htgc-10q_20190930.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 25, 2019, there were 104,633,262 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, 2019			December 31, 2018
Assets
Investments:
Non-control/Non-affiliate investments (cost of $2,182,777 and $1,830,725, respectively)	$	2,167,682		$	1,801,258
Control investments (cost of $65,319 and $64,799, respectively)		58,560			57,619
Affiliate investments (cost of $88,238 and $85,000, respectively)		20,964			21,496
Total investments in securities, at value (cost of $2,336,334 and $1,980,524, respectively)		2,247,206			1,880,373
Cash and cash equivalents		21,045			34,212
Restricted cash		14,886			11,645
Interest receivable		19,847			16,959
Right of use asset ⁽¹⁾		12,218			—
Other assets		1,727			2,002
Total assets	$	2,316,929		$	1,945,191

Liabilities
Accounts payable and accrued liabilities	$	25,451		$	25,961
Operating lease liability⁽¹⁾		11,922			—
SBA Debentures, net (principal of $149,000 and $149,000, respectively) ⁽²⁾		148,038			147,655
2022 Notes, net (principal of $150,000 and $150,000, respectively) ⁽²⁾		148,383			147,990
2024 Notes, net (principal of $0 and $83,510, respectively) ⁽²⁾		—			81,852
July 2024 Notes, net (principal of $105,000 and $0, respectively) ⁽²⁾		103,723			—
2025 Notes, net (principal of $75,000 and $75,000, respectively) ⁽²⁾		72,875			72,590
2033 Notes, net (principal of $40,000 and $40,000, respectively) ⁽²⁾		38,474			38,427
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) ⁽²⁾		197,241			197,265
2028 Asset-Backed Notes, net (principal of $250,000 and $0, respectively) ⁽²⁾		247,333			—
2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) ⁽²⁾		226,223			225,051
Credit Facilities		11,585			52,956
Total liabilities	$	1,231,248		$	989,747

Net assets consist of:
Common stock, par value		105			96
Capital in excess of par value		1,147,054			1,052,269
Total distributable earnings (loss) ⁽³⁾		(61,478	)		(92,859	)
Treasury Stock, at cost, no shares as of September 30, 2019 and 376,466 shares as of December 31, 2018		—			(4,062	)
Total net assets	$	1,085,681		$	955,444
Total liabilities and net assets	$	2,316,929		$	1,945,191

Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized)		104,636			96,501
Net asset value per share	$	10.38		$	9.90

The following table presents the assets and liabilities of our consolidated securitization trusts for the 2027 Asset-Backed Notes and the 2028 Asset-Backed Notes (see Note 4), which are variable interest entities, or VIEs. The assets of our securitization VIEs can only be used to settle obligations of our consolidated securitization VIEs, these liabilities are only the obligations of our consolidated securitization VIEs, 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,
	2019			2018			2019			2018
Investment income:
Interest income
Non-control/Non-affiliate investments	$	62,696		$	47,662		$	176,568		$	134,031
Control investments		1,055			921			3,119			2,348
Affiliate investments		493			509			1,740			1,570
Total interest income		64,244			49,092			181,427			137,949
Fee income
Commitment, facility and loan fee income
Non-control/Non-affiliate investments		3,591			1,858			11,069			6,228
Control investments		5			1			13			1
Affiliate investments		26			71			186			263
Total commitment, facility and loan fee income		3,622			1,930			11,268			6,492
One-time fee income
Non-control/Non-affiliate investments		1,372			1,580			4,602			6,423
Total one-time fee income		1,372			1,580			4,602			6,423
Total fee income		4,994			3,510			15,870			12,915
Total investment income		69,238			52,602			197,297			150,864
Operating expenses:
Interest		13,857			9,451			39,927			28,715
Loan fees		1,138			1,502			5,793			6,039
General and administrative
Legal expenses		1,586			677			4,212			1,889
Tax expenses		815			117			1,706			689
Other expenses		3,967			2,927			10,398			8,826
Total general and administrative		6,368			3,721			16,316			11,404
Employee compensation
Compensation and benefits		7,559			5,294			23,372			18,069
Stock-based compensation		1,443			3,332			8,716			8,498
Total employee compensation		9,002			8,626			32,088			26,567
Total operating expenses		30,365			23,300			94,124			72,725
Net investment income		38,873			29,302			103,173			78,139
Net realized gain (loss) on investments
Non-control/Non-affiliate investments		4,807			3,350			13,633			(4,115	)
Control investments		—			—			—			(4,308	)
Affiliate investments		—			—			—			(2,058	)
Total net realized gain (loss) on investments		4,807			3,350			13,633			(10,481	)
Net change in unrealized appreciation (depreciation) on investments
Non-control/Non-affiliate investments		(26,351	)		3,967			15,533			22,327
Control investments		2,489			378			421			3,715
Affiliate investments		(547	)		(1,368	)		(3,773	)		(66	)
Total net unrealized appreciation (depreciation) on investments		(24,409	)		2,977			12,181			25,976
Total net realized and unrealized gain (loss)		(19,602	)		6,327			25,814			15,495
Net increase (decrease) in net assets resulting from operations	$	19,271		$	35,629		$	128,987		$	93,634

Net investment income before investment gains and losses per common share:
Basic	$	0.37		$	0.31		$	1.03		$	0.87
Change in net assets resulting from operations per common share:
Basic	$	0.18		$	0.37		$	1.29		$	1.04
Diluted	$	0.18		$	0.37		$	1.29		$	1.04
Weighted average shares outstanding
Basic		104,314			95,460			99,615			89,100
Diluted		104,655			95,671			100,043			89,212
Distributions paid per common share:
Basic	$	0.34		$	0.31		$	0.98		$	0.93



						Capital in			Distributable
	Common Stock					excess			Earnings			Treasury			Net
For the Three Months Ended September 30, 2019	Shares			Par Value		of par value			(loss) ⁽²⁾			Stock			Assets
Balance at June 30, 2019		104,282		$	104	$	1,149,774		$	(45,194	)	$	—		$	1,104,684
Net increase (decrease) in net assets resulting from operations		—			—		—			19,271			—			19,271
Public offering, net of offering expenses		—			—		(331	)		—			—			(331	)
Issuance of common stock due to stock option exercises		23			—		300			—			—			300
Retired shares from net issuance		—			—		—			—			—			—
Issuance of common stock under restricted stock plan		770			1		(1	)		—			—			—
Retired shares for restricted stock vesting		(482	)		—		(4,471	)		—			—			(4,471	)
Distributions reinvested in common stock		43			—		544			—			—			544
Distributions		—			—		—			(35,555	)		—			(35,555	)
Stock-based compensation⁽¹⁾		—			—		1,239			—			—			1,239
Balance at September 30, 2019		104,636		$	105	$	1,147,054		$	(61,478	)	$	—		$	1,085,681

For the Nine Months Ended September 30, 2019
Balance at December 31, 2018		96,501		$	96	$	1,052,269		$	(92,859	)	$	(4,062	)	$	955,444
Net increase (decrease) in net assets resulting from operations		—			—		—			128,987			—			128,987
Public offering, net of offering expenses		7,700			8		95,084			—			—			95,092
Issuance of common stock due to stock option exercises		37			—		461			—			—			461
Retired shares from net issuance		(12	)		—		(166	)		—			—			(166	)
Issuance of common stock under restricted stock plan		828			1		(1	)		—			—			—
Retirement of common stock under repurchase plan		—			—		(4,062	)		—			4,062			—
Retired shares for restricted stock vesting		(550	)		—		(5,358	)		—			—			(5,358	)
Distributions reinvested in common stock		132			—		1,733			—			—			1,733
Distributions		—			—		—			(97,606	)		—			(97,606	)
Stock-based compensation ⁽¹⁾		—			—		7,094			—			—			7,094
Balance at September 30, 2019		104,636		$	105	$	1,147,054		$	(61,478	)	$	—		$	1,085,681



