htgc-10q_20200630.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 July 27, 2020, there were 114,229,759 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, unless the context otherwise requires.

	June 30, 2020			December 31, 2019
Assets
Investments:
Non-control/Non-affiliate investments (cost of $2,347,547 and $2,248,524, respectively)	$	2,297,180		$	2,232,972
Control investments (cost of $65,227 and $65,333, respectively)		54,431			59,746
Affiliate investments (cost of $88,584 and $88,175, respectively)		11,910			21,808
Total investments in securities, at value (cost of $2,501,357 and $2,402,032, respectively)		2,363,521			2,314,526
Cash and cash equivalents		35,884			64,393
Restricted cash		33,599			50,603
Interest receivable		19,458			20,207
Right of use asset		10,492			11,659
Other assets		5,547			580
Total assets	$	2,468,501		$	2,461,968

Liabilities
Accounts payable and accrued liabilities	$	29,162		$	30,306
Operating lease liability		10,178			11,538
SBA Debentures, net (principal of $110,250 and $149,000, respectively) ⁽¹⁾		109,808			148,165
2022 Notes, net (principal of $150,000 and $150,000, respectively) ⁽¹⁾		148,776			148,514
July 2024 Notes, net (principal of $105,000 and $105,000, respectively) ⁽¹⁾		103,795			103,685
February 2025 Notes, net (principal of $50,000 and $0, respectively) ⁽¹⁾		49,465			—
2025 Notes, net (principal of $75,000 and $75,000, respectively) ⁽¹⁾		73,161			72,970
June 2025 Notes, net (principal of $70,000 and $0, respectively) ⁽¹⁾		69,217			—
2033 Notes, net (principal of $40,000 and $40,000, respectively) ⁽¹⁾		38,555			38,501
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) ⁽¹⁾		197,448			197,312
2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) ⁽¹⁾		247,511			247,395
2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) ⁽¹⁾		227,395			226,614
Credit Facilities		—			103,919
Total liabilities	$	1,304,471		$	1,328,919

Net assets consist of:
Common stock, par value		115			108
Capital in excess of par value		1,223,263			1,145,106
Total distributable earnings (loss)		(59,348	)		(12,165	)
Total net assets	$	1,164,030		$	1,133,049
Total liabilities and net assets	$	2,468,501		$	2,461,968

Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized)		114,230			107,364
Net asset value per share	$	10.19		$	10.55

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 Statements of Assets and Liabilities above.

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Investment income:
Interest income
Non-control/Non-affiliate investments	$	62,667		$	59,932		$	128,005		$	113,872
Control investments		731			1,040			1,377			2,064
Affiliate investments		157			738			377			1,247
Total interest income		63,555			61,710			129,759			117,183
Fee income
Commitment, facility and loan fee income
Non-control/Non-affiliate investments		3,511			5,028			7,707			7,478
Control investments		5			4			10			8
Affiliate investments		—			72			—			160
Total commitment, facility and loan fee income		3,516			5,104			7,717			7,646
One-time fee income
Non-control/Non-affiliate investments		897			2,450			4,111			3,230
Total one-time fee income		897			2,450			4,111			3,230
Total fee income		4,413			7,554			11,828			10,876
Total investment income		67,968			69,264			141,587			128,059
Operating expenses:
Interest		15,076			13,515			29,608			26,070
Loan fees		1,650			1,646			3,444			4,655
General and administrative
Legal expenses		991			1,963			1,890			2,626
Tax expenses		899			593			2,034			891
Other expenses		3,973			3,239			7,998			6,431
Total general and administrative		5,863			5,795			11,922			9,948
Employee compensation
Compensation and benefits		7,180			9,190			15,394			15,813
Stock-based compensation		2,515			3,851			4,955			7,273
Total employee compensation		9,695			13,041			20,349			23,086
Total operating expenses		32,284			33,997			65,323			63,759
Net investment income		35,684			35,267			76,264			64,300
Net realized gain (loss) on investments
Non-control/Non-affiliate investments		141			4,271			7,108			8,826
Total net realized gain (loss) on investments		141			4,271			7,108			8,826
Net change in unrealized appreciation (depreciation) on investments
Non-control/Non-affiliate investments		23,613			9,794			(34,816	)		41,884
Control investments		2,642			808			(5,209	)		(2,068	)
Affiliate investments		(315	)		(2,009	)		(10,305	)		(3,226	)
Total net unrealized appreciation (depreciation) on investments		25,940			8,593			(50,330	)		36,590
Total net realized and unrealized gain (loss)		26,081			12,864			(43,222	)		45,416
Net increase (decrease) in net assets resulting from operations	$	61,765		$	48,131		$	33,042		$	109,716

Net investment income before investment gains and losses per common share:
Basic	$	0.32		$	0.36		$	0.69		$	0.66
Change in net assets resulting from operations per common share:
Basic	$	0.55		$	0.49		$	0.29		$	1.13
Diluted	$	0.55		$	0.49		$	0.29		$	1.12
Weighted average shares outstanding
Basic		111,558			98,223			110,256			97,226
Diluted		111,729			98,737			110,504			97,630
Distributions paid per common share:
Basic	$	0.32		$	0.33		$	0.72		$	0.64



						Capital in			Distributable
	Common Stock					excess			Earnings			Net
For the Three Months Ended June 30, 2020	Shares			Par Value		of par value			(loss)			Assets
Balance at March 31, 2020		110,601		$	111	$	1,182,080		$	(85,111	)	$	1,097,080
Net increase (decrease) in net assets resulting from operations		—			—		—			61,765			61,765
Public offering, net of offering expenses		3,525			4		38,696			—			38,700
Issuance of common stock under restricted stock plan		52			—		—			—			—
Retired shares for restricted stock vesting		(10	)		—		(282	)		—			(282	)
Distributions reinvested in common stock		62			—		643			—			643
Distributions		—			—		—			(36,002	)		(36,002	)
Stock-based compensation⁽¹⁾		—			—		2,126			—			2,126
Balance at June 30, 2020		114,230		$	115	$	1,223,263		$	(59,348	)	$	1,164,030

For the Six Months Ended June 30, 2020
Balance at December 31, 2019		107,364		$	108	$	1,145,106		$	(12,165	)	$	1,133,049
Net increase (decrease) in net assets resulting from operations		—			—		—			33,042			33,042
Public offering, net of offering expenses		5,966			6		73,656			—			73,662
Issuance of common stock due to stock option exercises		29			—		362			—			362
Retired shares from net issuance		(24	)		—		(376	)		—			(376	)
Issuance of common stock under restricted stock plan		801			1		(1	)		—			—
Retired shares for restricted stock vesting		(27	)		—		(1,162	)		—			(1,162	)
Distributions reinvested in common stock		121			—		1,470			—			1,470
Distributions		—			—		—			(80,225	)		(80,225	)
Stock-based compensation ⁽¹⁾		—			—		4,208			—			4,208
Balance at June 30, 2020		114,230		$	115	$	1,223,263		$	(59,348	)	$	1,164,030



