htgc-10q_20200930.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 22, 2020, there were 114,616,652 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.

	September 30, 2020			December 31, 2019
Assets
Investments:
Non-control/Non-affiliate investments (cost of $2,352,003 and $2,248,524, respectively)	$	2,355,935		$	2,232,972
Control investments (cost of $65,242 and $65,333, respectively)		55,092			59,746
Affiliate investments (cost of $88,584 and $88,175, respectively)		9,800			21,808
Total investments in securities, at value (cost of $2,505,829 and $2,402,032, respectively)		2,420,827			2,314,526
Cash and cash equivalents		27,554			64,393
Restricted cash		20,507			50,603
Interest receivable		19,506			20,207
Right of use asset		9,884			11,659
Other assets		5,723			580
Total assets	$	2,504,001		$	2,461,968

Liabilities
Accounts payable and accrued liabilities	$	28,782		$	30,306
Operating lease liability		9,753			11,538
SBA Debentures, net (principal of $99,000 and $149,000, respectively) ⁽¹⁾		98,668			148,165
2022 Notes, net (principal of $150,000 and $150,000, respectively) ⁽¹⁾		148,907			148,514
July 2024 Notes, net (principal of $105,000 and $105,000, respectively) ⁽¹⁾		103,869			103,685
February 2025 Notes, net (principal of $50,000 and $0, respectively) ⁽¹⁾		49,493			—
2025 Notes, net (principal of $75,000 and $75,000, respectively) ⁽¹⁾		73,256			72,970
June 2025 Notes, net (principal of $70,000 and $0, respectively) ⁽¹⁾		69,233			—
2033 Notes, net (principal of $40,000 and $40,000, respectively) ⁽¹⁾		38,582			38,501
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) ⁽¹⁾		197,521			197,312
2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) ⁽¹⁾		247,579			247,395
2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) ⁽¹⁾		227,786			226,614
Credit Facilities		37,492			103,919
Total liabilities	$	1,330,921		$	1,328,919

Net assets consist of:
Common stock, par value		115			108
Capital in excess of par value		1,225,823			1,145,106
Total distributable earnings (loss)		(52,858	)		(12,165	)
Total net assets	$	1,173,080		$	1,133,049
Total liabilities and net assets	$	2,504,001		$	2,461,968

Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized)		114,317			107,364
Net asset value per share	$	10.26		$	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 - Borrowings”), 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 September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Investment income:
Interest income
Non-control/Non-affiliate investments	$	64,403		$	62,696		$	192,408		$	176,568
Control investments		740			1,055			2,117			3,119
Affiliate investments		232			493			609			1,740
Total interest income		65,375			64,244			195,134			181,427
Fee income
Commitment, facility and loan fee income
Non-control/Non-affiliate investments		2,985			3,591			10,692			11,069
Control investments		5			5			15			13
Affiliate investments		—			26			—			186
Total commitment, facility and loan fee income		2,990			3,622			10,707			11,268
One-time fee income
Non-control/Non-affiliate investments		1,974			1,372			6,085			4,602
Total one-time fee income		1,974			1,372			6,085			4,602
Total fee income		4,964			4,994			16,792			15,870
Total investment income		70,339			69,238			211,926			197,297
Operating expenses:
Interest		14,807			13,857			44,415			39,927
Loan fees		1,824			1,138			5,268			5,793
General and administrative
Legal expenses		673			1,586			2,563			4,212
Tax expenses		994			815			3,028			1,706
Other expenses		3,624			3,967			11,622			10,398
Total general and administrative		5,291			6,368			17,213			16,316
Employee compensation
Compensation and benefits		7,181			7,559			22,575			23,372
Stock-based compensation		2,522			1,443			7,477			8,716
Total employee compensation		9,703			9,002			30,052			32,088
Total operating expenses		31,625			30,365			96,948			94,124
Net investment income		38,714			38,873			114,978			103,173
Net realized gain (loss) on investments
Non-control/Non-affiliate investments		(48,501	)		4,807			(41,393	)		13,633
Total net realized gain (loss) on investments		(48,501	)		4,807			(41,393	)		13,633
Net change in unrealized appreciation (depreciation) on investments
Non-control/Non-affiliate investments		54,299			(26,351	)		19,483			15,533
Control investments		646			2,489			(4,563	)		421
Affiliate investments		(2,111	)		(547	)		(12,416	)		(3,773	)
Total net unrealized appreciation (depreciation) on investments		52,834			(24,409	)		2,504			12,181
Total net realized and unrealized gain (loss)		4,333			(19,602	)		(38,889	)		25,814
Net increase (decrease) in net assets resulting from operations	$	43,047		$	19,271		$	76,089		$	128,987

