htgc-10q_20180930.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 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 ☐ 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 October 29, 2018, there were 96,731,791 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.

	September 30, 2018			December 31, 2017
Assets
Investments:
Non-control/Non-affiliate investments (cost of $1,663,658 and $1,506,454, respectively)	$	1,670,034		$	1,491,458
Control investments (cost of $64,630 and $25,419, respectively)		62,387			19,461
Affiliate investments (cost of $84,821 and $87,956, respectively)		28,095			31,295
Total investments in securities, at value (cost of $1,813,109 and $1,619,829, respectively)		1,760,516			1,542,214
Cash and cash equivalents		43,212			91,309
Restricted cash		2,429			3,686
Interest receivable		15,722			12,262
Other assets		1,175			5,244
Total assets	$	1,823,054		$	1,654,715

Liabilities
Accounts payable and accrued liabilities	$	21,473		$	26,896
SBA Debentures, net (principal of $149,000 and $190,200, respectively) ⁽¹⁾		147,527			188,141
2022 Notes, net (principal of $150,000 and $150,000, respectively) ⁽¹⁾		147,859			147,572
2024 Notes, net (principal of $83,510 and $183,510, respectively) ⁽¹⁾		81,791			179,001
2025 Notes, net (principal of $75,000 and $0, respectively) ⁽¹⁾		72,495			—
2033 Notes, net (principal of $40,000 and $0, respectively)⁽¹⁾		38,752			—
2021 Asset-Backed Notes, net (principal of $3,515 and $49,153, respectively) ⁽¹⁾		3,423			48,650
2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) ⁽¹⁾		224,660			223,488
Credit Facilities		80,894			—
Total liabilities	$	818,874		$	813,748

Net assets consist of:
Common stock, par value		96			85
Capital in excess of par value		1,060,875			908,501
Unrealized appreciation (depreciation) on investments ⁽²⁾		(53,784	)		(79,760	)
Accumulated undistributed realized gains (losses) on investments		(30,855	)		(20,374	)
Undistributed net investment income		27,848			32,515
Total net assets	$	1,004,180		$	840,967
Total liabilities and net assets	$	1,823,054		$	1,654,715

Shares of common stock outstanding ($0.001 par value, 200,000,000 authorized)		96,751			84,424
Net asset value per share	$	10.38		$	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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Investment income:
Interest income
Non-control/Non-affiliate investments	$	47,662		$	41,725		$	134,031		$	124,049
Control investments		921			464			2,348			1,505
Affiliate investments		509			246			1,570			248
Total interest income		49,092			42,435			137,949			125,802
Fee income
Commitment, facility and loan fee income:
Non-control/Non-affiliate investments		1,858			2,239			6,228			7,613
Control investments		1			1			1			11
Affiliate investments		71			2			263			2
Total commitment, facility and loan fee income		1,930			2,242			6,492			7,626
One-time fee income:
Non-control/Non-affiliate investments		1,580			1,188			6,423			7,254
Total one-time fee income		1,580			1,188			6,423			7,254
Total fee income		3,510			3,430			12,915			14,880
Total investment income		52,602			45,865			150,864			140,682
Operating expenses:
Interest		9,451			9,185			28,715			28,046
Loan fees		1,502			1,314			6,039			5,500
General and administrative
Legal Expenses		677			925			1,889			3,792
Other Expenses		3,044			2,623			9,515			8,570
Total general and administrative		3,721			3,548			11,404			12,362
Employee compensation:
Compensation and benefits		5,294			6,014			18,069			17,276
Stock-based compensation		3,332			1,831			8,498			5,573
Total employee compensation		8,626			7,845			26,567			22,849
Total operating expenses		23,300			21,892			72,725			68,757
Net investment income		29,302			23,973			78,139			71,925
Net realized gain (loss) on investments
Non-control/Non-affiliate investments		3,350			(8,911	)		(4,115	)		(10,940	)
Control investments		—			(15,543	)		(4,308	)		(15,989	)
Affiliate investments		—			—			(2,058	)		—
Total net realized gain (loss) on investments		3,350			(24,454	)		(10,481	)		(26,929	)
Net change in unrealized appreciation (depreciation) on investments
Non-control/Non-affiliate investments		3,967			11,320			22,327			45,420
Control investments		378			17,624			3,715			17,703
Affiliate investments		(1,368	)		4,609			(66	)		(47,486	)
Total net unrealized appreciation (depreciation) on investments		2,977			33,553			25,976			15,637
Total net realized and unrealized gain (loss)		6,327			9,099			15,495			(11,292	)
Net increase (decrease) in net assets resulting from operations	$	35,629		$	33,072		$	93,634		$	60,633

Net investment income before investment gains and losses per common share:
Basic	$	0.31		$	0.29		$	0.87		$	0.87
Change in net assets resulting from operations per common share:
Basic	$	0.37		$	0.40		$	1.04		$	0.73
Diluted	$	0.37		$	0.40		$	1.04		$	0.73
Weighted average shares outstanding
Basic		95,460			82,496			89,100			82,073
Diluted		95,671			82,607			89,212			82,173
Distributions declared per common share:
Basic	$	0.31		$	0.31		$	0.93		$	0.93

												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		—			—		—			15,637			(26,929	)		71,925			60,633
Public offering, net of offering expenses		4,077			4		56,330			—			—			—			56,334
Issuance of common stock due to stock option exercises		46			—		213			—			—			—			213
Retired shares from net issuance		(18	)		—		(172	)		—			—			—			(172	)
Issuance of common stock under restricted stock plan		10			—		—			—			—			—			—
Retired shares for restricted stock vesting		(187	)		—		(2,483	)		—			—			—			(2,483	)
Distributions reinvested in common stock		132			—		1,780			—			—			—			1,780
Issuance of Convertible Notes		—			—		3,413			—			—			—			3,413
Distributions		—			—		—			—			(14,893	)		(62,104	)		(76,997	)
Stock-based compensation⁽¹⁾		—			—		5,619			—			—			—			5,619
Balance at September 30, 2017		83,615		$	84	$	904,357		$	(73,388	)	$	(27,508	)	$	32,739		$	836,284

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		—			—		—			25,976			(10,481	)		78,139			93,634
Public offering, net of offering expenses		11,953			11		143,787			—			—			—			143,798
Issuance of common stock due to stock option exercises		63			—		704			—			—			—			704
Retired shares from net issuance		(57	)		—		(718	)		—			—			—			(718	)
Issuance of common stock under restricted stock plan		336			—		—			—			—			—			—
Retired shares for restricted stock vesting		(76	)		—		(937	)		—			—			—			(937	)
Distributions reinvested in common stock		108			—		1,372			—			—			—			1,372
Distributions		—			—		—			—			—			(82,806	)		(82,806	)
Stock-based compensation ⁽¹⁾		—			—		8,166			—			—			—			8,166
Balance at September 30, 2018		96,751		$	96	$	1,060,875		$	(53,784	)	$	(30,855	)	$	27,848		$	1,004,180

	For the Nine Months Ended September 30,
	2018			2017
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	93,634		$	60,633
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments		(706,113	)		(487,321	)
Principal and fee payments received on investments		503,971			486,985
Proceeds from the sale of investments		17,521			21,945
Net unrealized depreciation (appreciation) on investments		(25,976	)		(15,637	)
Net realized loss (gain) on investments		10,481			26,929
Accretion of paid-in-kind principal		(7,040	)		(7,078	)
Accretion of loan discounts		(2,961	)		(5,242	)
Accretion of loan discount on Convertible Notes		504			448
Accretion of loan exit fees		(12,482	)		(14,413	)
Change in deferred loan origination revenue		3,472			1,083
Unearned fees related to unfunded commitments		1,908			441
Amortization of debt fees and issuance costs		5,197			4,534
Depreciation		147			153
Stock-based compensation and amortization of restricted stock grants ⁽¹⁾		8,166			5,619
Change in operating assets and liabilities:
Interest and fees receivable		(3,460	)		1,107
Prepaid expenses and other assets		2,141			(1,100	)
Accounts payable		(187	)		—
Accrued liabilities		(4,282	)		(2,457	)
Net cash provided by (used in) operating activities		(115,359	)		76,629

Cash flows from investing activities:
Purchases of capital equipment		(325	)		(127	)
Net cash provided by (used in) investing activities		(325	)		(127	)

Cash flows from financing activities:
Issuance of common stock, net		143,498			56,334
Retirement of employee shares		(651	)		(2,442	)
Distributions paid		(81,434	)		(75,217	)
Issuance of 2022 Convertible Notes		—			230,000
Issuance of 2024 Notes		—			5,637
Issuance of 2025 Notes		75,000			—
Issuance of 2033 Notes		40,000			—
Repayments of 2019 Notes		—			(110,364	)
Repayments of 2024 Notes		(100,000	)		—
Repayments of 2021 Asset-Backed Notes		(45,637	)		(43,729	)
Repayments of Long-Term SBA Debentures		(41,200	)		—
Borrowings of credit facilities		216,109			8,497
Repayments of credit facilities		(135,216	)		(13,513	)
Cash paid for debt issuance costs		(3,978	)		(4,662	)
Fees paid for credit facilities and debentures		(161	)		(28	)
Net cash provided by (used in) financing activities		66,330			50,513
Net increase (decrease) in cash, cash equivalents and restricted cash		(49,354	)		127,015
Cash, cash equivalents and restricted cash at beginning of period		94,995			21,366
Cash, cash equivalents and restricted cash at end of period	$	45,641		$	148,381

Supplemental non-cash investing and financing activities:
Distributions reinvested		1,372			1,780

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
Under 1 Year 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	$	5,171	$	5,171
Subtotal: Under 1 Year Maturity								5,171		5,171
Subtotal: Biotechnology Tools (0.51%)*								5,171		5,171
Consumer & Business Products
1-5 Years Maturity
WHOOP, INC.⁽¹²⁾	Consumer & Business Products	Senior Secured	July 2021	Interest rate PRIME + 3.75% or Floor rate of 8.50%, 6.95% Exit Fee	$	6,000		5,970		5,970
Subtotal: 1-5 Years Maturity								5,970		5,970
Subtotal: Consumer & Business Products (0.59%)*								5,970		5,970
Diversified Financial Services
1-5 Years Maturity
Gibraltar Business Capital, LLC⁽⁷⁾	Diversified Financial Services	Unsecured	March 2023	Interest rate FIXED 14.50%	$	15,000		14,718		14,865
Subtotal: 1-5 Years Maturity								14,718		14,865
Subtotal: Diversified Financial Services (1.48%)*								14,718		14,865
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	$	5,939		6,523		6,523
Subtotal: Under 1 Year Maturity								6,523		6,523
1-5 Years Maturity
AcelRx Pharmaceuticals, Inc.⁽¹¹⁾	Drug Delivery	Senior Secured	March 2020	Interest rate PRIME + 6.05% or Floor rate of 9.55%, 11.69% Exit Fee	$	12,943		13,786		13,733
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		25,233		25,304
Subtotal: 1-5 Years Maturity								39,019		39,037
Subtotal: Drug Delivery (4.54%)*								45,542		45,560