						Capital in			Distributable
	Common Stock					excess			Earnings			Treasury			Net
For the Three Months Ended June 30, 2019	Shares			Par Value		of par value			(loss)⁽²⁾			Stock			Assets
Balance at March 31, 2019		96,543		$	96	$	1,051,427		$	(61,174	)	$	—		$	990,349
Net increase (decrease) in net assets resulting from operations		—			—		—			48,131			—			48,131
Public offering, net of offering expenses		7,700			8		95,436			—			—			95,444
Issuance of common stock due to stock option exercises		1			—		7			—			—			7
Retired shares from net issuance		(1	)		—		(7	)		—			—			(7	)
Issuance of common stock under restricted stock plan		10			—		—			—			—			—
Retirement of common stock under repurchase plan		—			—		—			—			—			—
Retired shares for restricted stock vesting		(13	)		—		(196	)		—			—			(196	)
Distributions reinvested in common stock		42			—		557			—			—			557
Distributions		—			—		—			(32,151	)		—			(32,151	)
Stock-based compensation ⁽¹⁾		—			—		2,550			—			—			2,550
Balance at June 30, 2019		104,282		$	104	$	1,149,774		$	(45,194	)	$	—		$	1,104,684

For the Six Months Ended June 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		—			—		—			109,716			—			109,716
Public offering, net of offering expenses		7,700			8		95,415			—			—			95,423
Issuance of common stock due to stock option exercises		14			—		161			—			—			161
Retired shares from net issuance		(12	)		—		(166	)		—			—			(166	)
Issuance of common stock under restricted stock plan		58			—		—			—			—			—
Retirement of common stock under repurchase plan		—			—		(4,062	)		—			4,062			—
Retired shares for restricted stock vesting		(68	)		—		(887	)		—			—			(887	)
Distributions reinvested in common stock		89			—		1,189			—			—			1,189
Issuance of Convertible Notes		—			—		—			—			—			—
Distributions		—			—		—			(62,051	)		—			(62,051	)
Stock-based compensation ⁽¹⁾		—			—		5,855			—			—			5,855
Balance at June 30, 2019		104,282		$	104	$	1,149,774		$	(45,194	)	$	—		$	1,104,684

	For the Six Months Ended June 30,
	2020			2019
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	33,042		$	109,716
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments		(365,890	)		(607,847	)
Principal and fee payments received on investments		269,234			267,654
Proceeds from the sale of investments		19,802			21,264
Net unrealized depreciation (appreciation) on investments		50,330			(36,590	)
Net realized loss (gain) on investments		(7,108	)		(8,826	)
Accretion of paid-in-kind principal		(4,230	)		(4,310	)
Accretion of loan discounts		(2,345	)		(1,510	)
Accretion of loan discount on convertible notes		336			336
Accretion of loan exit fees		(12,692	)		(11,253	)
Change in deferred loan origination revenue		3,664			10,787
Unearned fees related to unfunded commitments		(688	)		1,898
Amortization of debt fees and issuance costs		2,489			3,956
Depreciation		222			101
Stock-based compensation and amortization of restricted stock grants ⁽¹⁾		4,208			5,855
Change in operating assets and liabilities:
Interest and fees receivable		749			(1,247	)
Prepaid expenses and other assets		(1,387	)		(11,453	)
Accounts payable		(16	)		(191	)
Accrued liabilities		(2,488	)		10,136
Net cash provided by (used in) operating activities		(12,768	)		(251,524	)

Cash flows from investing activities:
Purchases of capital equipment		(67	)		(241	)
Net cash provided by (used in) investing activities		(67	)		(241	)

Cash flows from financing activities:
Issuance of common stock, net		73,662			95,379
Retirement of employee shares		(1,178	)		(850	)
Distributions paid		(78,755	)		(60,862	)
Issuance of 2028 Asset-Backed Notes		—			250,000
Issuance of February 2025 Notes		50,000			—
Issuance of June 2025 Notes		70,000
Repayments of 2024 Notes		—			(83,510	)
Repayments of Long-Term SBA Debentures		(38,750	)		—
Borrowings of credit facilities		325,288			405,192
Repayments of credit facilities		(429,207	)		(364,727	)
Cash paid for debt issuance costs		(1,419	)		(3,117	)
Fees paid for credit facilities and debentures		(2,319	)		(2,997	)
Net cash provided by (used in) financing activities		(32,678	)		234,508
Net increase (decrease) in cash, cash equivalents, and restricted cash		(45,513	)		(17,257	)
Cash, cash equivalents, and restricted cash at beginning of period		114,996			45,857
Cash, cash equivalents, and restricted cash at end of period	$	69,483		$	28,600

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Distributions reinvested		1,470			1,189

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

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
Communications & Networking
1-5 Years Maturity
Cytracom Holdings LLC^(11)(17)(18)	Communications & Networking	Senior Secured	February 2025	Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.25%	$	7,000	$	6,801	$	6,801
Subtotal: 1-5 Years Maturity								6,801		6,801
Subtotal: Communications & Networking (0.58%)*								6,801		6,801
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		14,808		14,808
Subtotal: 1-5 Years Maturity								14,808		14,808
Subtotal: Diversified Financial Services (1.27%)*								14,808		14,808
Drug Delivery
1-5 Years Maturity
Antares Pharma Inc.^{(10)(11)(15)(17)}	Drug Delivery	Senior Secured	July 2022	Interest rate PRIME + 4.50% or Floor rate of 4.50%, 4.14% Exit Fee	$	40,000		40,858		40,267
Subtotal: 1-5 Years Maturity								40,858		40,267
Subtotal: Drug Delivery (3.46%)*								40,858		40,267
Drug Discovery & Development
Under 1 Year Maturity
Genocea Biosciences, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	May 2021	Interest rate PRIME + 3.00% or Floor rate of 8.00%, 13.43% Exit Fee	$	12,922		13,690		13,682
Metuchen Pharmaceuticals LLC	Drug Discovery & Development	Senior Secured	April 2021	Interest rate PRIME + 7.25% or Floor rate of 11.50%, 3.05% Exit Fee	$	9,691		10,684		10,609
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	$	10,489		11,726		11,726
Subtotal: Under 1 Year Maturity								36,100		36,017
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	$	7,779		8,008		7,961
Albireo Pharma, Inc.^(5)(10)(17)	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee	$	10,000		9,851		9,851
Aldeyra Therapeutics, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	October 2023	Interest rate PRIME + 3.10% or Floor rate of 9.10%, 6.95% Exit Fee	$	15,000		15,152		15,098
Applied Genetic Technologies Corporation	Drug Discovery & Development	Senior Secured	December 2023	Interest rate PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee	$	10,000		9,881		9,881
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	$	5,667		6,063		6,034
	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee	$	5,667		5,966		6,001
Total Aveo Pharmaceuticals, Inc.					$	11,334		12,029		12,035
BridgeBio Pharma LLC^(12)(13)(16)	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 3.85% or Floor rate of 8.75%, 6.35% Exit Fee	$	35,000		35,951		36,137
	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee	$	20,000		20,418		20,524
	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 3.10% or Floor rate of 8.85%, 5.75% Exit Fee	$	20,000		20,250		20,346
Total BridgeBio Pharma LLC					$	75,000		76,619		77,007
Chemocentryx, Inc.^{(10)(11)(15)(17)}	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee	$	20,000		20,499		20,699
	Drug Discovery & Development	Senior Secured	February 2024	Interest rate PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee	$	5,000		4,982		4,982
Total Chemocentryx, Inc.					$	25,000		25,481		25,681
Codiak Biosciences, Inc.^(11)(17)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee	$	10,000		10,025		9,990
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		30,482		30,945
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		20,395		20,418
Eidos Therapeutics, Inc.^(10)(13)(17)	Drug Discovery & Development	Senior Secured	October 2023	Interest rate PRIME + 3.25% or Floor rate of 8.50%, 5.95% Exit Fee	$	8,750		8,814		8,885
G1 Therapeutics, Inc.^(10)(17)	Drug Discovery & Development	Senior Secured	June 2024	Interest rate PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee	$	20,000		19,829		19,829
Integral Health Holdings, LLC⁽¹⁷⁾	Drug Discovery & Development	Senior Secured	May 2024	Interest rate PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee	$	5,000		4,863		4,863
Kaleido Biosciences, Inc.⁽¹³⁾	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee	$	22,500		22,610		22,529
Mesoblast^{(5)(10)(11)(13)}	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.95% or Floor rate of 9.70%, 6.95% Exit Fee	$	50,000		52,222		52,295