Net investment income before investment gains and losses per common share:
Basic	$	0.34		$	0.37		$	1.03		$	1.03
Change in net assets resulting from operations per common share:
Basic	$	0.38		$	0.18		$	0.68		$	1.29
Diluted	$	0.38		$	0.18		$	0.67		$	1.29
Weighted average shares outstanding
Basic		113,489			104,314			111,342			99,615
Diluted		113,744			104,655			111,590			100,043
Distributions paid per common share:
Basic	$	0.32		$	0.34		$	1.04		$	0.98



						Capital in			Distributable
	Common Stock					excess			Earnings			Net
For the Three Months Ended September 30, 2020	Shares			Par Value		of par value			(loss)			Assets
Balance at June 30, 2020		114,230		$	115	$	1,223,263		$	(59,348	)	$	1,164,030
Net increase (decrease) in net assets resulting from operations		—			—		—			43,047			43,047
Public offering, net of offering expenses		—			—		(96	)		—			(96	)
Issuance of common stock under restricted stock plan		34			—		—			—			—
Retired shares for restricted stock vesting		(24	)		—		(391	)		—			(391	)
Distributions reinvested in common stock		77			—		923			—			923
Distributions		—			—		—			(36,557	)		(36,557	)
Stock-based compensation⁽¹⁾		—			—		2,124			—			2,124
Balance at September 30, 2020		114,317		$	115	$	1,225,823		$	(52,858	)	$	1,173,080

For the Nine Months Ended September 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		—			—		—			76,089			76,089
Public offering, net of offering expenses		5,966			6		73,560			—			73,566
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		835			1		(1	)		—			—
Retired shares for restricted stock vesting		(51	)		—		(1,553	)		—			(1,553	)
Distributions reinvested in common stock		198			—		2,393			—			2,393
Distributions		—			—		—			(116,782	)		(116,782	)
Stock-based compensation ⁽¹⁾		—			—		6,332			—			6,332
Balance at September 30, 2020		114,317		$	115	$	1,225,823		$	(52,858	)	$	1,173,080



						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
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 ⁽²⁾		—			—		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 ⁽²⁾		—			—		7,094			—			—			7,094
Balance at September 30, 2019		104,636		$	105	$	1,147,054		$	(61,478	)	$	—		$	1,085,681

	For the Nine Months Ended September 30,
	2020			2019
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	76,089		$	128,987
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments		(631,431	)		(784,858	)
Principal and fee payments received on investments		480,709			424,479
Proceeds from the sale of investments		22,057			31,664
Net unrealized depreciation (appreciation) on investments		(2,504	)		(12,181	)
Net realized loss (gain) on investments		41,393			(13,633	)
Accretion of paid-in-kind principal		(6,481	)		(6,571	)
Accretion of loan discounts		(3,028	)		(2,435	)
Accretion of loan discount on convertible notes		504			504
Accretion of loan exit fees		(19,178	)		(17,598	)
Change in deferred loan origination revenue		11,986			13,617
Unearned fees related to unfunded commitments		30			1,896
Amortization of debt fees and issuance costs		3,640			4,714
Depreciation		319			175
Stock-based compensation and amortization of restricted stock grants ⁽¹⁾		6,332			7,094
Change in operating assets and liabilities:
Interest and fees receivable		701			(2,887	)
Prepaid expenses and other assets		(1,844	)		(12,286	)
Accounts payable		(17	)		(196	)
Accrued liabilities		(3,292	)		12,763
Net cash used in operating activities		(24,015	)		(226,752	)

Cash flows from investing activities:
Purchases of capital equipment		(115	)		(484	)
Net cash used in investing activities		(115	)		(484	)

