htgc-10q_20180630.htm

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On July 30, 2018, there were 95,831,773 shares outstanding of the Registrant’s common stock, $0.001 par value.

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts on or after February 25, 2016 and “Hercules Technology Growth Capital, Inc.” and its wholly owned subsidiaries and its affiliated securitization trusts prior to February 25, 2016, unless the context otherwise requires.

	June 30, 2018			December 31, 2017
Assets
Investments:
Non-control/Non-affiliate investments (cost of $1,614,160 and $1,506,454, respectively)	$	1,616,515		$	1,491,458
Control investments (cost of $59,337 and $25,419, respectively)		56,716			19,461
Affiliate investments (cost of $84,063 and $87,956, respectively)		28,705			31,295
Total investments in securities, at value (cost of $1,757,560 and $1,619,829, respectively)		1,701,936			1,542,214
Cash and cash equivalents		59,461			91,309
Restricted cash		15,886			3,686
Interest receivable		14,408			12,262
Other assets		906			5,244
Total assets	$	1,792,597		$	1,654,715

Liabilities
Accounts payable and accrued liabilities	$	25,115		$	26,896
SBA Debentures, net (principal of $190,200 and $190,200, respectively) ⁽¹⁾		188,457			188,141
2022 Notes, net (principal of $150,000 and $150,000, respectively) ⁽¹⁾		147,728			147,572
2024 Notes, net (principal of $83,510 and $183,510, respectively) ⁽¹⁾		81,694			179,001
2025 Notes, net (principal of $75,000 and $0, respectively) ⁽¹⁾		72,616			—
2021 Asset-Backed Notes, net (principal of $31,088 and $49,153, respectively) ⁽¹⁾		30,698			48,650
2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) ⁽¹⁾		224,269			223,488
Credit Facilities		58,323			—
Total liabilities	$	828,900		$	813,748

Net assets consist of:
Common stock, par value		94			85
Capital in excess of par value		1,026,313			908,501
Unrealized appreciation (depreciation) on investments ⁽²⁾		(56,760	)		(79,760	)
Accumulated undistributed realized gains (losses) on investments		(34,205	)		(20,374	)
Undistributed net investment income		28,255			32,515
Total net assets	$	963,697		$	840,967
Total liabilities and net assets	$	1,792,597		$	1,654,715

Shares of common stock outstanding ($0.001 par value, 200,000,000 authorized)		94,260			84,424
Net asset value per share	$	10.22		$	9.96

The following table presents the assets and liabilities of our consolidated securitization trust for the 2021 Asset-Backed Notes (see Note 4), which is a variable interest entity (“VIE”). The assets of our securitization VIE can only be used to settle obligations of our consolidated securitization VIE, these liabilities are only the obligations of our consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statement of Assets and Liabilities above.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Investment income:
Interest income
Non-control/Non-affiliate investments	$	44,535		$	39,979		$	86,369		$	82,324
Control investments		841			527			1,427			1,041
Affiliate investments		500			—			1,061			2
Total interest income		45,876			40,506			88,857			83,367
Fee income
Commitment, facility and loan fee income:
Non-control/Non-affiliate investments		1,930			2,440			4,370			5,374
Control investments		—			5			—			10
Affiliate investments		84			—			192			—
Total commitment, facility and loan fee income		2,014			2,445			4,562			5,384
One-time fee income:
Non-control/Non-affiliate investments		1,672			5,501			4,843			6,066
Total one-time fee income		1,672			5,501			4,843			6,066
Total fee income		3,686			7,946			9,405			11,450
Total investment income		49,562			48,452			98,262			94,817
Operating expenses:
Interest		9,878			9,254			19,264			18,861
Loan fees		3,362			1,348			4,537			4,186
General and administrative
Legal Expenses		637			2,141			1,212			2,867
Other Expenses		3,037			2,609			6,471			5,947
Total general and administrative		3,674			4,750			7,683			8,814
Employee compensation:
Compensation and benefits		7,017			5,916			12,775			11,262
Stock-based compensation		2,857			1,909			5,166			3,742
Total employee compensation		9,874			7,825			17,941			15,004
Total operating expenses		26,788			23,177			49,425			46,865
Net investment income		22,774			25,275			48,837			47,952
Net realized gain (loss) on investments
Non-control/Non-affiliate investments		(3,953	)		(5,319	)		(7,465	)		(2,030	)
Control investments		(2,900	)		(394	)		(4,308	)		(445	)
Affiliate investments		(2,058	)		—			(2,058	)		—
Total net realized gain (loss) on investments		(8,911	)		(5,713	)		(13,831	)		(2,475	)
Net change in unrealized appreciation (depreciation) on investments
Non-control/Non-affiliate investments		32,700			66,255			18,360			34,100
Control investments		3,957			(53,349	)		3,337			(53,135	)
Affiliate investments		1,540			681			1,303			1,119
Total net unrealized appreciation (depreciation) on investments		38,197			13,587			23,000			(17,916	)
Total net realized and unrealized gain (loss)		29,286			7,874			9,169			(20,391	)
Net increase (decrease) in net assets resulting from operations	$	52,060		$	33,149		$	58,006		$	27,561

Net investment income before investment gains and losses per common share:
Basic	$	0.26		$	0.31		$	0.57		$	0.58
Change in net assets resulting from operations per common share:
Basic	$	0.59		$	0.40		$	0.67		$	0.33
Diluted	$	0.59		$	0.40		$	0.67		$	0.33
Weighted average shares outstanding
Basic		87,125			82,292			85,868			81,858
Diluted		87,199			82,395			85,939			81,953
Distributions declared per common share:
Basic	$	0.31		$	0.31		$	0.62		$	0.62

												Accumulated
									Unrealized			Undistributed
						Capital in			Appreciation			Realized			Undistributed
	Common Stock					excess			(Depreciation)			Gains (Losses)			Net Investment			Net
	Shares			Par Value		of par value			on Investments			on Investments			Income			Assets
Balance at December 31, 2016		79,555		$	80	$	839,657		$	(89,025	)	$	14,314		$	22,918		$	787,944
Net increase (decrease) in net assets resulting from operations		—			—		—			(17,916	)		(2,475	)		47,952			27,561
Public offering, net of offering expenses		3,309			3		46,908			—			—			—			46,911
Issuance of common stock due to stock option exercises		27			—		211			—			—			—			211
Retired shares from net issuance		(18	)		—		(170	)		—			—			—			(170	)
Issuance of common stock under restricted stock plan		10			—		—			—			—			—			—
Retired shares for restricted stock vesting		(145	)		—		(1,988	)		—			—			—			(1,988	)
Distributions reinvested in common stock		81			—		1,122			—			—			—			1,122
Issuance of Convertible Notes		—			—		3,413			—			—			—			3,413
Distributions		—			—		—			—			—			(51,330	)		(51,330	)
Stock-based compensation⁽¹⁾		—			—		3,777			—			—			—			3,777
Balance at June 30, 2017		82,819		$	83	$	892,930		$	(106,941	)	$	11,839		$	19,540		$	817,451

Balance at December 31, 2017		84,424		$	85	$	908,501		$	(79,760	)	$	(20,374	)	$	32,515		$	840,967
Net increase (decrease) in net assets resulting from operations		—			—		—			23,000			(13,831	)		48,837			58,006
Public offering, net of offering expenses		9,486			9		112,617			—			—			—			112,626
Issuance of common stock due to stock option exercises		38			—		433			—			—			—			433
Retired shares from net issuance		(36	)		—		(447	)		—			—			—			(447	)
Issuance of common stock under restricted stock plan		336			—		—			—			—			—			—
Retired shares for restricted stock vesting		(57	)		—		(688	)		—			—			—			(688	)
Distributions reinvested in common stock		69			—		854			—			—			—			854
Distributions		—			—		—			—			—			(53,097	)		(53,097	)
Stock-based compensation ⁽¹⁾		—			—		5,043			—			—			—			5,043
Balance at June 30, 2018		94,260		$	94	$	1,026,313		$	(56,760	)	$	(34,205	)	$	28,255		$	963,697

	For the Six Months Ended June 30,
	2018			2017
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	58,006		$	27,561
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments		(563,744	)		(340,632	)
Principal and fee payments received on investments		414,347			349,519
Proceeds from the sale of investments		9,768			18,450
Net unrealized depreciation (appreciation) on investments		(23,000	)		17,916
Net realized loss (gain) on investments		13,831			2,475
Accretion of paid-in-kind principal		(4,696	)		(4,656	)
Accretion of loan discounts		(1,562	)		(3,776	)
Accretion of loan discount on Convertible Notes		336			280
Accretion of loan exit fees		(8,923	)		(10,653	)
Change in deferred loan origination revenue		3,415			19
Unearned fees related to unfunded commitments		1,616			769
Amortization of debt fees and issuance costs		3,999			3,557
Depreciation		94			105
Stock-based compensation and amortization of restricted stock grants ⁽¹⁾		5,043			3,777
Change in operating assets and liabilities:
Interest and fees receivable		(2,146	)		1,410
Prepaid expenses and other assets		518			589
Accounts payable		244			—
Accrued liabilities		(1,016	)		898
Net cash provided by (used in) operating activities		(93,870	)		67,608

Cash flows from investing activities:
Purchases of capital equipment		(116	)		(89	)
Net cash provided by (used in) investing activities		(116	)		(89	)

Cash flows from financing activities:
Issuance of common stock, net		112,626			46,911
Retirement of employee shares		(701	)		(1,947	)
Distributions paid		(52,243	)		(50,208	)
Issuance of 2022 Convertible Notes		—			230,000
Issuance of 2024 Notes		—			5,637
Issuance of 2025 Notes		75,000			—
Repayments of 2019 Notes		—			(110,364	)
Repayments of 2024 Notes		(100,000	)		—
Repayments of 2021 Asset-Backed Notes		(18,065	)		(21,527	)
Borrowings of credit facilities		150,700			8,497
Repayments of credit facilities		(92,377	)		(13,513	)
Cash paid for debt issuance costs		(519	)		(4,480	)
Fees paid for credit facilities and debentures		(83	)		(253	)
Net cash provided by (used in) financing activities		74,338			88,753
Net increase (decrease) in cash, cash equivalents and restricted cash		(19,648	)		156,272
Cash, cash equivalents and restricted cash at beginning of period		94,995			21,366
Cash, cash equivalents and restricted cash at end of period	$	75,347		$	177,638

Supplemental non-cash investing and financing activities:
Distributions reinvested		854			1,122

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

See “Note 2 – Summary of Significant Accounting Policies” and “Note 11- Recent Accounting Pronouncements” for a description of restricted cash and cash equivalents.

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
Debt Investments
Biotechnology Tools
1-5 Years Maturity
Exicure, Inc.⁽¹²⁾	Biotechnology Tools	Senior Secured	September 2019	Interest rate PRIME + 6.45% or Floor rate of 9.95%, 3.85% Exit Fee	$	4,999	$	5,152	$	5,172
Subtotal: 1-5 Years Maturity								5,152		5,172
Subtotal: Biotechnology Tools (0.54%)*								5,152		5,172
Consumer & Business Products
Under 1 Year Maturity
Gadget Guard (p.k.a Antenna79)⁽¹⁵⁾	Consumer & Business Products	Senior Secured	December 2018	Interest rate PRIME + 1.5% or Floor rate of 11.00%	$	1,000		1,000		1,000
Subtotal: Under 1 Year Maturity								1,000		1,000
1-5 Years Maturity
Gadget Guard (p.k.a Antenna79)⁽¹⁵⁾	Consumer & Business Products	Senior Secured	December 2019	Interest rate PRIME + 2.95% or Floor rate of 12.45%, 2.95% Exit Fee	$	16,814		17,072		17,064
WHOOP, INC.	Consumer & Business Products	Senior Secured	July 2021	Interest rate PRIME + 3.75% or Floor rate of 8.50%, 6.95% Exit Fee	$	6,000		5,915		5,916
Subtotal: 1-5 Years Maturity								22,987		22,980
Subtotal: Consumer & Business Products (2.49%)*								23,987		23,980
Diversified Financial Services
1-5 Years Maturity
Gibraltar Business Capital, LLC.⁽⁷⁾	Diversified Financial Services	Unsecured	March 2023	Interest rate FIXED 14.50%	$	10,000		9,809		9,809
Subtotal: 1-5 Years Maturity								9,809		9,809
Subtotal: Diversified Financial Services (1.02%)*								9,809		9,809
Drug Delivery
Under 1 Year Maturity
Agile Therapeutics, Inc.⁽¹¹⁾	Drug Delivery	Senior Secured	December 2018	Interest rate PRIME + 4.75% or Floor rate of 9.00%, 3.70% Exit Fee	$	7,625		8,160		8,160
ZP Opco, Inc. (p.k.a. Zosano Pharma)⁽¹¹⁾	Drug Delivery	Senior Secured	December 2018	Interest rate PRIME + 2.70% or Floor rate of 7.95%, 2.87% Exit Fee	$	3,233		3,570		3,570
Subtotal: Under 1 Year Maturity								11,730		11,730
1-5 Years Maturity
AcelRx Pharmaceuticals, Inc.^(11)(15)	Drug Delivery	Senior Secured	March 2020	Interest rate PRIME + 6.05% or Floor rate of 9.55%, 11.69% Exit Fee	$	14,891		15,567		15,486
Antares Pharma Inc.^(10)(15)	Drug Delivery	Senior Secured	July 2022	Interest rate PRIME + 4.50% or Floor rate of 9.25%, 4.25% Exit Fee	$	25,000		25,155		25,124
Subtotal: 1-5 Years Maturity								40,722		40,610
Subtotal: Drug Delivery (5.43%)*								52,452		52,340