Motif BioSciences Inc.^(5)(8)(10)	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	-
Nabriva Therapeutics^(5)(10)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 4.30% or Floor rate of 9.80%, 9.95% Exit Fee	$	5,000	5,130	5,141
Paratek Pharmaceuticals, Inc.^{(11)(13)(15)(16)}	Drug Discovery & Development	Senior Secured	September 2021	Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.13% Exit Fee	$	60,000	62,247	62,282
	Drug Discovery & Development	Senior Secured	August 2022	Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee	$	10,000	10,359	10,379
Total Paratek Pharmaceuticals, Inc.					$	70,000	72,606	72,661
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	10,051	10,063
Seres Therapeutics, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 4.40% or Floor rate of 9.65%, 4.85% Exit Fee	$	25,000	25,014	25,266
Syndax Pharmaceutics Inc.⁽¹³⁾	Drug Discovery & Development	Senior Secured	September 2023	Interest rate PRIME + 5.10% or Floor rate of 9.85%, 4.99% Exit Fee	$	20,000	20,023	20,023
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	30,061	30,390
Tricida, Inc.^{(11)(13)(15)(16)}	Drug Discovery & Development	Senior Secured	April 2023	Interest rate PRIME + 2.35% or Floor rate of 8.35%, 11.04% Exit Fee	$	75,000	76,578	77,296
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	35,381	36,129
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	5,078	5,123
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	5,000	5,094	5,139
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	5,000	5,126	5,131
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	10,000	10,164	10,254
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	10,000	10,139	10,228
Total Verastem, Inc.					$	35,000	35,601	35,875
X4 Pharmaceuticals, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	July 2023	Interest rate PRIME + 3.75% or Floor rate of 8.75%, 7.18% Exit Fee	$	25,000	25,317	25,410
Yumanity Therapeutics, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 4.00% or Floor rate of 8.75%, 7.25% Exit Fee	$	15,000	14,899	14,864
Subtotal: 1-5 Years Maturity							683,654	680,386
Subtotal: Drug Discovery & Development (61.55%)*							719,754	716,403
Electronics & Computer Hardware
Under 1 Year Maturity
Glo AB^{(5)(8)(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	$	5,011	5,525	3,267
Subtotal: Under 1 Year Maturity							5,525	3,267
Subtotal: Electronics & Computer Hardware (0.28%)*							5,525	3,267
Healthcare Services, Other
1-5 Years Maturity
Oak Street Health^(11)(13)(16)	Healthcare Services, Other	Senior Secured	December 2022	Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee	$	80,000	81,973	82,453
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%	$	10,381	10,236	9,777
Velocity Clinical Research, Inc.^(13)(18)	Healthcare Services, Other	Senior Secured	November 2024	Interest rate 1-month LIBOR + 9.08% or Floor rate of 10.08%	$	7,443	7,193	7,315
	Healthcare Services, Other	Senior Secured	November 2024	Interest rate 1-month LIBOR + 9.08% or Floor rate of 10.08%	$	750	750	742
	Healthcare Services, Other	Senior Secured	November 2024	Interest rate 1-month LIBOR + 9.08% or Floor rate of 10.08%	$	1,980	1,910	1,949
	Healthcare Services, Other	Senior Secured	November 2024	Interest rate 1-month LIBOR + 9.08% or Floor rate of 10.08%	$	452	426	435
Total Velocity Clinical Research, Inc.					$	10,625	10,279	10,441
Subtotal: 1-5 Years Maturity							102,488	102,671
Subtotal: Healthcare Services, Other (8.82%)*							102,488	102,671
Information Services
1-5 Years Maturity
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	$	25,000	24,647	24,593
Sapphire Digital, Inc. (p.k.a. MDX Medical, Inc.)^(14)(15)(19)	Information Services	Senior Secured	December 2021	Interest rate PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.70%, 2.80% Exit Fee	$	15,689	15,956	15,929

Yipit, LLC^(11)(17)(18)	Information Services	Senior Secured	May 2024	Interest rate 1-month LIBOR + 8.88% or Floor rate of 9.88%	$	12,000	11,754	11,773
Subtotal: 1-5 Years Maturity							52,357	52,295
Subtotal: Information Services (4.49%)*							52,357	52,295
Internet Consumer & Business Services
Under 1 Year Maturity
Greenphire, Inc.⁽¹⁷⁾	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%	$	1,254	1,254	1,254
	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate PRIME + 3.75% or Floor rate of 8.75%	$	1,800	1,800	1,800
Total Greenphire, Inc.					$	3,054	3,054	3,054
Snagajob.com, Inc.⁽¹³⁾	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate PRIME + 6.90% or Floor rate of 10.15%, 2.55% Exit Fee	$	43,005	43,900	43,382
	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate PRIME + 7.80% or Floor rate of 11.05%, 2.55% Exit Fee	$	5,173	5,256	5,194
Total Snagajob.com, Inc.					$	48,178	49,156	48,576
Tectura Corporation^(7)(8)(14)	Internet Consumer & Business Services	Senior Secured	March 2021	PIK Interest 5.00%	$	10,680	240	-
	Internet Consumer & Business Services	Senior Secured	March 2021	Interest rate FIXED 8.25%	$	8,250	8,250	7,803
	Internet Consumer & Business Services	Senior Secured	March 2021	PIK Interest 5.00%	$	13,023	13,023	-
Total Tectura Corporation					$	31,953	21,513	7,803
Subtotal: Under 1 Year Maturity							73,723	59,433
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	20,413	20,187
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	30,621	30,403
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	$	3,818	3,848	3,830
ePayPolicy Holdings, LLC^(11)(17)	Internet Consumer & Business Services	Senior Secured	December 2024	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	8,000	7,778	7,938
EverFi, Inc.^(13)(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%	$	83,104	82,861	82,286
Houzz, Inc.^(13)(14)	Internet Consumer & Business Services	Senior Secured	November 2022	Interest rate PRIME + 3.20% or Floor rate of 8.45%, PIK Interest 2.50%, 4.50% Exit Fee	$	50,755	50,770	50,384
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%, 2.00% Exit Fee	$	5,200	5,244	4,351
	Internet Consumer & Business Services	Senior Secured	September 2021	PIK Interest 10.13%	$	5,000	4,976	4,128
Total Intent (p.k.a. Intent Media, Inc.)					$	10,200	10,220	8,479
Nextroll, Inc.^(14)(17)(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	$	20,610	20,746	20,700
Patron Technology^(8)(18)	Internet Consumer & Business Services	Senior Secured	June 2024	Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%	$	32,433	31,589	8,723
	Internet Consumer & Business Services	Senior Secured	June 2024	Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%	$	2,492	2,492	689
	Internet Consumer & Business Services	Senior Secured	June 2024	Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%	$	6,727	6,537	1,798
Total Patron Technology					$	41,652	40,618	11,210
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	20,619	20,619
SeatGeek, Inc.^(14)(16)	Internet Consumer & Business Services	Senior Secured	June 2023	Interest rate PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%	$	60,148	58,943	57,223
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%, 4.00% Exit Fee	$	12,118	12,088	11,941
Thumbtack, Inc.^(13)(14)	Internet Consumer & Business Services	Senior Secured	September 2023	Interest rate PRIME + 3.45% or Floor rate of 8.95%, PIK Interest 1.50%, 3.95% Exit Fee	$	25,040	24,680	24,681
Varsity Tutors LLC^(13)(14)	Internet Consumer & Business Services	Senior Secured	August 2023	Interest rate PRIME + 5.25% or Floor rate of 10.75%, PIK Interest 0.55%, 3.00% Exit Fee	$	39,155	39,092	39,325
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%	$	15,475	15,399	15,181