Cash flows from financing activities:
Issuance of common stock, net		73,566			95,091
Retirement of employee shares		(1,567	)		(5,063	)
Distributions paid		(114,389	)		(95,873	)
Issuance of July 2024 Notes		—			105,000
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		(50,000	)		—
Borrowings of credit facilities		494,082			480,834
Repayments of credit facilities		(560,509	)		(522,205	)
Cash paid for debt issuance costs		(1,419	)		(4,131	)
Fees paid for credit facilities and debentures		(2,569	)		(2,833	)
Net cash (used in) provided by financing activities		(42,805	)		217,310
Net increase (decrease) in cash, cash equivalents, and restricted cash		(66,935	)		(9,926	)
Cash, cash equivalents, and restricted cash at beginning of period		114,996			45,857
Cash, cash equivalents, and restricted cash at end of period	$	48,061		$	35,931

Supplemental disclosures of cash flow information and non-cash investing and financing activities:
Interest paid	$	46,209		$	40,984
Income tax, including excise tax, paid	$	2,478		$	1,371
Distributions reinvested	$	2,393		$	1,733

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	$	6,810	$	6,805
Subtotal: 1-5 Years Maturity								6,810		6,805
Subtotal: Communications & Networking (0.58%)*								6,810		6,805
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		14,823		14,947
Subtotal: 1-5 Years Maturity								14,823		14,947
Subtotal: Diversified Financial Services (1.27%)*								14,823		14,947
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		40,979		40,740
Subtotal: 1-5 Years Maturity								40,979		40,740
Subtotal: Drug Delivery (3.47%)*								40,979		40,740
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		13,790		13,816
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	$	8,195		9,219		9,181
Stealth Bio Therapeutics Corp.^(5)(10)(11)	Drug Discovery & Development	Senior Secured	July 2021	Interest rate PRIME + 5.50% or Floor rate of 9.50%, 7.69% Exit Fee	$	9,027		10,359		10,359
Subtotal: Under 1 Year Maturity								33,368		33,356
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	$	6,630		6,907		6,893
Albireo Pharma, Inc.^{(5)(10)(11)(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		9,924		9,924
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		15,249		15,358
Applied Genetic Technologies Corporation⁽¹¹⁾	Drug Discovery & Development	Senior Secured	December 2023	Interest rate PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee	$	10,000		9,952		9,952
Aveo Pharmaceuticals, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	September 2023	Interest rate PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee	$	15,000		14,945		14,945
Bicycle Therapeutics PLC^(5)(10)(17)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee	$	15,000		14,926		14,926
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		36,055		36,231
	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee	$	20,000		20,478		20,578
	Drug Discovery & Development	Senior Secured	November 2023	Interest rate PRIME + 3.10% or Floor rate of 8.85%, 5.75% Exit Fee	$	20,000		20,324		20,414
Total BridgeBio Pharma LLC					$	75,000		76,857		77,223
Century Therapeutics, LLC	Drug Discovery & Development	Senior Secured	April 2024	Interest rate PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee	$	10,000		9,855		9,855
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		20,600		20,824
	Drug Discovery & Development	Senior Secured	February 2024	Interest rate PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee	$	5,000		5,010		5,225
Total Chemocentryx, Inc.					$	25,000		25,610		26,049
Codiak Biosciences, Inc.⁽¹¹⁾	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee	$	25,000		24,992		25,190
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		30,663		31,249
Dermavant Sciences Ltd.^(5)(10)(13)	Drug Discovery & Development	Senior Secured	June 2023	Interest rate PRIME + 4.45% or Floor rate of 9.95%, 6.95% Exit Fee	$	20,000		20,515		20,322
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		8,859		8,992
G1 Therapeutics, Inc.^(10)(11)(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		19,939		19,939

