htgc-20250331

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

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

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes 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		3

Item 1.	Consolidated Financial Statements	3

	Consolidated Statements of Assets and Liabilities as of Ma rch 3 1 , 202 5 (unaudited) and December 31, 202 4	3

	Consolidated Statements of Operations for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	5

	Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 5 and 202 4 (unaudited)	6

	Consolidated Schedule of Investments as of March 3 1 , 202 5 (unaudited)	7

	Consolidated Schedule of Investments as of December 31, 2024	20

	Notes to Consolidated Financial Statements (unaudited)	33

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	70

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	86

Item 4.	Controls and Procedures	87

PART II. OTHER INFORMATION		88

Item 1.	Legal Proceedings	88

Item 1A.	Risk Factors	88

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	89

Item 3.	Defaults Upon Senior Securities	89

Item 4.	Mine Safety Disclosures	89

Item 5.	Other Information	89

Item 6.	Exhibits and Financial Statement Schedules	90

SIGNATURES		95

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

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

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

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

Table of Contents

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

Table of Contents

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

(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

(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

Table of Contents

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)

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

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid	$	25,580	$	24,084
Income tax, including excise tax, paid	$	6,033	$	4,902
Distributions reinvested	$	2,511	$	1,780

(1)Excluded from the amounts presented are certain investment funding allocations of $124.1 million, which were directly funded by the Adviser Funds (as defined in "Note 1 – Description of Business") during the three month period ended March 31, 2025. Refer to Note 12 – Related Party Transaction for additional information.

(2)Stock-based compensation includes $35 thousand and $35 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2025 and 2024, respectively.

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


(in thousands)	For the Three Months Ended March 31,
	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

Table of Contents

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
Debt Investments
Biotechnology Tools

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)


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)

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)

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)

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)


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)

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



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)



	Unsecured	September 2026	FIXED 11.95%	$	10,000	9,891		9,891		(7)(20)
Total Gibraltar Acquisition, LLC				$	37,104	36,790		36,790



Next Insurance, Inc.	Senior 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

Table of Contents

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)


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)


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)

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)



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)


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)

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)


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)



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)



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)

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)


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

Table of Contents

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











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




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)

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)


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)


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)

See notes to consolidated financial statements

Table of Contents

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)


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)

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)


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)

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)

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)

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)

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)


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

Table of Contents

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)

	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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2025 (unaudited)

(dollars in thousands)

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

(1)Prime represents 7.50% as of March 31, 2025. 1-month SOFR, 3-month SOFR and 6-month SOFR represent 4.32%, 4.29%, and 4.19%, respectively, as of March 31, 2025.

(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $110.7 million, $181.0 million and $70.3 million, respectively. The tax cost of investments is $4.0 billion.

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

(4)Except for warrants in 21 publicly traded companies and common stock in 28 publicly traded companies, all investments are restricted as of March 31, 2025 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the “Valuation Committee”) and approved by the board of directors (the “Board”).

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

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

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

(8)Debt is on non-accrual status as of March 31, 2025, and is therefore considered non-income producing.

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

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

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

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

(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).

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

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

(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of March 31, 2025.

(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of March 31, 2025 (Refer to “Note 11 - Commitments and Contingencies”).

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

(19)Denotes second lien senior secured debt.

(20)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC.

(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of March 31, 2025, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 million.

(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $11.9 million and $11.7 million, respectively.

(23)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 – Description of Business” for additional disclosure.

(24)Denotes that the debt investment remains outstanding beyond its stated maturity date as it is subject to an ongoing workout process.

See notes to consolidated financial statements

Table of Contents

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

Table of Contents

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)







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)




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)




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)


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)

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)

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)


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)




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)



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

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

Table of Contents

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
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)

	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)

Subtotal: Healthcare Services, Other (30.19%)*						599,140		600,582
Information Services



Saama Technologies, LLC	Senior Secured	July 2027	Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee	$	19,779	19,741		20,445		(12)(14)(17)



Subtotal: Information Services (1.03%)*						19,741		20,445
















Medical Devices & Equipment
Orchestra BioMed Holdings, Inc.	Senior 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

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)

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)


Ceros, Inc.	Senior Secured	September 2026	3-month SOFR + 8.99%, Floor rate 9.89%	$	22,762	22,515		22,183		(17)(18)



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

Table of Contents

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
	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



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)

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)

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)




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)



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)

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)


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)




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)

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)

See notes to consolidated financial statements

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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
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)




Sight Sciences, Inc.	Warrant	1/22/2024	Common Stock	113,247	363		195		(4)(6)

See notes to consolidated financial statements

Table of Contents

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

Table of Contents

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

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HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(dollars in thousands)

(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.

(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”).

(19)Denotes second lien senior secured debt.

(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.