Xometry, Inc.⁽¹³⁾	Internet Consumer & Business Services	Senior Secured	May 2022	Interest rate PRIME + 3.95% or Floor rate of 8.70%, 6.25% Exit Fee	$	15,000	15,469	15,585
Subtotal: 1-5 Years Maturity							454,165	419,972
Subtotal: Internet Consumer & Business Services (41.18%)*							527,888	479,405
Media/Content/Info
1-5 Years Maturity
Bustle^(14)(15)	Media/Content/Info	Senior Secured	June 2023	Interest rate PRIME + 4.35% or Floor rate of 9.35%, PIK Interest 1.95%, 4.34% Exit Fee	$	20,837	20,958	20,846
Subtotal: 1-5 Years Maturity							20,958	20,846
Subtotal: Media/Content/Info (1.79%)*							20,958	20,846
Medical Devices & Equipment
Under 1 Year Maturity
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	$	11,217	12,185	12,161
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	11,607	11,547
Subtotal: Under 1 Year Maturity							23,792	23,708
1-5 Years Maturity
Flowonix Medical Incorporated^(11)(14)	Medical Devices & Equipment	Senior Secured	October 2021	Interest rate PRIME + 4.25% or Floor rate of 9.25%, 7.95% Exit Fee	$	7,561	8,317	8,295
Optiscan Biomedical, Corp.⁽⁶⁾⁽⁹⁾	Medical Devices & Equipment	Convertible Debt	July 2021	Interest rate FIXED 8.00%	$	408	408	407
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	7,705	7,623
Subtotal: 1-5 Years Maturity							16,430	16,325
Subtotal: Medical Devices & Equipment (3.44%)*							40,222	40,033
Semiconductors
Under 1 Year Maturity
Achronix Semiconductor Corporation	Semiconductors	Senior Secured	December 2020	Interest rate PRIME + 5.50% or Floor rate of 10.25%, 5.50% Exit Fee	$	25,000	25,155	25,155
Subtotal: Under 1 Year Maturity							25,155	25,155
Subtotal: Semiconductors (2.16%)*							25,155	25,155
Software
Under 1 Year Maturity
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	7,390	7,390
Subtotal: Under 1 Year Maturity							7,390	7,390
1-5 Years Maturity
3GTMS, LLC.^(11)(17)(18)	Software	Senior Secured	February 2025	Interest rate 3-month LIBOR + 9.28% or Floor rate of 10.28%	$	10,000	9,739	9,739
Abrigo⁽¹⁸⁾	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%	$	38,954	38,395	37,964
	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 5.92% or Floor rate of 6.92%	$	2,350	2,302	2,271
Total Abrigo					$	41,304	40,697	40,235
Businessolver.com, Inc.^(11)(16)(17)	Software	Senior Secured	May 2023	Interest rate 6-month LIBOR + 7.50% or Floor rate of 8.50%	$	58,650	57,891	57,891
	Software	Senior Secured	May 2023	Interest rate 6-month LIBOR + 7.50% or Floor rate of 8.50%	$	7,650	7,510	7,510
Total Businessolver.com, Inc.					$	66,300	65,401	65,401
Clarabridge, Inc.^{(12)(13)(14)(17)}	Software	Senior Secured	May 2024	Interest rate PRIME + 5.30% or Floor rate of 8.55%, PIK Interest 2.25%	$	55,189	54,666	54,835
Cloud 9 Software⁽¹³⁾	Software	Senior Secured	April 2024	Interest rate 3-month LIBOR + 8.20% or Floor rate of 9.20%	$	10,000	9,849	9,313
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	15,605	15,169
Couchbase, Inc.^(11)(15)(19)	Software	Senior Secured	June 2024	Interest rate PRIME + 5.25% or Floor rate of 10.75%, 3.75% Exit Fee	$	25,000	25,094	25,082
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	$	10,237	10,628	10,496
	Software	Senior Secured	March 2023	Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 4.95% Exit Fee	$	10,138	10,081	9,876
Total Dashlane, Inc.					$	20,375	20,709	20,372
Delphix Corp.^(13)(16)(19)	Software	Senior Secured	February 2023	Interest rate PRIME + 5.50% or Floor rate of 10.25%, 5.00% Exit Fee	$	60,000	59,111	58,386
Envisage Technologies, LLC⁽¹⁸⁾	Software	Senior Secured	March 2025	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	9,750	9,503	9,503
Evernote Corporation^{(11)(14)(15)(19)}	Software	Senior Secured	July 2021	Interest rate PRIME + 5.45% or Floor rate of 8.95%	$	5,549	5,519	5,484

	Software	Senior Secured	July 2021	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	4,152	4,114	4,088
	Software	Senior Secured	July 2022	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	5,110	5,064	5,006
Total Evernote Corporation					$	14,811	14,697	14,578
FreedomPay, Inc.⁽¹⁹⁾	Software	Senior Secured	June 2023	Interest rate PRIME + 7.70% or Floor rate of 10.95%, 3.55% Exit Fee	$	10,000	9,888	9,888
Ikon Science Limited^{(5)(10)(17)(18)}	Software	Senior Secured	October 2024	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	7,000	6,715	6,634

Insurance Technologies Corporation^(11)(18)	Software	Senior Secured	January 2025	Interest rate 3-month LIBOR + 8.27% or Floor rate of 9.27%	$	17,000	16,558	16,334
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	$	7,571	7,593	7,584
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)^(11)(18)	Software	Senior Secured	July 2023	Interest rate 6-month LIBOR + 10.15% or Floor rate of 11.15%	$	8,740	8,485	8,240
Khoros (p.k.a Lithium Technologies)^(11)(17)	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	12,000	11,862	11,812
	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	43,000	42,356	42,185
	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	1,811	1,811	1,802
Total Khoros (p.k.a Lithium Technologies)					$	56,811	56,029	55,799
Lightbend, Inc.^(14)(15)	Software	Senior Secured	February 2022	Interest rate PRIME + 4.25% or Floor rate of 9.25%, PIK Interest 2.00%, 3.00% Exit Fee	$	15,982	16,082	15,996
memsql, Inc.^(14)(17)	Software	Senior Secured	May 2023	Interest rate PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 0.75%, 3.95% Exit Fee	$	5,001	4,954	4,954
Mobile Solutions Services^(17)(18)	Software	Senior Secured	October 2024	Interest rate 6-month LIBOR + 8.80% or Floor rate of 9.80%	$	5,500	5,344	5,218
Nuvolo Technologies Corporation⁽¹⁹⁾	Software	Senior Secured	October 2022	Interest rate PRIME + 6.25% or Floor rate of 11.75%	$	15,000	14,828	14,746
OrthoFi, Inc.^(13)(18)	Software	Senior Secured	April 2024	Interest rate 6-month LIBOR + 8.28% or Floor rate of 9.28%	$	17,853	17,459	16,808
	Software	Senior Secured	April 2024	Interest rate 6-month LIBOR + 8.28% or Floor rate of 9.28%	$	1,667	1,667	1,667
Total OrthoFi, Inc.					$	19,520	19,126	18,475
Regent Education⁽¹⁴⁾	Software	Senior Secured	January 2022	Interest rate FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee	$	3,187	3,265	3,058
Reltio, Inc.^(17)(19)	Software	Senior Secured	July 2023	Interest rate PRIME + 5.70% or Floor rate of 8.95%, PIK Interest 1.70%, 4.95% Exit Fee	$	10,000	9,747	9,747
Salsa Labs, Inc.⁽¹¹⁾	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	6,000	5,926	5,810
	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	500	500	495
Total Salsa Labs, Inc.					$	6,500	6,426	6,305
Tact.ai Technologies, Inc.^(11)(14)	Software	Senior Secured	February 2023	Interest rate PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee	$	5,030	4,829	4,715
ThreatConnect, Inc.^(13)(18)	Software	Senior Secured	May 2024	Interest rate 3-month LIBOR + 8.26% or Floor rate of 9.26%	$	4,500	4,378	4,347
	Software	Senior Secured	May 2024	Interest rate 3-month LIBOR + 8.26% or Floor rate of 9.26%	$	1,800	1,800	1,800
Total ThreatConnect, Inc.					$	6,300	6,178	6,147
Vela Trading Technologies^(11)(18)	Software	Senior Secured	July 2022	Interest rate 3-month LIBOR + 9.50% or Floor rate of 10.50%	$	18,595	18,291	17,938
ZeroFox, Inc.⁽¹³⁾	Software	Senior Secured	January 2023	Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.00% Exit Fee	$	20,000	19,951	19,905
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	30,372	30,511
Subtotal: 1-5 Years Maturity							589,732	584,807
Greater than 5 Years Maturity
Campaign Monitor Limited^(11)(17)(19)	Software	Senior Secured	November 2025	Interest rate 6-month LIBOR + 8.50% or Floor rate of 9.50%	$	29,333	28,719	28,206
	Software	Senior Secured	November 2025	Interest rate 1-month LIBOR + 8.50% or Floor rate of 9.50%	$	688	672	665
Total Campaign Monitor Limited					$	30,021	29,391	28,871
Imperva, Inc.⁽¹⁹⁾	Software	Senior Secured	January 2027	Interest rate 3-month LIBOR + 7.75% or Floor rate of 8.75%	$	20,000	19,817	19,099

Subtotal: Greater than 5 Years Maturity							49,208	47,970
Subtotal: Software (55.00%)*							646,330	640,167
Sustainable and Renewable Technology
Under 1 Year Maturity
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)^(6)(8)(14)	Sustainable and Renewable Technology	Senior Secured	December 2020	Interest rate FIXED 6.48%, PIK Interest 6.48%, 6.67% Exit Fee	$	10,000	10,775	9,408
	Sustainable and Renewable Technology	Senior Secured	December 2020	PIK Interest 10.00%	$	683	683	-
	Sustainable and Renewable Technology	Senior Secured	December 2020	Interest rate FIXED 8.85%, PIK Interest 8.85%	$	1,492	1,492	1,492
Total Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)					$	12,175	12,950	10,900
Proterra, Inc.^(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%	$	10,191	10,165	10,164
Subtotal: Under 1 Year Maturity							23,115	21,064
1-5 Years Maturity
Impossible Foods, Inc.^(12)(13)	Sustainable and Renewable Technology	Senior Secured	July 2022	Interest rate PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee	$	50,000	52,660	53,170
Subtotal: 1-5 Years Maturity							52,660	53,170
Subtotal: Sustainable and Renewable Technology (6.38%)*							75,775	74,234
Total: Debt Investments (190.40%)*							2,278,919	2,216,352

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	$	2,868
Subtotal: Communications & Networking (0.25%)*							1,230		2,868
Consumer & Business Products
Intelligent Beauty, Inc.	Consumer & Business Products	Equity	Preferred Series B		111,156	$	230	$	601
Subtotal: Consumer & Business Products (0.05%)*							230		601
Diversified Financial Services
Gibraltar Business Capital, LLC ⁽⁷⁾	Diversified Financial Services	Equity	Common Stock		830,000		1,884		2,141
	Diversified Financial Services	Equity	Preferred Series A		10,602,752		26,122		29,679
Total Gibraltar Business Capital, LLC					11,432,752		28,006		31,820
Subtotal: Diversified Financial Services (2.73%)*							28,006		31,820
Drug Delivery
AcelRx Pharmaceuticals, Inc. ⁽⁴⁾	Drug Delivery	Equity	Common Stock		176,730		1,329		214
BioQ Pharma Incorporated ⁽¹⁵⁾	Drug Delivery	Equity	Preferred Series D		165,000		500		757
Kaleo, Inc.	Drug Delivery	Equity	Preferred Series B		82,500		1,007		2,904
Neos Therapeutics, Inc. ^(4)(15)	Drug Delivery	Equity	Common Stock		125,000		1,500		86
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.) ⁽⁴⁾	Drug Delivery	Equity	Common Stock		2,498		309		5
Subtotal: Drug Delivery (0.34%)*							4,645		3,966
Drug Discovery & Development
Aveo Pharmaceuticals, Inc. ^(4)(15)	Drug Discovery & Development	Equity	Common Stock		190,175		1,714		979
Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.) ^(4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		16,228		1,269		46
BridgeBio Pharma LLC ^(4)(16)	Drug Discovery & Development	Equity	Common Stock		203,579		2,000		6,639
Cerecor, Inc. ⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		119,087		1,000		310
Chemocentryx, Inc. ^(4)(10)(15)	Drug Discovery & Development	Equity	Common Stock		17,241		1,000		992
Concert Pharmaceuticals, Inc. ^(4)(10)	Drug Discovery & Development	Equity	Common Stock		70,796		1,367		704
Dare Biosciences, Inc. ⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		13,550		1,000		13
Dynavax Technologies^(4)(10)	Drug Discovery & Development	Equity	Common Stock		20,000		550		177
Eidos Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Equity	Common Stock		15,000		255		715
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		27,932		2,000		64
Paratek Pharmaceuticals, Inc.^(4)(16)	Drug Discovery & Development	Equity	Common Stock		76,362		2,744		399
Rocket Pharmaceuticals, Ltd.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		944		1,500		20
Savara, Inc.^(4)(15)	Drug Discovery & Development	Equity	Common Stock		11,119		203		28
uniQure B.V.^(4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		17,175		332		774
X4 Pharmaceuticals, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		83,334		641		777
Subtotal: Drug Discovery & Development (1.09%)*							17,575		12,637
Healthcare Services, Other
23andMe, Inc.	Healthcare Services, Other	Equity	Common Stock		360,000		5,094		6,651
Chromadex Corporation⁽⁴⁾	Healthcare Services, Other	Equity	Common Stock		44,264		157		203
Subtotal: Healthcare Services, Other (0.59%)*							5,251		6,854
Internet Consumer & Business Services
Blurb, Inc.	Internet Consumer & Business Services	Equity	Preferred Series B		220,653		175		—
Contentful, Inc.^(5)(10)	Internet Consumer & Business Services	Equity	Preferred Series D		217		500		775
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		18,412
Fastly, Inc.⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		6,238		8		531
Lyft, Inc.⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		200,738		10,487		6,627
Nextdoor.com, Inc.	Internet Consumer & Business Services	Equity	Common Stock		328,190		4,854		7,188
OfferUp, Inc.	Internet Consumer & Business Services	Equity	Preferred Series A		286,080		1,663		1,555
	Internet Consumer & Business Services	Equity	Preferred Series A-1		108,710		632		591
Total OfferUp, Inc.					394,790		2,295		2,146
Oportun⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		48,365		577		650
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 (3.12%)*							25,940		36,329

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
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		227,013		—		605
	Medical Devices & Equipment	Equity	Preferred Series A-1		191,210		425		529
	Medical Devices & Equipment	Equity	Preferred Series A-2		191,626		500		519
Total Gelesis, Inc.					609,849		925		1,653
Medrobotics Corporation⁽¹⁵⁾	Medical Devices & Equipment	Equity	Preferred Series E		136,798		250		—
	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		3
	Medical Devices & Equipment	Equity	Preferred Series C		19,273		655		1
	Medical Devices & Equipment	Equity	Preferred Series D		551,038		5,257		50
	Medical Devices & Equipment	Equity	Preferred Series E		507,103		4,240		548
Total Optiscan Biomedical, Corp.					1,139,269		13,152		602
Outset Medical, Inc.	Medical Devices & Equipment	Equity	Preferred Series B		232,061		527		471
ViewRay, Inc.^(4)(15)	Medical Devices & Equipment	Equity	Common Stock		36,457		333		83
Subtotal: Medical Devices & Equipment (0.24%)*							17,342		2,809
Software
CapLinked, Inc.	Software	Equity	Preferred Series A-3		53,614		51		70
Docker, Inc.	Software	Equity	Common Stock		20,000		4,284		26
Druva Holdings, Inc. (p.k.a. Druva, Inc.)	Software	Equity	Preferred Series 2		458,841		1,000		3,083
	Software	Equity	Preferred Series 3		93,620		300		664
Total Druva Holdings, Inc. (p.k.a. Druva, Inc.)					552,461		1,300		3,747
HighRoads, Inc.	Software	Equity	Common Stock		190		307		—
Palantir Technologies	Software	Equity	Preferred Series D		9,535		47		63
	Software	Equity	Preferred Series E		1,749,089		10,489		11,498
	Software	Equity	Preferred Series G		326,797		2,211		2,149
Total Palantir Technologies					2,085,421		12,747		13,710
Sprinklr, Inc.	Software	Equity	Common Stock		700,000		3,749		4,194
Subtotal: Software (1.87%)*							22,438		21,747
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Equity	Preferred Series B		219,298		250		9
	Surgical Devices	Equity	Preferred Series C		656,538		282		27
	Surgical Devices	Equity	Preferred Series D		1,991,157		712		88
	Surgical Devices	Equity	Preferred Series E		2,786,367		429		141
	Surgical Devices	Equity	Preferred Series F		1,523,693		118		140
	Surgical Devices	Equity	Preferred Series F-1		2,418,125		150		196
Total Gynesonics, Inc.					9,595,178		1,941		601
TransMedics Group, Inc. (p.k.a Transmedics, Inc.)⁽⁴⁾	Surgical Devices	Equity	Common Stock		162,617		2,550		2,914
Subtotal: Surgical Devices (0.30%)*							4,491		3,515
Sustainable and Renewable Technology
Impossible Foods, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series E-1		188,611		2,000		2,282
Modumetal, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series A-1		103,584		500		6
Proterra, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series 5		99,280		500		259
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Equity	Common Stock		488		61,502		—
Subtotal: Sustainable and Renewable Technology (0.22%)*							64,502		2,547
Total: Equity Investments (10.80%)*							191,650		125,693
Warrant Investments
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Warrant	Common Stock		3,328		—		5
Spring Mobile Solutions, Inc.	Communications & Networking	Warrant	Common Stock		2,834,375		418		—
Subtotal: Communications & Networking (0.00%)*							418		5
Consumer & Business Products
Gadget Guard⁽¹⁵⁾	Consumer & Business Products	Warrant	Common Stock		1,662,441		228		—
The Neat Company	Consumer & Business Products	Warrant	Common Stock		54,054		365		—
Whoop, Inc.	Consumer & Business Products	Warrant	Preferred Series C		68,627		18		42
Subtotal: Consumer & Business Products (0.00%)*							611		42
Drug Delivery
Aerami Therapeutics (p.k.a. Dance Biopharm, Inc.)⁽¹⁵⁾	Drug Delivery	Warrant	Common Stock		110,882		74		—
BioQ Pharma Incorporated	Drug Delivery	Warrant	Common Stock		459,183		1		1,100

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
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		—
Subtotal: Drug Delivery (0.09%)*							750		1,100
Drug Discovery & Development
Acacia Pharma Inc.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		201,330		304		263
ADMA Biologics, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		89,750		295		22
Albireo Pharma, Inc.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		5,310		61		58
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		1
Concert Pharmaceuticals, Inc.^(4)(10)(15)	Drug Discovery & Development	Warrant	Common Stock		61,273		178		107
CytRx Corporation^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		105,694		160		—
Dermavant Sciences Ltd.^(5)(10)	Drug Discovery & Development	Warrant	Common Stock		223,642		101		361
Evofem Biosciences, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		7,806		266		5
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		41,176		165		16
Integral Health Holdings, LLC	Drug Discovery & Development	Warrant	Common Stock		50,000		117		119
Motif BioSciences Inc.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		121,337,041		282		—
Myovant Sciences, Ltd.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		73,710		460		713
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		46
Sorrento Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		306,748		889		827
Stealth Bio Therapeutics Corp.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		500,000		158		360
TG Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		147,058		563		1,807
Tricida, Inc.^(4)(15)(16)	Drug Discovery & Development	Warrant	Common Stock		138,269		1,143		1,684
Urovant Sciences, Ltd.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		99,777		383		374
X4 Pharmaceuticals, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		108,334		673		246
Yumanity Therapeutics, Inc.	Drug Discovery & Development	Warrant	Class B Preferred Units		73,110		110		160
Subtotal: Drug Discovery & Development (0.62%)*							7,539		7,169
Electronics & Computer Hardware
908 Devices, Inc.⁽¹⁵⁾	Electronics & Computer Hardware	Warrant	Preferred Series D		79,856		101		42
Subtotal: Electronics & Computer Hardware (0.00%)*							101		42
Information Services
INMOBI Inc.^(5)(10)	Information Services	Warrant	Common Stock		65,587		82		—
NetBase Solutions, Inc.	Information Services	Warrant	Preferred Series 1		60,000		356		328
Planet Labs, Inc.	Information Services	Warrant	Common Stock		357,752		615		178
RichRelevance, Inc.	Information Services	Warrant	Preferred Series E		112,612		98		—
Sapphire Digital, Inc. (p.k.a. MDX Medical, Inc.)⁽¹⁵⁾	Information Services	Warrant	Common Stock		2,812,500		283		407
Subtotal: Information Services (0.08%)*							1,434		913
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		—
Cloudpay, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series B		6,763		54		11
Contentful, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series C		82		1		153
First Insight, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series B		75,917		96		125
Houzz, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		529,661		20		17
Intent (p.k.a. Intent Media, Inc.)	Internet Consumer & Business Services	Warrant	Common Stock		140,077		168		—
Interactions Corporation	Internet Consumer & Business Services	Warrant	Preferred Series G-3		68,187		204		464
Just Fabulous, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		206,184		1,102		1,547
Lendio, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		127,032		39		29
LogicSource	Internet Consumer & Business Services	Warrant	Preferred Series C		79,625		30		91
Postmates, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		189,865		317		565
RumbleON, Inc.⁽⁴⁾	Internet Consumer & Business Services	Warrant	Common Stock		5,139		87		2
SeatGeek, Inc.⁽¹⁶⁾	Internet Consumer & Business Services	Warrant	Common Stock		1,379,761		842		1,309
ShareThis, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series C		493,502		547		—