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
Geron Corporation^(10)(17)	Drug Discovery & Development	Senior Secured	October 2024	Interest rate PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee	$	16,250		16,072		16,072
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		22,760		22,668
Mesoblast^{(5)(10)(11)(13)}	Drug Discovery & Development	Senior Secured	March 2022	Interest rate PRIME + 4.95% or Floor rate of 9.70%, 8.70% Exit Fee	$	50,000		52,579		52,549
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		5,193		5,184
Paratek Pharmaceuticals, Inc.^{(11)(13)(14)(15)(16)}	Drug Discovery & Development	Senior Secured	September 2022	Interest rate PRIME + 5.35% or Floor rate of 8.85%, PIK Interest 1.55%, 1.95% Exit Fee	$	60,070		59,564		59,633
Replimune Group, Inc.^{(5)(10)(11)(17)}	Drug Discovery & Development	Senior Secured	August 2023	Interest rate PRIME + 2.75% or Floor rate of 8.75%, 4.95% Exit Fee	$	10,000		10,089		10,148
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		25,124		25,556
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		20,120		20,152
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		30,239		30,550
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		77,412		77,871
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		35,519		36,314
Unity Biotechnology, Inc.⁽¹⁰⁾	Drug Discovery & Development	Senior Secured	August 2024	Interest rate PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee	$	25,000		24,808		24,808
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)⁽¹¹⁾	Drug Discovery & Development	Senior Secured	May 2024	Interest rate PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee	$	7,500		7,329		7,329
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	$	35,000		35,795		36,143
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		25,459		25,642
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		15,012		14,968
Subtotal: 1-5 Years Maturity								752,267		756,404
Greater than 5 Years Maturity
Axsome Therapeutics, Inc.^(10)(17)	Drug Discovery & Development	Senior Secured	October 2025	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 4.85% Exit Fee	$	50,000		48,831		48,831
Subtotal: Greater than 5 Years Maturity								48,831		48,831
Subtotal: Drug Discovery & Development (71.49%)*								834,466		838,591
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	$	3,343		3,858		2,761
Subtotal: Under 1 Year Maturity								3,858		2,761
Subtotal: Electronics & Computer Hardware (0.24%)*								3,858		2,761
Healthcare Services, Other
1-5 Years Maturity
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%	$	9,381		9,244		9,064
	Healthcare Services, Other	Senior Secured	June 2024	Interest rate 3-month LIBOR + 8.35% or Floor rate of 9.35%	$	1,000		1,000		981
Total The CM Group LLC					$	10,381		10,244		10,045
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%	$	9,849		9,520		9,776
	Healthcare Services, Other	Senior Secured	November 2024	Interest rate 1-month LIBOR + 9.08% or Floor rate of 10.08%	$	750		750		742
Total Velocity Clinical Research, Inc.					$	10,599		10,270		10,518
Subtotal: 1-5 Years Maturity								20,514		20,563
Subtotal: Healthcare Services, Other (1.75%)*								20,514		20,563
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		24,772		24,701
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%, 5.30% Exit Fee	$	15,757		16,147		16,147

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
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		11,768		11,800
Subtotal: 1-5 Years Maturity								52,687		52,648
Subtotal: Information Services (4.49%)*								52,687		52,648
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%	$	717		717		717
	Internet Consumer & Business Services	Senior Secured	January 2021	Interest rate PRIME + 3.75% or Floor rate of 8.75%	$	720		720		720
Total Greenphire, Inc.					$	1,437		1,437		1,437
Intent (p.k.a. Intent Media, Inc.)^(8)(14)	Internet Consumer & Business Services	Senior Secured	September 2021	Interest rate PRIME + 5.13% or Floor rate of 10.13%, 2.00% Exit Fee	$	4,200		4,267		2,685
	Internet Consumer & Business Services	Senior Secured	September 2021	PIK Interest 10.13%	$	5,130		5,110		3,216
Total Intent (p.k.a. Intent Media, Inc.)					$	9,330		9,377		5,901
Snagajob.com, Inc.⁽¹³⁾	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate PRIME + 6.90% or Floor rate of 10.15%, 3.05% Exit Fee	$	43,005		43,889		43,604
	Internet Consumer & Business Services	Senior Secured	June 2021	Interest rate PRIME + 7.80% or Floor rate of 11.05%, 3.05% Exit Fee	$	5,173		5,268		5,229
Total Snagajob.com, Inc.					$	48,178		49,157		48,833
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		8,250
	Internet Consumer & Business Services	Senior Secured	March 2021	PIK Interest 5.00%	$	13,023		13,023		45
Total Tectura Corporation					$	31,953		21,513		8,295
Subtotal: Under 1 Year Maturity								81,484		64,466
1-5 Years Maturity
AppDirect, Inc.⁽¹¹⁾	Internet Consumer & Business Services	Senior Secured	August 2024	Interest rate PRIME + 5.90% or Floor rate of 9.15%, 7.95% Exit Fee	$	30,790		30,547		30,547
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	$	3,830		3,876		3,893
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		7,789		8,135
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%	$	83,594		83,380		83,753
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	$	51,080		51,310		51,639
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	$	20,766		20,992		21,122
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		20,782		20,797
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%	$	60,225		59,126		57,546
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	$	12,157		12,189		11,989
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	$	25,136		24,887		24,887
Varsity Tutors LLC^(13)(14)(17)	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	$	39,210		39,263		39,849
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%	$	14,274		14,212		14,274
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	$	11,000		11,388		11,442
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	$	4,000		4,140		4,179
Subtotal: 1-5 Years Maturity								383,881		384,052
Subtotal: Internet Consumer & Business Services (38.23%)*								465,365		448,518
Media/Content/Info
1-5 Years Maturity