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
Drug Discovery & Development
Under 1 Year Maturity
Auris Medical Holding, AG^(5)(10)	Drug Discovery & Development	Senior Secured	February 2019	Interest rate PRIME + 6.05% or Floor rate of 9.55%, 5.75% Exit Fee	$	3,067	$	3,695	$	3,695
CytRx Corporation^(11)(15)	Drug Discovery & Development	Senior Secured	August 2018	Interest rate PRIME + 6.00% or Floor rate of 9.50%, 7.09% Exit Fee	$	7,884		9,576		9,576
Epirus Biopharmaceuticals, Inc.⁽⁸⁾	Drug Discovery & Development	Senior Secured	December 2018	Interest rate PRIME + 4.70% or Floor rate of 7.95%, 3.00% Exit Fee	$	2,277		2,561		33
Subtotal: Under 1 Year Maturity								15,832		13,304
1-5 Years Maturity
Acacia Pharma Inc.	Drug Discovery & Development	Senior Secured	January 2022	Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee	$	10,000		9,759		9,759
Aveo Pharmaceuticals, Inc.^(10)(13)	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 5.40% Exit Fee	$	10,000		9,993		9,861
	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee	$	10,000		10,066		10,011
Total Aveo Pharmaceuticals, Inc.					$	20,000		20,059		19,872
Axovant Sciences Ltd.^{(5)(10)(13)(16)}	Drug Discovery & Development	Senior Secured	March 2021	Interest rate PRIME + 6.80% or Floor rate of 10.55%	$	55,000		53,942		53,958
Brickell Biotech, Inc.⁽¹²⁾	Drug Discovery & Development	Senior Secured	September 2019	Interest rate PRIME + 5.70% or Floor rate of 9.20%, 7.49% Exit Fee	$	5,581		5,960		5,967
BridgeBio Pharma LLC	Drug Discovery & Development	Senior Secured	January 2022	Interest rate PRIME + 4.35% or Floor rate of 9.35%, 6.35% Exit Fee	$	35,000		34,651		34,651
Chemocentryx, Inc.^(10)(15)(17)	Drug Discovery & Development	Senior Secured	December 2021	Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	15,000		14,892		14,833
Genocea Biosciences, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	May 2021	Interest rate PRIME + 2.75% or Floor rate of 7.75%, 10.12% Exit Fee	$	14,000		14,591		14,568
Mesoblast^(5)(10)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.95% or Floor rate of 9.45%, 6.95% Exit Fee	$	35,000		34,894		34,894
Metuchen Pharmaceuticals LLC^(12)(14)	Drug Discovery & Development	Senior Secured	October 2020	Interest rate PRIME + 7.25% or Floor rate of 10.75%, PIK Interest 1.35%, 2.25% Exit Fee	$	20,731		21,252		21,184
Motif BioSciences Inc.^(5)(10)(15)	Drug Discovery & Development	Senior Secured	September 2021	Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.15% Exit Fee	$	15,000		14,774		14,665
Myovant Sciences, Ltd.^(5)(10)(13)	Drug Discovery & Development	Senior Secured	May 2021	Interest rate PRIME + 4.00% or Floor rate of 8.25%, 6.55% Exit Fee	$	40,000		39,772		39,408
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)^(10)(15)(16)	Drug Discovery & Development	Senior Secured	September 2020	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee	$	40,000		40,558		40,128
	Drug Discovery & Development	Senior Secured	September 2020	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee	$	10,000		10,151		10,033
	Drug Discovery & Development	Senior Secured	September 2020	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 2.25% Exit Fee	$	10,000		10,029		9,935
Total Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)					$	60,000		60,738		60,096
Stealth Bio Therapeutics Corp.^(5)(10)(12)	Drug Discovery & Development	Senior Secured	January 2021	Interest rate PRIME + 5.50% or Floor rate of 9.50%, 5.00% Exit Fee	$	20,000		20,069		19,878
Tricida, Inc.^(15)(17)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 3.35% or Floor rate of 8.35%, 11.14% Exit Fee	$	25,000		24,864		24,864
uniQure B.V.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	May 2020	Interest rate PRIME + 3.00% or Floor rate of 8.25%, 5.48% Exit Fee	$	20,000		20,761		20,711
Verastem, Inc.⁽¹²⁾	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,005		4,982
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,037		5,014
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,003		4,979
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	10,000		9,904		9,781
Total Verastem, Inc.					$	25,000		24,949		24,756
Subtotal: 1-5 Years Maturity								415,927		414,064
Subtotal: Drug Discovery & Development (44.35%)*								431,759		427,368

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
Electronics & Computer Hardware
1-5 Years Maturity
908 DEVICES INC.⁽¹⁵⁾	Electronics & Computer Hardware	Senior Secured	September 2020	Interest rate PRIME + 4.00% or Floor rate of 8.25%, 4.25% Exit Fee	$	10,000	$	10,016	$	9,963
Glo AB^{(5)(10)(13)(14)}	Electronics & Computer Hardware	Senior Secured	February 2021	Interest rate PRIME + 6.20% or Floor rate of 10.45%, PIK Interest 1.75%, 2.95% Exit Fee	$	12,084		12,042		12,042
Subtotal: 1-5 Years Maturity								22,058		22,005
Subtotal: Electronics & Computer Hardware (2.28%)*								22,058		22,005
Healthcare Services, Other
1-5 Years Maturity
Medsphere Systems Corporation^(14)(15)	Healthcare Services, Other	Senior Secured	February 2021	Interest rate PRIME + 4.75% or Floor rate of 9.00%, PIK Interest 1.75%	$	17,764		17,635		17,691
	Healthcare Services, Other	Senior Secured	February 2021	Interest rate PRIME + 4.75% or Floor rate of 9.00%, PIK Interest 1.75%	$	5,053		5,019		5,034
Total Medsphere Systems Coporation					$	22,817		22,654		22,725
Oak Street Health⁽¹²⁾	Healthcare Services, Other	Senior Secured	September 2021	Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee	$	30,000		30,100		29,823
PH Group Holdings⁽¹³⁾	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	20,000		19,913		19,785
	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	10,000		9,944		9,843
Total PH Group Holdings					$	30,000		29,857		29,628
Subtotal: 1-5 Years Maturity								82,611		82,176
Subtotal: Healthcare Services, Other (8.53%)*								82,611		82,176
Information Services
1-5 Years Maturity
MDX Medical, Inc.^(14)(15)(19)	Information Services	Senior Secured	December 2020	Interest rate PRIME + 4.00% or Floor rate of 8.25%, PIK Interest 1.70%	$	15,157		14,807		14,608
Netbase Solutions, Inc.^(13)(14)	Information Services	Senior Secured	August 2020	Interest rate PRIME + 6.00% or Floor rate of 10.00%, PIK Interest 2.00%, 3.00% Exit Fee	$	9,142		8,985		8,965
Subtotal: 1-5 Years Maturity								23,792		23,573
Subtotal: Information Services (2.45%)*								23,792		23,573

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
Internet Consumer & Business Services
Under 1 Year Maturity
Intent Media, Inc.^(14)(15)	Internet Consumer & Business Services	Senior Secured	May 2019	Interest rate PRIME + 5.25% or Floor rate of 8.75%, PIK Interest 1.00%, 2.00% Exit Fee	$	5,076	$	5,096	$	5,096
	Internet Consumer & Business Services	Senior Secured	May 2019	Interest rate PRIME + 5.50% or Floor rate of 9.00%, PIK Interest 2.35%, 2.00% Exit Fee	$	2,044		2,042		2,042
	Internet Consumer & Business Services	Senior Secured	May 2019	Interest rate PRIME + 5.50% or Floor rate of 9.00%, PIK Interest 2.50%, 2.00% Exit Fee	$	2,047		2,045		2,045
Total Intent Media, Inc.					$	9,167		9,183		9,183
The Faction Group LLC	Internet Consumer & Business Services	Senior Secured	January 2019	Interest rate PRIME + 4.75% or Floor rate of 8.25%	$	2,000		2,000		2,000
Subtotal: Under 1 Year Maturity								11,183		11,183
1-5 Years Maturity
AppDirect, Inc.^(13)(19)	Internet Consumer & Business Services	Senior Secured	January 2022	Interest rate PRIME + 5.70% or Floor rate of 9.95%, 3.45% Exit Fee	$	20,000		19,859		19,738
Art.com, Inc.^(14)(15)	Internet Consumer & Business Services	Senior Secured	April 2021	Interest rate PRIME + 5.40% or Floor rate of 10.15%, PIK Interest 1.70%, 1.50% Exit Fee	$	10,030		9,873		9,873
Cloudpay, Inc.^(5)(10)	Internet Consumer & Business Services	Senior Secured	April 2022	Interest rate PRIME + 4.05% or Floor rate of 8.55%, 6.95% Exit Fee	$	11,000		10,884		10,884
EverFi, Inc.^(14)(16)	Internet Consumer & Business Services	Senior Secured	May 2022	Interest rate PRIME + 3.90% or Floor rate of 8.65%, PIK Interest 2.30%	$	50,115		50,067		50,067
First Insight, Inc.^(15)(17)	Internet Consumer & Business Services	Senior Secured	November 2021	Interest rate PRIME + 6.25% or Floor rate of 11.25%	$	6,000		5,876		5,876
Greenphire, Inc.⁽¹⁷⁾	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%	$	3,433		3,432		3,437
	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate PRIME + 3.75% or Floor rate of 7.00%	$	1,500		1,500		1,488
Total Greenphire Inc.					$	4,933		4,932		4,925
Interactions Corporation⁽¹⁹⁾	Internet Consumer & Business Services	Senior Secured	March 2021	Interest rate 3-month LIBOR + 8.60% or Floor rate of 9.85%, 1.75% Exit Fee	$	25,000		25,052		25,128
LogicSource⁽¹⁵⁾	Internet Consumer & Business Services	Senior Secured	October 2019	Interest rate PRIME + 6.25% or Floor rate of 9.75%, 5.00% Exit Fee	$	4,820		5,145		5,144
RumbleON, Inc.	Internet Consumer & Business Services	Senior Secured	May 2021	Interest rate PRIME + 5.75% or Floor rate of 10.25%, 4.55% Exit Fee	$	5,000		4,945		4,945
Snagajob.com, Inc.^(13)(14)	Internet Consumer & Business Services	Senior Secured	July 2020	Interest rate PRIME + 5.15% or Floor rate of 9.15%, PIK Interest 1.95%, 2.55% Exit Fee	$	41,429		41,398		41,552
Tectura Corporation^{(7)(8)(9)(14)}	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate FIXED 6.00%, PIK Interest 3.00%	$	20,608		20,608		19,127
	Internet Consumer & Business Services	Senior Secured	June 2021	PIK Interest 8.00%	$	10,680		240		—
Total Tectura Corporation					$	31,288		20,848		19,127
The Faction Group LLC.	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.25%	$	8,000		8,000		8,008
Wheels Up Partners LLC	Internet Consumer & Business Services	Senior Secured	July 2022	Interest rate 3-month LIBOR + 8.55% or Floor rate of 9.55%	$	21,701		21,503		21,503
Xometry, Inc.^(17)(19)	Internet Consumer & Business Services	Senior Secured	May 2021	Interest rate PRIME + 3.95% or Floor rate of 8.45%, 7.45% Exit Fee	$	7,000		6,942		6,942
Subtotal: 1-5 Years Maturity								235,324		233,712
Subtotal: Internet Consumer & Business Services (25.41%)*								246,507		244,895

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
Media/Content/Info
1-5 Years Maturity
Bustle^(14)(15)	Media/Content/Info	Senior Secured	June 2021	Interest rate PRIME + 4.10% or Floor rate of 8.35%, PIK Interest 1.95%, 1.95% Exit Fee	$	15,164	$	15,133	$	15,156
FanDuel, Inc.^{(9)(10)(12)(14)}	Media/Content/Info	Senior Secured	November 2019	Interest rate PRIME + 7.25% or Floor rate of 10.75%, 10.41% Exit Fee	$	19,354		20,380		20,380
	Media/Content/Info	Convertible Debt	September 2020	PIK Interest 25.00%	$	1,000		1,000		1,723
Total FanDuel, Inc.					$	20,354		21,380		22,103
Subtotal: 1-5 Years Maturity								36,513		37,259
Subtotal: Media/Content/Info (3.87%)*								36,513		37,259
Medical Devices & Equipment
Under 1 Year Maturity
Aspire Bariatrics, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Senior Secured	October 2018	Interest rate PRIME + 4.00% or Floor rate of 9.25%, 6.85% Exit Fee	$	1,793		2,208		829
Quanterix Corporation⁽¹¹⁾	Medical Devices & Equipment	Senior Secured	March 2019	Interest rate PRIME + 2.75% or Floor rate of 8.00%	$	7,688		7,673		7,673
Subtotal: Under 1 Year Maturity								9,881		8,502
1-5 Years Maturity
Intuity Medical, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Senior Secured	June 2021	Interest rate PRIME + 5.00% or Floor rate of 9.25%, 4.95% Exit Fee	$	17,500		17,251		17,278
Micell Technologies, Inc.⁽¹²⁾	Medical Devices & Equipment	Senior Secured	August 2019	Interest rate PRIME + 7.25% or Floor rate of 10.50%, 5.00% Exit Fee	$	3,942		4,291		4,251
Quanta Fluid Solutions^(5)(10)(11)	Medical Devices & Equipment	Senior Secured	April 2020	Interest rate PRIME + 8.05% or Floor rate of 11.55%, 5.00% Exit Fee	$	7,864		8,290		8,250
Rapid Micro Biosystems, Inc.^(13)(15)	Medical Devices & Equipment	Senior Secured	April 2022	Interest rate PRIME + 5.15% or Floor rate of 9.65%, 7.25% Exit Fee	$	18,000		17,929		17,929
Sebacia, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Senior Secured	July 2020	Interest rate PRIME + 4.35% or Floor rate of 8.85%, 6.05% Exit Fee	$	8,000		8,054		8,066
Transenterix, Inc.⁽¹⁰⁾	Medical Devices & Equipment	Senior Secured	June 2022	Interest rate PRIME + 4.55% or Floor rate of 9.55%, 6.95% Exit Fee	$	20,000		19,827		19,827
Subtotal: 1-5 Years Maturity								75,642		75,601
Subtotal: Medical Devices & Equipment (8.73%)*								85,523		84,103
Software
Under 1 Year Maturity
Pollen, Inc.⁽¹⁵⁾	Software	Senior Secured	April 2019	Interest rate PRIME + 4.25% or Floor rate of 8.50%, 4.00% Exit Fee	$	7,000		7,084		7,084
Subtotal: Under 1 Year Maturity								7,084		7,084

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
1-5 Years Maturity
Banker's Toolbox, Inc^(13)(18)	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%	$	39,900	$	39,085	$	39,085
Businessolver.com, Inc.^(16)(17)	Software	Senior Secured	May 2023	Interest rate 3-month LIBOR + 7.50%	$	51,000		50,000		50,000
Clarabridge, Inc.^(12)(14)	Software	Senior Secured	April 2021	Interest rate PRIME + 4.80% or Floor rate of 8.55%, PIK Interest 3.25%	$	41,570		41,549		41,724
Dashlane, Inc.^(14)(19)	Software	Senior Secured	April 2022	Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 9.25% Exit Fee	$	10,011		9,932		9,932
Emma, Inc.^(17)(18)	Software	Senior Secured	September 2022	Interest rate 3-month LIBOR + 9.39%	$	37,037		35,728		35,962
Evernote Corporation^{(14)(15)(17)(19)}	Software	Senior Secured	October 2020	Interest rate PRIME + 5.45% or Floor rate of 8.95%	$	6,000		5,980		6,072
	Software	Senior Secured	July 2021	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	4,048		4,028		4,022
	Software	Senior Secured	July 2022	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	2,500		2,483		2,483
Total Evernote Corporation					$	12,548		12,491		12,577
Fuze, Inc.^{(13)(14)(15)(16)(19)}	Software	Senior Secured	July 2021	Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.55%, 3.55% Exit Fee	$	50,728		51,097		51,014
Impact Radius Holdings, Inc.^(12)(14)	Software	Senior Secured	December 2020	Interest rate PRIME + 4.25% or Floor rate of 8.75%, PIK Interest 1.55%, 1.75% Exit Fee	$	10,111		10,151		10,055
	Software	Senior Secured	December 2020	Interest rate PRIME + 4.25% or Floor rate of 8.75%, PIK Interest 1.55%	$	2,000		2,000		1,977
Total Impact Radius Holdings, Inc.					$	12,111		12,151		12,032
Insurance Technologies Corporation⁽¹⁷⁾	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.75% or Floor rate of 8.75%	$	12,500		12,261		12,261
Lightbend, Inc.^(14)(15)	Software	Senior Secured	August 2021	Interest rate PRIME + 4.25% or Floor rate of 8.50%, PIK Interest 2.00%	$	11,066		10,884		10,884
Lithium Technologies, Inc.⁽¹⁷⁾	Software	Senior Secured	October 2022	Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%	$	12,000		11,762		11,762
Microsystems Holding Company, LLC^(13)(19)	Software	Senior Secured	July 2022	Interest rate 3-month LIBOR + 8.25% or Floor rate of 9.25%	$	12,000		11,837		11,873
OneLogin, Inc.^(14)(15)	Software	Senior Secured	July 2021	Interest rate PRIME + 5.95% or Floor rate of 10.70%, PIK Interest 2.00%	$	21,153		20,953		20,935
Quid, Inc.^(14)(15)	Software	Senior Secured	October 2019	Interest rate PRIME + 4.75% or Floor rate of 8.25%, PIK Interest 2.25%, 3.00% Exit Fee	$	8,398		8,533		8,554
RapidMiner, Inc.^(12)(14)	Software	Senior Secured	December 2020	Interest rate PRIME + 5.50% or Floor rate of 9.75%, PIK Interest 1.65%	$	7,060		7,037		6,963
Regent Education⁽¹⁴⁾	Software	Senior Secured	January 2021	Interest rate FIXED 10.00%, PIK Interest 2.00%, 6.35% Exit Fee	$	3,275		3,299		2,144
Salsa Labs, Inc.⁽¹⁷⁾	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	6,000		5,884		5,884
Signpost, Inc.⁽¹⁴⁾	Software	Senior Secured	February 2020	Interest rate PRIME + 4.15% or Floor rate of 8.15%, PIK Interest 1.75%, 3.75% Exit Fee	$	15,647		15,932		15,840
Vela Trading Technologies⁽¹⁸⁾	Software	Senior Secured	July 2022	Interest rate 3-month LIBOR + 9.50% or Floor rate of 10.50%	$	20,000		19,543		19,434
Wrike, Inc.^(13)(14)(19)	Software	Senior Secured	February 2021	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 2.00%, 3.00% Exit Fee	$	10,268		10,056		10,180
ZocDoc ⁽¹⁹⁾	Software	Senior Secured	April 2021	Interest rate 3-month LIBOR + 9.50% or Floor rate of 10.50%, 1.00% Exit Fee	$	20,000		20,043		20,165
	Software	Senior Secured	November 2021	Interest rate 3-month LIBOR + 9.50% or Floor rate of 10.50%, 1.00% Exit Fee	$	10,000		10,020		10,082
Total ZocDoc					$	30,000		30,063		30,247
Subtotal: 1-5 Years Maturity								420,077		419,287
Subtotal: Software (44.24%)*								427,161		426,371

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
Surgical Devices
Under 1 Year Maturity
Gynesonics, Inc.^(9)(14)(15)	Surgical Devices	Unsecured Convertible Debt	May 2019	PIK Interest 8.00%	$	105	$	105	$	132
Subtotal: Under 1 Year Maturity								105		132
Subtotal: Surgical Devices (0.01%)*								105		132
Sustainable and Renewable Technology
1-5 Years Maturity
ChargePoint Inc.⁽¹⁹⁾	Sustainable and Renewable Technology	Senior Secured	August 2020	Interest rate 3-month LIBOR + 8.75% or Floor rate of 9.75%, 2.00% Exit Fee	$	15,758		15,840		15,840
FuelCell Energy, Inc.⁽¹²⁾	Sustainable and Renewable Technology	Senior Secured	April 2020	Interest rate PRIME + 5.40% or Floor rate of 9.90%, 6.68% Exit Fee	$	13,091		12,997		13,024
	Sustainable and Renewable Technology	Senior Secured	April 2020	Interest rate PRIME + 5.40% or Floor rate of 9.90%, 8.50% Exit Fee	$	11,909		13,531		13,542
Total FuelCell Energy, Inc.					$	25,000		26,528		26,566
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Senior Secured	August 2019	Interest rate PRIME + 8.70% or Floor rate of 12.95%, 4.50% Exit Fee	$	10,500		10,468		10,382
Impossible Foods, Inc.⁽¹⁷⁾	Sustainable and Renewable Technology	Senior Secured	July 2021	Interest rate PRIME + 3.95% or Floor rate of 8.95%, 10.00% Exit Fee	$	15,000		14,768		14,768
Metalysis Limited^(5)(10)	Sustainable and Renewable Technology	Senior Secured	March 2021	Interest rate PRIME + 5.00% or Floor rate of 9.25%, 6.95% Exit Fee	$	7,500		7,494		7,494
Proterra, Inc.^(11)(14)(17)	Sustainable and Renewable Technology	Senior Secured	November 2020	Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.75%, 5.95% Exit Fee	$	25,259		26,388		26,479
	Sustainable and Renewable Technology	Senior Secured	November 2020	Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.75%, 7.00% Exit Fee	$	5,052		5,276		5,285
Total Proterra, Inc.					$	30,311		31,664		31,764
Subtotal: 1-5 Years Maturity								106,762		106,814
Subtotal: Sustainable and Renewable Technology (11.08%)*								106,762		106,814
Total: Debt Investments (160.43%)*								1,554,191		1,545,997

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Equity Investments
Biotechnology Tools
NuGEN Technologies, Inc.⁽¹⁵⁾	Biotechnology Tools	Equity	Common Stock		55,780	$	500	$	—
Subtotal: Biotechnology Tools (0.00%)*							500		—
Communications & Networking
GlowPoint, Inc.⁽⁴⁾	Communications & Networking	Equity	Common Stock		114,192		102		23
Peerless Network Holdings, Inc.	Communications & Networking	Equity	Preferred Series A		1,135,000		1,229		6,204
Subtotal: Communications & Networking (0.65%)*							1,331		6,227
Diagnostic
Singulex, Inc.	Diagnostic	Equity	Common Stock		937,998		750		407
Subtotal: Diagnostic (0.04%)*							750		407
Diversified Financial Services
Gibraltar Business Capital, LLC⁽⁷⁾	Diversified Financial Services	Equity	Common Stock		830,000		1,884		1,884
	Diversified Financial Services	Equity	Preferred Series A		10,602,752		25,896		25,896
Total Gibraltar Business Capital, LLC.					11,432,752		27,780		27,780
Subtotal: Diversified Financial Services (2.88%)*							27,780		27,780
Drug Delivery
AcelRx Pharmaceuticals, Inc.⁽⁴⁾	Drug Delivery	Equity	Common Stock		54,240		108		183
BioQ Pharma Incorporated⁽¹⁵⁾	Drug Delivery	Equity	Preferred Series D		165,000		500		705
Edge Therapeutics, Inc.⁽⁴⁾	Drug Delivery	Equity	Common Stock		49,965		309		51
Neos Therapeutics, Inc.^(4)(15)	Drug Delivery	Equity	Common Stock		125,000		1,500		781
Subtotal: Drug Delivery (0.18%)*							2,417		1,720
Drug Discovery & Development
Aveo Pharmaceuticals, Inc.^(4)(10)(15)	Drug Discovery & Development	Equity	Common Stock		1,901,791		1,715		4,481
Axovant Sciences Ltd.^{(4)(5)(10)(16)}	Drug Discovery & Development	Equity	Common Stock		129,827		1,269		293
Cerecor, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		119,087		1,000		517
Dare Biosciences, Inc. (p.k.a. Cerulean Pharma, Inc.)⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		13,550		1,000		16
Dicerna Pharmaceuticals, Inc.^(4)(15)	Drug Discovery & Development	Equity	Common Stock		142,858		1,000		1,749
Dynavax Technologies ^(4)(10)	Drug Discovery & Development	Equity	Common Stock		20,000		550		305
Eidos Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Equity	Common Stock		15,000		255		305
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		223,463		2,000		191
Insmed, Incorporated ⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		70,771		1,000		1,724
Melinta Therapeutics ⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		51,821		2,000		330
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)^(4)(10)(16)	Drug Discovery & Development	Equity	Common Stock		76,362		2,744		779
Rocket Pharmaceuticals, Ltd (p.k.a. Inotek Pharmaceuticals Corporation)⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		944		1,500		19
Tricida, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		105,260		2,000		3,147
Subtotal: Drug Discovery & Development (1.44%)*							18,033		13,856
Electronics & Computer Hardware
Identiv, Inc.⁽⁴⁾	Electronics & Computer Hardware	Equity	Common Stock		6,700		34		25
Subtotal: Electronics & Computer Hardware (0.00%)*							34		25
Information Services
DocuSign, Inc. ⁽⁴⁾	Information Services	Equity	Common Stock		385,000		6,081		20,386
Subtotal: Information Services (2.12%)*							6,081		20,386

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Internet Consumer & Business Services
Blurb, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Equity	Preferred Series B		220,653	$	175	$	90
Brigade Group, Inc. (p.k.a. Philotic, Inc.)	Internet Consumer & Business Services	Equity	Common Stock		9,023		93		—
Lightspeed POS, Inc.^(5)(10)	Internet Consumer & Business Services	Equity	Preferred Series C		230,030		250		283
	Internet Consumer & Business Services	Equity	Preferred Series D		198,677		250		255
Total Lightspeed POS, Inc.					428,707		500		538
OfferUp, Inc.	Internet Consumer & Business Services	Equity	Preferred Series A		286,080		1,663		1,920
	Internet Consumer & Business Services	Equity	Preferred Series A-1		108,710		632		729
Total OfferUp, Inc.					394,790		2,295		2,649
Oportun (p.k.a. Progress Financial)	Internet Consumer & Business Services	Equity	Preferred Series G		218,351		250		337
	Internet Consumer & Business Services	Equity	Preferred Series H		87,802		250		247
Total Oportun (p.k.a. Progress Financial)					306,153		500		584
RazorGator Interactive Group, Inc.	Internet Consumer & Business Services	Equity	Preferred Series AA		34,783		15		—
Tectura Corporation⁽⁷⁾	Internet Consumer & Business Services	Equity	Common Stock		414,994,863		900		—
	Internet Consumer & Business Services	Equity	Preferred Series BB		1,000,000		—		—
Total Tectura Corporation					415,994,863		900		—
Subtotal: Internet Consumer & Business Services (0.40%)*							4,478		3,861
Media/Content/Info
Pinterest, Inc.	Media/Content/Info	Equity	Preferred Series Seed		620,000		4,085		4,681
Subtotal: Media/Content/Info (0.49%)*							4,085		4,681
Medical Devices & Equipment
AtriCure, Inc.^(4)(15)	Medical Devices & Equipment	Equity	Common Stock		7,536		266		204
Flowonix Medical Incorporated	Medical Devices & Equipment	Equity	Preferred Series AA		221,893		1,500		—
Gelesis, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Equity	Common Stock		198,202		—		657
	Medical Devices & Equipment	Equity	Preferred Series A-1		191,210		425		729
	Medical Devices & Equipment	Equity	Preferred Series A-2		191,626		500		680
Total Gelesis, Inc.					581,038		925		2,066
Medrobotics Corporation⁽¹⁵⁾	Medical Devices & Equipment	Equity	Preferred Series E		136,798		250		93
	Medical Devices & Equipment	Equity	Preferred Series F		73,971		155		86
	Medical Devices & Equipment	Equity	Preferred Series G		163,934		500		252
Total Medrobotics Corporation					374,703		905		431
Optiscan Biomedical, Corp.^(6)(15)	Medical Devices & Equipment	Equity	Preferred Series B		6,185,567		3,000		411
	Medical Devices & Equipment	Equity	Preferred Series C		1,927,309		655		119
	Medical Devices & Equipment	Equity	Preferred Series D		55,103,923		5,257		3,721
	Medical Devices & Equipment	Equity	Preferred Series E		31,199,131		2,609		2,843
Total Optiscan Biomedical, Corp.					94,415,930		11,521		7,094
Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.)	Medical Devices & Equipment	Equity	Preferred Series B		232,061		527		723
Quanterix Corporation⁽⁴⁾	Medical Devices & Equipment	Equity	Common Stock		84,778		1,000		1,217
Subtotal: Medical Devices & Equipment (1.22%)*							16,644		11,735
Software
Braxton Technologies, LLC	Software	Equity	Class A Units		62,735		188		267
CapLinked, Inc.	Software	Equity	Preferred Series A-3		53,614		51		90
Druva, Inc.	Software	Equity	Preferred Series 2		458,841		1,000		1,455
	Software	Equity	Preferred Series 3		93,620		300		358
Total Druva, Inc.					552,461		1,300		1,813
HighRoads, Inc.	Software	Equity	Common Stock		190		307		—
NewVoiceMedia Limited^(5)(10)	Software	Equity	Preferred Series E		669,173		963		1,570
Palantir Technologies	Software	Equity	Preferred Series E		727,696		5,431		4,797
	Software	Equity	Preferred Series G		326,797		2,211		2,155
Total Palantir Technologies					1,054,493		7,642		6,952
Sprinklr, Inc.	Software	Equity	Common Stock		700,000		3,749		4,069
WildTangent, Inc.⁽¹⁵⁾	Software	Equity	Preferred Series 3		100,000		402		183
Subtotal: Software (1.55%)*							14,602		14,944

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Equity	Preferred Series B		219,298	$	250	$	61
	Surgical Devices	Equity	Preferred Series C		656,538		282		85
	Surgical Devices	Equity	Preferred Series D		1,991,157		712		906
	Surgical Devices	Equity	Preferred Series E		2,786,367		429		610
Total Gynesonics, Inc.					5,653,360		1,673		1,662
Transmedics, Inc.	Surgical Devices	Equity	Preferred Series B		88,961		1,100		447
	Surgical Devices	Equity	Preferred Series C		119,999		300		418
	Surgical Devices	Equity	Preferred Series D		260,000		650		1,160
	Surgical Devices	Equity	Preferred Series F		100,200		500		591
Total Transmedics, Inc.					569,160		2,550		2,616
Subtotal: Surgical Devices (0.44%)*							4,223		4,278
Sustainable and Renewable Technology
Flywheel Building Intelligence, Inc. (p.k.a. SCIEnergy, Inc.)	Sustainable and Renewable Technology	Equity	Common Stock		192		761		—
Modumetal, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series C		3,107,520		500		91
Proterra, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series 5		99,280		500		522
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Equity	Common Stock		288		61,502		10,996
Subtotal: Sustainable and Renewable Technology (1.20%)*							63,263		11,609
Total: Equity Investments (12.61%)*							164,221		121,509

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Warrant Investments
Biotechnology Tools
Labcyte, Inc.⁽¹⁵⁾	Biotechnology Tools	Warrant	Preferred Series C		1,127,624	$	323	$	514
Subtotal: Biotechnology Tools (0.05%)*							323		514
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Warrant	Common Stock		3,328		—		14
Spring Mobile Solutions, Inc.	Communications & Networking	Warrant	Common Stock		2,834,375		418		—
Subtotal: Communications & Networking (0.00%)*							418		14
Consumer & Business Products
Gadget Guard (p.k.a Antenna79)⁽¹⁵⁾	Consumer & Business Products	Warrant	Common Stock		1,662,441		228		—
Intelligent Beauty, Inc.⁽¹⁵⁾	Consumer & Business Products	Warrant	Preferred Series B		190,234		230		188
The Neat Company⁽¹⁵⁾	Consumer & Business Products	Warrant	Preferred Series C-1		540,540		365		—
WHOOP, INC.	Consumer & Business Products	Warrant	Preferred Series C		68,627		18		18
Subtotal: Consumer & Business Products (0.02%)*							841		206
Drug Delivery
AcelRx Pharmaceuticals, Inc.^(4)(15)	Drug Delivery	Warrant	Common Stock		176,730		786		174
Agile Therapeutics, Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		180,274		730		3
BioQ Pharma Incorporated	Drug Delivery	Warrant	Common Stock		459,183		1		658
Celsion Corporation⁽⁴⁾	Drug Delivery	Warrant	Common Stock		13,927		428		—
Dance Biopharm, Inc.⁽¹⁵⁾	Drug Delivery	Warrant	Common Stock		110,882		74		—
Edge Therapeutics, Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		78,595		390		20
Kaleo, Inc. (p.k.a. Intelliject, Inc.)	Drug Delivery	Warrant	Preferred Series B		82,500		594		1,222
Neos Therapeutics, Inc.^(4)(15)	Drug Delivery	Warrant	Common Stock		70,833		285		25
Pulmatrix Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		25,150		116		—
ZP Opco, Inc. (p.k.a. Zosano Pharma)⁽⁴⁾	Drug Delivery	Warrant	Common Stock		3,618		266		—
Subtotal: Drug Delivery (0.22%)*							3,670		2,102

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Drug Discovery & Development
Acacia Pharma Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		201,330	$	304	$	304
ADMA Biologics, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		89,750		295		30
Auris Medical Holding, AG^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		15,672		249		—
Brickell Biotech, Inc.	Drug Discovery & Development	Warrant	Preferred Series C		26,086		119		60
Cerecor, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		22,328		70		25
Chroma Therapeutics, Ltd.^(5)(10)	Drug Discovery & Development	Warrant	Preferred Series D		325,261		490		—
Cleveland BioLabs, Inc.^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		7,813		105		1
Concert Pharmaceuticals, Inc.^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		132,069		545		584
CTI BioPharma Corp. (p.k.a. Cell Therapeutics, Inc.)⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		29,239		165		—
CytRx Corporation^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		105,694		160		24
Dare Biosciences, Inc. (p.k.a. Cerulean Pharma, Inc.)⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		17,190		369		—
Dicerna Pharmaceuticals, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		200		28		—
Evofem Biosciences, Inc. (p.k.a Neothetics, Inc.)^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		7,806		266		7
Fortress Biotech, Inc. (p.k.a. Coronado Biosciences, Inc.)⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		73,009		142		11
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		403,136		431		160
Immune Pharmaceuticals⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		10,742		164		—
Melinta Therapeutics ⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		40,545		626		—
Motif BioSciences Inc.^{(4)(5)(10)(15)}	Drug Discovery & Development	Warrant	Common Stock		73,452		282		198
Myovant Sciences, Ltd.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		73,710		460		892
Neuralstem, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		5,783		77		—
Ology Bioservices, Inc. (p.k.a. Nanotherapeutics, Inc.)⁽¹⁵⁾	Drug Discovery & Development	Warrant	Common Stock		171,389		838		—
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)^{(4)(10)(15)(16)}	Drug Discovery & Development	Warrant	Common Stock		75,214		178		33
Savara Inc. (p.k.a. Mast Therapeutics, Inc.)^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		32,467		203		130
Sorrento Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		306,748		889		1,075
Stealth Bio Therapeutics Corp.^(5)(10)	Drug Discovery & Development	Warrant	Preferred Series A		650,000		158		188
Tricida, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		53,458		222		918
uniQure B.V.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		37,174		218		701
XOMA Corporation^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		9,063		279		9
Subtotal: Drug Discovery & Development (0.56%)*							8,332		5,350
Electronics & Computer Hardware
908 DEVICES INC.⁽¹⁵⁾	Electronics & Computer Hardware	Warrant	Preferred Series D		79,856		100		68
Clustrix, Inc.	Electronics & Computer Hardware	Warrant	Common Stock		50,000		12		—
Subtotal: Electronics & Computer Hardware (0.01%)*							112		68
Healthcare Services, Other
Chromadex Corporation^(4)(15)	Healthcare Services, Other	Warrant	Common Stock		139,673		157		126
Subtotal: Healthcare Services, Other (0.01%)*							157		126
Information Services
INMOBI Inc.^(5)(10)	Information Services	Warrant	Common Stock		65,587		82		—
InXpo, Inc.⁽¹⁵⁾	Information Services	Warrant	Preferred Series C-1		898,134		49		74
MDX Medical, Inc.⁽¹⁵⁾	Information Services	Warrant	Common Stock		2,812,500		283		296
Netbase Solutions, Inc.	Information Services	Warrant	Preferred Series 1		60,000		356		367
RichRelevance, Inc.⁽¹⁵⁾	Information Services	Warrant	Preferred Series E		112,612		98		—
Subtotal: Information Services (0.08%)*							868		737

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Internet Consumer & Business Services
Aria Systems, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series G		231,535	$	73	$	—
Art.com, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series B		311,005		66		106
Blurb, Inc. ⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series C		234,280		636		42
ClearObject, Inc. (p.k.a. CloudOne, Inc.)	Internet Consumer & Business Services	Warrant	Preferred Series E		968,992		19		177
Cloudpay, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series B		4,960		45		62
The Faction Group LLC	Internet Consumer & Business Services	Warrant	Preferred Series A		8,703		234		525
First Insight, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series B		45,551		56		57
Intent Media, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Common Stock		140,077		168		230
Interactions Corporation	Internet Consumer & Business Services	Warrant	Preferred Series G-3		68,187		204		422
Just Fabulous, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		206,184		1,102		3,003
Lightspeed POS, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series C		245,610		20		133
LogicSource⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series C		79,625		30		26
Oportun (p.k.a. Progress Financial)	Internet Consumer & Business Services	Warrant	Preferred Series G		174,562		78		85
RumbleON, Inc.⁽⁴⁾	Internet Consumer & Business Services	Warrant	Common Stock		81,818		72		105
ShareThis, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series C		493,502		547		—
Snagajob.com, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series A		1,800,000		782		332
Tapjoy, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		748,670		316		42
Thumbtack, Inc.	Internet Consumer & Business Services	Warrant	Class A Units		102,821		124		101
TraceLink, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series A-2		283,353		1,832		2,705
Xometry, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		87,784		47		47
Subtotal: Internet Consumer & Business Services (0.85%)*							6,451		8,200
Media/Content/Info
FanDuel, Inc.⁽¹⁰⁾	Media/Content/Info	Warrant	Common Stock		15,570		—		—
	Media/Content/Info	Warrant	Preferred Series A		4,648		730		1,875
Total FanDuel, Inc.					20,218		730		1,875
Machine Zone, Inc.	Media/Content/Info	Warrant	Common Stock		1,552,710		1,958		3,972
Napster (p.k.a. Rhapsody International, Inc.) ⁽¹⁵⁾	Media/Content/Info	Warrant	Common Stock		715,755		385		122
WP Technology, Inc. (Wattpad, Inc.)^(5)(10)	Media/Content/Info	Warrant	Common Stock		255,818		4		39
Zoom Media Group, Inc.	Media/Content/Info	Warrant	Preferred Series A		1,204		348		30
Subtotal: Media/Content/Info (0.63%)*							3,425		6,038
Medical Devices & Equipment
Amedica Corporation^(4)(15)	Medical Devices & Equipment	Warrant	Common Stock		8,603		459		—
Aspire Bariatrics, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series B-1		112,858		455		—
Avedro, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series AA		300,000		401		382
Flowonix Medical Incorporated	Medical Devices & Equipment	Warrant	Preferred Series AA		155,325		362		—
Gelesis, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series A-1		74,784		78		144
InspireMD, Inc.^(4)(5)(10)	Medical Devices & Equipment	Warrant	Common Stock		1,124		242		—
Intuity Medical, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series 4		1,819,078		294		458
Medrobotics Corporation⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series E		455,539		370		106
Micell Technologies, Inc.	Medical Devices & Equipment	Warrant	Preferred Series D-2		84,955		262		164
NetBio, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A		7,841		408		—
NinePoint Medical, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series A-1		587,840		170		126
Optiscan Biomedical, Corp.⁽⁶⁾	Medical Devices & Equipment	Warrant	Preferred Series E		7,442,491		572		233
Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.)	Medical Devices & Equipment	Warrant	Preferred Series A		500,000		402		630
Quanterix Corporation⁽⁴⁾	Medical Devices & Equipment	Warrant	Common Stock		66,039		204		199
Sebacia, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series D		778,301		133		173
SonaCare Medical, LLC (p.k.a. US HIFU, LLC)	Medical Devices & Equipment	Warrant	Preferred Series A		6,464		188		—
Tela Bio, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series B		387,930		62		195
ViewRay, Inc.^(4)(15)	Medical Devices & Equipment	Warrant	Common Stock		128,231		333		239
Subtotal: Medical Devices & Equipment (0.32%)*							5,395		3,049
Semiconductors
Achronix Semiconductor Corporation⁽¹⁵⁾	Semiconductors	Warrant	Preferred Series C		360,000		159		475
	Semiconductors	Warrant	Preferred Series D-2		750,000		99		718
Total Achronix Semiconductor Corporation					1,110,000		258		1,193
Aquantia Corp.⁽⁴⁾	Semiconductors	Warrant	Common Stock		19,683		4		10
Avnera Corporation	Semiconductors	Warrant	Preferred Series E		141,567		47		248
Subtotal: Semiconductors (0.15%)*							309		1,451