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
Skyword, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		444,444		83		23
Snagajob.com, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		600,000		16		28
	Internet Consumer & Business Services	Warrant	Preferred Series A		1,800,000		782		23
	Internet Consumer & Business Services	Warrant	Preferred Series B		1,211,537		62		9
Total Snagajob.com, Inc.					3,611,537		860		60
Tapjoy, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		748,670		316		3
The Faction Group LLC	Internet Consumer & Business Services	Warrant	Preferred Series AA		8,076		234		554
Thumbtack, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		190,953		553		264
Xometry, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		87,784		47		213
Subtotal: Internet Consumer & Business Services (0.47%)*							6,309		5,430
Media/Content/Info
Napster	Media/Content/Info	Warrant	Common Stock		715,755		384		—
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		348		—
Subtotal: Media/Content/Info (0.00%)*							736		—
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			158
InspireMD, Inc.^(4)(5)(10)	Medical Devices & Equipment	Warrant	Common Stock		23	0			—
Intuity Medical, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Preferred Series 5		1,819,078	294			274
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			—
Optiscan Biomedical, Corp.⁽⁶⁾	Medical Devices & Equipment	Warrant	Preferred Series E		74,424	572			1
Outset Medical, Inc.	Medical Devices & Equipment	Warrant	Preferred Series A		500,000	402			175
Sebacia, Inc.	Medical Devices & Equipment	Warrant	Preferred Series D		778,301	133			1
SonaCare Medical, LLC	Medical Devices & Equipment	Warrant	Preferred Series A		6,464		188		—
Tela Bio, Inc.⁽⁴⁾	Medical Devices & Equipment	Warrant	Common Stock		15,712		61		10
Subtotal: Medical Devices & Equipment (0.05%)*							3,436		619
Semiconductors
Achronix Semiconductor Corporation	Semiconductors	Warrant	Preferred Series C		360,000		160		21
	Semiconductors	Warrant	Preferred Series D-2		750,000		99		302
Total Achronix Semiconductor Corporation					1,110,000		259		323
Subtotal: Semiconductors (0.03%)*							259		323
Software
Actifio, Inc.	Software	Warrant	Common Stock		73,584		249		74
	Software	Warrant	Preferred Series F		31,673		343		71
Total Actifio, Inc.					105,257		592		145
BryterCX, Inc. (p.k.a. 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		—
Total BryterCX, Inc. (p.k.a. ClickFox, Inc.)					3,303,110		1,113		—
Cloudian, Inc.	Software	Warrant	Common Stock		477,454		71		36
Couchbase, Inc.	Software	Warrant	Common Stock		263,377		462		864
Dashlane, Inc.	Software	Warrant	Common Stock		346,747		303		229
Delphix Corp.⁽¹⁶⁾	Software	Warrant	Common Stock		718,898		1,594		1,251
DNAnexus, Inc.	Software	Warrant	Preferred Series C		909,091		97		78
Evernote Corporation	Software	Warrant	Common Stock		62,500		106		44
Fuze, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series F		256,158		89		—
Lightbend, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-1		854,787		130		88
memsql, Inc.	Software	Warrant	Preferred Series D		312,596		103		123
Message Systems, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C		503,718		334		527
Nuvolo Technologies Corporation	Software	Warrant	Common Stock		30,000		43		65

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
OneLogin, Inc.⁽¹⁵⁾	Software	Warrant	Common Stock		381,620		305		646
Poplicus, Inc.	Software	Warrant	Common Stock		132,168		—		—
RapidMiner, Inc.	Software	Warrant	Preferred Series C-1		4,982		24		25
Reltio, Inc.	Software	Warrant	Common Stock		69,120		215		215
SignPost, Inc.	Software	Warrant	Series Junior 1 Preferred		474,019		314		—
Tact.ai Technologies, Inc.	Software	Warrant	Common Stock		1,041,667		206		108
ZeroFox, Inc.	Software	Warrant	Common Stock		162,087		43		42
	Software	Warrant	Preferred Series C-1		486,263		57		125
Total ZeroFox, Inc.					648,350		100		167
Subtotal: Software (0.40%)*							6,201		4,611
Specialty Pharmaceuticals
Alimera Sciences, Inc.⁽⁴⁾	Specialty Pharmaceuticals	Warrant	Common Stock		114,513		861		38
Subtotal: Specialty Pharmaceuticals (0.00%)*							861		38
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Warrant	Preferred Series C		151,123		67		6
	Surgical Devices	Warrant	Preferred Series D		1,575,965		320		22
Total Gynesonics, Inc.					1,727,088		387		28
TransMedics Group, Inc. (p.k.a Transmedics, Inc.)⁽⁴⁾	Surgical Devices	Warrant	Common Stock		64,441		139		413
Subtotal: Surgical Devices (0.04%)*							526		441
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		—
Fulcrum Bioenergy, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series C-1		280,897		274		467
Kinestral Technologies, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series A		325,000		155		160
	Sustainable and Renewable Technology	Warrant	Preferred Series B		131,883		63		54
Total Kinestral Technologies, Inc.					456,883		218		214
NantEnergy, Inc. (p.k.a. Fluidic, Inc.)	Sustainable and Renewable Technology	Warrant	Preferred Series D		61,804		102		—
Polyera Corporation⁽¹⁵⁾	Sustainable and Renewable Technology	Warrant	Preferred Series C		311,609		338		—
Proterra, Inc.	Sustainable and Renewable Technology	Warrant	Common Stock		36,630		1		2
	Sustainable and Renewable Technology	Warrant	Preferred Series 4		477,517		41		60
Total Proterra, Inc.					514,147		42		62
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Warrant	Class A Units		1		—		—
Subtotal: Sustainable and Renewable Technology (0.06%)*							1,607		743
Total: Warrant Investments (1.84%)*						$	30,788	$	21,476
Total: Investments in Securities (203.05%)*						$	2,501,357	$	2,363,521