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
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	$	20,941		21,118		21,308
Subtotal: 1-5 Years Maturity								21,118		21,308
Subtotal: Media/Content/Info (1.82%)*								21,118		21,308
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		12,288		12,199
Optiscan Biomedical, Corp.^(6)(8)(9)	Medical Devices & Equipment	Convertible Debt	July 2021	Interest rate FIXED 8.00%	$	408		408		-
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	$	6,892		7,541		5,807
Subtotal: Under 1 Year Maturity								20,237		18,006
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		8,388		8,405
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		7,728		7,698
Subtotal: 1-5 Years Maturity								16,116		16,103
Subtotal: Medical Devices & Equipment (2.91%)*								36,353		34,109
Software
Under 1 Year Maturity
Pollen, Inc.⁽¹⁵⁾	Software	Senior Secured	November 2020	Interest rate PRIME + 4.25% or Floor rate of 8.50%, 5.95% Exit Fee	$	7,000		7,416		7,416
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		30,440		30,574
Subtotal: Under 1 Year Maturity								37,856		37,990
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		9,750		9,754
Abrigo⁽¹⁸⁾	Software	Senior Secured	May 2023	Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%	$	38,705		38,195		38,123
	Software	Senior Secured	May 2023	Interest rate 3-month LIBOR + 5.96% or Floor rate of 6.96%	$	2,327		2,283		2,284
Total Abrigo					$	41,032		40,478		40,407
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		57,951		57,976
	Software	Senior Secured	May 2023	Interest rate 6-month LIBOR + 7.50% or Floor rate of 8.50%	$	7,650		7,521		7,421
Total Businessolver.com, Inc.					$	66,300		65,472		65,397
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%	$	55,507		55,013		55,176
Cloud 9 Software⁽¹³⁾	Software	Senior Secured	April 2024	Interest rate 3-month LIBOR + 8.20% or Floor rate of 9.20%	$	9,500		9,358		9,067
	Software	Senior Secured	April 2024	Interest rate 3-month LIBOR + 8.20% or Floor rate of 9.20%	$	500		500		495
Total Cloud 9 Software					$	10,000		9,858		9,562
CloudBolt Software Inc.^(17)(19)	Software	Senior Secured	October 2024	Interest rate PRIME + 6.70% or Floor rate of 9.95%, 2.95% Exit Fee	$	5,000		4,846		4,846
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		15,754		15,558
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		25,131		25,131
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	$	10,266		10,717		10,707
	Software	Senior Secured	March 2023	Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 4.95% Exit Fee	$	10,166		10,165		10,105
Total Dashlane, Inc.					$	20,432		20,882		20,812
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		59,515		59,777
Envisage Technologies, LLC^(13)(18)	Software	Senior Secured	March 2025	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	9,750		9,514		9,750
Evernote Corporation^{(11)(14)(15)(19)}	Software	Senior Secured	July 2022	Interest rate PRIME + 5.45% or Floor rate of 8.95%	$	5,549		5,527		5,428
	Software	Senior Secured	July 2022	Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%	$	9,292		9,226		9,264
Total Evernote Corporation					$	14,841		14,753		14,692