						Capital in			Distributable
	Common Stock					excess			Earnings			Net
For the Three Months Ended September 30, 2018	Shares			Par Value		of par value			(loss)⁽²⁾			Assets
Balance at June 30, 2018		94,260		$	94	$	1,026,313		$	(62,710	)	$	963,697
Net increase (decrease) in net assets resulting from operations		—			—		—			35,629			35,629
Public offering, net of offering expenses		2,467			2		31,170			—			31,172
Issuance of common stock due to stock option exercises		25			—		271			—			271
Retired shares from net issuance		(21	)		—		(271	)		—			(271	)
Issuance of common stock under restricted stock plan		—			—		—			—			—
Retired shares for restricted stock vesting		(19	)		—		(249	)		—			(249	)
Distributions reinvested in common stock		39			—		518			—			518
Distributions		—			—		—			(29,710	)		(29,710	)
Stock-based compensation ⁽¹⁾		—			—		3,123			—			3,123
Balance at September 30, 2018		96,751		$	96	$	1,060,875		$	(56,791	)	$	1,004,180

For the Nine Months Ended September 30, 2018
Balance at December 31, 2017		84,424		$	85	$	908,501		$	(67,619	)	$	840,967
Net increase (decrease) in net assets resulting from operations		—			—		—			93,634			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		$	(56,791	)	$	1,004,180

	For the Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	128,987		$	93,634
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments		(784,858	)		(706,113	)
Principal and fee payments received on investments		424,479			503,971
Proceeds from the sale of investments		31,664			17,521
Net unrealized depreciation (appreciation) on investments		(12,181	)		(25,976	)
Net realized loss (gain) on investments		(13,633	)		10,481
Accretion of paid-in-kind principal		(6,571	)		(7,040	)
Accretion of loan discounts		(2,435	)		(2,961	)
Accretion of loan discount on convertible notes		504			504
Accretion of loan exit fees		(17,598	)		(12,482	)
Change in deferred loan origination revenue		13,617			3,472
Unearned fees related to unfunded commitments		1,896			1,908
Amortization of debt fees and issuance costs		4,714			5,197
Depreciation		175			147
Stock-based compensation and amortization of restricted stock grants ⁽¹⁾		7,094			8,166
Change in operating assets and liabilities:
Interest and fees receivable		(2,887	)		(3,460	)
Prepaid expenses and other assets		(12,286	)		2,141
Accounts payable		(196	)		(187	)
Accrued liabilities		12,763			(4,282	)
Net cash provided by (used in) operating activities		(226,752	)		(115,359	)

Cash flows from investing activities:
Purchases of capital equipment		(484	)		(325	)
Net cash provided by (used in) investing activities		(484	)		(325	)

Cash flows from financing activities:
Issuance of common stock, net		95,091			143,498
Retirement of employee shares		(5,063	)		(651	)
Distributions paid		(95,873	)		(81,434	)
Issuance of July 2024 Notes		105,000			—
Issuance of 2025 Notes		—			75,000
Issuance of 2033 Notes		—			40,000
Issuance of 2028 Asset-Backed Notes		250,000			—
Repayments of 2024 Notes		(83,510	)		(100,000	)
Repayments of 2021 Asset-Backed Notes		—			(45,637	)
Repayments of Long-Term SBA Debentures		—			(41,200	)
Borrowings of credit facilities		480,834			216,109
Repayments of credit facilities		(522,205	)		(135,216	)
Cash paid for debt issuance costs		(4,131	)		(3,978	)
Fees paid for credit facilities and debentures		(2,833	)		(161	)
Net cash provided by (used in) financing activities		217,310			66,330
Net increase (decrease) in cash, cash equivalents and restricted cash		(9,926	)		(49,354	)
Cash, cash equivalents and restricted cash at beginning of period		45,857			94,995
Cash, cash equivalents and restricted cash at end of period	$	35,931		$	45,641

Supplemental non-cash investing and financing activities:
Distributions reinvested		1,733			1,372

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” 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.⁽¹¹⁾	Biotechnology Tools	Senior Secured	March 2020	Interest rate PRIME + 6.45% or Floor rate of 9.95%, 5.52% Exit Fee	$	4,999	$	5,020	$	5,020
Subtotal: Under 1 Year Maturity								5,020		5,020
Subtotal: Biotechnology Tools (0.46%)*								5,020		5,020
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 9.25%, 6.95% Exit Fee	$	6,000		6,187		6,184
Subtotal: 1-5 Years Maturity								6,187		6,184
Subtotal: Consumer & Business Products (0.57%)*								6,187		6,184
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		14,766		14,805
Pico Quantitative Trading LLC⁽¹⁸⁾	Diversified Financial Services	Senior Secured	June 2024	Interest rate PRIME + 7.60% or Floor rate of 10.80%	$	30,000		29,537		29,537
Subtotal: 1-5 Years Maturity								44,303		44,342
Subtotal: Diversified Financial Services (4.08%)*								44,303		44,342
Drug Delivery
1-5 Years Maturity
Antares Pharma Inc.^(10)(11)(15)	Drug Delivery	Senior Secured	July 2022	Interest rate PRIME + 4.50% or Floor rate of 4.50%, 4.14% Exit Fee	$	40,000		40,514		40,405
Subtotal: 1-5 Years Maturity								40,514		40,405
Subtotal: Drug Delivery (3.72%)*								40,514		40,405
Drug Discovery & Development
1-5 Years Maturity
Acacia Pharma Inc.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	January 2022	Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee	$	10,000		10,050		9,979
Aldeyra Therapeutics, Inc	Drug Discovery & Development	Senior Secured	October 2023	Interest rate PRIME + 3.10% or Floor rate of 9.10%, 6.95% Exit Fee	$	15,000		14,881		14,881
Aveo Pharmaceuticals, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 5.40% Exit Fee	$	9,247		9,520		9,472
	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee	$	9,247		9,679		9,679
Total Aveo Pharmaceuticals, Inc.					$	18,494		19,199		19,151
Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.)^(5)(10)(11)	Drug Discovery & Development	Senior Secured	March 2021	Interest rate PRIME + 6.80% or Floor rate of 10.55%	$	35,037		34,726		34,621
BridgeBio Pharma LLC^(13)(16)	Drug Discovery & Development	Senior Secured	January 2023	Interest rate PRIME + 3.85% or Floor rate of 8.85%, 6.35% Exit Fee	$	35,000		35,536		35,435
	Drug Discovery & Development	Senior Secured	January 2023	Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee	$	20,000		20,180		20,349
	Drug Discovery & Development	Senior Secured	January 2023	Interest rate PRIME + 3.10% or Floor rate of 9.10%, 5.75% Exit Fee	$	20,000		19,958		20,121
Total BridgeBio Pharma LLC					$	75,000		75,674		75,905
Chemocentryx, Inc.^(10)(15)	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	20,000		20,213		20,456
Codiak Biosciences, Inc⁽¹⁷⁾	Drug Discovery & Development	Senior Secured	September 2024	Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee	$	10,000		9,921		9,921
Constellation Pharmaceuticals, Inc.⁽¹²⁾	Drug Discovery & Development	Senior Secured	April 2023	Interest rate PRIME + 2.55% or Floor rate of 8.55%, 6.35% Exit Fee	$	30,000		29,965		30,233
Dermavant Sciences Ltd.^(5)(10)(13)	Drug Discovery & Development	Senior Secured	June 2022	Interest rate PRIME + 4.45% or Floor rate of 9.95%, 6.95% Exit Fee	$	20,000		19,905		19,905
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	$	12,922		13,406		13,343
Mesoblast^(5)(10)(11)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.95% or Floor rate of 9.45%, 6.95% Exit Fee	$	50,000		51,193		51,286
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	$	14,300		15,196		15,143
Motif BioSciences Inc.^{(5)(8)(10)(11)}	Drug Discovery & Development	Senior Secured	September 2021	Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.87% Exit Fee	$	6,738		6,732		—
Myovant Sciences, Ltd.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	November 2021	Interest rate PRIME + 4.00% or Floor rate of 8.25%, 6.55% Exit Fee	$	40,000		41,137		41,086
Nabriva Therapeutics^(5)(10)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee	$	35,000		35,072		35,231