See notes to consolidated financial statements

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HERCULES CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Description of Business

Hercules Capital, Inc. (the “Company”) is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology and life sciences industries. The Company sources its investments through its principal office located in San Mateo, CA, as well as through its additional offices in Boston, MA, New York, NY, San Diego, CA, Denver, CO, and London, United Kingdom. The Company was incorporated under the General Corporation Law of the State of Maryland in December 2003.

The Company is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Effective January 1, 2006, the Company elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M Part I of the Internal Revenue Code of 1986, as amended (the “Code”) (see “Note 6 - Income Taxes”).

The Company is not registered with the Commodity Futures Trading Commission (“CFTC”). The Company has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”), pursuant to Rule 4.5 under the CEA. Therefore, the Company is not, subject to registration or regulation as a “commodity pool operator” under the CEA.

Hercules Capital IV, L.P. (“HC IV”) and Hercules SBIC V, L.P. (“SBIC V”) are our wholly owned Delaware limited partnerships that were formed in December 2010 and September 2023, respectively. HC IV and SBIC V have each received licenses to operate as a Small Business Investment Company (“SBIC”) under the authority of the Small Business Administration (“SBA”) on October 27, 2020 and July 9, 2024, respectively. Our SBICs are subject to a variety of regulations concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments. Hercules Technology SBIC Management, LLC (“HTM”), is a wholly owned limited liability company subsidiary of the Company, which was formed in November 2003 and serves as the general partner of HC IV and SBIC V.

The Company has also established certain wholly owned subsidiaries, all of which are structured as Delaware corporations or limited liability companies (“LLCs”), to hold portfolio companies organized as LLCs (or other forms of pass-through entities). These subsidiaries are consolidated for financial reporting purposes in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Certain of the subsidiaries are taxable and not consolidated with Hercules for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments.

The Company formed Hercules Capital Management LLC and Hercules Adviser LLC in 2020 as wholly owned Delaware limited liability subsidiaries. The Company was granted no-action relief by the staff of the Securities and Exchange Commission (“SEC”) to allow Hercules Adviser LLC (the “Adviser Subsidiary”) to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The Adviser Subsidiary provides investment advisory and related services to investment vehicles (“Adviser Funds”) owned by one or more unrelated third-party investors (“External Parties”). The Adviser Subsidiary is owned by Hercules Capital Management LLC and collectively held and presented with Hercules Partner Holdings, LLC, which separately wholly owns the general partnership interests to each of the Adviser Funds.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated interim financial statements have been prepared in accordance with U.S. GAAP for interim financial information, and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments consisting solely of normal recurring accruals considered necessary for the fair statement of consolidated financial statements for the interim periods have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Therefore, the interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024. The year-end Consolidated Statements of Assets and Liabilities data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency.

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As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such, pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated.

Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.

A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE.

To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE.

The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework.

The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in 2022 in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The assets of the Company's securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit.

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Fair Value Measurements

The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value.

The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets.

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company.

Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. It includes prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Generally, assets carried at fair value and included in this category are the debt investments and warrants and equities held in a private company.

Valuation of Investments

The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.

Pursuant to Rule 2a-5 of the 1940 Act, the Board has designated the Company’s Valuation Committee as the “valuation designee”. As of March 31, 2025, approximately 97.4% of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the Valuation Committee, as valuation designee of the Board. The Company’s investments are carried at fair value in accordance with Rule 2a-5 under the 1940 Act and ASC Topic 946. Given the Company's investment strategy, nature of investments, and types of businesses in which it invests, substantially all of the Company’s investments are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to the valuation guidelines approved by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market values, the fair value of the Company’s investments may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material.

In accordance with procedures approved by its Board, the Company values investments on a quarterly basis following a multistep valuation process. The quarterly Board approved multi-step valuation process is described below:

(1)The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment;

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(2)Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary;

(3)The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board;

(4)The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and

(5)The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio.

Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee subject to oversight and approval of the Board.

As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation.

The Company records unrealized depreciation on investments when it believes that an investment has decreased in value, including where it believes collection of a debt investment is doubtful or, if under the in-exchange premise, when it believes the value of a debt investment is less than the amortized cost of the investment. Conversely, where appropriate, the Company records unrealized appreciation if it believes that the underlying portfolio company has appreciated in value and, therefore, that its investment has also appreciated in value or, if it believes, under the in-exchange premise, the value of an investment is greater than its amortized cost.

Debt Investments

The Company’s debt investments are substantially considered Level 3 assets under ASC Topic 820 with fair value as

determined in good faith pursuant to the process described above. In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below.

The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to

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estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date.

The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. The Company values syndicated debt investments, for which sufficient liquidity and market data are available, using broker quotes and bond indices amongst other factors. Debt investments with market quotations are generally considered Level 1 or 2 assets in line with ASC Topic 820. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis.

When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recording warrant or other equity instruments is accreted into interest income over the life of the debt investment.

Equity Securities and Warrants

Securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date.

At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes OPM. For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors.

Investment Funds & Vehicles

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Derivative Instruments

The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on non-control/non-affiliate investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on non-control/non-affiliate investments in the Consolidated Statements of Operations. The net cash flows realized on settlement of derivatives are included in realized (gain) loss in the Consolidated Statements of Cash Flows.

Cash, Cash Equivalents, Foreign Cash, and Restricted Cash

Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair

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value. Foreign cash includes the value of foreign currencies held and translated using the prevailing foreign exchange rates on the reporting date. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions, including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”).

Foreign Currency Translation

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Other Assets

Other assets generally consist of prepaid expenses, debt issuance costs related to our Credit Facilities (as defined below) net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow and other investment related receivables.

Escrow Receivables

Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”.

Investment Income Recognition

The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID related income. "Structured Debt" refers to a debt investment that is structured with an equity, warrant, option, or other right to purchase or convert into common or preferred equity investments. The OID recorded upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID value is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term.

Additionally, the Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest

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method. One-off fees for transaction and management services are generally recognized as income in the period when the services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected.

From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding.

Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal.

Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies to the extent that such amounts are payable by the portfolio company and are expected to be collected.

Realized Gains or Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or other realization event and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries.

Secured Borrowings

The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value.

Equity Offering Expenses

The Company’s offering expenses are charged against the proceeds from equity offerings when received as a reduction of capital upon completion of an offering of registered securities.

Debt

The debt of the Company is carried at amortized cost which is comprised of the principal amount borrowed net of any unamortized discount and debt issuance costs. Discounts and issuance costs are accreted to interest expense and loan fees, respectively, using the straight-line method, which closely approximates the effective yield method, over the remaining life of the underlying debt obligations (see “Note 5 – Debt”). Accrued but unpaid interest is included within Accounts payable and accrued liabilities on the Consolidated Statements of Assets and Liabilities. In the event that the debt is extinguished, either partially or in full, before maturity, the Company recognizes the gain or loss in the Consolidated Statements of Operations within net realized gains (losses) as a “Loss on extinguishment of debt”.

Debt Issuance Costs

Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest, debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements which are included within Other Assets as permitted under GAAP.

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Stock-Based Compensation

The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock-based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment. This includes certain assumptions such as stock price volatility, forfeiture rate, expected outcome probability, and expected option life, as applicable to each award. In accordance with ASC Topic 480, certain stock awards are classified as a liability. The compensation expense associated with these awards is recognized in the same manner as all other stock-based compensation. The award liability is recorded as deferred compensation and included in Accounts payable and accrued liabilities.

Income Taxes

The Company accounts for income taxes in accordance with the provisions of ASC Topic 740 Income Taxes, under which income taxes are provided for amounts currently payable and for amounts deferred based upon the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provisions of the enacted tax law. Valuation allowances may be used to reduce deferred tax assets to the amount likely to be realized.

Because taxable income as determined in accordance with U.S. federal tax regulations differ from U.S. GAAP, taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from the change in the classification of certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gains or losses are recognized at some time in the future for tax or U.S. GAAP purposes.

The Company has elected to be treated as a RIC under Subchapter M Part I of the Code. To qualify as a RIC, the Company is required to meet certain income and asset tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. See “Certain United States Federal Income Tax Considerations” included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 13, 2025 for additional information.

As a RIC, the Company is subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and capital gain net income realized, but not distributed, in preceding calendar years. The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains).

The amount to be paid out as a distribution is determined by the Board each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company's earnings fall below the amount of the dividend distributions declared, however, a portion of the total amount of the Company's distributions for the fiscal year may be deemed a return of capital.

Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or returns of capital. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, it may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.

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Earnings Per Share (“EPS”)

Basic EPS is calculated by dividing net earnings applicable to common stockholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and restricted stock for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable pursuant to stock options and to restricted stock for which future service is required as a condition to the delivery of the underlying common stock. Diluted EPS is computed using the if-converted method for convertible debt, which reflects the potential dilution that would occur if all of the notes were converted as of the beginning of the reporting period (or the date of issuance, if later). The if-converted method is computed by dividing the net increase (decrease) in net assets resulting from operations (adjusted to reverse any recognized interest expense), by the weighted average number of shares of common stock assuming all potential shares had been converted, and the additional shares of common stock were dilutive. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS, if applicable.

Comprehensive Income

The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have other comprehensive income for the three months ended March 31, 2025 or 2024. The Company’s comprehensive income is equal to its net increase in net assets resulting from operations.

Distributions

Distributions to common stockholders are approved by the Board on a quarterly basis and the distribution payable is recorded on the ex-dividend date. The Company maintains an “opt out” dividend reinvestment plan that provides for reinvestment of the Company’s distribution on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company declares a distribution, cash distributions will be automatically reinvested in additional shares of its common stock unless the stockholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions.