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
ExtraHop Networks, Inc.⁽¹⁹⁾	Software	Senior Secured	September 2023	Interest rate PRIME + 7.00% or Floor rate of 10.25%, 2.50% Exit Fee	$	15,000		14,674		14,674
FreedomPay, Inc.^(13)(19)	Software	Senior Secured	June 2023	Interest rate PRIME + 7.70% or Floor rate of 10.95%, 3.55% Exit Fee	$	10,000		9,929		9,929
Ikon Science Limited^{(5)(10)(11)(17)(18)}	Software	Senior Secured	October 2024	Interest rate 3-month LIBOR + 9.00% or Floor rate of 10.00%	$	7,000		6,730		6,650

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		16,578		16,537
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	$	7,605		7,659		7,760
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%	$	8,718		8,481		8,349
Khoros (p.k.a Lithium Technologies)⁽¹¹⁾	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	55,000		54,297		54,850
	Software	Senior Secured	October 2022	Interest rate 6-month LIBOR + 8.00% or Floor rate of 9.00%	$	604		604		601
Total Khoros (p.k.a Lithium Technologies)					$	55,604		54,901		55,451
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	$	13,937		14,140		14,114
memsql, Inc.^(11)(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	$	5,011		4,983		4,983
Mixpanel, Inc.	Software	Senior Secured	August 2024	Interest rate PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee	$	20,000		19,574		19,574
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		5,351		5,352
Nuvolo Technologies Corporation^(13)(17)(19)	Software	Senior Secured	April 2023	Interest rate PRIME + 7.25% or Floor rate of 11.50%	$	15,000		14,848		14,778
OrthoFi, Inc.^(13)(18)	Software	Senior Secured	April 2024	Interest rate 6-month LIBOR + 8.28% or Floor rate of 9.28%	$	17,853		17,481		17,331
	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		19,148		18,998
Pymetrics, Inc.	Software	Senior Secured	October 2022	Interest rate PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee	$	10,000		9,818		9,818
Regent Education⁽¹⁴⁾	Software	Senior Secured	January 2022	Interest rate FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee	$	3,203		3,290		3,253
Reltio, Inc.^{(13)(14)(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	$	10,030		9,830		9,830
Salsa Labs, Inc.⁽¹¹⁾	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	5,985		5,917		5,929
	Software	Senior Secured	April 2023	Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%	$	500		500		500
Total Salsa Labs, Inc.					$	6,485		6,417		6,429
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	$	5,056		4,911		4,855
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		4,384		4,449
Udacity, Inc.⁽¹⁷⁾	Software	Senior Secured	September 2024	Interest rate PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$	35,000		34,486		34,486
Vela Trading Technologies^(11)(18)	Software	Senior Secured	July 2022	Interest rate 3-month LIBOR + 10.50% or Floor rate of 11.50%, PIK Interest 0.50%	$	18,345		17,990		17,754
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		20,033		19,987
Subtotal: 1-5 Years Maturity								639,121		638,872
Greater than 5 Years Maturity

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
Campaign Monitor Limited^(11)(17)(19)	Software	Senior Secured	November 2025	Interest rate 6-month LIBOR + 8.50% or Floor rate of 9.50%	$	30,021		29,415		29,310
Imperva, Inc.⁽¹⁹⁾	Software	Senior Secured	January 2027	Interest rate 3-month LIBOR + 7.75% or Floor rate of 8.75%	$	20,000		19,822		19,502
Subtotal: Greater than 5 Years Maturity								49,237		48,812
Subtotal: Software (61.86%)*								726,214		725,674
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	January 2021	Interest rate FIXED 6.48%, PIK Interest 6.48%, 6.67% Exit Fee	$	10,000		10,775		8,308
	Sustainable and Renewable Technology	Senior Secured	January 2021	PIK Interest 10.00%	$	683		683		-
	Sustainable and Renewable Technology	Senior Secured	January 2021	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	$	9,800
Subtotal: Under 1 Year Maturity								12,950.00		9,800.00
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	$	44,502		47,562.00		47,983.00
Subtotal: 1-5 Years Maturity								47,562		47,983
Subtotal: Sustainable and Renewable Technology (4.93%)*								60,512		57,783
Total: Debt Investments (193.03%)*								2,283,699		2,264,447

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	$	5,717
Subtotal: Communications & Networking (0.49%)*							1,230		5,717
Consumer & Business Products
Intelligent Beauty, