7.50%, Floor rate 8.50% | $ | 25,000 | | | 24,334 | | | 24,346 | | | (17) |
Marigold Group, Inc. | Senior Secured | November 2026 | PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55% | $ | 40,264 | | | 39,822 | | | 34,001 | | | (13)(14)(19) |
Mobile Solutions Services | Senior Secured | December 2025 | 6-month SOFR + 9.31%, Floor rate 10.06% | $ | 18,366 | | | 18,270 | | | 17,716 | | | (18) |
Morphisec Information Security 2014 Ltd. | Senior Secured | October 2027 | Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee | $ | 10,000 | | | 9,926 | | | 9,926 | | | (5)(10) |
New Relic, Inc. | Senior Secured | November 2030 | 1-month SOFR + 6.75%, Floor rate 7.75% | $ | 21,890 | | | 21,417 | | | 21,346 | | | (17) |
Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $ | 7,631 | | | 7,493 | | | 7,631 | | | (11)(17)(18) |
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PayIt, LLC | Senior Secured | December 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 Secured | June 2029 | Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee | $ | 31,000 | | | 30,611 | | | 30,849 | | | (15)(17) |
Remodel Health Holdco, LLC | Senior Secured | December 2028 | Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee | $ | 25,000 | | | 24,818 | | | 24,399 | | | (6)(15) |
Reveleer | Senior Secured | February 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) |
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Semperis Technologies Inc. | Senior Secured | April 2028 | Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25% | $ | 22,936 | | | 22,787 | | | 23,464 | | | (11)(14)(17)(19) |
ShadowDragon, LLC | Senior Secured | December 2026 | 3-month SOFR + 8.88%, Floor rate 9.78% | $ | 6,000 | | | 5,927 | | | 5,925 | | | (17)(18) |
Simon Data, Inc. | Senior Secured | March 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 Secured | July 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 Secured | January 2031 | 3-month SOFR + 6.50%, Floor rate 7.25% | $ | 46,785 | | | 45,870 | | | 45,870 | | | (17) |
Snappt, Inc. | Senior Secured | April 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 Solutions | Senior Secured | March 2028 | 3-month SOFR + 7.25%, Floor rate 8.25% | $ | 17,600 | | | 17,342 | | | 17,514 | | | (11)(13)(17)(18) |
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Sumo Logic, Inc. | Senior Secured | May 2030 | 6-month SOFR + 6.50%, Floor rate 7.50% | $ | 23,000 | | | 22,537 | | | 22,625 | | | (17) |
Suzy, Inc. | Senior Secured | August 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) |
TaxCalc | Senior Secured | November 2029 | Daily SONIA + 8.17%, Floor rate 8.67% | £ | 7,500 | | | 9,527 | | | 9,502 | | | (5)(10)(17)(18) |
ThreatConnect, Inc. | Senior Secured | May 2026 | 3-month SOFR + 9.15%, Floor rate 10.00% | $ | 12,254 | | | 12,158 | | | 12,241 | | | (18) |
See notes to consolidated financial statements
10
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | Principal Amount | | Cost(2) | | Value | | Footnotes |
Tipalti Solutions Ltd. | Senior Secured | April 2029 | Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30% | $ | 75,000 | | | $ | 74,571 | | | $ | 74,571 | | | (16) |
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| Senior Secured | April 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 Secured | December 2027 | 3-month SOFR + 8.03%, Floor rate 9.03% | $ | 12,696 | | | 12,505 | | | 12,667 | | | (5)(10)(13)(17)(18) |
Zimperium, Inc. | Senior Secured | May 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 Secured | July 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 Secured | May 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 Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Equity Investments | | | | | | | | | | |
Biotechnology Tools | | | | | | | | | | |
Alamar Biosciences, Inc. | Equity | 2/21/2024 | Preferred Series C | 503,778 | | $ | 1,500 | | | $ | 970 | | | |
Subtotal: Biotechnology Tools (0.05%)* | | | | 1,500 | | | 970 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Consumer & Business Products | | | | | | | | | | |
Fabletics, Inc. | Equity | 4/30/2010 | Common Stock | 42,989 | | 128 | | | 19 | | | |
| Equity | 7/16/2013 | Preferred Series B | 130,191 | | 1,101 | | | 172 | | | |
Total Fabletics, Inc. | | | | 173,180 | | 1,229 | | | 191 | | | |
Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 12,260 | | 433 | | | 17 | | | (4) |
Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 172,328 | | 13 | | | 158 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Subtotal: Consumer & Business Products (0.02%)* | | | | | 1,675 | | | 366 | | | |
| | | | | | | | | | |
Consumer & Business Services | | | | | | | | | | |
Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 216,073 | | 1,151 | | | 632 | | | (5)(10) |
| | | | | | | | | | |
Jobandtalent USA, Inc. | Equity | 2/11/2025 | Preferred Series F | 47,754 | | 563 | | | 563 | | | (5)(10) |
Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100,738 | | 5,263 | | | 1,196 | | | (4) |
Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 100,000 | | 1,000 | | | 142 | | | (4) |
OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286,080 | | 1,663 | | | 405 | | | |
| Equity | 10/25/2016 | Preferred Series A-1 | 108,710 | | 632 | | | 154 | | | |
Total OfferUp, Inc. | | | | 394,790 | | 2,295 | | | 559 | | | |
Oportun | Equity | 6/28/2013 | Common Stock | 48,365 | | 577 | | | 266 | | | (4) |
Reischling Press, Inc. | Equity | 7/31/2020 | Common Stock | 3,095 | | 39 | | | — | | | |
Rhino Labs, Inc. | Equity | 1/24/2022 | Common Stock | 7,063 | | 1,000 | | | — | | | |
See notes to consolidated financial statements
11
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Tectura Corporation | Equity | 5/23/2018 | Common Stock | 414,994,863 | | $ | 900 | | | $ | 2 | | | (7) |
| Equity | 6/6/2016 | Preferred Series BB | 1,000,000 | | — | | | 7 | | | (7) |
| Equity | 12/29/2023 | Preferred Series C | 3,235,298 | | 13,263 | | | 3,729 | | | (7) |
Total Tectura Corporation | | | | 419,230,161 | | 14,163 | | | 3,738 | | | |
Worldremit Group Limited | Equity | 6/24/2024 | Preferred Series X | 9,737 | | 922 | | | 977 | | | (5)(10) |
Subtotal: Consumer & Business Services (0.40%)* | | | | | 26,973 | | | 8,073 | | | |
Diversified Financial Services | | | | | | | | | | |
Gibraltar Acquisition, LLC | Equity | 3/1/2018 | Member Units | 1 | | 34,006 | | | 22,110 | | | (7)(20) |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 | | 12,035 | | | 45,017 | | | (7)(23) |
Newfront Insurance Holdings, Inc. | Equity | 9/30/2021 | Preferred Series D-2 | 210,282 | | 403 | | | 456 | | | |
Subtotal: Diversified Financial Services (3.38%)* | | | | 46,444 | | | 67,583 | | | |
Drug Delivery | | | | | | | | |
| | | | | | | | | | |
Aytu BioScience, Inc. | Equity | 3/28/2014 | Common Stock | 680 | | 1,500 | | | 1 | | | (4) |
BioQ Pharma Incorporated | Equity | 12/8/2015 | Preferred Series D | 165,000 | | 500 | | | — | | | |
PDS Biotechnology Corporation | Equity | 4/6/2015 | Common Stock | 2,498 | | 309 | | | 3 | | | (4) |
Talphera, Inc. | Equity | 12/10/2018 | Common Stock | 8,836 | | 1,329 | | | 4 | | | (4) |
Subtotal: Drug Delivery (0.00%)* | | | | 3,638 | | | 8 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Drug Discovery & Development | | | | | | | | |
Akero Therapeutics, Inc. | Equity | 3/8/2024 | Common Stock | 34,483 | | 1,000 | | | 1,396 | | | (4)(10) |
Arcus Biosciences, Inc. | Equity | 2/19/2025 | Common Stock | 204,545 | | 2,250 | | | 1,606 | | | (4)(10) |
Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 42 | | 1,000 | | | — | | | (4) |
Axsome Therapeutics, Inc. | Equity | 5/9/2022 | Common Stock | 127,021 | | 4,165 | | | 14,815 | | | (4)(10)(16) |
Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98,100 | | 1,871 | | | 833 | | | (4)(5)(10) |
BridgeBio Pharma, Inc. | Equity | 6/21/2018 | Common Stock | 231,329 | | 2,255 | | | 7,997 | | | (4) |
| | | | | | | | | | |
Dare Biosciences, Inc. | Equity | 1/8/2015 | Common Stock | 1,129 | | 1,000 | | | 3 | | | (4) |
Dynavax Technologies | Equity | 7/22/2015 | Common Stock | 20,000 | | 550 | | | 259 | | | (4)(10) |
| | | | | | | | | | |
Heron Therapeutics, Inc. | Equity | 7/25/2023 | Common Stock | 364,963 | | 500 | | | 803 | | | (4) |
Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3,466,840 | | 4,250 | | | 217 | | | (15) |
HilleVax, Inc. | Equity | 5/3/2022 | Common Stock | 235,295 | | 4,000 | | | 341 | | | (4) |
| | | | | | | | | | |
Kura Oncology, Inc. | Equity | 6/16/2023 | Common Stock | 47,826 | | 550 | | | 316 | | | (4)(10) |
Madrigal Pharmaceutical, Inc. | Equity | 9/29/2023 | Common Stock | 5,100 | | 774 | | | 1,689 | | | (4)(10) |
NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 | | 2,000 | | | 1,134 | | | (5)(10) |
| | | | | | | | | | |
Phathom Pharmaceuticals, Inc. | Equity | 6/9/2023 | Common Stock | 147,233 | | 1,730 | | | 923 | | | (4)(10)(16) |
Rafael Holdings, Inc. (p.k.a. Cyclo Therapeutics, Inc.) | Equity | 4/6/2021 | Common Stock | 47 | | 42 | | | — | | | (4)(10) |
Rocket Pharmaceuticals, Ltd. | Equity | 8/22/2007 | Common Stock | 944 | | 1,500 | | | 6 | | | (4) |
Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11,119 | | 203 | | | 31 | | | (4) |
| | | | | | | | | | |
| | | | | | | | | | |
uniQure B.V. | Equity | 1/31/2019 | Common Stock | 17,175 | | 332 | | | 182 | | | (4)(5)(10) |
See notes to consolidated financial statements
12
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510,308 | | $ | 3,000 | | | $ | 748 | | | |
| Equity | 10/31/2022 | Preferred Series C | 170,102 | | 1,000 | | | 630 | | | |
Total Valo Health, LLC | | | | 680,410 | | 4,000 | | | 1,378 | | | |
Verge Analytics, Inc. | Equity | 9/6/2023 | Preferred Series C | 208,588 | | 1,500 | | | 1,446 | | | |
| | | | | | | | | | |
Viridian Therapeutics, Inc. | Equity | 11/6/2023 | Common Stock | 32,310 | | 400 | | | 436 | | | (4)(10) |
X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 1,566,064 | | 2,945 | | | 370 | | | (4) |
Subtotal: Drug Discovery & Development (1.81%)* | | | | 38,817 | | | 36,181 | | | |
Electronics & Computer Hardware | | | | | | | | |
Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15,116 | | 650 | | | 267 | | | |
Shield AI, Inc. | Equity | 2/7/2025 | Preferred Series F1 | 28,900 | | 2,250 | | | 2,250 | | | (16) |
Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248,900 | | 1,500 | | | 543 | | | |
Subtotal: Electronics & Computer Hardware (0.15%)* | | | | 4,400 | | | 3,060 | | | |
Healthcare Services, Other | | | | | | | | |
23andMe, Inc. | Equity | 3/11/2019 | Common Stock | 41,286 | | 5,094 | | | — | | | |
Carbon Health Technologies, Inc. | Equity | 3/30/2021 | Common Stock | 390,809 | | 1,910 | | | — | | | |
Click Therapeutics, Inc. | Equity | 5/20/2024 | Common Stock | 560,000 | | 1,662 | | | 1,900 | | | (15) |
Curana Health Holdings, LLC | Equity | 5/13/2024 | Common Units | 1,114,380 | | 2,500 | | | 2,983 | | | |
| | | | | | | | | | |
Main Street Rural, Inc. | Equity | 10/28/2024 | Preferred Series D | 496 | | 873 | | | 1,018 | | | |
WellBe Senior Medical, LLC | Equity | 6/10/2024 | Common Units | 181,163 | | 1,600 | | | 1,535 | | | |
Subtotal: Healthcare Services, Other (0.37%)* | | | | 13,639 | | | 7,436 | | | |
| | | | | | | | | | |
Information Services | | | | | | | | | | |
| | | | | | | | | | |
Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41,021 | | 3,825 | | | 4,604 | | | |
Subtotal: Information Services (0.23%)* | | | | 3,825 | | | 4,604 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | |
Medical Devices & Equipment | | | | | | | | | |
Coronado Aesthetics, LLC | Equity | 10/15/2021 | Common Units | 180,000 | | — | | | — | | | (7) |
| | | | | | | | | | |
| Equity | 10/15/2021 | Preferred Series A-2 | 5,000,000 | | 250 | | | 47 | | | (7) |
| | | | | | | | | | |
Total Coronado Aesthetics, LLC | | | | 5,180,000 | | 250 | | | 47 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Subtotal: Medical Devices & Equipment (0.00%)* | | | | 250 | | | 47 | | | |
| | | | | | | | | | |
Semiconductors | | | | | | | | | |
Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277,995 | | 160 | | | 97 | | | |
Subtotal: Semiconductors (0.00%)* | | | | 160 | | | 97 | | | |
Software | | | | | | | | |
| | | | | | | | | | |
Armis, Inc. | Equity | 10/18/2024 | Preferred Series D | 294,213 | | 2,000 | | | 1,765 | | | |
Black Crow AI, Inc. affiliates | Equity | 3/24/2021 | Preferred Note | 3 | | 2,406 | | | 2,406 | | | (21) |
CapLinked, Inc. | Equity | 10/26/2012 | Preferred Series A-3 | 53,614 | | 51 | | | — | | | |
Contentful Global, Inc. | Equity | 12/22/2020 | Preferred Series C | 41,000 | | 138 | | | 270 | | | (5)(10) |
| Equity | 11/20/2018 | Preferred Series D | 108,500 | | 500 | | | 759 | | | (5)(10) |
Total Contentful Global, Inc. | | | | 149,500 | | 638 | | | 1,029 | | | |
See notes to consolidated financial statements
13
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
DNAnexus, Inc. | Equity | 3/21/2014 | Preferred Series C | 51,948 | | $ | 97 | | | $ | 4 | | | |
Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20,000 | | 4,284 | | | 164 | | | |
Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458,841 | | 1,000 | | | 4,481 | | | |
| Equity | 8/24/2017 | Preferred Series 3 | 93,620 | | 300 | | | 931 | | | |
Total Druva Holdings, Inc. | | | | 552,461 | | 1,300 | | | 5,412 | | | |
HighRoads, Inc. | Equity | 1/18/2013 | Common Stock | 190 | | 307 | | | — | | | |
Leapwork ApS | Equity | 8/25/2023 | Preferred Series B2 | 183,073 | | 250 | | | 113 | | | (5)(10) |
Lightbend, Inc. | Equity | 12/4/2020 | Common Stock | 38,461 | | 265 | | | 26 | | | |
Nextdoor.com, Inc. | Equity | 8/1/2018 | Common Stock | 1,019,255 | | 4,854 | | | 1,559 | | | (4) |
| | | | | | | | | | |
SingleStore, Inc. | Equity | 11/25/2020 | Preferred Series E | 580,983 | | 2,000 | | | 1,850 | | | |
| Equity | 8/12/2021 | Preferred Series F | 52,956 | | 280 | | | 206 | | | |
Total SingleStore, Inc. | | | | 633,939 | | 2,280 | | | 2,056 | | | |
SirionLabs Pte. Ltd. | Equity | 6/30/2024 | Preferred Series F1 | 152,250 | | 1,792 | | | 1,590 | | | (5)(10) |
Verana Health, Inc. | Equity | 7/8/2021 | Common Stock | 23,814 | | 2,000 | | | 79 | | | |
| | | | | | | | | | |
Subtotal: Software (0.81%)* | | | | 22,524 | | | 16,203 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | |
Sustainable and Renewable Technology | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188,611 | | 2,000 | | | 115 | | | |
Modumetal, Inc. | Equity | 6/1/2015 | Common Stock | 1,035 | | 500 | | | — | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Pivot Bio, Inc. | Equity | 6/28/2021 | Preferred Series D | 593,080 | | 4,500 | | | 2,007 | | | |
SUNation Energy, Inc. | Equity | 12/10/2020 | Common Stock | 405 | | 3,153 | | | — | | | (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. | Warrant | 6/21/2022 | Preferred Series C | 75,567 | | 36 | | | 60 | | | |
PathAI, Inc. | Warrant | 12/23/2022 | Common Stock | 53,418 | | 460 | | | 50 | | | (12) |
Subtotal: Biotechnology Tools (0.01%)* | | | | 496 | | | 110 | | | |
Communications & Networking | | | | | | | | |
Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 486,097 | | 242 | | | 158 | | | (12) |
Subtotal: Communications & Networking (0.01%)* | | | | 242 | | | 158 | | | |
Consumer & Business Products | | | | | | | | |
Gadget Guard, LLC | Warrant | 6/3/2014 | Common Stock | 1,662,441 | | 228 | | | — | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Whoop, Inc. | Warrant | 6/27/2018 | Preferred Series C | 686,270 | | 17 | | | 773 | | | |
Subtotal: Consumer & Business Products (0.04%)* | | | | 245 | | | 773 | | | |
Consumer & Business Services | | | | | | | | |
Altumint, Inc. | Warrant | 10/31/2024 | Common Stock | 1,701 | | 127 | | | 97 | | | (15) |
Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174,163 | | 164 | | | 46 | | | (5)(10) |
| | | | | | | | | | |
See notes to consolidated financial statements
14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
| Warrant | 2/13/2024 | Preferred Series D-4 | 109,257 | | $ | 20 | | | $ | 8 | | | (5)(10) |
Total Carwow LTD | | | | 283,420 | | 184 | | | 54 | | | |
Houzz, Inc. | Warrant | 10/29/2019 | Common Stock | 529,661 | | 20 | | | — | | | |
Landing Holdings Inc. | Warrant | 3/12/2021 | Common Stock | 11,806 | | 116 | | | 101 | | | (15) |
Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127,032 | | 39 | | | 8 | | | |
Plentific Ltd | Warrant | 10/3/2023 | Ordinary Shares | 27,298 | | 60 | | | 28 | | | (5)(10) |
Provi | Warrant | 12/22/2022 | Common Stock | 117,042 | | 166 | | | 28 | | | (15) |
Rhino Labs, Inc. | Warrant | 3/12/2021 | Common Stock | 13,106 | | 470 | | | — | | | (15) |
| | | | | | | | | | |
SeatGeek, Inc. | Warrant | 6/12/2019 | Common Stock | 1,604,724 | | 1,242 | | | 4,342 | | | (12)(16) |
Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1,607,143 | | 57 | | | 9 | | | |
| | | | | | | | | | |
| Warrant | 8/23/2019 | Preferred Series B | 444,444 | | 83 | | | 1 | | | |
Total Skyword, Inc. | | | | 2,051,587 | | 140 | | | 10 | | | |
Snagajob.com, Inc. | Warrant | 4/20/2020 | Common Stock | 600,000 | | 16 | | | — | | | |
| Warrant | 6/30/2016 | Preferred Series A | 1,800,000 | | 782 | | | — | | | |
| Warrant | 8/1/2018 | Preferred Series B | 1,211,537 | | 62 | | | — | | | |
Total Snagajob.com, Inc. | | | | 3,611,537 | | 860 | | | — | | | |
Thumbtack, Inc. | Warrant | 5/1/2018 | Common Stock | 343,497 | | 985 | | | 938 | | | |
| | | | | | | | | | |
Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98,428 | | 126 | | | 4 | | | (12) |
| | | | | | | | | | |
| | | | | | | | | | |
Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77,215 | | 129 | | | 90 | | | (5)(10) |
| Warrant | 8/27/2021 | Preferred Series E | 1,868 | | 26 | | | — | | | (5)(10) |
Total Worldremit Group Limited | | | | 79,083 | | 155 | | | 90 | | | |
Subtotal: Consumer & Business Services (0.28%)* | | | | 4,690 | | | 5,700 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Diversified Financial Services | | | | | | | | |
Next Insurance, Inc. | Warrant | 2/3/2023 | Common Stock | 522,930 | | 214 | | | 1,331 | | | |
Subtotal: Diversified Financial Services (0.07%)* | | | | 214 | | | 1,331 | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | |
Drug Discovery & Development | | | | | | | | | | |
| | | | | | | | | | |
Akero Therapeutics, Inc. | Warrant | 6/15/2022 | Common Stock | 32,129 | | 330 | | | 812 | | | (4)(10) |
AmplifyBio, LLC | Warrant | 12/27/2022 | Class A Units | 69,239 | | 238 | | | — | | | (15) |
Axsome Therapeutics, Inc. | Warrant | 9/25/2020 | Common Stock | 61,004 | | 1,290 | | | 2,842 | | | (4)(10)(12)(16) |
bluebird bio, Inc. | Warrant | 3/15/2024 | Common Stock | 111,206 | | 1,744 | | | — | | | |
Cellarity, Inc. | Warrant | 12/8/2021 | Preferred Series B | 100,000 | | 287 | | | 27 | | | (15) |
Century Therapeutics, Inc. | Warrant | 9/14/2020 | Common Stock | 16,112 | | 37 | | | — | | | (4) |
COMPASS Pathways plc | Warrant | 6/30/2023 | Ordinary Shares | 75,376 | | 278 | | | 21 | | | (4)(5)(10) |
Curevo, Inc. | Warrant | 6/9/2023 | Common Stock | 95,221 | | 233 | | | 313 | | | (15) |
| | | | | | | | | | |
enGene, Inc. | Warrant | 12/22/2023 | Common Stock | 43,689 | | 118 | | | 52 | | | (4)(5)(10) |
| | | | | | | | | | |
| | | | | | | | | | |
Heron Therapeutics, Inc. | Warrant | 8/9/2023 | Common Stock | 238,095 | | 228 | | | 257 | | | (4)(15) |
Kineta, Inc. | Warrant | 12/20/2019 | Common Stock | 2,202 | | 110 | | | — | | | (4) |
Kura Oncology, Inc. | Warrant | 11/2/2022 | Common Stock | 14,342 | | 88 | | | 6 | | | (4)(10)(15) |
See notes to consolidated financial statements
15
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Madrigal Pharmaceutical, Inc. | Warrant | 5/9/2022 | Common Stock | 13,229 | | $ | 570 | | | $ | 2,309 | | | (4)(10) |
| | | | | | | | | | |
Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64,687 | | 848 | | | 5 | | | (4)(10)(12)(15)(16) |
Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475,510 | | 20 | | | 17 | | | (15) |
Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 106,035 | | 296 | | | — | | | (4) |
SynOx Therapeutics Limited | Warrant | 4/18/2024 | Preferred Series B | 251,195 | | 83 | | | 68 | | | (5)(10) |
TG Therapeutics, Inc. | Warrant | 12/30/2021 | Common Stock | 117,168 | | 721 | | | 2,387 | | | (4)(10) |
Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102,216 | | 256 | | | 18 | | | |
X4 Pharmaceuticals, Inc. | Warrant | 3/18/2019 | Common Stock | 1,392,787 | | 510 | | | 19 | | | (4) |
Subtotal: Drug Discovery & Development (0.46%)* | | | | 8,285 | | | 9,153 | | | |
Electronics & Computer Hardware | | | | | | | | | |
908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49,078 | | 101 | | | 21 | | | (4) |
Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8,503 | | 34 | | | 45 | | | |
| | | | | | | | | | |
Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622,255 | | 557 | | | 201 | | | |
Subtotal: Electronics & Computer Hardware (0.01%)* | | | | 692 | | | 267 | | | |
Healthcare Services, Other | | | | | | | | |
Curana Health Holdings, LLC | Warrant | 1/4/2024 | Common Units | 447,410 | | 156 | | | 666 | | | |
| | | | | | | | | | |
Modern Life, Inc. | Warrant | 3/30/2023 | Common Stock | 52,665 | | 210 | | | 117 | | | |
NeueHealth, Inc. | Warrant | 6/21/2024 | Common Stock | 185,625 | | 716 | | | 940 | | | (4)(12) |
Recover Together, Inc. | Warrant | 7/3/2023 | Common Stock | 194,830 | | 382 | | | 128 | | | |
Strive Health Holdings, LLC | Warrant | 9/28/2023 | Common Units | 129,400 | | 278 | | | 358 | | | (15) |
| | | | | | | | | | |
Vida Health, Inc. | Warrant | 3/28/2022 | Preferred Series E | 192,431 | | 121 | | | — | | | |
Subtotal: Healthcare Services, Other (0.11%)* | | | | 1,863 | | | 2,209 | | | |
Information Services | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
NetBase Quid, Inc. | Warrant | 8/22/2017 | Preferred Series 1 | 60,000 | | 356 | | | — | | | |
Signal Media Limited | Warrant | 6/29/2022 | Common Stock | 129,638 | | 57 | | | 6 | | | (5)(10) |
Subtotal: Information Services (0.00%)* | | | | 413 | | | 6 | | | |
Manufacturing Technology | | | | | | | | | |
Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392,308 | | 537 | | | 615 | | | |
MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1,111,111 | | 528 | | | 147 | | | |
VulcanForms Inc. | Warrant | 1/30/2025 | Common Stock | 83,262 | | 37 | | | 31 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Subtotal: Manufacturing Technology (0.04%)* | | | | 1,102 | | | 793 | | | |
Media/Content/Info | | | | | | | | | |
Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 369,370 | | 67 | | | 114 | | | |
Subtotal: Media/Content/Info (0.01%)* | | | | 67 | | | 114 | | | |
| | | | | | | | | | |
Medical Devices & Equipment | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Orchestra BioMed Holdings, Inc. | Warrant | 11/6/2024 | Common Stock | 52,264 | | 180 | | | 105 | | | (4)(6)(15) |
Outset Medical, Inc. | Warrant | 9/27/2013 | Common Stock | 4,185 | | 401 | | | 4 | | | (4) |
Senseonics Holdings, Inc. | Warrant | 9/8/2023 | Common Stock | 1,032,718 | | 276 | | | 302 | | | (4) |
See notes to consolidated financial statements
16
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Sight Sciences, Inc. | Warrant | 1/22/2024 | Common Stock | 113,247 | | $ | 363 | | | $ | 108 | | | (4)(6) |
Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15,712 | | 61 | | | — | | | (4) |
Subtotal: Medical Devices & Equipment (0.03%)* | | | | 1,281 | | | 519 | | | |
Semiconductors | | | | | | | | | | |
Achronix Semiconductor Corporation | Warrant | 6/26/2015 | Preferred Series D-2 | 750,000 | | 99 | | | 328 | | | |
Subtotal: Semiconductors (0.02%)* | | | | 99 | | | 328 | | | |
| | | | | | | | | | |
Software | | | | | | | | | |
Aria Systems, Inc. | Warrant | 5/22/2015 | Preferred Series G | 231,535 | | 74 | | | — | | | |
Automation Anywhere, Inc. | Warrant | 9/23/2022 | Common Stock | 254,778 | | 448 | | | 277 | | | |
Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29,691 | | 284 | | | 581 | | | |
Brain Corporation | Warrant | 10/4/2021 | Common Stock | 435,396 | | 215 | | | 118 | | | |
Carbyne, Inc. | Warrant | 2/24/2025 | Ordinary Shares | 11,408 | | 24 | | | 19 | | | |
CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211,342 | | 117 | | | 52 | | | |
Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477,454 | | 71 | | | — | | | |
Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6,763 | | 54 | | | 790 | | | (5)(10) |
Coronet Cyber Security Ltd. | Warrant | 9/26/2024 | Ordinary Shares | 39,183 | | 254 | | | 208 | | | |
| | | | | | | | | | |
Couchbase, Inc. | Warrant | 4/25/2019 | Common Stock | 105,350 | | 462 | | | 698 | | | (4) |
Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102,898 | | 26 | | | 51 | | | (5)(10)(12) |
Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 770,838 | | 461 | | | 1,149 | | | |
| | | | | | | | | | |
Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727,047 | | 545 | | | 74 | | | |
| | | | | | | | | | |
Dragos, Inc. | Warrant | 6/28/2023 | Common Stock | 57,528 | | 1,575 | | | 936 | | | |
DroneDeploy, Inc. | Warrant | 6/30/2022 | Common Stock | 95,911 | | 278 | | | 339 | | | |
| | | | | | | | | | |
Earnix, Inc. | Warrant | 6/6/2024 | Common Stock | 20,762 | | 219 | | | 313 | | | |
Elation Health, Inc. | Warrant | 9/12/2022 | Common Stock | 612,166 | | 739 | | | 382 | | | |
| | | | | | | | | | |
First Insight, Inc. | Warrant | 5/10/2018 | Preferred Series B | 75,917 | | 96 | | | 10 | | | |
Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84,995 | | 325 | | | 231 | | | |
Harness, Inc. | Warrant | 3/12/2024 | Common Stock | 193,618 | | 534 | | | 480 | | | |
Kore.ai, Inc. | Warrant | 3/31/2023 | Preferred Series C | 64,293 | | 208 | | | 79 | | | |
Leapwork ApS | Warrant | 1/23/2023 | Common Stock | 93,211 | | 39 | | | 24 | | | (5)(10)(12) |
Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series LB-2 | 86,984 | | 131 | | | 26 | | | |
Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82,362 | | 252 | | | 275 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Morphisec Information Security 2014 Ltd. | Warrant | 10/1/2024 | Ordinary Shares | 200,115 | | 104 | | | 120 | | | (5)(10) |
Pindrop Security, Inc. | Warrant | 6/26/2024 | Common Stock | 134,542 | | 494 | | | 417 | | | (15) |
Reltio, Inc. | Warrant | 6/30/2020 | Common Stock | 69,120 | | 215 | | | 589 | | | |
| | | | | | | | | | |
Semperis Technologies Inc. | Warrant | 4/23/2024 | Common Stock | 72,122 | | 114 | | | 191 | | | |
Simon Data, Inc. | Warrant | 3/22/2023 | Common Stock | 77,934 | | 96 | | | 14 | | | (12) |
SingleStore, Inc. | Warrant | 4/28/2020 | Preferred Series D | 312,596 | | 103 | | | 452 | | | |
Sisense Ltd. | Warrant | 6/8/2023 | Ordinary Shares | 321,956 | | 174 | | | 62 | | | (5)(10) |
See notes to consolidated financial statements
17
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025 (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Suzy, Inc. | Warrant | 8/24/2023 | Common Stock | 292,936 | | $ | 367 | | | $ | 256 | | | (6)(15) |
| | | | | | | | | | |
| | | | | | | | | | |
Tipalti Solutions Ltd. | Warrant | 3/22/2023 | Ordinary Shares | 509,753 | | 360 | | | 274 | | | (10)(16) |
| Warrant | 3/27/2025 | Ordinary Shares | 473,266 | | 136 | | | 128 | | | (16) |
Total Tipalti Solutions Ltd. | | | | 983,019 | | 496 | | 402 | | |
VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152,048 | | 1,275 | | | 4 | | | (15) |
Subtotal: Software (0.48%)* | | | | 10,869 | | | 9,619 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
Space Technologies | | | | | | | | | | |
Capella Space Corp. | Warrant | 10/21/2021 | Common Stock | 176,200 | | 207 | | | 22 | | | (15) |
Subtotal: Space Technologies (0.00%)* | | | | 207 | | | 22 | | | |
Sustainable and Renewable Technology | | | | | | | | | |
Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18,472 | | 52 | | | 83 | | | |
Electric Hydrogen Co. | Warrant | 3/27/2024 | Common Stock | 246,618 | | 507 | | | 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 & Vehicles | 11/16/2020 | | | | $ | 2,847 | | | $ | 5,236 | | | (5)(10)(17) |
Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 | | | | 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 & Vehicles | 7/21/2022 | | | | 381 | | | 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 Fund | Cash & Cash Equivalents | | FGTXX/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 Currency | Settlement Date | Counterparty | Amount | | Transaction | US $ Value at Settlement Date | | Value |
Great British Pound (GBP) | 6/3/2025 | Goldman 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
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
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount | | Cost (2) | | Value | | Footnotes |
Debt Investments | | | | | | | | | | |
Biotechnology Tools | | | | | | | | | | |
| | | | | | | | | | |
PathAI, Inc. | Senior Secured | January 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 Secured | December 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 Secured | December 2027 | Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee | $ | 10,000 | | | 9,916 | | | 10,140 | | | (15) |
| | | | | | | | | | |
Carwow LTD | Senior Secured | December 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 GmbH | Senior Secured | November 2029 | Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee | $ | 48,750 | | | 48,276 | | | 48,276 | | | (5)(10)(17) |
Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 11.50% | $ | 25,687 | | | 25,687 | | | 26,869 | | | (9)(14) |
Jobandtalent USA, Inc. | Senior Secured | August 2025 | 1-month SOFR + 8.86%, Floor rate 9.75%, 2.89% Exit Fee | $ | 13,011 | | | 13,276 | | | 12,994 | | | (5)(10) |
Plentific Ltd | Senior Secured | October 2026 | Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee | $ | 3,325 | | | 3,282 | | | 3,340 | | | (5)(10)(13) |
Provi | Senior Secured | December 2026 | Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | $ | 15,000 | | | 15,093 | | | 15,176 | | | (15) |
| | | | | | | | | | |
Riviera Partners LLC | Senior Secured | April 2027 | 3-month SOFR + 8.27%, Floor rate 9.27% | $ | 36,493 | | | 36,104 | | | 35,017 | | | (18) |
RVShare, LLC | Senior Secured | December 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 Secured | May 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 Secured | July 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 Secured | November 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 Corporation | Senior Secured | January 2027 | FIXED 8.25% | $ | 8,250 | | | 8,250 | | | 8,027 | | | (7) |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Thumbtack, Inc. | Senior Secured | March 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50% | $ | 20,918 | | | 20,561 | | | 21,192 | | | (11)(14)(17) |
| | | | | | | | | | |
Veem, Inc. | Senior Secured | March 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 Secured | March 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, LLC | Unsecured | September 2026 | FIXED 3.45%, PIK Interest 8.05% | $ | 26,569 | | | 26,337 | | | 26,337 | | | (7)(14)(20) |
| Unsecured | September 2026 | FIXED 11.95% | $ | 10,000 | | | 9,875 | | | 9,875 | | | (7)(20) |
Total Gibraltar Acquisition, LLC | | | | $ | 36,569 | | | 36,212 | | | 36,212 | | | |
Hercules Adviser LLC | Unsecured | June 2025 | FIXED 5.00% | $ | 12,000 | | | 12,000 | | | 12,000 | | | (7)(23) |
Next Insurance, Inc. | Senior Secured | February 2028 | Prime - 1.50%, Floor rate 4.75%, PIK Interest 5.50% | $ | 11,070 | | | 10,918 | | | 11,174 | | | (13)(14)(19) |
Subtotal: Diversified Financial Services (2.98%)* | | | | 59,130 | | | 59,386 | | | |
Drug Discovery & Development | | | | | | | | | | |
Adaptimmune Therapeutics plc | Senior Secured | June 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 Secured | March 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 Secured | April 2026 | Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee | $ | 15,000 | | | 15,046 | | | 15,153 | | | (11) |
| | | | | | | | | | |
Alector, Inc. | Senior Secured | December 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
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount | | Cost (2) | | Value | | Footnotes |
AmplifyBio, LLC | Senior Secured | January 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 Secured | September 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 Secured | August 2026 | Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee | $ | 14,000 | | | 14,442 | | | 14,385 | | | (5)(10)(17) |
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Axsome Therapeutics, Inc. | Senior Secured | January 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 Secured | April 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 Secured | October 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 plc | Senior Secured | July 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) |
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Corium, Inc. | Senior Secured | September 2026 | Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | $ | 105,225 | | | 109,543 | | | 109,178 | | | (13)(16) |
Disc Medicine, Inc. | Senior Secured | December 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 Secured | April 2025 | Prime + 6.25%, Floor rate 9.50%, 4.00% Exit Fee | $ | 489 | | | 988 | | | 988 | | | (15) |
enGene, Inc. | Senior Secured | January 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) |
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Heron Therapeutics, Inc. | Senior Secured | February 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 Secured | May 2025 | Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | $ | 3,963 | | | 4,755 | | | 4,749 | | | (13)(15) |
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Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee | $ | 5,500 | | | 5,622 | | | 5,721 | | | (10)(15) |
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Madrigal Pharmaceutical, Inc. | Senior Secured | May 2027 | Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | $ | 78,200 | | | 79,896 | | | 82,775 | | | (10)(13) |
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NorthSea Therapeutics | Convertible Debt | December 2025 | FIXED 6.00% | $ | 273 | | | 273 | | | 273 | | | (5)(9)(10) |
Phathom Pharmaceuticals, Inc. | Senior Secured | December 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) |
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Replimune Group, Inc. | Senior Secured | October 2027 | Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee | $ | 31,889 | | | 32,294 | | | 33,745 | | | (10)(12)(13)(14) |
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SynOx Therapeutics Limited | Senior Secured | May 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 Secured | January 2027 | Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee | $ | 35,000 | | | 36,102 | | | 37,135 | | | (5)(10)(11)(12) |
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Viridian Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | $ | 8,000 | | | 8,231 | | | 8,523 | | | (10)(13)(17) |
X4 Pharmaceuticals, Inc. | Senior Secured | July 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 Secured | December 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 Secured | February 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 | | | | | | | | | |
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Blue Sprig Pediatrics, Inc. | Senior Secured | November 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 Secured | June 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 Debt | December 2025 | FIXED 12.00% | $ | 202 | | | 202 | | | 202 | | | (9) |
Total Carbon Health Technologies, Inc. | | | | $ | 41,675 | | | 43,550 | | | 41,812 | | | |
Curana Health Holdings, LLC | Senior Secured | January 2028 | Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee | $ | 27,500 | | | 27,722 | | | 28,207 | | | (13)(17)(19) |
Equality Health, LLC | Senior Secured | February 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 Secured | July 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
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
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Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount | | Cost (2) | | Value | | Footnotes |
Marathon Health, LLC | Senior Secured | February 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) |
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| Senior Secured | February 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 Secured | February 2027 | Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee | $ | 18,200 | | | 18,299 | | | 18,340 | | | (13) |
NeueHealth, Inc. | Senior Secured | June 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 Secured | July 2027 | Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee | $ | 45,000 | | | 45,431 | | | 45,741 | | | (13) |
Strive Health Holdings, LLC | Senior Secured | September 2027 | Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee | $ | 30,000 | | | 29,742 | | | 30,587 | | | (15)(17) |
Vida Health, Inc. | Senior Secured | October 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, LLC | Senior Secured | May 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) |
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Subtotal: Healthcare Services, Other (30.19%)* | | | | 599,140 | | | 600,582 | | | |
Information Services | | | | | | | | | |
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Saama Technologies, LLC | Senior Secured | July 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) |
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Subtotal: Information Services (1.03%)* | | | | 19,741 | | | 20,445 | | | |
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Medical Devices & Equipment | | | | | | |
Orchestra BioMed Holdings, Inc. | Senior Secured | November 2028 | Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee | $ | 15,000 | | | 14,740 | | | 14,740 | | | (6)(15) |
Senseonics Holdings, Inc. | Senior Secured | September 2027 | Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee | $ | 30,625 | | | 30,830 | | | 31,519 | | | (11) |
Sight Sciences, Inc. | Senior Secured | July 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, LLC | Senior Secured | February 2025 | 3-month SOFR + 10.40%, Floor rate 11.30% | $ | 13,279 | | | 13,268 | | | 13,268 | | | (11)(17)(18) |
| Senior Secured | February 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 | | | |
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Alchemer LLC | Senior Secured | May 2028 | 3-month SOFR + 8.14%, Floor rate 9.14% | $ | 21,251 | | | 20,923 | | | 21,251 | | | (13)(18) |
Allvue Systems, LLC | Senior Secured | September 2029 | 3-month SOFR + 6.25%, Floor rate 7.25% | $ | 42,564 | | | 41,704 | | | 41,628 | | | (17) |
AlphaSense, Inc. | Senior Secured | June 2029 | 3-month SOFR + 6.25%, Floor rate 8.25% | $ | 20,000 | | | 19,816 | | | 19,578 | | | (17) |
Annex Cloud | Senior Secured | February 2027 | 3-month SOFR + 10.00%, Floor rate 11.00% | $ | 11,338 | | | 11,205 | | | 10,556 | | | (13)(18) |
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Armis, Inc. | Senior Secured | March 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 Secured | March 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 Street | Senior Secured | December 2027 | 3-month SOFR + 8.01%, Floor rate 9.01% | $ | 65,336 | | | 64,061 | | | 65,263 | | | (15)(17)(18) |
Behavox Limited | Senior Secured | September 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 Corporation | Senior Secured | September 2028 | Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee | $ | 32,009 | | | 31,704 | | | 31,984 | | | (13)(14) |
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Ceros, Inc. | Senior Secured | September 2026 | 3-month SOFR + 8.99%, Floor rate 9.89% | $ | 22,762 | | | 22,515 | | | 22,183 | | | (17)(18) |
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Copper CRM, Inc | Senior Secured | March 2025 | Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee | $ | 8,515 | | | 8,839 | | | 8,839 | | | (11)(14) |
CoreView USA, Inc. | Senior Secured | January 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 Secured | October 2028 | Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85% | $ | 8,591 | | | 8,446 | | | 8,446 | | | (14)(17) |
Cutover, Inc. | Senior Secured | October 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
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