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
Paratek Pharmaceuticals, Inc.^(11)(15)(16)	Drug Discovery & Development	Senior Secured	September 2021	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.13% Exit Fee	$	62,700	$	61,733	$	61,661
	Drug Discovery & Development	Senior Secured	August 2022	Interest rate PRIME + 2.75% or Floor rate of 7.85%, 6.95% Exit Fee	$	7,300		10,184		10,168
Total Paratek Pharmaceuticals, Inc.					$	70,000		71,917		71,829
Replimune Group, Inc.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	August 2023	Interest rate PRIME + 2.75% or Floor rate of 8.75%, 4.95% Exit Fee	$	10,000		9,936		9,936
Stealth Bio Therapeutics Corp.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	January 2021	Interest rate PRIME + 5.50% or Floor rate of 9.50%, 6.68% Exit Fee	$	17,220		18,065		18,016
TG Therapeutics, Inc.^(10)(13)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.25% Exit Fee	$	30,000		29,535		29,601
Tricida, Inc.^(11)(15)(17)	Drug Discovery & Development	Senior Secured	April 2023	Interest rate PRIME + 2.35% or Floor rate of 8.35%, 14.10% Exit Fee	$	40,000		40,473		40,715
uniQure B.V.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 3.35% or Floor rate of 8.85%	$	35,000		35,963		36,127
Urovant Sciences, Ltd.^(5)(10)(13)	Drug Discovery & Development	Senior Secured	March 2023	Interest rate PRIME + 4.65% or Floor rate of 10.15%, 4.25% Exit Fee	$	45,000		44,371		44,605
Verastem, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	5,000		5,004		5,036
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	5,000		5,026		5,058
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	5,000		5,029		5,047
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	10,000		10,018		10,083
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	10,000		9,984		10,048
Total Verastem, Inc.					$	35,000		35,061		35,272
X4 Pharmaceuticals, Inc.^(11)(17)	Drug Discovery & Development	Senior Secured	July 2023	Interest rate PRIME + 2.75% or Floor rate of 8.75%, 7.98% Exit Fee	$	20,000		19,977		19,953
Subtotal: 1-5 Years Maturity								702,568		697,195
Subtotal: Drug Discovery & Development (64.22%)*								702,568		697,195
Electronics & Computer Hardware
1-5 Years Maturity
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%, 5.03% Exit Fee	$	9,682		10,045		7,143
Subtotal: 1-5 Years Maturity								10,045		7,143
Subtotal: Electronics & Computer Hardware (0.66%)*								10,045		7,143
Healthcare Services, Other
Under 1 Year Maturity
PH Group Holdings⁽¹³⁾	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	20,000		19,959		19,959
	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	10,000		9,977		9,977
Total PH Group Holdings					$	30,000		29,936		29,936
Subtotal: Under 1 Year Maturity								29,936		29,936
1-5 Years Maturity
Oak Street Health^(11)(16)(17)	Healthcare Services, Other	Senior Secured	June 2022	Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee	$	60,000		60,969		60,683
The CM Group LLC⁽¹⁷⁾	Healthcare Services, Other	Senior Secured	June 2024	Interest rate 1-month LIBOR + 8.35% or Floor rate of 9.35%	$	9,453		9,284		9,284
Subtotal: 1-5 Years Maturity								70,253		69,967
Subtotal: Healthcare Services, Other (9.20%)*								100,189		99,903
Information Services
1-5 Years Maturity
MDX Medical, Inc.^(14)(15)(19)	Information Services	Senior Secured	June 2021	Interest rate PRIME + 2.75% or Floor rate of 9.50%, PIK Interest 1.70%, 2.80% Exit Fee	$	15,487		15,479		15,519
Planet Labs, Inc.⁽¹¹⁾	Information Services	Senior Secured	June 2022	Interest rate PRIME + 5.50% or Floor rate of 11.00%, 3.00% Exit Fee	$	20,000		19,434		19,434
YIPIT, LLC^(17)(18)	Information Services	Senior Secured	May 2024	Interest rate 3-month LIBOR + 7.99% or Floor rate of 8.99%	$	10,625		10,405		10,405
Subtotal: 1-5 Years Maturity								45,318		45,358
Subtotal: Information Services (4.18%)*								45,318		45,358
Internet Consumer & Business Services
Under 1 Year Maturity
Snagajob.com, Inc.^(13)(14)	Internet Consumer & Business Services	Senior Secured	August 2020	Interest rate PRIME + 5.15% or Floor rate of 9.15%, PIK Interest 1.95%, 2.55% Exit Fee	$	42,466		42,989		42,989

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	Senior Secured	August 2020	Interest rate PRIME + 5.65% or Floor rate of 10.65%, PIK Interest 1.95%, 2.55% Exit Fee	$	5,108	$	5,038	$	5,038
Total Snagajob.com, Inc.					$	47,574		48,027		48,027
Subtotal: Under 1 Year Maturity								48,027		48,027
1-5 Years Maturity
AppDirect, Inc.^(11)(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		20,227		20,245
Arctic Wolf Networks, Inc.^(13)(19)	Internet Consumer & Business Services	Senior Secured	April 2023	Interest rate 3-month LIBOR + 7.75% or Floor rate of 10.10%, 7.55% Exit Fee	$	30,000		30,017		29,951
Cloudpay, Inc.^(5)(10)(11)	Internet Consumer & Business Services	Senior Secured	April 2022	Interest rate PRIME + 4.05% or Floor rate of 8.55%, 6.95% Exit Fee	$	15,000		15,200		15,104
Contentful, Inc.^{(5)(10)(11)(14)}	Internet Consumer & Business Services	Senior Secured	July 2022	Interest rate PRIME + 2.95% or Floor rate of 7.95%, PIK Interest 1.25%, 3.55% Exit Fee	$	3,782		3,766		3,756
Convercent, Inc.^(14)(15)	Internet Consumer & Business Services	Senior Secured	July 2022	Interest rate PRIME + 2.55% or Floor rate of 8.05%, PIK Interest 2.95%, 1.00% Exit Fee	$	13,706		13,611		13,610
EverFi, Inc.^(11)(14)(16)	Internet Consumer & Business Services	Senior Secured	May 2022	Interest rate PRIME + 3.90% or Floor rate of 9.15%, PIK Interest 2.30%	$	71,801		71,470		71,787
First Insight, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Senior Secured	November 2021	Interest rate PRIME + 6.25% or Floor rate of 11.25%	$	10,000		9,877		9,859
Greenphire, Inc.⁽¹⁷⁾	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%	$	1,729		1,729		1,729
Intent (p.k.a. Intent Media, Inc.)⁽¹²⁾	Internet Consumer & Business Services	Senior Secured	September 2021	Interest rate PRIME + 5.13% or Floor rate of 10.13%	$	15,200		15,117		14,986
Lendio, Inc.^(11)(17)(19)	Internet Consumer & Business Services	Senior Secured	April 2023	Interest rate PRIME + 4.45% or Floor rate of 9.95%, 5.25% Exit Fee	$	5,000		4,956		4,970
Nextroll, Inc^(14)(19)	Internet Consumer & Business Services	Senior Secured	June 2022	Interest rate PRIME + 3.85% or Floor rate of 9.35%, PIK Interest 2.95%, 3.50% Exit Fee	$	20,153		20,036		20,036
Patron Technology⁽¹⁸⁾	Internet Consumer & Business Services	Senior Secured	June 2024	Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%	$	35,750		34,731		34,730
	Internet Consumer & Business Services	Senior Secured	June 2024	Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%	$	650		650		650
Total Patron Technology					$	36,400		35,381		35,380
Postmates, Inc.⁽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		20,141		20,106
SeatGeek, Inc.^(14)(17)	Internet Consumer & Business Services	Senior Secured	June 2023	Interest rate PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%	$	23,017		22,309		22,309
Skyword, Inc⁽¹⁴⁾	Internet Consumer & Business Services	Senior Secured	September 2023	Interest rate PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.25%, 2.75% Exit Fee	$	12,000		11,797		11,797
Tectura Corporation^{(7)(8)(9)(14)}	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate FIXED 6.00%, PIK Interest 3.00%	$	21,407		21,407		9,605
	Internet Consumer & Business Services	Senior Secured	June 2021	PIK Interest 8.00%	$	10,680		240		—
Total Tectura Corporation					$	32,087		21,647		9,605
Wheels Up Partners LLC⁽¹¹⁾	Internet Consumer & Business Services	Senior Secured	July 2022	Interest rate 3-month LIBOR + 8.55% or Floor rate of 9.55%	$	17,933		17,815		17,815
Xometry, Inc.^(13)(19)	Internet Consumer & Business Services	Senior Secured	November 2021	Interest rate PRIME + 3.95% or Floor rate of 8.45%, 7.09% Exit Fee	$	11,000		11,253		11,317
Subtotal: 1-5 Years Maturity								346,349		334,362
Subtotal: Internet Consumer & Business Services (35.22%)*								394,376		382,389
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%, 3.12% Exit Fee	$	15,544		15,608		15,806
Subtotal: 1-5 Years Maturity								15,608		15,806
Subtotal: Media/Content/Info (1.46%)*								15,608		15,806
Medical Devices & Equipment
Under 1 Year Maturity
Quanta Fluid Solutions^(5)(10)	Medical Devices & Equipment	Senior Secured	April 2020	Interest rate PRIME + 8.05% or Floor rate of 11.55%, 5.00% Exit Fee	$	2,446		3,049		3,049
Subtotal: Under 1 Year Maturity								3,049		3,049
1-5 Years Maturity
Flowonix Medical Incorporated⁽¹¹⁾	Medical Devices & Equipment	Senior Secured	October 2021	Interest rate PRIME + 4.00% or Floor rate of 9.00%, 7.95% Exit Fee	$	15,059		15,308		15,236