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Software
Actifio, Inc.	Software	Warrant	Common Stock		73,584	$	249	$	82
	Software	Warrant	Preferred Series F		31,673		343		76
Total Actifio, Inc.					105,257		592		158
CareCloud Corporation⁽¹⁵⁾	Software	Warrant	Preferred Series B		413,433		258		39
Clickfox, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series B		1,038,563		330		66
	Software	Warrant	Preferred Series C		592,019		730		53
	Software	Warrant	Preferred Series C-A		2,218,214		230		427
Total Clickfox, Inc.					3,848,796		1,290		546
DNAnexus, Inc.	Software	Warrant	Preferred Series C		909,091		97		84
Evernote Corporation⁽¹⁵⁾	Software	Warrant	Common Stock		62,500		106		248
Fuze, Inc.^(15)(16)	Software	Warrant	Preferred Series F		256,158		89		—
Lightbend, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-1		391,778		79		78
Mattersight Corporation⁽⁴⁾	Software	Warrant	Common Stock		357,143		538		144
Message Systems, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C		503,718		334		451
Neos, Inc.⁽¹⁵⁾	Software	Warrant	Common Stock		221,150		22		—
NewVoiceMedia Limited^(5)(10)	Software	Warrant	Preferred Series E		225,586		33		206
OneLogin, Inc.⁽¹⁵⁾	Software	Warrant	Common Stock		305,296		224		284
Poplicus, Inc.	Software	Warrant	Common Stock		132,168		—		—
Quid, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series D		71,576		1		15
RapidMiner, Inc.	Software	Warrant	Preferred Series C-1		4,982		24		26
RedSeal Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-Prime		640,603		66		36
Signpost, Inc.	Software	Warrant	Preferred Series C		324,005		314		180
Wrike, Inc.	Software	Warrant	Common Stock		698,760		462		1,676
Subtotal: Software (0.43%)*							4,529		4,171
Specialty Pharmaceuticals
Alimera Sciences, Inc.⁽⁴⁾	Specialty Pharmaceuticals	Warrant	Common Stock		1,717,709		861		203
Subtotal: Specialty Pharmaceuticals (0.02%)*							861		203
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Warrant	Preferred Series C		180,480		75		20
	Surgical Devices	Warrant	Preferred Series D		1,575,965		320		360
Total Gynesonics, Inc.					1,756,445		395		380
Transmedics, Inc.	Surgical Devices	Warrant	Preferred Series D		175,000		100		568
	Surgical Devices	Warrant	Preferred Series F		50,544		38		101
Total Transmedics, Inc.					225,544		138		669
Subtotal: Surgical Devices (0.11%)*							533		1,049

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Sustainable and Renewable Technology
Agrivida, Inc.⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series D		471,327	$	120	$	—
American Superconductor Corporation⁽⁴⁾	Sustainable and Renewable Technology	Warrant	Common Stock		58,823		39		66
Calera, Inc.⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series C		44,529		513		—
Fluidic, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series D		61,804		102		—
Flywheel Building Intelligence, Inc. (p.k.a. SCIEnergy, Inc.)	Sustainable and Renewable Technology	Warrant	Common Stock		5,310		181		—
	Sustainable and Renewable Technology	Warrant	Preferred Series 2-A		63		50		—
Total Flywheel Building Intelligence, Inc. (p.k.a. SCIEnergy, Inc.)					5,373		231		—
Fulcrum Bioenergy, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series C-1		280,897		274		472
GreatPoint Energy, Inc.⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series D-1		393,212		548		—
Kinestral Technologies, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series A		325,000		155		104
	Sustainable and Renewable Technology	Warrant	Preferred Series B		131,883		63		32
Total Kinestral Technologies, Inc.					456,883		218		136
Polyera Corporation⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series C		311,609		338		—
Proterra, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series 4		477,517		41		470
Rive Technology, Inc.⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series E		234,477		12		8
TAS Energy, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series AA		428,571		299		—
Tendril Networks	Sustainable and Renewable Technology	Warrant	Preferred Series 3-A		1,019,793		189		—
Subtotal: Sustainable and Renewable Technology (0.12%)*							2,924		1,152
Total: Warrant Investments (3.57%)*							39,148		34,430
Total Investments in Securities (176.60%)*						$	1,757,560	$	1,701,936

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount			Cost⁽³⁾		Value⁽⁴⁾
Debt Investments
Biotechnology Tools
1-5 Years Maturity
Exicure, Inc.⁽¹²⁾	Biotechnology Tools	Senior Secured	September 2019	Interest rate PRIME + 6.45% or Floor rate of 9.95%, 3.85% Exit Fee	$	4,999		$	5,115	$	5,146
Subtotal: 1-5 Years Maturity									5,115		5,146
Subtotal: Biotechnology Tools (0.61%)*									5,115		5,146

Communications & Networking
Under 1 Year Maturity
OpenPeak, Inc.⁽⁸⁾	Communications & Networking	Senior Secured	April 2018	Interest rate PRIME + 8.75% or Floor rate of 12.00%	$	11,464			8,228		—
Subtotal: Under 1 Year Maturity									8,228		—
Subtotal: Communications & Networking (0.00%)*									8,228		—

Consumer & Business Products
Under 1 Year Maturity
Antenna79 (p.k.a. Pong Research Corporation)⁽¹⁵⁾	Consumer & Business Products	Senior Secured	December 2018	Interest rate PRIME + 6.00% or Floor rate of 9.50%	$	1,000			1,000		1,000
Subtotal: Under 1 Year Maturity									1,000		1,000
1-5 Years Maturity
Antenna79 (p.k.a. Pong Research Corporation)⁽¹⁵⁾	Consumer & Business Products	Senior Secured	December 2019	Interest rate PRIME + 7.45% or Floor rate of 10.95%, 2.95% Exit Fee	$	18,440			18,580		18,571
Second Time Around (Simplify Holdings, LLC)^(7)(8)(15)	Consumer & Business Products	Senior Secured	February 2019	Interest rate PRIME + 7.25% or Floor rate of 10.75%, 4.75% Exit Fee	$	1,746			1,781		—
Subtotal: 1-5 Years Maturity									20,361		18,571
Subtotal: Consumer & Business Products (2.33%)*							</

Maryland		743113410
(State or Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices)		94301 (Zip Code)
		94301 (Zip Code)

PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statement of Assets and Liabilities as of June 30, 2018 and December 31, 2017 (unaudited)	3
	Consolidated Statement of Operations for the three and six months ended June 30, 2018 and 2017 (unaudited)	5
	Consolidated Statement of Changes in Net Assets for the six months ended June 30, 2018 and 2017 (unaudited)	6
	Consolidated Statement of Cash Flows for the six months ended June 30, 2018 and 2017 (unaudited)	7
	Consolidated Schedule of Investments as of June 30, 2018 (unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2017 (unaudited)	24
	Notes to Consolidated Financial Statements (unaudited)	39
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	73
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	92
Item 4.	Controls and Procedures	93
PART II. OTHER INFORMATION		94
Item 1.	Legal Proceedings	94
Item 1A.	Risk Factors	94
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	95
Item 3.	Defaults Upon Senior Securities	95
Item 4.	Mine Safety Disclosures	95
Item 5.	Other Information	95
Item 6.	Exhibits and Financial Statement Schedules	96
SIGNATURES		99

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.			☐

(Dollars in thousands)	June 30, 2018		December 31, 2017
Assets
Restricted Cash	$	15,886	$	3,686
Total investments in securities, at value (cost of $98,105 and $146,208, respectively)		97,924		144,513
Total assets	$	113,810	$	148,199

Liabilities
2021 Asset-Backed Notes, net (principal of $31,088 and $49,153, respectively) ⁽¹⁾	$	30,698	$	48,650
Total liabilities	$	30,698	$	48,650