Segments

The Company has determined that it has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC 280”). Our Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). While the Company lends to and separately evaluates the performance of each portfolio company in which it invests across various technology-related industries including drug discovery and development, software, consumer & business services, and other healthcare services, the Company and the CODM evaluate and monitor performance of the business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, documentation, loan and compliance administration in addition to administrative functions of human resources, legal, finance and information technology.

The CODM uses our consolidated net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company’s performance and when allocating resources. Net Investment Income is comprised of consolidated total investment income (‘segment revenues’) and consolidated total net operating expenses (‘significant segment expenses’), which are considered the key segment measures of profit or loss received by the CODM. The information and operating expense categories included in the Company’s Consolidated Statement of Operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM.

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3. Fair Value of Financial Instruments

The Company values financial instruments in accordance with ASC 820, using the techniques and approaches outlined in the Company's valuation guidelines, which are approved by the Board. During the periods ended March 31, 2025 and December 31, 2024, there were no changes to the Company’s valuation techniques or approaches as described herein.

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of March 31, 2025 and December 31, 2024.


(in thousands)	Balance as of March 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description
Cash and cash equivalents
Money Market Fund(1)	$	26,000	$	26,000	$	—	$	—

Other assets and liabilities
Escrow and Other Investment Receivables	$	1,966	$	—	$	—	$	1,966
Accounts Payable and Accrued Liabilities	(972)		—		—		(972)

Investments
Senior Secured Debt	$	3,674,498	$	—	$	—	$	3,674,498
Unsecured 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.

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(3)In accordance with U.S. GAAP, certain investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities.

(4)Derivative Instruments are carried at fair value and are a Level 2 security within the Company's fair value hierarchy.

The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024.


(in thousands)	Balance as of January 1, 2025		Net Realized Gains (Losses)(1)		Net Change in Unrealized Appreciation (Depreciation)(2)		Purchases(5)		Sales		Repayments(6)		Gross Transfers into Level 3(3)*		Gross Transfers out of Level 3(3)*		Balance as of March 31, 2025

Investments
Senior Secured Debt	$	3,419,044	$	(48)	$	(25,181)	$	428,830	$	—	$	(148,147)	$	—	$	—	$	3,674,498
Unsecured 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.

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(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.

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•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info”, “Space Technologies”, and “Software” industries.

•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.

•Medical Devices, above, is comprised of debt investments in the “Medical Devices & Equipment” industry.

•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.

(2)The weighted averages are calculated based on the fair market value of each investment.

(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.

(4)Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.


Investment Type - Level 3 Debt Investments	Fair Value as of December 31, 2024 (in thousands)		Valuation Techniques/ Methodologies	Unobservable Input(1)	Range	Weighted Average(2)
Pharmaceuticals	$	947,065	Market Comparable 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)

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.

•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.

(2)The weighted averages are calculated based on the fair market value of each investment.

(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.

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(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.

Investment Type - Level 3 Equity and Warrant 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

(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

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(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.

(5)Weighted averages are calculated based on the fair market value of each investment.

(6)The fair market value of these investments is derived based on recent market transactions.

(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.

The Company believes that the carrying amounts of its financial instruments, other than investments and debt, which consist of cash and cash equivalents, receivables including escrow receivables, accounts payable and accrued liabilities, approximate the fair values of such items due to the short maturity of such instruments. The debt obligations of the Company are recorded at amortized cost and not at fair value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s outstanding debt obligations are based on observable market trading prices or quotations and unobservable market rates as applicable for each instrument.

As of March 31, 2025 and December 31, 2024, the 2033 Notes (as defined in “Note 5 - Debt”) were trading on the New York Stock Exchange (“NYSE”) at $25.23 and $25.17 per unit at par value. The par value at underwriting for the 2033 Notes was $25.00 per unit. Based on market quotations on or around March 31, 2025 and December 31, 2024, the 2031 Asset-Backed Notes (as defined in “Note 5 - Debt”) were quoted for 0.971 and 0.963. Based on market quotations on or around March 31, 2025, the 2028 Convertible Notes (as defined in “Note 5 - Debt”) were quoted for 0.981 per dollar at par value. The fair values of the SBA debentures, June 2025 Notes, June 2025 3-Year Notes, March 2026 A Notes, March 2026 B Notes, September 2026, and January 2027 Notes (each as defined in “Note 5 - Debt”) are calculated based on the net present value of payments over the term of the notes using estimated market rates for similar notes and remaining terms. The fair values of the outstanding debt under the MUFG Bank Facility and the SMBC Facility (each as defined in “Note 5 - Debt”) are equal to their outstanding principal balances as of March 31, 2025 and December 31, 2024.

The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025
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

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(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.


(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 <