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	$	5,067	$	5,067
Subtotal: Under 1 Year Maturity								5,067		5,067
Subtotal: Biotechnology Tools (0.45%)*								5,067		5,067
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		14,780		14,780
Pico Quantitative Trading LLC⁽¹⁸⁾	Diversified Financial Services	Senior Secured	June 2024	Interest rate 1-month LIBOR + 8.60% or Floor rate of 9.60%	$	30,000		29,556		28,773
Subtotal: 1-5 Years Maturity								44,336		43,553
Subtotal: Diversified Financial Services (3.84%)*								44,336		43,553
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		40,626		40,773
Subtotal: 1-5 Years Maturity								40,626		40,773
Subtotal: Drug Delivery (3.60%)*								40,626		40,773
Drug Discovery & Development
Under 1 Year Maturity
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	$	12,775		13,730		13,731
Subtotal: Under 1 Year Maturity								13,730		13,731
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		10,115		10,043
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		14,969		14,969
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	$	8,084		8,404		8,340
	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee	$	8,084		8,280		8,274
Total Aveo Pharmaceuticals, Inc.					$	16,168		16,684		16,614
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 11.55%	$	15,731		15,608		15,608
BridgeBio Pharma LLC^(12)(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		35,684		35,721
	Drug Discovery & Development	Senior Secured	January 2023	Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee	$	20,000		20,264		20,495
	Drug Discovery & Development	Senior Secured	January 2023	Interest rate PRIME + 3.10% or Floor rate of 9.10%, 5.75% Exit Fee	$	20,000		20,062		20,284
Total BridgeBio Pharma LLC					$	75,000		76,010		76,500
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		20,306		20,501
Codiak Biosciences, Inc.^(11)(17)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee	$	10,000		9,955		9,955
Constellation Pharmaceuticals, Inc.^(12)(17)	Drug Discovery & Development	Senior Secured	April 2023	Interest rate PRIME + 2.55% or Floor rate of 8.55%, 6.35% Exit Fee	$	30,000		30,139		30,636
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		20,085		20,113
Eidos Therapeutics, Inc.^(10)(17)	Drug Discovery & Development	Senior Secured	October 2023	Interest rate PRIME + 3.25% or Floor rate of 8.50%, 5.95% Exit Fee	$	8,750		8,728		8,728
Genocea Biosciences, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	May 2021	Interest rate PRIME + 3.00% or Floor rate of 8.00%, 13.43% Exit Fee	$	12,922		13,502		13,542
Kaleido Biosciences, Inc.	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 4.20% or Floor rate of 8.95%, 7.55% Exit Fee	$	22,500		22,372		22,373
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		51,552		51,547
Motif BioSciences Inc.^(5)(8)(10)	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		—
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		35,259		35,536
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	$	60,000		61,905		62,131
	Drug Discovery & Development	Senior Secured	August 2022	Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee	$	10,000		10,241		10,295

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
Total Paratek Pharmaceuticals, Inc.					$	70,000		72,146		72,426
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	$	9,974	$	9,974
Seres Therapeutics, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 4.40% or Floor rate of 9.65%, 4.85% Exit Fee	$	25,000		24,804		24,804
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	$	16,509		17,502		17,501
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		29,726		29,849
Tricida, Inc.^{(11)(15)(16)(17)}	Drug Discovery & Development	Senior Secured	April 2023	Interest rate PRIME + 2.35% or Floor rate of 8.35%, 11.92% Exit Fee	$	60,000		60,442		61,193
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		36,090		36,419
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		44,622		44,622
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		5,028		5,073
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	5,000		5,048		5,094
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	5,000		5,060		5,083
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	10,000		10,066		10,157
	Drug Discovery & Development	Senior Secured	December 2022	Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee	$	10,000		10,035		10,125
Total Verastem, Inc.					$	35,000		35,237		35,532
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		20,088		20,165
Yumanity Therapeutics, Inc.	Drug Discovery & Development	Senior Secured	January 2024	Interest rate PRIME + 4.00% or Floor rate of 8.75%, 5.25% Exit Fee	$	15,000		14,732		14,732
Subtotal: 1-5 Years Maturity								717,379		713,882
Subtotal: Drug Discovery & Development (64.22%)*								731,109		727,613
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	$	8,215		8,730		4,410
Subtotal: 1-5 Years Maturity								8,730		4,410
Subtotal: Electronics & Computer Hardware (0.39%)*								8,730		4,410
Healthcare Services, Other
1-5 Years Maturity
Oak Street Health^(11)(16)	Healthcare Services, Other	Senior Secured	June 2022	Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee	$	80,000		81,190		81,270
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%	$	9,429		9,268		9,114
Velocity Clinical Research, Inc.⁽¹⁸⁾	Healthcare Services, Other	Senior Secured	November 2024	Interest rate 3-month LIBOR + 9.08% or Floor rate of 10.08%	$	7,500		7,226		7,226
Subtotal: 1-5 Years Maturity								97,684		97,610
Subtotal: Healthcare Services, Other (8.61%)*								97,684		97,610
Information Services
1-5 Years Maturity
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		19,526		19,583
Sapphire Digital, Inc. (p.k.a. 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	$	15,554		15,647		15,682
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		10,415		10,272
Subtotal: 1-5 Years Maturity								45,588		45,537
Subtotal: Information Services (4.02%)*								45,588		45,537
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	$	42,676		43,344		43,344
	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	$	5,134		5,127		5,127
Total Snagajob.com, Inc.					$	47,810		48,471		48,471
Subtotal: Under 1 Year Maturity								48,471		48,471

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
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	$	20,288	$	20,239
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		30,214		30,280
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		15,304		15,169
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	$	3,794		3,793		3,786
ePayPolicy Holdings, LLC⁽¹⁷⁾	Internet Consumer & Business Services	Senior Secured	December 2024	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	8,000		7,758		7,758
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%	$	72,208		71,905		72,277
Greenphire, Inc.	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%	$	1,612		1,612		1,610
	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate PRIME + 3.75% or Floor rate of 8.75%	$	2,000		2,000		2,000
Total Greenphire, Inc.					$	3,612		3,612		3,610
Houzz, Inc.⁽¹⁴⁾	Internet Consumer & Business Services	Senior Secured	November 2022	Interest rate PRIME + 3.20% or Floor rate of 8.45%, PIK Interest 2.50%, 4.50% Exit Fee	$	50,115		49,720		49,720
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%, 2.00% Exit Fee	$	15,200		15,141		15,034
Lendio, Inc.^(11)(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		4,985		4,999
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	$	20,303		20,268		20,459
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

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 Statements of Assets and Liabilities as of June 30, 2020 and December 31, 2019 (unaudited)	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2020 and 2019 (unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (unaudited)	8
	Consolidated Schedule of Investments as of June 30, 2020 (unaudited)	10
	Consolidated Schedule of Investments as of December 31, 2019 (unaudited)	21
	Notes to Consolidated Financial Statements (unaudited)	31
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	65
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	83
Item 4.	Controls and Procedures	84
PART II. OTHER INFORMATION		85
Item 1.	Legal Proceedings	85
Item 1A.	Risk Factors	85
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 3.	Defaults Upon Senior Securities	87
Item 4.	Mine Safety Disclosures	87
Item 5.	Other Information	87
Item 6.	Exhibits and Financial Statement Schedules	88
SIGNATURES		91

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

(Dollars in thousands)	June 30, 2020		December 31, 2019
Assets
Restricted Cash		33,599	$	50,603
2027 Asset-Backed Notes, investments in securities, at value (cost of $297,358 and $283,891, respectively)		296,249		283,658
2028 Asset-Backed Notes, investments in securities, at value (cost of $352,401 and $347,295, respectively)		351,871		347,929
Total assets	$	681,719	$	682,190

Liabilities
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) ⁽¹⁾	$	197,448	$	197,312
2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) ⁽¹⁾		247,511		247,395
Total liabilities	$	444,959	$	444,707