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Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount | | Cost (2) | | Value | | Footnotes |
| Senior Secured | October 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 | | | |
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Dashlane, Inc. | Senior Secured | December 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) |
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Dispatch Technologies, Inc. | Senior Secured | April 2028 | 3-month SOFR + 8.01%, Floor rate 8.76% | $ | 8,896 | | | 8,758 | | | 8,641 | | | (17)(18) |
Dragos, Inc. | Senior Secured | July 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 Secured | November 2028 | Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee | $ | 9,375 | | | 9,255 | | | 9,274 | | | (13)(17) |
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Earnix, Inc. | Senior Secured | June 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 Secured | March 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) |
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Flight Schedule Pro, LLC | Senior Secured | October 2027 | 1-month SOFR + 7.80%, Floor rate 8.70% | $ | 7,297 | | | 7,145 | | | 7,271 | | | (17)(18) |
Fortified Health Security | Senior Secured | December 2027 | 1-month SOFR + 7.64%, Floor rate 8.54% | $ | 7,000 | | | 6,882 | | | 6,950 | | | (11)(17)(18) |
Harness, Inc. | Senior Secured | March 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, LLC | Senior Secured | May 2027 | 1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee | $ | 4,950 | | | 4,879 | | | 4,869 | | | (18) |
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Khoros | Senior Secured | January 2025 | 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50% | $ | 61,341 | | | 61,317 | | | 18,231 | | | (8)(14) |
Leapwork ApS | Senior Secured | February 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, LLC | Senior Secured | August 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 Secured | March 2028 | 3-month SOFR + 7.88%, Floor rate 8.88% | $ | 27,206 | | | 26,726 | | | 27,399 | | | (17)(18) |
LogicSource | Senior Secured | July 2027 | 1-month SOFR + 8.93%, Floor rate 9.93% | $ | 13,145 | | | 12,974 | | | 13,145 | | | (17)(18) |
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LogRhythm, Inc. | Senior Secured | July 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 Secured | November 2026 | PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55% | $ | 38,828 | | | 38,336 | | | 32,773 | | | (13)(14)(19) |
Mobile Solutions Services | Senior Secured | December 2025 | 3-month SOFR + 9.21%, Floor rate 10.06% | $ | 18,366 | | | 18,237 | | | 17,616 | | | (18) |
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Morphisec Information Security 2014 Ltd. | Senior Secured | October 2027 | Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee | $ | 10,000 | | | 9,861 | | | 9,861 | | | (5)(10) |
New Relic, Inc. | Senior Secured | November 2030 | 1-month SOFR + 6.75%, Floor rate 7.75% | $ | 21,890 | | | 21,402 | | | 21,644 | | | (17) |
Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $ | 7,669 | | | 7,518 | | | 7,669 | | | (11)(17)(18) |
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PayIt, LLC | Senior Secured | December 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 Secured | June 2029 | Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee | $ | 31,000 | | | 30,566 | | | 30,671 | | | (15)(17) |
Remodel Health Holdco, LLC | Senior Secured | December 2028 | Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee | $ | 25,000 | | | 24,723 | | | 24,723 | | | (6)(15) |
Reveleer | Senior Secured | February 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 Secured | April 2028 | Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25% | $ | 22,754 | | | 22,596 | | | 23,066 | | | (11)(14)(19) |
ShadowDragon, LLC | Senior Secured | December 2026 | 3-month SOFR + 8.88%, Floor rate 9.78% | $ | 6,000 | | | 5,918 | | | 5,953 | | | (17)(18) |
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Simon Data, Inc. | Senior Secured | March 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 Secured | July 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 Solutions | Senior Secured | March 2028 | 3-month SOFR + 7.25%, Floor rate 8.25% | $ | 17,600 | | | 17,324 | | | 17,688 | | | (11)(13)(17)(18) |
Sumo Logic, Inc. | Senior Secured | May 2030 | 3-month SOFR + 6.50%, Floor rate 7.50% | $ | 23,000 | | | 22,521 | | | 23,113 | | | (17) |
Suzy, Inc. | Senior Secured | August 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) |
TaxCalc | Senior Secured | November 2029 | 3-month SONIA + 8.05%, Floor rate 8.55% | £ | 7,500 | | | 9,518 | | | 9,198 | | | (5)(10)(17)(18) |
ThreatConnect, Inc. | Senior Secured | May 2026 | 3-month SOFR + 9.15%, Floor rate 10.00% | $ | 12,324 | | | 12,208 | | | 12,324 | | | (18) |
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See notes to consolidated financial statements
23
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount | | Cost (2) | | Value | | Footnotes |
Tipalti Solutions Ltd. | Senior Secured | April 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 Secured | December 2027 | 3-month SOFR + 8.03%, Floor rate 9.03% | $ | 12,729 | | | 12,522 | | | 12,756 | | | (5)(10)(13)(17)(18) |
Zimperium, Inc. | Senior Secured | May 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 Secured | July 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, PBC | Senior Secured | May 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 Secured | May 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 Secured | June 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 Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Equity Investments | | | | | | | | | | |
Biotechnology Tools | | | | | | | | | | |
Alamar Biosciences, Inc. | Equity | 2/21/2024 | Preferred Series C | 503,778 | | | $ | 1,500 | | | $ | 1,423 | | | |
Subtotal: Biotechnology Tools (0.07%)* | | | | 1,500 | | | 1,423 | | | |
Consumer & Business Products | | | | | | | | | | |
Fabletics, Inc. | Equity | 4/30/2010 | Common Stock | 42,989 | | 128 | | | 46 | | | |
| Equity | 7/16/2013 | Preferred Series B | 130,191 | | 1,101 | | | 299 | | | |
Total Fabletics, Inc. | | | | 173,180 | | | 1,229 | | | 345 | | | |
Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 12,260 | | 433 | | | 17 | | | (4) |
Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 172,328 | | 13 | | | 421 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Subtotal: Consumer & Business Products (0.04%)* | | | | 1,675 | | | 783 | | | |
Consumer & Business Services | | | | | | | | | |
Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 216,073 | | 1,151 | | | 627 | | | (5)(10) |
| | | | | | | | | | |
Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100,738 | | 5,263 | | | 1,299 | | | (4) |
Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 100,000 | | 1,000 | | | 162 | | | (4) |
OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286,080 | | 1,663 | | | 467 | | | |
| Equity | 10/25/2016 | Preferred Series A-1 | 108,710 | | 632 | | | 177 | | | |
| | | | | | | | | | |
Total OfferUp, Inc. | | | | 394,790 | | 2,295 | | | 644 | | | |
Oportun | Equity | 6/28/2013 | Common Stock | 48,365 | | 577 | | | 188 | | | (4) |
Reischling Press, Inc. | Equity | 7/31/2020 | Common Stock | 3,095 | | 39 | | | — | | | |
Rhino Labs, Inc. | Equity | 1/24/2022 | Common Stock | 7,063 | | 1,000 | | | — | | | |
Tectura Corporation | Equity | 5/23/2018 | Common Stock | 414,994,863 | | 900 | | | 7 | | | (7) |
See notes to consolidated financial statements
24
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
| Equity | 6/6/2016 | Preferred Series BB | 1,000,000 | | $ | — | | | $ | 17 | | | (7) |
| Equity | 12/29/2023 | Preferred Series C | 3,235,298 | | 13,263 | | | 3,606 | | | (7) |
Total Tectura Corporation | | | | 419,230,161 | | 14,163 | | | 3,630 | | | |
Worldremit Group Limited | Equity | 6/24/2024 | Preferred Series X | 9,737 | | 922 | | | 952 | | | (5)(10) |
| | | | | | | | | | |
Subtotal: Consumer & Business Services (0.38%)* | | | | 26,410 | | | 7,502 | | | |
| | | | | | | | | | |
Diversified Financial Services | | | | | | | | | | |
Gibraltar Acquisition, LLC | Equity | 3/1/2018 | Member Units | 1 | | 34,006 | | | 23,051 | | | (7)(20) |
| | | | | | | | | | |
| | | | | | | | | | |
Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 | | 35 | | | 30,190 | | | (7)(23) |
Newfront Insurance Holdings, Inc. | Equity | 9/30/2021 | Preferred Series D-2 | 210,282 | | 403 | | | 404 | | | |
Subtotal: Diversified Financial Services (2.70%)* | | | | 34,444 | | | 53,645 | | | |
Drug Delivery | | | | | | | | | |
Aytu BioScience, Inc. | Equity | 3/28/2014 | Common Stock | 680 | | 1,500 | | | 1 | | | (4) |
BioQ Pharma Incorporated | Equity | 12/8/2015 | Preferred Series D | 165,000 | | 500 | | | — | | | |
PDS Biotechnology Corporation | Equity | 4/6/2015 | Common Stock | 2,498 | | 309 | | | 4 | | | (4) |
Talphera, Inc. | Equity | 12/10/2018 | Common Stock | 8,836 | | 1,329 | | | 5 | | | (4) |
Subtotal: Drug Delivery (0.00%)* | | | | 3,638 | | | 10 | | | |
Drug Discovery & Development | | | | | | | | | |
Akero Therapeutics, Inc. | Equity | 3/8/2024 | Common Stock | 34,483 | | 1,000 | | | 959 | | | (4)(10) |
Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 42 | | 1,000 | | | — | | | (4) |
Axsome Therapeutics, Inc. | Equity | 5/9/2022 | Common Stock | 127,021 | | 4,165 | | | 10,747 | | | (4)(10)(16) |
Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98,100 | | 1,871 | | | 1,373 | | | (4)(5)(10) |
BridgeBio Pharma, Inc. | Equity | 6/21/2018 | Common Stock | 231,329 | | 2,255 | | | 6,348 | | | (4) |
Cyclo Therapeutics, Inc. | Equity | 4/6/2021 | Common Stock | 134 | | 42 | | | — | | | (4)(10) |
Dare Biosciences, Inc. | Equity | 1/8/2015 | Common Stock | 1,129 | | 1,000 | | | 4 | | | (4) |
Dynavax Technologies | Equity | 7/22/2015 | Common Stock | 20,000 | | 550 | | | 256 | | | (4)(10) |
| | | | | | | | | | |
Heron Therapeutics, Inc. | Equity | 7/25/2023 | Common Stock | 364,963 | | 500 | | | 558 | | | (4) |
Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3,466,840 | | 4,250 | | | 328 | | | (15) |
HilleVax, Inc. | Equity | 5/3/2022 | Common Stock | 235,295 | | 4,000 | | | 487 | | | (4) |
| | | | | | | | | | |
Kura Oncology, Inc. | Equity | 6/16/2023 | Common Stock | 47,826 | | 550 | | | 417 | | | (4)(10) |
Madrigal Pharmaceutical, Inc. | Equity | 9/29/2023 | Common Stock | 5,100 | | 773 | | | 1,574 | | | (4)(10) |
NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 | | 2,000 | | | 1,241 | | | (5)(10) |
Phathom Pharmaceuticals, Inc. | Equity | 6/9/2023 | Common Stock | 147,233 | | 1,730 | | | 1,196 | | | (4)(10)(16) |
Rocket Pharmaceuticals, Ltd. | Equity | 8/22/2007 | Common Stock | 944 | | 1,500 | | | 12 | | | (4) |
Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11,119 | | 203 | | | 34 | | | (4) |
| | | | | | | | | | |
| | | | | | | | | | |
uniQure B.V. | Equity | 1/31/2019 | Common Stock | 17,175 | | 332 | | | 303 | | | (4)(5)(10) |
Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510,308 | | 3,000 | | | 1,134 | | | |
| | | | | | | | | | |
| Equity | 10/31/2022 | Preferred Series C | 170,102 | | 1,000 | | | 762 | | | |
Total Valo Health, LLC | | | | 680,410 | | 4,000 | | | 1,896 | | | |
See notes to consolidated financial statements
25
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Verge Analytics, Inc. | Equity | 9/6/2023 | Preferred Series C | 208,588 | | $ | 1,500 | | | $ | 1,519 | | | |
Viridian Therapeutics, Inc. | Equity | 11/6/2023 | Common Stock | 32,310 | | 400 | | | 619 | | | (4)(10) |
X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 1,566,064 | | 2,945 | | | 1,149 | | | (4) |
Subtotal: Drug Discovery & Development (1.56%)* | | | | 36,566 | | | 31,020 | | | |
Electronics & Computer Hardware | | | | | | | | | | |
Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15,116 | | 650 | | | 294 | | | |
Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248,900 | | 1,500 | | | 643 | | | |
Subtotal: Electronics & Computer Hardware (0.05%)* | | | | 2,150 | | | 937 | | | |
Healthcare Services, Other | | | | | | | | | |
23andMe, Inc. | Equity | 3/11/2019 | Common Stock | 41,286 | | 5,094 | | | 134 | | | (4) |
Carbon Health Technologies, Inc. | Equity | 3/30/2021 | Preferred Series C | 217,880 | | 1,687 | | | 2 | | | |
Click Therapeutics, Inc. | Equity | 5/20/2024 | Common Stock | 560,000 | | 1,662 | | | 1,825 | | | (15) |
Curana Health Holdings, LLC | Equity | 5/13/2024 | Common Units | 1,114,380 | | 2,500 | | | 2,603 | | | |
Main Street Rural, Inc. | Equity | 10/28/2024 | Preferred Series D | 496 | | 874 | | | 874 | | | |
WellBe Senior Medical, LLC | Equity | 6/10/2024 | Common Units | 181,163 | | 1,600 | | | 2,065 | | | |
Subtotal: Healthcare Services, Other (0.38%)* | | | | 13,417 | | | 7,503 | | | |
Information Services | | | | | | | | | | |
| | | | | | | | | | |
Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41,021 | | 3,825 | | | 3,898 | | | |
| | | | | | | | | | |
Subtotal: Information Services (0.20%)* | | | | 3,825 | | | 3,898 | | | |
Medical Devices & Equipment | | | | | | | | | |
Coronado Aesthetics, LLC | Equity | 10/15/2021 | Common Units | 180,000 | | — | | | — | | | (7) |
| | | | | | | | | | |
| Equity | 10/15/2021 | Preferred Series A-2 | 5,000,000 | | 250 | | | 69 | | | (7) |
Total Coronado Aesthetics, LLC | | | | 5,180,000 | | 250 | | | 69 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Subtotal: Medical Devices & Equipment (0.00%)* | | | | | 250 | | | 69 | | | |
Semiconductors | | | | | | | | | |
Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277,995 | | 160 | | | 210 | | | |
Subtotal: Semiconductors (0.01%)* | | | | 160 | | | 210 | | | |
Software | | | | | | | | | |
3GTMS, LLC | Equity | 8/9/2021 | Common Stock | 1,000,000 | | 1,000 | | | 666 | | | |
Armis, Inc. | Equity | 10/18/2024 | Preferred Series D | 294,213 | | 2,000 | | | 2,000 | | | |
Black Crow AI, Inc. affiliates | Equity | 3/24/2021 | Preferred Note | 3 | | 2,406 | | | 2,406 | | | (21) |
CapLinked, Inc. | Equity | 10/26/2012 | Preferred Series A-3 | 53,614 | | 51 | | | — | | | |
Contentful Global, Inc. | Equity | 12/22/2020 | Preferred Series C | 41,000 | | 138 | | | 257 | | | (5)(10) |
| Equity | 11/20/2018 | Preferred Series D | 108,500 | | 500 | | | 722 | | | (5)(10) |
Total Contentful Global, Inc. | | | | 149,500 | | 638 | | | 979 | | | |
DNAnexus, Inc. | Equity | 3/21/2014 | Preferred Series C | 51,948 | | 97 | | | 5 | | | |
Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20,000 | | 4,284 | | | 198 | | | |
Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458,841 | | 1,000 | | | 5,194 | | | |
| | | | | | | | | | |
See notes to consolidated financial statements
26
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
| Equity | 8/24/2017 | Preferred Series 3 | 93,620 | | $ | 300 | | | $ | 1,075 | | | |
Total Druva Holdings, Inc. | | | | 552,461 | | 1,300 | | | 6,269 | | | |
HighRoads, Inc. | Equity | 1/18/2013 | Common Stock | 190 | | 307 | | | — | | | |
Leapwork ApS | Equity | 8/25/2023 | Preferred Series B2 | 183,073 | | 250 | | | 132 | | | (5)(10) |
Lightbend, Inc. | Equity | 12/4/2020 | Common Stock | 38,461 | | 265 | | | 24 | | | |
Nextdoor.com, Inc. | Equity | 8/1/2018 | Common Stock | 1,019,255 | | 4,854 | | | 2,416 | | | (4) |
| | | | | | | | | | |
SingleStore, Inc. | Equity | 11/25/2020 | Preferred Series E | 580,983 | | 2,000 | | | 1,988 | | | |
| Equity | 8/12/2021 | Preferred Series F | 52,956 | | 280 | | | 216 | | | |
Total SingleStore, Inc. | | | | 633,939 | | 2,280 | | | 2,204 | | | |
SirionLabs Pte. Ltd. | Equity | 6/30/2024 | Preferred Series F1 | 152,250 | | 1,792 | | | 1,996 | | | (5)(10) |
Verana Health, Inc. | Equity | 7/8/2021 | Preferred Series E | 952,562 | | 2,000 | | | 370 | | | |
| | | | | | | | | | |
Subtotal: Software (0.99%)* | | | | 23,524 | | | 19,665 | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | |
Sustainable and Renewable Technology | | | | | | | | | |
| | | | | | | | | | |
Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188,611 | | 2,000 | | | 106 | | | |
Modumetal, Inc. | Equity | 6/1/2015 | Common Stock | 1,035 | | 500 | | | — | | | |
Pivot Bio, Inc. | Equity | 6/28/2021 | Preferred Series D | 593,080 | | | 4,500 | | | 1,885 | | | |
SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC) | Equity | 12/10/2020 | Common Stock | 405 | | 3,153 | | | 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. | Warrant | 6/21/2022 | Preferred Series C | 75,567 | | $ | 36 | | | $ | 122 | | | |
PathAI, Inc. | Warrant | 12/23/2022 | Common Stock | 53,418 | | 460 | | | 101 | | | (12) |
Subtotal: Biotechnology Tools (0.01%)* | | | | | 496 | | | 223 | | | |
Communications & Networking | | | | | | | | | | |
Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 486,097 | | 242 | | | 209 | | | (12) |
| | | | | | | | | | |
Subtotal: Communications & Networking (0.01%)* | | | | | 242 | | | 209 | | | |
Consumer & Business Products | | | | | | | | | | |
Gadget Guard, LLC | Warrant | 6/3/2014 | Common Stock | 1,662,441 | | 228 | | | — | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Whoop, Inc. | Warrant | 6/27/2018 | Preferred Series C | 686,270 | | 17 | | | 714 | | | |
Subtotal: Consumer & Business Products (0.04%)* | | | | | 245 | | | 714 | | | |
Consumer & Business Services | | | | | | | | | | |
Altumint, Inc. | Warrant | 10/31/2024 | Common Stock | 1,701 | | 127 | | | 129 | | | (15) |
Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174,163 | | 164 | | | 55 | | | (5)(10) |
| | | | | | | | | | |
| Warrant | 2/13/2024 | Preferred Series D-4 | 109,257 | | 20 | | | 11 | | | (5)(10) |
Total Carwow LTD | | | | 283,420 | | 184 | | | 66 | | | |
Houzz, Inc. | Warrant | 10/29/2019 | Common Stock | 529,661 | | 20 | | | — | | | |
See notes to consolidated financial statements
27
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Landing Holdings Inc. | Warrant | 3/12/2021 | Common Stock | 11,806 | | $ | 116 | | | $ | 115 | | | (15) |
Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127,032 | | 39 | | | 10 | | | |
Plentific Ltd | Warrant | 10/3/2023 | Ordinary Shares | 27,298 | | 60 | | | 38 | | | (5)(10) |
Provi | Warrant | 12/22/2022 | Common Stock | 117,042 | | 166 | | | 77 | | | (15) |
Rhino Labs, Inc. | Warrant | 3/12/2021 | Common Stock | 13,106 | | 470 | | | — | | | (15) |
SeatGeek, Inc. | Warrant | 6/12/2019 | Common Stock | 1,604,724 | | 1,242 | | | 4,901 | | | (12)(16) |
Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1,607,143 | | 57 | | | 28 | | | |
| Warrant | 8/23/2019 | Preferred Series B | 444,444 | | 83 | | | 3 | | | |
Total Skyword, Inc. | | | | 2,051,587 | | 140 | | | 31 | | | |
Snagajob.com, Inc. | Warrant | 4/20/2020 | Common Stock | 600,000 | | 16 | | | — | | | |
| Warrant | 6/30/2016 | Preferred Series A | 1,800,000 | | 782 | | | — | | | |
| Warrant | 8/1/2018 | Preferred Series B | 1,211,537 | | 62 | | | — | | | |
Total Snagajob.com, Inc. | | | | 3,611,537 | | 860 | | | — | | | |
Thumbtack, Inc. | Warrant | 5/1/2018 | Common Stock | 343,497 | | 985 | | | 878 | | | |
| | | | | | | | | | |
Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98,428 | | 126 | | | 13 | | | (12) |
Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77,215 | | 129 | | | 95 | | | (5)(10) |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Warrant | 8/27/2021 | Preferred Series E | 1,868 | | 26 | | | — | | | (5)(10) |
Total Worldremit Group Limited | | | | 79,083 | | 155 | | | 95 | | | |
Subtotal: Consumer & Business Services (0.32%)* | | | | | 4,690 | | | 6,353 | | | |
Diversified Financial Services | | | | | | | | |
Next Insurance, Inc. | Warrant | 2/3/2023 | Common Stock | 522,930 | | 214 | | | 460 | | | |
Subtotal: Diversified Financial Services (0.02%)* | | | | 214 | | | 460 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | |
Drug Discovery & Development | | | | | | | | | | |
| | | | | | | | | | |
Akero Therapeutics, Inc. | Warrant | 6/15/2022 | Common Stock | 32,190 | | 330 | | | 519 | | | (4)(10) |
AmplifyBio, LLC | Warrant | 12/27/2022 | Class A Units | 69,239 | | 238 | | | 151 | | | (15) |
Axsome Therapeutics, Inc. | Warrant | 9/25/2020 | Common Stock | 61,004 | | 1,290 | | | 1,528 | | | (4)(10)(12)(16) |
bluebird bio, Inc. | Warrant | 3/15/2024 | Common Stock | 111,206 | | 1,744 | | | — | | | |
Cellarity, Inc. | Warrant | 12/8/2021 | Preferred Series B | 100,000 | | 287 | | | 103 | | | (15) |
Century Therapeutics, Inc. | Warrant | 9/14/2020 | Common Stock | 16,112 | | 37 | | | — | | | (4) |
COMPASS Pathways plc | Warrant | 6/30/2023 | Ordinary Shares | 75,376 | | 278 | | | 48 | | | (4)(5)(10) |
Curevo, Inc. | Warrant | 6/9/2023 | Common Stock | 95,221 | | 233 | | | 154 | | | (15) |
| | | | | | | | | | |
enGene, Inc. | Warrant | 12/22/2023 | Common Stock | 43,689 | | 118 | | | 102 | | | (4)(5)(10) |
| | | | | | | | | | |
Fresh Tracks Therapeutics, Inc. | Warrant | 2/18/2016 | Common Stock | 201 | | 119 | | | — | | | (4) |
Heron Therapeutics, Inc. | Warrant | 8/9/2023 | Common Stock | 238,095 | | 228 | | | 166 | | | (4)(15) |
Kineta, Inc. | Warrant | 12/20/2019 | Common Stock | 2,202 | | 110 | | | — | | | (4) |
Kura Oncology, Inc. | Warrant | 11/2/2022 | Common Stock | 14,342 | | 88 | | | 16 | | | (4)(10)(15) |
Madrigal Pharmaceutical, Inc. | Warrant | 5/9/2022 | Common Stock | 13,229 | | 570 | | | 2,133 | | | (4)(10) |
| | | | | | | | | | |
Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64,687 | | 848 | | | 22 | | | (4)(10)(12)(15)(16) |
See notes to consolidated financial statements
28
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
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Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475,510 | | $ | 20 | | | $ | 22 | | | (15) |
Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 106,035 | | 296 | | | 2 | | | (4) |
SynOx Therapeutics Limited | Warrant | 4/18/2024 | Preferred Series B | 251,195 | | 83 | | | 76 | | | (5)(10) |
TG Therapeutics, Inc. | Warrant | 12/30/2021 | Common Stock | 117,168 | | 721 | | | 1,730 | | | (4)(10) |
Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102,216 | | 256 | | | 39 | | | |
X4 Pharmaceuticals, Inc. | Warrant | 3/18/2019 | Common Stock | 1,392,787 | | 510 | | | 185 | | | (4) |
| | | | | | | | | | |
| | | | | | | | | | |
Subtotal: Drug Discovery & Development (0.35%)* | | | | 8,404 | | | 6,996 | | | |
| | | | | | | | | | |
Electronics & Computer Hardware | | | | | | | | | | |
908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49,078 | | 101 | | | 1 | | | (4) |
Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8,503 | | 34 | | | 51 | | | |
Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622,255 | | 557 | | | 212 | | | |
Subtotal: Electronics & Computer Hardware (0.01%)* | | | | 692 | | | 264 | | | |
Healthcare Services, Other | | | | | | | | | | |
Curana Health Holdings, LLC | Warrant | 1/4/2024 | Common Units | 447,410 | | 156 | | | 492 | | | |
Modern Life, Inc. | Warrant | 3/30/2023 | Common Stock | 52,665 | | 210 | | | 169 | | | |
NeueHealth, Inc. | Warrant | 6/21/2024 | Common Stock | 185,625 | | 716 | | | 1,032 | | | (4)(12) |
Recover Together, Inc. | Warrant | 7/3/2023 | Common Stock | 194,830 | | 382 | | | 79 | | | |
Strive Health Holdings, LLC | Warrant | 9/28/2023 | Common Units | 129,400 | | 278 | | | 325 | | | (15) |
| | | | | | | | | | |
| | | | | | | | | | |
Vida Health, Inc. | Warrant | 3/28/2022 | Preferred Series E | 192,431 | | 121 | | | 2 | | | |
Subtotal: Healthcare Services, Other (0.11%)* | | | | 1,863 | | | 2,099 | | | |
Information Services | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
NetBase Quid, Inc. (p.k.a NetBase Solutions) | Warrant | 8/22/2017 | Preferred Series 1 | 60,000 | | 356 | | | — | | | |
Signal Media Limited | Warrant | 6/29/2022 | Common Stock | 129,638 | | 57 | | | 13 | | | (5)(10) |
Subtotal: Information Services (0.00%)* | | | | 413 | | | 13 | | | |
Manufacturing Technology | | | | | | | | | | |
Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392,308 | | 537 | | | 871 | | | |
MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1,111,111 | | 528 | | | 291 | | | |
| | | | | | | | | | |
Subtotal: Manufacturing Technology (0.06%)* | | | | 1,065 | | | 1,162 | | | |
Media/Content/Info | | | | | | | | | | |
Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 369,370 | | 67 | | | 63 | | | |
Subtotal: Media/Content/Info (0.00%)* | | | | 67 | | | 63 | | | |
Medical Devices & Equipment | | | | | | | | | | |
| | | | | | | | | | |
Orchestra BioMed Holdings, Inc. | Warrant | 11/6/2024 | Common Stock | 52,264 | | 180 | | | 102 | | | (4)(6)(15) |
Outset Medical, Inc. | Warrant | 9/27/2013 | Common Stock | 62,794 | | 401 | | | 7 | | | (4) |
Senseonics Holdings, Inc. | Warrant | 9/8/2023 | Common Stock | 1,032,718 | | 276 | | | 203 | | | (4) |
| | | | | | | | | | |
| | | | | | | | | | |
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Sight Sciences, Inc. | Warrant | 1/22/2024 | Common Stock | 113,247 | | 363 | | | 195 | | | (4)(6) |
| | | | | | | | | | |
See notes to consolidated financial statements
29
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15,712 | | $ | 61 | | | $ | — | | | (4) |
Subtotal: Medical Devices & Equipment (0.03%)* | | | | 1,281 | | | 507 | | | |
Semiconductors | | | | | | | | | | |
Achronix Semiconductor Corporation | Warrant | 6/26/2015 | Preferred Series D-2 | 750,000 | | 99 | | | 494 | | | |
| | | | | | | | | | |
Subtotal: Semiconductors (0.02%)* | | | | 99 | | | 494 | | | |
Software | | | | | | | | | |
Aria Systems, Inc. | Warrant | 5/22/2015 | Preferred Series G | 231,535 | | 74 | | | — | | | |
Automation Anywhere, Inc. | Warrant | 9/23/2022 | Common Stock | 254,778 | | 448 | | | 421 | | | |
Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29,691 | | 284 | | | 442 | | | |
Brain Corporation | Warrant | 10/4/2021 | Common Stock | 435,396 | | 215 | | | 84 | | | |
CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211,342 | | 117 | | | 9 | | | |
Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477,454 | | 71 | | | — | | | |
Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6,763 | | 54 | | | 908 | | | (5)(10) |
Coronet Cyber Security Ltd. | Warrant | 9/26/2024 | Ordinary Shares | 39,183 | | 254 | | | 266 | | | |
Couchbase, Inc. | Warrant | 4/25/2019 | Common Stock | 105,350 | | 462 | | | 686 | | | (4) |
Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102,898 | | 26 | | | 83 | | | (5)(10)(12) |
Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 770,838 | | 461 | | | 1,102 | | | |
| | | | | | | | | | |
Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727,047 | | 545 | | | 234 | | | |
| | | | | | | | | | |
Dragos, Inc. | Warrant | 6/28/2023 | Common Stock | 57,528 | | 1,575 | | | 984 | | | |
DroneDeploy, Inc. | Warrant | 6/30/2022 | Common Stock | 95,911 | | 278 | | | 417 | | | |
| | | | | | | | | | |
Earnix, Inc. | Warrant | 6/6/2024 | Common Stock | 20,762 | | 220 | | | 327 | | | |
Elation Health, Inc. | Warrant | 9/12/2022 | Common Stock | 362,837 | | 583 | | | 236 | | | |
First Insight, Inc. | Warrant | 5/10/2018 | Preferred Series B | 75,917 | | 96 | | | 33 | | | |
Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84,995 | | 325 | | | 274 | | | |
Harness, Inc. | Warrant | 3/12/2024 | Common Stock | 193,618 | | 534 | | | 632 | | | |
Kore.ai, Inc. | Warrant | 3/31/2023 | Preferred Series C | 64,293 | | 208 | | | 142 | | | |
Leapwork ApS | Warrant | 1/23/2023 | Common Stock | 93,211 | | 39 | | | 35 | | | (5)(10)(12) |
Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series LB-2 | 86,984 | | 131 | | | 26 | | | |
Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82,362 | | 252 | | | 264 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Morphisec Information Security 2014 Ltd. | Warrant | 10/1/2024 | Ordinary Shares | 200,115 | | 104 | | | 108 | | | (5)(10) |
Pindrop Security, Inc. | Warrant | 6/26/2024 | Common Stock | 134,542 | | 494 | | | 496 | | | (15) |
Reltio, Inc. | Warrant | 6/30/2020 | Common Stock | 69,120 | | 215 | | | 698 | | | |
Semperis Technologies Inc. | Warrant | 4/23/2024 | Common Stock | 72,122 | | 115 | | | 213 | | | |
Simon Data, Inc. | Warrant | 3/22/2023 | Common Stock | 77,934 | | 96 | | | 22 | | | (12) |
SingleStore, Inc. | Warrant | 4/28/2020 | Preferred Series D | 312,596 | | 103 | | | 551 | | | |
Sisense Ltd. | Warrant | 6/8/2023 | Ordinary Shares | 321,956 | | 174 | | | 61 | | | (5)(10) |
Suzy, Inc. | Warrant | 8/24/2023 | Common Stock | 292,936 | | 367 | | | 291 | | | (6)(15) |
| | | | | | | | | | |
Tipalti Solutions Ltd. | Warrant | 3/22/2023 | Ordinary Shares | 509,753 | | 359 | | | 395 | | | (5)(10) |
See notes to consolidated financial statements
30
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2024
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares | | Cost (2) | | Value | | Footnotes |
VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152,048 | | $ | 1,275 | | | $ | 32 | | | (15) |
Subtotal: Software (0.53%)* | | | | 10,554 | | | 10,472 | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | |
Space Technologies | | | | | | | | | | |
Capella Space Corp. | Warrant | 10/21/2021 | Common Stock | 176,200 | | | 207 | | | 10 | | | (15) |
Subtotal: Space Technologies (0.00%)* | | | | 207 | | | 10 | | | |
Sustainable and Renewable Technology | | | | | | | | | | |
Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18,472 | | 52 | | | 67 | | | |
Electric Hydrogen Co. | Warrant | 3/27/2024 | Common Stock | 246,618 | | 507 | | | 394 | | | (15) |
Halio, Inc. | Warrant | 4/7/2015 | Common Stock | 144,914 | | 63 | | | — | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
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 & Vehicles | 11/16/2020 | | | | $ | 2,847 | | | $ | 4,382 | | | (5)(10)(17) |
Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 | | | | 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 & Vehicles | 7/21/2022 | | | | 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 Fund | Cash & Cash Equivalents | | FGTXX/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 Currency | Settlement Date | Counterparty | Amount | Transaction | | US $ Notional Value at Settlement Date | | Value |
Great British Pound (GBP) | 6/3/2025 | Goldman 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
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
32
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.
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.
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;
(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
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
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
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.
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.
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.
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 Debt | | 64,736 | | | — | | | — | | | 64,736 | |
Preferred Stock | | 52,662 | | | — | | | — | | | 52,662 | |
Common Stock(2) | | 94,088 | | | 35,194 | | | — | | | 58,894 | |
Warrants | | 31,473 | | | — | | | 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 Debt | | 75,557 | | | — | | | — | | | 75,557 | |
Preferred Stock | | 53,802 | | | — | | | — | | | 53,802 | |
Common Stock(2) | | 74,855 | | | 30,262 | | | — | | | 44,593 | |
Warrants | | 30,500 | | | — | | | 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.
(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 Debt | 75,557 | | | — | | | 65 | | | 1,336 | | | — | | | — | | | — | | | (12,222) | | | 64,736 | |
Preferred Stock | 53,802 | | | — | | | (3,953) | | | 2,813 | | | — | | | — | | | — | | | — | | | 52,662 | |
Common Stock | 44,593 | | | (670) | | | (2,014) | | | — | | | (331) | | | — | | | 17,316 | | | — | | | 58,894 | |
Warrants | 21,823 | | | (63) | | | (1,527) | | | 352 | | | — | | | — | | | — | | | — | | | 20,585 | |
Other Assets and Liabilities | | | | | | | | | | | | | | | | | |
Escrow and Other Investment Receivables | 152 | | | 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 Debt | 69,722 | | | — | | | 481 | | | 542 | | | — | | | — | | | — | | | — | | | 70,745 | |
Preferred Stock | 53,038 | | | — | | | (2,326) | | | 1,597 | | | — | | | — | | | — | | | — | | | 52,309 | |
Common Stock | 41,790 | | | — | | | (1,752) | | | — | | | — | | | — | | | — | | | — | | | 40,038 | |
Warrants | 22,088 | | | 904 | | | (2,113) | | | 1,232 | | | (2,829) | | | — | | | — | | | — | | | 19,282 | |
Other Assets | | | | | | | | | | | | | | | | | |
Escrow and Other Investment Receivables | 10,888 | | | 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.
| | | | | | | | | | | |
(in millions) | Three Months Ended March 31, |
| 2025 | | 2024 |
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 Companies | | Hypothetical 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% |
| | | | | | | | | | |
Technology | | 1,281,565 | | | Market Comparable Companies | | Hypothetical Market Yield | | 9.81% - 21.18% | | 13.21% |
| | | | | Premium/(Discount) | | (1.00%) - 5.00% | | 0.17% |
| | 27,673 | | | Convertible Note Analysis | | Probability 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 Technology | | 19,903 | | | Market Comparable Companies | | Hypothetical Market Yield | | 15.78% - 15.78% | | 15.78% |
| | | | | Premium/(Discount) | | 0.50% - 0.50% | | 0.50% |
| | | | | | | | | | |
Medical Devices | | 59,851 | | | Market Comparable Companies | | Hypothetical Market Yield | | 11.81% - 12.77% | | 12.26% |
| | | | | | Premium/(Discount) | | 0.00% - 0.50% | | 0.26% |
| | | | | | | | | | |
Lower Middle Market | | 585,224 | | | Market Comparable Companies | | Hypothetical 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 Receivables | | 1,966 | | | 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.
•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 Companies | | Hypothetical 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% |
| | | | | | | | | | |
Technology | | 1,365,943 | | | Market Comparable Companies | | Hypothetical Market Yield | | 10.21% - 20.58% | | 13.10% |
| | | | | Premium/(Discount) | | (0.75%) - 4.50% | | 0.20% |
| | 26,869 | | | Convertible Note Analysis | | Probability 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 Technology | | 21,102 | | | Market Comparable Companies | | Hypothetical Market Yield | | 12.41% - 15.44% | | 15.25% |
| | | | | | Premium/(Discount) | | 0.25% - 3.50% | | 0.45% |
| | | | | | | | | | |
Medical Devices | | 59,645 | | | Market Comparable Companies | | Hypothetical Market Yield | | 11.79% - 12.75% | | 12.24% |
| | | | | Premium/(Discount) | | 0.00% - 0.50% | | 0.26% |
| | | | | | | | | | |
Lower Middle Market | | 636,258 | | | Market Comparable Companies | | Hypothetical 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.
(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 Investments | | Fair 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 Investments | | 18,779 | | | 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 Investments | | Fair 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 Investments | | 18,302 | | | 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.
(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 |
Description | | Carrying 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 Notes | | 69,960 | | | 70,637 | | | — | | | — | | | 70,637 | |
June 2025 3-Year Notes | | 49,965 | | | 50,678 | | | — | | | — | | | 50,678 | |
March 2026 A Notes | | 49,913 | | | 49,012 | | | — | | | — | | | 49,012 | |
March 2026 B Notes | | 49,905 | | | 49,036 | | | — | | | — | | | 49,036 | |
September 2026 Notes | | 323,566 | | | 305,377 | | | — | | | — | | | 305,377 | |
January 2027 Notes | | 347,598 | | | 330,404 | | | — | | | — | | | 330,404 | |
2028 Convertible Notes | | 278,503 | | | 282,109 | | | — | | | 282,109 | | | — | |
2031 Asset-Backed Notes | | 116,272 | | | 113,433 | | | — | | | 113,433 | | | — | |
2033 Notes | | 39,070 | | | 40,368 | | | — | | | 40,368 | | | — | |
| | | | | | | | | | |
MUFG Bank Facility | | 105,000 | | | 105,000 | | | — | | | — | | | 105,000 | |
SMBC Facility | | 259,822 | | | 260,006 | | | — | | | — | | | 260,006 | |
Total | | $ | 1,976,623 | | | $ | 1,924,296 | | | $ | — | | | $ | 435,910 | | | $ | 1,488,386 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | December 31, 2024 |
Description | | Carrying 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 Notes | | 49,981 | | | 50,698 | | | — | | | — | | | 50,698 | |
June 2025 Notes | | 69,919 | | | 69,308 | | | — | | | — | | | 69,308 | |
June 2025 3-Year Notes | | 49,926 | | | 49,713 | | | — | | | — | | | 49,713 | |
March 2026 A Notes | | 49,889 | | | 49,052 | | | — | | | — | | | 49,052 | |
March 2026 B Notes | | 49,880 | | | 49,087 | | | — | | | — | | | 49,087 | |
September 2026 Notes | | 323,321 | | | 302,244 | | | — | | | — | | | 302,244 | |
January 2027 Notes | | 347,265 | | | 327,928 | | | — | | | — | | | 327,928 | |
2031 Asset-Backed Notes | | 118,769 | | | 115,031 | | | — | | | 115,031 | | | — | |
2033 Notes | | 39,043 | | | 40,272 | | | — | | | 40,272 | | | — | |
MUFG Bank Facility | | 116,000 | | | 116,000 | | | — | | | — | | | 116,000 | |
SMBC Facility | | 283,591 | | | 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.
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(in thousands) | | For the Three Months Ended March 31, 2025 | | |
Portfolio Company(1) | | Type | | Fair Value as of March 31, 2025 | | Interest & Dividend Income | | Fee Income | | Net Change in Unrealized Appreciation (Depreciation) | | Realized Gain (Loss) | | | | | | | | |
Control Investments | | | | | | | | | | | | | | | | | | | | |
Coronado Aesthetics, LLC | | Control | | $ | 47 | | | $ | — | | | $ | — | | | $ | (22) | | | $ | — | | | | | | | | | |
Gibraltar Acquisition LLC(2) | | Control | | 58,900 | | | 1,567 | | | 39 | | | (941) | | | — | | | | | | | | | |
Hercules Adviser LLC(3) | | Control | | 45,017 | | | 1,900 | | | — | | | 2,827 | | | — | | | | | | | | | |
Tectura Corporation | | Control | | 11,770 | | | 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) | | Type | | Fair Value as of March 31, 2024 | | Interest & Dividend Income | | Fee Income | | Net Change in Unrealized Appreciation (Depreciation) | | Realized Gain (Loss) | | | | | | | | |
Control Investments | | | | | | | | | | | | | | | | | | | | |
Coronado Aesthetics, LLC | | Control | | $ | 283 | | | $ | — | | | $ | — | | | $ | 21 | | | $ | — | | | | | | | | | |
Gibraltar Acquisition, LLC(2) | | Control | | 57,931 | | | 1,033 < |