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	$	1,527	$	2,209	$	2,209
Brickell Biotech, Inc.⁽¹²⁾	Drug Discovery & Development	Senior Secured	September 2019	Interest rate PRIME + 5.70% or Floor rate of 9.20%, 7.82% Exit Fee	$	5,581		5,996		5,996
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		65
Subtotal: Under 1 Year Maturity								10,766		8,270
1-5 Years Maturity
Acacia Pharma Inc.⁽¹⁰⁾	Drug Discovery & Development	Senior Secured	January 2022	Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee	$	10,000		9,815		9,815
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		10,053		9,954
	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee	$	10,000		10,144		10,123
Total Aveo Pharmaceuticals, Inc.					$	20,000		20,197		20,077
Axovant Sciences Ltd.^(5)(10)(16)	Drug Discovery & Development	Senior Secured	March 2021	Interest rate PRIME + 6.80% or Floor rate of 10.55%	$	55,000		54,107		54,262
BridgeBio Pharma LLC⁽¹³⁾	Drug Discovery & Development	Senior Secured	January 2022	Interest rate PRIME + 4.35% or Floor rate of 9.35%, 6.35% Exit Fee	$	35,000		34,850		34,850
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		14,976		14,990
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		14,762		14,767
Merrimack Pharmaceuticals, Inc.⁽¹²⁾	Drug Discovery & Development	Senior Secured	August 2021	Interest rate PRIME + 4.00% or Floor rate of 9.25%, 5.55% Exit Fee	$	15,000		14,928		14,928
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		35,116		35,519
Metuchen Pharmaceuticals LLC⁽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	$	19,902		20,508		20,480
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		14,839		14,787
Myovant Sciences, Ltd.^(5)(10)(13)	Drug Discovery & Development	Senior Secured	November 2021	Interest rate PRIME + 4.00% or Floor rate of 8.25%, 6.55% Exit Fee	$	40,000		40,050		39,638
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		40,776		40,383
	Drug Discovery & Development	Senior Secured	September 2020	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee	$	10,000		10,210		10,096
	Drug Discovery & Development	Senior Secured	September 2020	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 2.25% Exit Fee	$	10,000		10,064		9,980
	Drug Discovery & Development	Senior Secured	August 2022	Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee	$	10,000		9,959		9,959
Total Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)					$	70,000		71,009		70,418
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%, 6.00% Exit Fee	$	20,000		20,253		20,059
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		25,132		25,096
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		20,608		20,551
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		5,031		5,026
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,059		5,054
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,030		5,023
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	10,000		9,967		9,888
Total Verastem, Inc.					$	25,000		25,087		24,991
Subtotal: 1-5 Years Maturity								436,237		435,228
Subtotal: Drug Discovery & Development (44.17%)*								447,003		443,498

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	$	10,080	$	10,099
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	$	12,138		12,153		12,214
Subtotal: 1-5 Years Maturity								22,233		22,313
Subtotal: Electronics & Computer Hardware (2.22%)*								22,233		22,313
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%	$	20,346		20,211		20,116
	Healthcare Services, Other	Senior Secured	February 2021	Interest rate PRIME + 4.75% or Floor rate of 9.00%, PIK Interest 1.75%	$	5,076		5,047		5,020
Total Medsphere Systems Corporation					$	25,422		25,258		25,136
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		30,320		30,127
PH Group Holdings⁽¹³⁾	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	20,000		19,929		19,946
	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	10,000		9,955		9,931
Total PH Group Holdings					$	30,000		29,884		29,877
Subtotal: 1-5 Years Maturity								85,462		85,140
Subtotal: Healthcare Services, Other (8.48%)*								85,462		85,140
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%	$	15,223		14,921		14,864
Subtotal: 1-5 Years Maturity								14,921		14,864
Subtotal: Information Services (1.48%)*								14,921		14,864

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
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								2,000		2,000
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		19,932		19,953
Art.com, Inc.^(12)(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	$	10,074		9,946		9,926
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		10,949		10,949
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%	$	50,410		50,365		50,365
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		5,887		5,887
Greenphire, Inc.⁽¹⁷⁾	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%	$	3,125		3,125		3,129
	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate PRIME + 3.75% or Floor rate of 7.00%	$	1,500		1,500		1,500
Total Greenphire, Inc.					$	4,625		4,625		4,629
Intent Media, Inc.^(12)(17)	Internet Consumer & Business Services	Senior Secured	September 2021	Interest rate PRIME + 5.13% or Floor rate of 10.125%, 2.00% Exit Fee	$	9,200		9,210		9,286
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		25,073		25,205
LogicSource	Internet Consumer & Business Services	Senior Secured	October 2019	Interest rate PRIME + 6.25% or Floor rate of 9.75%, 5.00% Exit Fee	$	3,972		4,331		4,334
Postmates, Inc.^(17)(19)	Internet Consumer & Business Services	Senior Secured	September 2022	Interest rate PRIME + 3.85% or Floor rate of 8.85%, 8.05% Exit Fee	$	20,000		19,516		19,516
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		4,984		4,984
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	$	41,635		41,773		41,890
	Internet Consumer & Business Services	Senior Secured	July 2020	Interest rate PRIME + 5.65% or Floor rate of 10.65%, PIK Interest 1.95%, 2.55% Exit Fee	$	5,008		4,778		4,778
Total Snagajob.com, Inc.					$	46,643		46,551		46,668
Tectura Corporation^{(7)(8)(9)(14)}	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate FIXED 6.00%, PIK Interest 3.00%	$	20,766		20,766		19,672
	Internet Consumer & Business Services	Senior Secured	June 2021	PIK Interest 8.00%	$	10,680		240		—
Total Tectura Corporation					$	31,446		21,006		19,672
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%	$	7,467		7,467		7,482
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%	$	20,980		20,799		20,805
Xometry, Inc.^(17)(19)	Internet Consumer & Business Services	Senior Secured	November 2021	Interest rate PRIME + 3.95% or Floor rate of 8.45%, 7.45% Exit Fee	$	7,000		6,996		6,996
Subtotal: 1-5 Years Maturity								267,637		266,657
Subtotal: Internet Consumer & Business Services (26.75%)*								269,637		268,657

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	$	15,240	$	15,234	$	15,364
Subtotal: 1-5 Years Maturity								15,234		15,364
Subtotal: Media/Content/Info (1.53%)*								15,234		15,364
Medical Devices & Equipment
Under 1 Year Maturity
Aspire Bariatrics, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Senior Secured	December 2018	Interest rate PRIME + 4.00% or Floor rate of 9.25%, 6.85% Exit Fee	$	1,793		2,273		808
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	$	3,146		3,524		3,524
Subtotal: Under 1 Year Maturity								5,797		4,332
1-5 Years Maturity
Flowonix Medical, Inc.	Medical Devices & Equipment	Senior Secured	October 2021	Interest rate PRIME + 4.00% or Floor rate of 9.00%, 7.95% Exit Fee	$	15,000		14,480		14,480
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		17,375		17,402
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	$	6,853		7,327		7,266
Quanterix Corporation⁽¹¹⁾	Medical Devices & Equipment	Senior Secured	March 2020	Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.58% Exit Fee	$	7,688		7,635		7,635
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		18,034		18,034
Sebacia, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Senior Secured	January 2021	Interest rate PRIME + 4.35% or Floor rate of 8.85%, 6.05% Exit Fee	$	11,000		11,061		11,003
Transenterix, Inc.^(10)(13)	Medical Devices & Equipment	Senior Secured	June 2022	Interest rate PRIME + 4.55% or Floor rate of 9.55%, 6.95% Exit Fee	$	20,000		19,930		19,930
Subtotal: 1-5 Years Maturity								95,842		95,750
Subtotal: Medical Devices & Equipment (9.97%)*								101,639		100,082
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		7,148		7,148
Subtotal: Under 1 Year Maturity								7,148		7,148

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 7.88%	$	39,900	$	39,129	$	39,227
Businessolver.com, Inc.^(16)(17)	Software	Senior Secured	May 2023	Interest rate 3-month LIBOR + 7.50%	$	52,275		51,290		51,292
Clarabridge, Inc.^(12)(14)	Software	Senior Secured	April 2021	Interest rate PRIME + 4.80% or Floor rate of 8.55%, PIK Interest 3.25%	$	41,916		41,898		42,356
Couchbase, Inc.^(15)(17)(19)	Software	Senior Secured	September 2021	Interest rate PRIME + 5.25% or Floor rate of 10.75%	$	15,000		14,915		14,915
Credible Behavioral Health, Inc.^(14)(17)	Software	Senior Secured	September 2021	Interest rate PRIME + 3.20% or Floor rate of 7.95%, PIK Interest 3.30%	$	7,510		7,421		7,421
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	$	10,039		10,018		10,018
Emma, Inc.^(17)(18)	Software	Senior Secured	September 2022	Interest rate 3-month LIBOR + 8.39%	$	37,037		35,793		36,062
Evernote Corporation^(14)(17)(19)	Software	Senior Secured	October 2020	Interest rate PRIME + 5.45% or Floor rate of 8.95%	$	6,000		5,984		6,067
	Software	Senior Secured	July 2021	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	4,061		4,043		4,062
	Software	Senior Secured	July 2022	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	2,507		2,491		2,491
Total Evernote Corporation					$	12,568		12,518		12,620
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	$	50,929		51,423		51,714
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	$	10,152		10,214		10,171
	Software	Senior Secured	December 2020	Interest rate PRIME + 4.25% or Floor rate of 8.75%, PIK Interest 1.55%	$	2,006		2,006		1,996
Total Impact Radius Holdings, Inc.					$	12,158		12,220		12,167
Insurance Technologies Corporation⁽¹⁷⁾	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.75% or Floor rate of 8.75%	$	12,500		12,271		12,383
Lightbend, Inc.^(14)(15)	Software	Senior Secured	August 2021	Interest rate PRIME + 4.25% or Floor rate of 8.50%, PIK Interest 2.00%	$	11,122		10,963		10,965
Lithium Technologies, Inc.⁽¹⁷⁾	Software	Senior Secured	October 2022	Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%	$	12,000		11,774		11,774
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		11,846		11,931
OneLogin, Inc.^(14)(15)	Software	Senior Secured	July 2021	Interest rate PRIME + 5.95% or Floor rate of 10.70%, PIK Interest 2.00%	$	26,272		25,961		26,239
Quid, Inc.^(14)(15)	Software	Senior Secured	February 2021	Interest rate PRIME + 4.75% or Floor rate of 8.25%, PIK Interest 2.25%, 3.00% Exit Fee	$	8,446		8,609		8,627

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Maturity Date	Interest Rate and Floor⁽²⁾	Principal Amount		Cost⁽³⁾		Value⁽⁴⁾
RapidMiner, Inc.^(12)(14)	Software	Senior Secured	December 2020	Interest rate PRIME + 5.50% or Floor rate of 9.75%, PIK Interest 1.65%	$	7,089	$	7,070	$	7,038
Regent Education⁽¹⁴⁾	Software	Senior Secured	January 2021	Interest rate FIXED 10.00%, PIK Interest 2.00%, 6.35% Exit Fee	$	3,162		3,185		1,987
Salsa Labs, Inc.⁽¹⁷⁾	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	6,000		5,889		5,889
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	$	15,718		16,111		16,110
ThreatConnect, Inc.^(14)(15)(19)	Software	Senior Secured	October 2022	Interest rate PRIME + 4.95% or Floor rate of 9.95%, PIK Interest 1.05%, 2.20% Exit Fee	$	7,500		7,405		7,405
Vela Trading Technologies⁽¹⁸⁾	Software	Senior Secured	July 2022	Interest rate 3-month LIBOR + 10.50% or Floor rate of 10.50%	$	19,875		19,443		19,642
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	$	10,320		10,161		10,437
YouEarnedIt⁽¹⁸⁾	Software	Senior Secured	July 2023	Interest rate 1-month LIBOR + 8.66%	$	9,000		8,746		8,746
ZocDoc⁽¹⁹⁾	Software	Senior Secured	August 2021	Interest rate 3-month PRIME + 6.20% or Floor rate of 10.95%, 2.00% Exit Fee	$	30,000		29,953		30,093
Subtotal: 1-5 Years Maturity								466,012		467,058
Subtotal: Software (47.22%)*								473,160		474,206
Surgical Devices
Under 1 Year Maturity
Gynesonics, Inc.^(9)(14)(15)	Surgical Devices	Unsecured Convertible Debt	May 2019	PIK Interest 8.00%	$	144		144		181
Subtotal: Under 1 Year Maturity								144		181
Subtotal: Surgical Devices (0.02%)*								144		181
Sustainable and Renewable Technology
Under 1 Year Maturity
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)^(6)(14)(19)	Sustainable and Renewable Technology	Senior Secured	August 2019	Interest rate PRIME + 8.70% or Floor rate of 12.95%, 5.00% Exit Fee	$	10,000		9,999		9,999
	Sustainable and Renewable Technology	Senior Secured	November 2018	PIK Interest 10.00%	$	634		634		634
	Sustainable and Renewable Technology	Senior Secured	November 2018	Interest rate PRIME + 10.70% or Floor rate of 15.70%, PIK Interest 2.00%	$	600		593		593
Total Solar Spectrum LLC					$	11,234		11,226		11,226
Subtotal: Under 1 Year Maturity								11,226		11,226
1-5 Years Maturity
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		13,176		13,213
	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		13,607		13,615
Total FuelCell Energy, Inc.					$	25,000		26,783		26,828
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	$	30,000		29,692		29,692
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		7,569		7,592
Proterra, Inc.^(11)(14)	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	$	25,372		26,581		26,723
	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	$	5,074		5,329		5,343
Total Proterra, Inc.					$	30,446		31,910		32,066
Subtotal: 1-5 Years Maturity								95,954		96,178
Subtotal: Sustainable and Renewable Technology (10.70%)*								107,180		107,404
Total: Debt Investments (159.66%)*							$	1,608,014	$	1,603,275

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Equity Investments
Communications & Networking
GlowPoint, Inc.⁽⁴⁾	Communications & Networking	Equity	Common Stock		114,192	$	102	$	19
Peerless Network Holdings, Inc.	Communications & Networking	Equity	Preferred Series A		1,135,000		1,229		6,395
Subtotal: Communications & Networking (0.64%)*							1,331		6,414
Diagnostic
Singulex, Inc.	Diagnostic	Equity	Common Stock		937,998		750		488
Subtotal: Diagnostic (0.05%)*							750		488
Diversified Financial Services
Gibraltar Business Capital, LLC⁽⁷⁾	Diversified Financial Services	Equity	Common Stock		830,000		1,884		1,874
	Diversified Financial Services	Equity	Preferred Series A		10,602,752		26,122		25,976
Total Gibraltar Business Capital, LLC					11,432,752		28,006		27,850
Subtotal: Diversified Financial Services (2.77%)*							28,006		27,850
Drug Delivery
AcelRx Pharmaceuticals, Inc.^(4)(10)	Drug Delivery	Equity	Common Stock		54,240		108		209
BioQ Pharma Incorporated⁽¹⁵⁾	Drug Delivery	Equity	Preferred Series D		165,000		500		688
Edge Therapeutics, Inc.⁽⁴⁾	Drug Delivery	Equity	Common Stock		49,965		309		41
Neos Therapeutics, Inc.^(4)(15)	Drug Delivery	Equity	Common Stock		125,000		1,500		606
Subtotal: Drug Delivery (0.15%)*							2,417		1,544
Drug Discovery & Development
Aveo Pharmaceuticals, Inc.^(4)(10)(15)	Drug Discovery & Development	Equity	Common Stock		1,901,791		1,715		6,774
Axovant Sciences Ltd.^{(4)(5)(10)(16)}	Drug Discovery & Development	Equity	Common Stock		129,827		1,269		314
Cerecor, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		119,087		1,000		556
Dare Biosciences, Inc. (p.k.a. Cerulean Pharma, Inc.)⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		13,550		1,000		13
Dicerna Pharmaceuticals, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		142,858		1,000		2,180
Dynavax Technologies ^(4)(10)	Drug Discovery & Development	Equity	Common Stock		20,000		550		248
Eidos Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Equity	Common Stock		15,000		255		150
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		223,463		2,000		174
Insmed, Incorporated ⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		70,771		1,000		1,284
Melinta Therapeutics⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		51,821		2,000		204
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)^(4)(10)(16)	Drug Discovery & Development	Equity	Common Stock		76,362		2,744		741
Rocket Pharmaceuticals, Ltd (p.k.a. Inotek Pharmaceuticals Corporation)⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		944		1,500		23
Tricida, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		105,260		2,000		3,217
Subtotal: Drug Discovery & Development (1.58%)*							18,033		15,878
Electronics & Computer Hardware
Identiv, Inc.⁽⁴⁾	Electronics & Computer Hardware	Equity	Common Stock		6,700		34		40
Subtotal: Electronics & Computer Hardware (0.00%)*							34		40
Information Services
DocuSign, Inc. ⁽⁴⁾	Information Services	Equity	Common Stock		385,000		6,081		20,239
Subtotal: Information Services (2.02%)*							6,081		20,239

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares			Cost⁽³⁾			Value⁽⁴⁾
Internet Consumer & Business Services
Blurb, Inc.	Internet Consumer & Business Services	Equity	Preferred Series B			220,653	$		175	$		71
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			354
	Internet Consumer & Business Services	Equity	Preferred Series D			198,677			250			318
Total Lightspeed POS, Inc.					428,707			500			672
Nextdoor.com, Inc.	Internet Consumer & Business Services	Equity	Common Stock			328,190			4,854			4,854
OfferUp, Inc.	Internet Consumer & Business Services	Equity	Preferred Series A			286,080			1,663			1,916
	Internet Consumer & Business Services	Equity	Preferred Series A-1			108,710			632			728
Total OfferUp, Inc.					394,790			2,295			2,644
Oportun (p.k.a. Progress Financial)	Internet Consumer & Business Services	Equity	Preferred Series G			218,351			250			294
	Internet Consumer & Business Services	Equity	Preferred Series H			87,802			250			243
Total Oportun (p.k.a. Progress Financial)					306,153			500			537
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 (0.87%)*								9,332			8,778
Media/Content/Info
Pinterest, Inc.	Media/Content/Info	Equity	Preferred Series Seed			620,000			4,085			4,815
Subtotal: Media/Content/Info (0.48%)*								4,085			4,815
Medical Devices & Equipment
AtriCure, Inc.^(4)(15)	Medical Devices & Equipment	Equity	Common Stock			10,119			266			354
Flowonix Medical Incorporated	Medical Devices & Equipment	Equity	Preferred Series AA			221,893			1,500			27
Gelesis, Inc.	Medical Devices & Equipment	Equity	Common Stock			198,202			—			744
	Medical Devices & Equipment	Equity	Preferred Series A-1			191,210			425			793
	Medical Devices & Equipment	Equity	Preferred Series A-2			191,626			500			756
Total Gelesis, Inc.					581,038			925			2,293
Medrobotics Corporation⁽¹⁵⁾	Medical Devices & Equipment	Equity	Preferred Series E			136,798			250			31
	Medical Devices & Equipment	Equity	Preferred Series F			73,971			155			29
	Medical Devices & Equipment	Equity	Preferred Series G			163,934			500			90
Total Medrobotics Corporation					374,703			905			150
Optiscan Biomedical, Corp.⁽⁶⁾	Medical Devices & Equipment	Equity	Preferred Series B			61,855			3,000			474
	Medical Devices & Equipment	Equity	Preferred Series C			19,273			655			137
	Medical Devices & Equipment	Equity	Preferred Series D			551,038			5,257			4,203
	Medical Devices & Equipment	Equity	Preferred Series E			311,989			2,609			3,061
Total Optiscan Biomedical, Corp.					944,155			11,521			7,875
Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.)	Medical Devices & Equipment	Equity	Preferred Series B			232,061			527			608
Quanterix Corporation⁽⁴⁾	Medical Devices & Equipment	Equity	Common Stock			84,778			1,000			1,817
Subtotal: Medical Devices & Equipment (1.31%)*								16,644			13,124
Software
CapLinked, Inc.	Software	Equity	Preferred Series A-3			53,614			51			91
Druva, Inc.	Software	Equity	Preferred Series 2			458,841			1,000			1,573
	Software	Equity	Preferred Series 3			93,620			300			367
Total Druva, Inc.					552,461			1,300			1,940
HighRoads, Inc.	Software	Equity	Common Stock			190			307			—
NewVoiceMedia Limited^(5)(10)	Software	Equity	Preferred Series E			669,173			963			1,459
Palantir Technologies	Software	Equity	Preferred Series E			727,696			5,431			4,714
	Software	Equity	Preferred Series G			326,797			2,211			2,117
Total Palantir Technologies					1,054,493			7,642			6,831
Sprinklr, Inc.	Software	Equity	Common Stock			700,000			3,749			4,023
WildTangent, Inc.	Software	Equity	Preferred Series 3			100,000			402			181
Subtotal: Software (1.45%)*								14,414			14,525

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	$	79
	Surgical Devices	Equity	Preferred Series C		656,538		282		123
	Surgical Devices	Equity	Preferred Series D		1,991,157		712		912
	Surgical Devices	Equity	Preferred Series E		2,786,367		429		684
Total Gynesonics, Inc.					5,653,360		1,673		1,798
Transmedics, Inc.	Surgical Devices	Equity	Preferred Series B		88,961		1,100		407
	Surgical Devices	Equity	Preferred Series C		119,999		300		548
	Surgical Devices	Equity	Preferred Series D		260,000		650		1,189
	Surgical Devices	Equity	Preferred Series F		100,200		500		458
Total Transmedics, Inc.					569,160		2,550		2,602
Subtotal: Surgical Devices (0.44%)*							4,223		4,400
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		105
Proterra, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series 5		99,280		500		494
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Equity	Common Stock		288		61,502		8,704
Subtotal: Sustainable and Renewable Technology (0.93%)*							63,263		9,303
Total: Equity Investments (12.69%)*						$	168,613	$	127,398

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Warrant Investments
Biotechnology Tools
Labcyte, Inc.	Biotechnology Tools	Warrant	Preferred Series C		1,127,624	$	323	$	558
Subtotal: Biotechnology Tools (0.06%)*							323		558
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Warrant	Common Stock		3,328		—		15
Spring Mobile Solutions, Inc.	Communications & Networking	Warrant	Common Stock		2,834,375		418		—
Subtotal: Communications & Networking (0.00%)*							418		15
Consumer & Business Products
Gadget Guard (p.k.a Antenna79)⁽¹⁵⁾	Consumer & Business Products	Warrant	Common Stock		1,662,441		228		—
Intelligent Beauty, Inc.	Consumer & Business Products	Warrant	Preferred Series B		190,234		230		224
The Neat Company	Consumer & Business Products	Warrant	Preferred Series C-1		540,540		365		—
WHOOP, INC.	Consumer & Business Products	Warrant	Preferred Series C		68,627		18		16
Subtotal: Consumer & Business Products (0.02%)*							841		240
Drug Delivery
AcelRx Pharmaceuticals, Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		176,730		786		222
Agile Therapeutics, Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		180,274		730		2
BioQ Pharma Incorporated	Drug Delivery	Warrant	Common Stock		459,183		1		798
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		14
Kaleo, Inc. (p.k.a. Intelliject, Inc.)	Drug Delivery	Warrant	Preferred Series B		82,500		594		1,794
Neos Therapeutics, Inc.^(4)(15)	Drug Delivery	Warrant	Common Stock		70,833		285		9
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 (0.28%)*							3,670		2,839

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Drug Discovery & Development
Acacia Pharma Inc. ^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		201,330	$	304	$	379
ADMA Biologics, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		89,750		295		72
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		83
Cerecor, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		22,328		70		28
Chroma Therapeutics, Ltd.^(5)(10)	Drug Discovery & Development	Warrant	Preferred Series D		325,261		490		—
Concert Pharmaceuticals, Inc.^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		132,069		545		442
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		6
Dare Biosciences, Inc. (p.k.a. Cerulean Pharma, Inc.)⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		17,190		369		—
Dicerna Pharmaceuticals, Inc.⁽⁴⁾	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		13
Fortress Biotech, Inc. (p.k.a. Coronado Biosciences, Inc.)⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		73,009		142		1
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		403,136		431		143
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		190
Myovant Sciences, Ltd.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		73,710		460		1,085
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		94,841		204		79
Savara Inc. (p.k.a. Mast Therapeutics, Inc.)^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		32,467		203		121
Sorrento Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		306,748		889		530
Stealth Bio Therapeutics Corp.^(5)(10)	Drug Discovery & Development	Warrant	Preferred Series A		650,000		158		177
Tricida, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		53,458		222		937
uniQure B.V.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		37,174		218		665
XOMA Corporation^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		9,063		279		6
Subtotal: Drug Discovery & Development (0.49%)*							8,253		4,957
Electronics & Computer Hardware
908 DEVICES INC.⁽¹⁵⁾	Electronics & Computer Hardware	Warrant	Preferred Series D		79,856		100		75
Subtotal: Electronics & Computer Hardware (0.01%)*							100		75
Healthcare Services, Other
Chromadex Corporation⁽⁴⁾	Healthcare Services, Other	Warrant	Common Stock		139,673		157		174
Subtotal: Healthcare Services, Other (0.02%)*							157		174
Information Services
INMOBI Inc.^(5)(10)	Information Services	Warrant	Common Stock		65,587		82		—
MDX Medical, Inc.⁽¹⁵⁾	Information Services	Warrant	Common Stock		2,812,500		283		275
Netbase Solutions, Inc.	Information Services	Warrant	Preferred Series 1		60,000		356		407
RichRelevance, Inc.	Information Services	Warrant	Preferred Series E		112,612		98		—
Subtotal: Information Services (0.07%)*							819		682

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		14
Blurb, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series C		234,280		636		26
ClearObject, Inc. (p.k.a. CloudOne, Inc.)	Internet Consumer & Business Services	Warrant	Preferred Series E		968,992		19		183
Cloudpay, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series B		4,960		45		37
Contentful, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series C		82,185		1		1
First Insight, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series B		45,551		56		53
Intent Media, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		140,077		168		246
Interactions Corporation	Internet Consumer & Business Services	Warrant	Preferred Series G-3		68,187		204		420
Just Fabulous, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		206,184		1,101		3,070
Lightspeed POS, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series C		245,610		20		166
LogicSource	Internet Consumer & Business Services	Warrant	Preferred Series C		79,625		30		40
Oportun (p.k.a. Progress Financial)	Internet Consumer & Business Services	Warrant	Preferred Series G		174,562		78		61
Postmates, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		189,865		317		381
RumbleON, Inc.⁽⁴⁾	Internet Consumer & Business Services	Warrant	Common Stock		81,818		72		350
ShareThis, Inc.	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		69
	Internet Consumer & Business Services	Warrant	Preferred Series B		173,076		8		4
TotalSnagajob.com, Inc.					1,973,076		790		73
Tapjoy, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		748,670		316		35
The Faction GroupLLC	Internet Consumer & Business Services	Warrant	Preferred Series A		8,703		234		431
Thumbtack, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		102,821		124		133
Xometry, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		87,784		47		141
Subtotal: Internet Consumer & Business Services (0.58%)*							4,944		5,861
Media/Content/Info
Machine Zone, Inc.	Media/Content/Info	Warrant	Common Stock		1,552,710		1,960		2,402
Napster (p.k.a. Rhapsody International, Inc.)	Media/Content/Info	Warrant	Common Stock		715,755		383		87
WP Technology, Inc. (Wattpad, Inc.)^(5)(10)	Media/Content/Info	Warrant	Common Stock		255,818		4		12
Zoom Media Group, Inc.	Media/Content/Info	Warrant	Preferred Series A		1,204		348		29
Subtotal: Media/Content/Info (0.25%)*							2,695		2,530
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		449
Flowonix Medical Incorporated	Medical Devices & Equipment	Warrant	Preferred Series AA		155,325		362		1
	Medical Devices & Equipment	Warrant	Preferred Series BB		725,806		351		352
Total Flowonix Medical Incorporated					881,131		713		353
Gelesis, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A-1		74,784		78		182
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		613
Medrobotics Corporation⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series E		455,539		370		38
Micell Technologies, Inc.	Medical Devices & Equipment	Warrant	Preferred Series D-2		84,955		262		205
NetBio, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A		7,841		408		—
NinePoint Medical, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A-1		587,840		170		155
Optiscan Biomedical, Corp.⁽⁶⁾	Medical Devices & Equipment	Warrant	Preferred Series E		74,424		573		290
Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.)	Medical Devices & Equipment	Warrant	Preferred Series A		500,000		402		535
Quanterix Corporation⁽⁴⁾	Medical Devices & Equipment	Warrant	Common Stock		66,039		204		539
Sebacia, Inc.	Medical Devices & Equipment	Warrant	Preferred Series D		778,301		133		192
SonaCare Medical, LLC (p.k.a. US HIFU, LLC)	Medical Devices & Equipment	Warrant	Preferred Series A		6,464		188		—
Tela Bio, Inc.	Medical Devices & Equipment	Warrant	Preferred Series B		387,930		61		215
ViewRay, Inc.^(4)(15)	Medical Devices & Equipment	Warrant	Common Stock		128,231		333		419
Subtotal: Medical Devices & Equipment (0.42%)*							5,746		4,185
Semiconductors
Achronix Semiconductor Corporation	Semiconductors	Warrant	Preferred Series C		360,000		160		515
	Semiconductors	Warrant	Preferred Series D-2		750,000		99		771
Total Achronix Semiconductor Corporation					1,110,000		259		1,286
Aquantia Corp.⁽⁴⁾	Semiconductors	Warrant	Common Stock		19,683		4		17
Subtotal: Semiconductors (0.13%)*							263		1,303