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
Intuity Medical, Inc.^(11)(15)	Medical Devices & Equipment	Senior Secured	June 2021	Interest rate PRIME + 5.00% or Floor rate of 9.25%, 6.95% Exit Fee	$	16,345	$	16,892	$	16,818
Quanterix Corporation⁽¹¹⁾	Medical Devices & Equipment	Senior Secured	October 2021	Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.96% Exit Fee	$	7,688		7,664		7,638
Rapid Micro Biosystems, Inc.^(11)(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		18,479		18,380
Sebacia, Inc.^(11)(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		11,426		11,380
Transenterix, Inc.^(10)(11)	Medical Devices & Equipment	Senior Secured	June 2022	Interest rate PRIME + 4.55% or Floor rate of 9.55%, 6.95% Exit Fee	$	15,000		15,344		15,209
Subtotal: 1-5 Years Maturity								85,113		84,661
Subtotal: Medical Devices & Equipment (8.08%)*								88,162		87,710
Semiconductors
1-5 Years Maturity
Elenion Technologies Corporation^(13)(14)	Semiconductors	Senior Secured	February 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, PIK Interest 2.25%, 5.00% Exit Fee	$	10,129		10,183		10,226
Subtotal: 1-5 Years Maturity								10,183		10,226
Subtotal: Semiconductors (0.94%)*								10,183		10,226
Software
Under 1 Year Maturity
Lightbend, Inc.^(14)(15)	Software	Senior Secured	December 2019	Interest rate PRIME + 4.25% or Floor rate of 8.50%, PIK Interest 2.00%, 9.95% Exit Fee	$	2,016		2,149		2,149
Subtotal: Under 1 Year Maturity								2,149		2,149
1-5 Years Maturity
Abrigo⁽¹⁸⁾	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%	$	39,402		38,702		39,053
	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 5.92% or Floor rate of 6.92%	$	909		885		885
Total Abrigo					$	40,311		39,587		39,938
Businessolver.com, Inc.^(11)(16)(17)	Software	Senior Secured	May 2023	Interest rate 3-month LIBOR + 7.50% or Floor rate of 8.50%	$	56,483		55,599		55,830
	Software	Senior Secured	May 2023	Interest rate 3-month LIBOR + 7.50% or Floor rate of 8.50%	$	1,403		1,403		1,403
Total Businessolver.com, Inc.					$	57,886		57,002		57,233
Clarabridge, Inc.^(12)(14)(17)	Software	Senior Secured	April 2022	Interest rate PRIME + 4.80% or Floor rate of 8.55%, PIK Interest 2.25%	$	48,003		47,600		47,899
Cloud 9 Software^(13)(17)	Software	Senior Secured	April 2024	Interest rate 3-month LIBOR + 8.20% or Floor rate of 9.20%	$	9,500		9,324		9,324
Cloudian, Inc.⁽¹¹⁾	Software	Senior Secured	November 2022	Interest rate PRIME + 3.25% or Floor rate of 8.25%, 9.75% Exit Fee	$	15,000		15,188		15,069
Couchbase, Inc.^(11)(15)(19)	Software	Senior Secured	May 2023	Interest rate PRIME + 5.25% or Floor rate of 10.75%, 3.75% Exit Fee	$	40,000		39,624		39,801
Dashlane, Inc.^{(11)(14)(17)(19)}	Software	Senior Secured	April 2022	Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 8.50% Exit Fee	$	10,152		10,373		10,395
	Software	Senior Secured	March 2023	Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 4.95% Exit Fee	$	10,053		9,841		9,819
Total Dashlane, Inc.					$	20,205		20,214		20,214
Evernote Corporation^{(11)(14)(15)(19)}	Software	Senior Secured	October 2020	Interest rate PRIME + 5.45% or Floor rate of 8.95%	$	5,549		5,461		5,446
	Software	Senior Secured	July 2021	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	4,113		4,021		4,008
	Software	Senior Secured	July 2022	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	5,061		4,987		5,065
Total Evernote Corporation					$	14,723		14,469		14,519
FPX, LLC^(13)(17)	Software	Senior Secured	May 2024	Interest rate 1-month LIBOR + 8.65% or Floor rate of 9.65%	$	6,000		5,888		5,888
Insurance Technologies Corporation^(11)(18)	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.90% or Floor rate of 8.90%	$	13,750		13,510		13,507
Jolt Software, Inc⁽¹⁴⁾	Software	Senior Secured	October 2022	Interest rate PRIME + 3.00% or Floor rate of 8.50%, PIK Interest 1.75%, 4.50% Exit Fee	$	5,000		4,969		4,969
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)^(11)(18)	Software	Senior Secured	July 2023	Interest rate 1-month LIBOR + 8.66% or Floor rate of 9.66%	$	8,910		8,701		8,760
Lastline, Inc. ⁽¹⁹⁾	Software	Senior Secured	July 2022	Interest rate PRIME + 5.45% or Floor rate of 10.95%	$	6,000		5,816		5,816
Lightbend, Inc.^(14)(15)	Software	Senior Secured	February 2022	Interest rate PRIME + 4.25% or Floor rate of 8.50%, PIK Interest 2.00%	$	16,426		16,213		16,181

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
Lithium Technologies, Inc.^(11)(16)	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	12,000	$	11,822	$	11,822
	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	43,000		42,175		42,158
	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	725		725		725
Total Lithium Technologies, Inc.					$	55,725		54,722		54,705
Nuvolo Technologies Corporation^(17)(19)	Software	Senior Secured	April 2022	Interest rate PRIME + 6.25% or Floor rate of 11.75%	$	10,000		9,853		9,878
OrthoFi, Inc^(13)(18)	Software	Senior Secured	April 2024	Interest rate 3-month LIBOR + 8.28% or Floor rate of 9.28%	$	17,853		17,396		17,396
Pollen, Inc.⁽¹⁵⁾	Software	Senior Secured	October 2020	Interest rate PRIME + 4.25% or Floor rate of 8.50%, 5.95% Exit Fee	$	7,000		7,315		7,250
Quid, Inc.^(11)(14)(15)	Software	Senior Secured	November 2022	Interest rate PRIME + 4.45% or Floor rate of 9.95%, PIK Interest 2.25%, 3.61% Exit Fee	$	13,175		13,372		13,441
Regent Education⁽¹⁴⁾	Software	Senior Secured	January 2022	Interest rate FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee	$	3,139		3,189		2,117
Salsa Labs, Inc.^(11)(17)	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	6,000		5,909		5,969
	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	150		150		151
Total Salsa Labs, Inc.					$	6,150		6,059		6,120
ThreatConnect, Inc.^(13)(17)(18)	Software	Senior Secured	May 2024	Interest rate 3-month LIBOR + 8.26% or Floor rate of 9.26%	$	4,500		4,436		4,436
Varsity Tutors LLC⁽¹⁴⁾	Software	Senior Secured	August 2023	Interest rate PRIME + 5.25% or Floor rate of 10.75%, PIK Interest 0.55%, 3.00% Exit Fee	$	35,006		34,683		34,683
Vela Trading Technologies^(11)(18)	Software	Senior Secured	July 2022	Interest rate 3-month LIBOR + 10.50% or Floor rate of 11.50%	$	19,500		19,090		19,090
ZeroFox, Inc.	Software	Senior Secured	January 2023	Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.00% Exit Fee	$	15,000		14,878		14,878
ZocDoc^(11)(19)	Software	Senior Secured	August 2021	Interest rate PRIME + 6.20% or Floor rate of 10.95%, 2.00% Exit Fee	$	30,000		30,177		30,018
Subtotal: 1-5 Years Maturity								513,275		513,130
Greater than 5 Years Maturity
Campaign Monitor Limited^(11)(17)(19)	Software	Senior Secured	November 2025	Interest rate 1-month LIBOR + 8.50% or Floor rate of 9.50%	$	29,333		28,656		28,656
	Software	Senior Secured	November 2025	Interest rate 1-month LIBOR + 8.50% or Floor rate of 9.50%	$	688		671		671
Total Campaign Monitor Limited					$	30,021		29,327		29,327
Imperva, Inc.⁽¹⁹⁾	Software	Senior Secured	January 2027	Interest rate 3-month LIBOR + 7.75% or Floor rate of 8.75%	$	20,000		19,801		19,801
Subtotal: Greater than 5 Years Maturity								49,128		49,128
Subtotal: Software (51.99%)*								564,552		564,407
Sustainable and Renewable Technology
Under 1 Year Maturity
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)^{(6)(8)(14)(19)}	Sustainable and Renewable Technology	Senior Secured	October 2019	Interest rate PRIME + 8.70% or Floor rate of 12.95%, 6.67% Exit Fee	$	10,000		10,775		10,696
	Sustainable and Renewable Technology	Senior Secured	October 2019	PIK Interest 10.00%	$	683		683		679
	Sustainable and Renewable Technology	Senior Secured	October 2019	Interest rate PRIME + 10.70% or Floor rate of 15.70%, PIK Interest 2.00%	$	1,555		1,555		1,529
Total Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)					$	12,238		13,013		12,904
Subtotal: Under 1 Year Maturity								13,013		12,904
1-5 Years Maturity
Impossible Foods, Inc.⁽¹²⁾	Sustainable and Renewable Technology	Senior Secured	January 2022	Interest rate PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee	$	50,000		51,238		50,880
Proterra, Inc.^(11)(14)(19)	Sustainable and Renewable Technology	Senior Secured	May 2021	Interest rate PRIME + 5.05% or Floor rate of 10.55%, PIK Interest 1.75%	$	10,057		10,008		10,031
Subtotal: 1-5 Years Maturity								61,246		60,911
Subtotal: Sustainable and Renewable Technology (6.80%)*								74,259		73,815
Total: Debt Investments (191.58%)*								2,101,284		2,079,903

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
Equity Investments
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Equity	Preferred Series A		1,135,000	$	1,230	$	3,778
Subtotal: Communications & Networking (0.35%)*							1,230		3,778
Diversified Financial Services
Gibraltar Business Capital, LLC⁽⁷⁾	Diversified Financial Services	Equity	Common Stock		830,000		1,884		2,298
	Diversified Financial Services	Equity	Preferred Series A		10,602,752		26,122		31,852
Total Gibraltar Business Capital, LLC					11,432,752		28,006		34,150
Subtotal: Diversified Financial Services (3.15%)*							28,006		34,150
Drug Delivery
AcelRx Pharmaceuticals, Inc.⁽⁴⁾	Drug Delivery	Equity	Common Stock		176,730		1,329		389
BioQ Pharma Incorporated⁽¹⁵⁾	Drug Delivery	Equity	Preferred Series D		165,000		500		720
Kaleo, Inc.	Drug Delivery	Equity	Preferred Series B		82,500		1,007		3,388
Neos Therapeutics, Inc.^(4)(15)	Drug Delivery	Equity	Common Stock		125,000		1,500		185
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.)⁽⁴⁾	Drug Delivery	Equity	Common Stock		2,498		309		8
Subtotal: Drug Delivery (0.43%)*							4,645		4,690
Drug Discovery & Development
Aveo Pharmaceuticals, Inc.^(4)(15)	Drug Discovery & Development	Equity	Common Stock		1,901,791		1,715		1,607
Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.)^(4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		16,228		1,269		105
BridgeBio Pharma LLC^(4)(16)	Drug Discovery & Development	Equity	Common Stock		203,579		2,000		4,371
Cerecor, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		119,087		1,000		392
Concert Pharmaceuticals, Inc.^(4)(10)	Drug Discovery & Development	Equity	Common Stock		70,796		1,367		416
Dare Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		13,550		1,000		11
Dynavax Technologies^(4)(10)	Drug Discovery & Development	Equity	Common Stock		20,000		550		72
Eidos Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Equity	Common Stock		15,000		255		540
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		27,932		2,000		81
Insmed, Incorporated⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		50,771		717		896
Melinta Therapeutics⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		10,364		2,000		39
Paratek Pharmaceuticals, Inc.^(4)(16)	Drug Discovery & Development	Equity	Common Stock		76,362		2,744		328
Rocket Pharmaceuticals, Ltd.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		944		1,500		11
Savara, Inc.^(4)(15)	Drug Discovery & Development	Equity	Common Stock		11,119		203		29
uniQure B.V.^(4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		37,175		718		1,463
Subtotal: Drug Discovery & Development (0.95%)*							19,038		10,361
Healthcare Services, Other
23andMe, Inc.	Healthcare Services, Other	Equity	Common Stock		360,000		5,094		4,508
Chromadex Corporation⁽⁴⁾	Healthcare Services, Other	Equity	Common Stock		44,264		157		174
Subtotal: Healthcare Services, Other (0.43%)*							5,251		4,682
Information Services
DocuSign, Inc.⁽⁴⁾	Information Services	Equity	Common Stock		251,000		3,871		12,994
Subtotal: Information Services (1.20%)*							3,871		12,994
Internet Consumer & Business Services
Blurb, Inc.	Internet Consumer & Business Services	Equity	Preferred Series B		220,653		175		50
Contentful, Inc.^(5)(10)	Internet Consumer & Business Services	Equity	Preferred Series D		217		500		457
Countable Corporation (p.k.a. Brigade Group, Inc.)	Internet Consumer & Business Services	Equity	Common Stock		9,023		93		—
DoorDash, Inc.	Internet Consumer & Business Services	Equity	Common Stock		105,000		6,051		14,422
Lyft, Inc.⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		200,738		10,487		8,198
Nextdoor.com, Inc.	Internet Consumer & Business Services	Equity	Common Stock		328,190		4,854		6,692
OfferUp, Inc.	Internet Consumer & Business Services	Equity	Preferred Series A		286,080		1,663		2,054
	Internet Consumer & Business Services	Equity	Preferred Series A-1		108,710		632		780
Total OfferUp, Inc.					394,790		2,295		2,834
Oportun⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		37,393		500		607
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 (3.06%)*							25,855		33,260
Media/Content/Info
Pinterest, Inc.⁽⁴⁾	Media/Content/Info	Equity	Common Stock		206,666		4,085		5,466
Subtotal: Media/Content/Info (0.50%)*							4,085		5,466
Medical Devices & Equipment
Flowonix Medical Incorporated	Medical Devices & Equipment	Equity	Preferred Series AA		221,893		1,500		—
Gelesis, Inc.	Medical Devices & Equipment	Equity	Common Stock		199,649		—		1,007
	Medical Devices & Equipment	Equity	Preferred Series A-1		191,210		425		1,044
	Medical Devices & Equipment	Equity	Preferred Series A-2		191,626		500		1,003
Total Gelesis, Inc.					582,485		925		3,054
Medrobotics Corporation⁽¹⁵⁾	Medical Devices & Equipment	Equity	Preferred Series E		136,798		250		—

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
	Medical Devices & Equipment	Equity	Preferred Series F		73,971	$	155	$	—
	Medical Devices & Equipment	Equity	Preferred Series G		163,934		500		—
Total Medrobotics Corporation					374,703		905		—
Optiscan Biomedical, Corp.⁽⁶⁾	Medical Devices & Equipment	Equity	Preferred Series B		61,855		3,000		393
	Medical Devices & Equipment	Equity	Preferred Series C		19,273		655		111
	Medical Devices & Equipment	Equity	Preferred Series D		551,038		5,257		3,282
	Medical Devices & Equipment	Equity	Preferred Series E		507,103		4,239		4,061
Total Optiscan Biomedical, Corp.					1,139,269		13,151		7,847
Outset Medical, Inc.	Medical Devices & Equipment	Equity	Preferred Series B		232,061		527		538
Quanterix Corporation⁽⁴⁾	Medical Devices & Equipment	Equity	Common Stock		45,690		205		1,004
ViewRay, Inc.^(4)(15)	Medical Devices & Equipment	Equity	Common Stock		36,457		333		106
Subtotal: Medical Devices & Equipment (1.16%)*							17,546		12,549
Software
CapLinked, Inc.	Software	Equity	Preferred Series A-3		53,614		51		94
Docker, Inc.	Software	Equity	Common Stock		200,000		4,284		3,890
Druva Holdings, Inc. (p.k.a. Druva, Inc.)	Software	Equity	Preferred Series 2		458,841		1,000		1,703
	Software	Equity	Preferred Series 3		93,620		300		405
Total Druva Holdings, Inc. (p.k.a. Druva, Inc.)					552,461		1,300		2,108
HighRoads, Inc.	Software	Equity	Common Stock		190		307		—
Palantir Technologies	Software	Equity	Preferred Series D		9,535		47		43
	Software	Equity	Preferred Series E		1,749,089		10,489		7,958
	Software	Equity	Preferred Series G		326,797		2,211		1,488
Total Palantir Technologies					2,085,421		12,747		9,489
Sprinklr, Inc.	Software	Equity	Common Stock		700,000		3,749		3,910
Subtotal: Software (1.80%)*							22,438		19,491
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Equity	Preferred Series B		219,298		250		9
	Surgical Devices	Equity	Preferred Series C		656,538		282		26
	Surgical Devices	Equity	Preferred Series D		1,991,157		712		81
	Surgical Devices	Equity	Preferred Series E		2,786,367		429		131
	Surgical Devices	Equity	Preferred Series F		1,523,693		118		139
	Surgical Devices	Equity	Preferred Series F-1		2,418,125		150		193
Total Gynesonics, Inc.					9,595,178		1,941		579
TransMedics Group, Inc. (p.k.a Transmedics, Inc.)⁽⁴⁾	Surgical Devices	Equity	Common Stock		162,617		2,550		3,861
Subtotal: Surgical Devices (0.41%)*							4,491		4,440
Sustainable and Renewable Technology
Impossible Foods, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series E-1		188,611		2,000		2,000
Modumetal, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series A-1		103,584		500		10
Proterra, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series 5		99,280		500		518
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Equity	Common Stock		380		61,502		—
Subtotal: Sustainable and Renewable Technology (0.23%)*							64,502		2,528
Total: Equity Investments (13.67%)*							200,958		148,389
Warrant Investments
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Warrant	Common Stock		3,328		—		7
Spring Mobile Solutions, Inc.	Communications & Networking	Warrant	Common Stock		2,834,375		418		—
Subtotal: Communications & Networking (0.00%)*							418		7
Consumer & Business Products
Gadget Guard⁽¹⁵⁾	Consumer & Business Products	Warrant	Common Stock		1,662,441		228		—
Intelligent Beauty, Inc.	Consumer & Business Products	Warrant	Preferred Series B		190,234		230		384
The Neat Company	Consumer & Business Products	Warrant	Common Stock		54,054		365		—
Whoop, Inc.	Consumer & Business Products	Warrant	Preferred Series C		68,627		18		5
Subtotal: Consumer & Business Products (0.04%)*							841		389
Drug Delivery
Agile Therapeutics, Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		180,274		730		29
BioQ Pharma Incorporated	Drug Delivery	Warrant	Common Stock		459,183		1		885
Dance Biopharm, Inc.⁽¹⁵⁾	Drug Delivery	Warrant	Common Stock		110,882		74		—
Neos Therapeutics, Inc.^(4)(15)	Drug Delivery	Warrant	Common Stock		70,833		285		—
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.)⁽⁴⁾	Drug Delivery	Warrant	Common Stock		3,929		390		—
Pulmatrix Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		2,515		116		—
ZP Opco, Inc.⁽⁴⁾	Drug Delivery	Warrant	Common Stock		3,618		265		—
Subtotal: Drug Delivery (0.08%)*							1,861		914
Drug Discovery & Development
Acacia Pharma Inc.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		201,330		304		75

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
ADMA Biologics, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		89,750	$	295	$	54
Brickell Biotech, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		9,005		119		—
Cerecor, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		22,328		70		4
Concert Pharmaceuticals, Inc.^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		61,273		178		20
CTI BioPharma Corp.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		29,239		165		—
CytRx Corporation^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		105,694		160		—
Dare Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		17,190		369		—
Dermavant Sciences Ltd.^(5)(10)	Drug Discovery & Development	Warrant	Common Stock		223,642		101		108
Dicerna Pharmaceuticals, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		200		28		—
Evofem Biosciences, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		7,806		266		15
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		50,391		431		31
Immune Pharmaceuticals⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		10,742		164		—
Melinta Therapeutics⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		8,109		625		—
Motif BioSciences Inc.^{(4)(5)(10)(15)}	Drug Discovery & Development	Warrant	Common Stock		73,452		282		3
Myovant Sciences, Ltd.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		73,710		460		32
Neuralstem, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		289		77		—
Ology Bioservices, Inc.⁽¹⁵⁾	Drug Discovery & Development	Warrant	Common Stock		171,389		838		—
Paratek Pharmaceuticals, Inc.^(4)(15)(16)	Drug Discovery & Development	Warrant	Common Stock		94,841		204		19
Sorrento Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		306,748		889		137
Stealth Bio Therapeutics Corp.^(4)(5)(10)	Drug Discovery & Development	Warrant	American Depositary Shares		41,667		158		15
TG Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		147,058		563		377
Tricida, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		123,637		979		1,965
Urovant Sciences, Ltd.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		99,777		383		363
X4 Pharmaceuticals, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		25,000		314		86
Xoma Corporation^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		9,063		279		2
Subtotal: Drug Discovery & Development (0.30%)*							8,701		3,306
Electronics & Computer Hardware
908 DEVICES INC.⁽¹⁵⁾	Electronics & Computer Hardware	Warrant	Preferred Series D		79,856		101		45
Subtotal: Electronics & Computer Hardware (0.00%)*							101		45
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		125
Netbase Solutions, Inc.	Information Services	Warrant	Preferred Series 1		60,000		356		395
Planet Labs, Inc.	Information Services	Warrant	Common Stock		274,160		565		388
RichRelevance, Inc.	Information Services	Warrant	Preferred Series E		112,612		98		—
Subtotal: Information Services (0.08%)*							1,384		908
Internet Consumer & Business Services
Aria Systems, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series G		231,535		73		—
Blurb, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series C		234,280		636		21
Cloudpay, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series B		6,763		54		14
Contentful, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series C		82		1		25
Fastly, Inc.⁽⁴⁾	Internet Consumer & Business Services	Warrant	Common Stock		76,098		71		836
First Insight, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series B		75,917		96		123
Intent (p.k.a. Intent Media, Inc.)	Internet Consumer & Business Services	Warrant	Common Stock		140,077		168		130
Interactions Corporation	Internet Consumer & Business Services	Warrant	Preferred Series G-3		68,187		204		446
Just Fabulous, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		206,184		1,102		2,581
Lendio, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		127,032		39		22
LogicSource	Internet Consumer & Business Services	Warrant	Preferred Series C		79,625		30		86
Oportun⁽⁴⁾	Internet Consumer & Business Services	Warrant	Common Stock		23,514		78		147
Postmates, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		189,865		317		155
RumbleON, Inc.⁽⁴⁾	Internet Consumer & Business Services	Warrant	Common Stock		102,768		87		71
SeatGeek, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		137,976		662		632
ShareThis, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series C		493,502		547		—
Skyword, Inc	Internet Consumer & Business Services	Warrant	Preferred Series A		444,444		83		88
Snagajob.com, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series A		1,800,000		782		66
	Internet Consumer & Business Services	Warrant	Preferred Series B		1,211,537		62		27
TotalSnagajob.com, Inc.					3,011,537		844		93
Tapjoy, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		748,670		316		4
The Faction Group LLC	Internet Consumer & Business Services	Warrant	Preferred Series AA		8,076		234		347
Thumbtack, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		190,953		553		881
Xometry, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		87,784		47		159
Subtotal: Internet Consumer & Business Services (0.63%)*							6,242		6,861
Media/Content/Info
Machine Zone, Inc.	Media/Content/Info	Warrant	Common Stock		1,552,710		1,961		493
Napster	Media/Content/Info	Warrant	Common Stock		715,755		383		—
WP Technology, Inc. (Wattpad, Inc.)^(5)(10)	Media/Content/Info	Warrant	Common Stock		255,818		4		—
Zoom Media Group, Inc.	Media/Content/Info	Warrant	Preferred Series A		1,204		347		—
Subtotal: Media/Content/Info (0.05%)*							2,695		493

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
Medical Devices & Equipment
Aspire Bariatrics, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series B-1		112,858	$	455	$	—
Flowonix Medical Incorporated	Medical Devices & Equipment	Warrant	Preferred Series AA		155,325		362		—
	Medical Devices & Equipment	Warrant	Preferred Series BB		725,806		351		—
Total Flowonix Medical Incorporated					881,131		713		—
Gelesis, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A-1		74,784		78		253
InspireMD, Inc.^(4)(5)(10)	Medical Devices & Equipment	Warrant	Common Stock		1,105		—		—
Intuity Medical, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series 5		1,819,078		294		302
Medrobotics Corporation⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series E		455,539		370		—
NinePoint Medical, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A-1		587,840		170		26
Optiscan Biomedical, Corp.⁽⁶⁾	Medical Devices & Equipment	Warrant	Preferred Series E		74,424		572		213
Outset Medical, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A		500,000		402		293
Sebacia, Inc.	Medical Devices & Equipment	Warrant	Preferred Series D		778,301		133		7
SonaCare Medical, LLC	Medical Devices & Equipment	Warrant	Preferred Series A		6,464		188		—
Tela Bio, Inc.	Medical Devices & Equipment	Warrant	Preferred Series B		387,930		61		25
Subtotal: Medical Devices & Equipment (0.10%)*							3,436		1,119
Semiconductors
Achronix Semiconductor Corporation	Semiconductors	Warrant	Preferred Series C		360,000		160		27
	Semiconductors	Warrant	Preferred Series D-2		750,000		99		350
Total Achronix Semiconductor Corporation					1,110,000		259		377
Elenion Technologies Corporation	Semiconductors	Warrant	Preferred Series C		225		8		4
Subtotal: Semiconductors (0.04%)*							267		381
Software
Actifio, Inc.	Software	Warrant	Common Stock		73,584		249		62
	Software	Warrant	Preferred Series F		31,673		343		65
Total Actifio, Inc.					105,257		592		127
CareCloud Corporation⁽¹⁵⁾	Software	Warrant	Common Stock		13,499		257		—
Clickfox, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series B		492,877		152		—
	Software	Warrant	Preferred Series C		592,019		730		—
	Software	Warrant	Preferred Series C-A		2,218,214		231		2
Total Clickfox, Inc.					3,303,110		1,113		2
Cloudian, Inc.	Software	Warrant	Common Stock		477,454		72		17
Couchbase, Inc.	Software	Warrant	Common Stock		188,127		344		248
Dashlane, Inc.	Software	Warrant	Common Stock		239,852		219		386
DNAnexus, Inc.	Software	Warrant	Preferred Series C		909,091		97		95
Evernote Corporation	Software	Warrant	Common Stock		62,500		106		64
Fuze, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series F		256,158		89		—
Lastline, Inc.	Software	Warrant	Common Stock		363,636		133		133
Lightbend, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-1		854,787		130		108
Message Systems, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C		503,718		334		612
Nuvolo Technologies Corporation	Software	Warrant	Common Stock		30,000		43		78
OneLogin, Inc.⁽¹⁵⁾	Software	Warrant	Common Stock		381,620		305		635
Poplicus, Inc.	Software	Warrant	Common Stock		132,168		—		—
Quid, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series D		71,576		1		1
	Software	Warrant	Preferred Series E		40,261		1		—
Total Quid, Inc.					111,837		2		1
RapidMiner, Inc.	Software	Warrant	Preferred Series C-1		4,982		24		12
RedSeal Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-Prime		640,603		66		16
Signpost, Inc.	Software	Warrant	Series Junior 1 Preferred		474,019		314		—
ZeroFox, Inc.	Software	Warrant	Preferred Series C-1		486,263		57		77
Subtotal: Software (0.24%)*							4,297		2,611
Specialty Pharmaceuticals
Alimera Sciences, Inc.⁽⁴⁾	Specialty Pharmaceuticals	Warrant	Common Stock		1,717,709		861		25
Subtotal: Specialty Pharmaceuticals (0.00%)*							861		25
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Warrant	Preferred Series C		180,480		74		4
	Surgical Devices	Warrant	Preferred Series D		1,575,965		321		21
Total Gynesonics, Inc.					1,756,445		395		25
TransMedics Group, Inc. (p.k.a Transmedics, Inc.)⁽⁴⁾	Surgical Devices	Warrant	Common Stock		64,441		138		655
Subtotal: Surgical Devices (0.06%)*							533		680
Sustainable and Renewable Technology
Agrivida, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series D		471,327		120		—
Calera, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series C		44,529		513		—
Fluidic, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series D		61,804		102		—
Fulcrum Bioenergy, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series C-1		280,897		275		504
GreatPoint Energy, Inc.⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series D-1		393,212		548		—

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.⁽¹¹⁾	Biotechnology Tools	Senior Secured	September 2019	Interest rate PRIME + 6.45% or Floor rate of 9.95%, 3.85% Exit Fee	$	4,999	$		5,165	$	5,165
Subtotal: Under 1 Year Maturity									5,165		5,165
Subtotal: Biotechnology Tools (0.54%)*									5,165		5,165
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			6,026		5,983
Subtotal: 1-5 Years Maturity									6,026		5,983
Subtotal: Consumer & Business Products (0.63%)*									6,026		5,983
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			14,729		14,401
Subtotal: 1-5 Years Maturity									14,729		14,401
Subtotal: Diversified Financial Services (1.51%)*								14,729				14,401
Drug Delivery
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	$	10,936			11,926		11,842
Antares Pharma Inc.^(10)(11)(15)	Drug Delivery	Senior Secured	July 2022	Interest rate PRIME + 4.50% or Floor rate of 9.25%, 4.25% Exit Fee	$	25,000			25,313		25,081
Subtotal: 1-5 Years Maturity									37,239		36,923
Subtotal: Drug Delivery (3.86%)*									37,239		36,923

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	$	757	$	1,471	$	1,471
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	$	4,808		5,281		5,281
Epirus Biopharmaceuticals, Inc.⁽⁸⁾	Drug Discovery & Development	Senior Secured	June 2019	Interest rate PRIME + 4.70% or Floor rate of 7.95%, 3.00% Exit Fee	$	2,203		2,487		—
Subtotal: Under 1 Year Maturity								9,239		6,752
1-5 Years Maturity
Acacia Pharma Inc.^(10)(11)	Drug Discovery & Development	Senior Secured	January 2022	Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee	$	10,000		9,871		9,819
Aveo Pharmaceuticals, Inc. ⁽¹¹⁾	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 5.40% Exit Fee	$	10,000		10,111		10,042
	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee	$	10,000		10,220		10,157
Total Aveo Pharmaceuticals, Inc.					$	20,000		20,331		20,199
Axovant Sciences Ltd.^{(5)(10)(11)(16)}	Drug Discovery & Development	Senior Secured	March 2021	Interest rate PRIME + 6.80% or Floor rate of 10.55%	$	50,219		49,485		49,286
BridgeBio Pharma LLC^(13)(16)	Drug Discovery & Development	Senior Secured	July 2022	Interest rate PRIME + 4.35% or Floor rate of 9.35%, 6.35% Exit Fee	$	35,000		35,054		35,263
	Drug Discovery & Development	Senior Secured	July 2022	Interest rate PRIME + 3.35% or Floor rate of 9.10%, 5.75% Exit Fee	$	20,000		19,904		19,904
Total BridgeBio Pharma LLC					$	55,000		54,958		55,167
Chemocentryx, Inc.^(10)(15)	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	20,000		19,957		20,104
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		14,937		14,788
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		15,024		15,024
Mesoblast^(5)(10)(11)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.95% or Floor rate of 9.45%, 6.95% Exit Fee	$	35,000		35,346		35,190
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	$	18,569		19,256		19,122
Motif BioSciences Inc.^{(5)(10)(11)(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		14,907		14,786
Myovant Sciences, Ltd.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	November 2021	Interest rate PRIME + 4.00% or Floor rate of 8.25%, 6.55% Exit Fee	$	40,000		40,320		40,151

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
Nabriva Therapeutics^(5)(10)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee	$	25,000	$	24,750	$	24,750
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)^{(10)(11)(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		40,882		40,472
	Drug Discovery & Development	Senior Secured	September 2021	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee	$	10,000		10,240		10,137
	Drug Discovery & Development	Senior Secured	September 2021	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 2.25% Exit Fee	$	10,000		10,084		9,925
	Drug Discovery & Development	Senior Secured	August 2022	Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee	$	10,000		10,014		10,014
Total Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)					$	70,000		71,220		70,548
Stealth Bio Therapeutics Corp. ^(5)(10)(11)	Drug Discovery & Development	Senior Secured	January 2021	Interest rate PRIME + 5.50% or Floor rate of 9.50%, 6.25% Exit Fee	$	19,313		19,740		19,597
Tricida, Inc.^(11)(15)	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 3.35% or Floor rate of 8.85%, 8.19% Exit Fee	$	40,000		39,622		39,794
uniQure B.V.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 3.35% or Floor rate of 8.85%, 7.72% Exit Fee	$	35,000		35,538		35,386
Verastem, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,058		5,059
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,082		5,083
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	5,000		5,057		5,057
	Drug Discovery & Development	Senior Secured	December 2020	Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee	$	10,000		10,033		9,976
Total Verastem, Inc.					$	25,000		25,230		25,175
X4 Pharmaceuticals Inc.	Drug Discovery & Development	Senior Secured	November 2021	Interest rate PRIME + 4.25% or Floor rate of 9.50%, 7.95% Exit Fee	$	10,000		9,746		9,746
Subtotal: 1-5 Years Maturity								520,238		518,632
Subtotal: Drug Discovery & Development (54.99%)*								529,477		525,384

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	$	10,145	$	10,155
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	$	12,192		12,265		5,556
Subtotal: 1-5 Years Maturity								22,410		15,711
Subtotal: Electronics & Computer Hardware (1.64%)*								22,410		15,711
Healthcare Services, Other
1-5 Years Maturity
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		30,486		30,338
PH Group Holdings^(13)(17)	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	20,000		19,889		19,806
	Healthcare Services, Other	Senior Secured	September 2020	Interest rate PRIME + 7.45% or Floor rate of 10.95%	$	10,000		9,938		9,896
Total PH Group Holdings					$	30,000		29,827		29,702
Subtotal: 1-5 Years Maturity								60,313		60,040
Subtotal: Healthcare Services, Other (6.28%)*								60,313		60,040
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%	$	15,288		15,037		14,987
Subtotal: 1-5 Years Maturity								15,037		14,987
Subtotal: Information Services (1.57%)*								15,037		14,987

Maryland		74-3113410
(State or Jurisdiction of Incorporation or Organization)		(IRS Employer Identification Number)
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices)		94301 (Zip Code)
		94301 (Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $0.001 per share	HTGC	New York Stock Exchange
5.25% Notes due 2025	HCXZ	New York Stock Exchange
6.25% Notes due 2033	HCXY	New York Stock Exchange

PART I. FINANCIAL INFORMATION		3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statement of Assets and Liabilities as of September 30, 2019 and December 31, 2018 (unaudited)	3
	Consolidated Statement of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)	5
	Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2019 and 2018 (unaudited)	6
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)	8
	Consolidated Schedule of Investments as of September 30, 2019 (unaudited)	10
	Consolidated Schedule of Investments as of December 31, 2018 (unaudited)	20
	Notes to Consolidated Financial Statements (unaudited)	36
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	68
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	84
Item 4.	Controls and Procedures	85
PART II. OTHER INFORMATION		86
Item 1.	Legal Proceedings	86
Item 1A.	Risk Factors	86
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
Item 3.	Defaults Upon Senior Securities	89
Item 4.	Mine Safety Disclosures	89
Item 5.	Other Information	89
Item 6.	Exhibits and Financial Statement Schedules	90
SIGNATURES		93

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, 2019		December 31, 2018
Assets
Restricted Cash	$	14,886	$	11,645
2027 Asset-Backed Notes, investments in securities, at value (cost of $296,240 and $279,373, respectively)		288,524		277,781
2028 Asset-Backed Notes, investments in securities, at value (cost of $365,607 and $0, respectively)		366,033		—
Total assets	$	669,443	$	289,426

Liabilities
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) ⁽¹⁾	$	197,241	$	197,265
2028 Asset-Backed Notes, net (principal of $250,000 and $0, respectively) ⁽¹⁾		247,333		—
Total liabilities	$	444,574	$	197,265