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Software
Actifio, Inc.	Software	Warrant	Common Stock		73,584	$	249	$	113
	Software	Warrant	Preferred Series F		31,673		343		114
Total Actifio, Inc.					105,257		592		227
CareCloud Corporation⁽¹⁵⁾	Software	Warrant	Preferred Series B		413,433		258		23
Clickfox, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series B		539,818		167		19
	Software	Warrant	Preferred Series C		592,019		730		30
	Software	Warrant	Preferred Series C-A		2,218,214		231		314
Total Clickfox, Inc.					3,350,051		1,128		363
DNAnexus, Inc.	Software	Warrant	Preferred Series C		909,091		97		84
Evernote Corporation	Software	Warrant	Common Stock		62,500		106		200
Fuze, Inc.^(15)(16)	Software	Warrant	Preferred Series F		256,158		89		—
Lightbend, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-1		391,778		79		71
Message Systems, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C		503,718		334		502
Neos, Inc.	Software	Warrant	Common Stock		221,150		22		—
NewVoiceMedia Limited^(5)(10)	Software	Warrant	Preferred Series E		225,586		33		225
OneLogin, Inc.⁽¹⁵⁾	Software	Warrant	Common Stock		381,620		305		386
Poplicus, Inc.	Software	Warrant	Common Stock		132,168		—		—
Quid, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series D		71,576		1		5
RapidMiner, Inc.	Software	Warrant	Preferred Series C-1		4,982		24		27
RedSeal Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-Prime		640,603		66		39
Signpost, Inc.	Software	Warrant	Preferred Series C		324,005		314		157
ThreatConnect, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series B		134,086		26		30
Wrike, Inc.	Software	Warrant	Common Stock		698,760		461		2,162
Subtotal: Software (0.45%)*							3,935		4,501
Specialty Pharmaceuticals
Alimera Sciences, Inc.⁽⁴⁾	Specialty Pharmaceuticals	Warrant	Common Stock		1,717,709		861		103
Subtotal: Specialty Pharmaceuticals (0.01%)*							861		103
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Warrant	Preferred Series C		180,480		74		30
	Surgical Devices	Warrant	Preferred Series D		1,575,965		321		411
Total Gynesonics, Inc.					1,756,445		395		441
Transmedics, Inc.	Surgical Devices	Warrant	Preferred Series D		175,000		100		363
	Surgical Devices	Warrant	Preferred Series F		50,544		38		—
Total Transmedics, Inc.					225,544		138		363
Subtotal: Surgical Devices (0.08%)*							533		804

Portfolio Company	Sub-Industry	Type of Investment⁽¹⁾	Series	Shares		Cost⁽³⁾		Value⁽⁴⁾
Sustainable and Renewable Technology
Agrivida, Inc.	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.	Sustainable and Renewable Technology	Warrant	Preferred Series C		44,529		512		—
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		434
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		97
	Sustainable and Renewable Technology	Warrant	Preferred Series B		131,883		63		29
Total Kinestral Technologies, Inc.					456,883		218		126
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		378
Rive Technology, Inc.⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series E		234,477		13		12
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Warrant	Class A Units		0.69		—		—
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 (0.10%)*							2,924		1,016
Total: Warrant Investments (2.97%)*							36,482		29,843
Total Investments in Securities (175.32%)*						$	1,813,109	$	1,760,516

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%)*								21,361		19,571

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 September 30, 2018 and December 31, 2017 (unaudited)	3
	Consolidated Statement of Operations for the three and nine months ended September 30, 2018 and 2017 (unaudited)	5
	Consolidated Statement of Changes in Net Assets for the nine months ended September 30, 2018 and 2017 (unaudited)	6
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 and 2017 (unaudited)	7
	Consolidated Schedule of Investments as of September 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	74
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	94
Item 4.	Controls and Procedures	95
PART II. OTHER INFORMATION		96
Item 1.	Legal Proceedings	96
Item 1A.	Risk Factors	96
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	99
Item 3.	Defaults Upon Senior Securities	99
Item 4.	Mine Safety Disclosures	99
Item 5.	Other Information	99
Item 6.	Exhibits and Financial Statement Schedules	100
SIGNATURES		103

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)	September 30, 2018		December 31, 2017
Assets
Restricted Cash	$	2,429	$	3,686
Total investments in securities, at value (cost of $86,070 and $146,208, respectively)		85,965		144,513
Total assets	$	88,394	$	148,199

Liabilities
2021 Asset-Backed Notes, net (principal of $3,515 and $49,153, respectively) ⁽¹⁾	$	3,423	$	48,650
Total liabilities	$	3,423	$	48,650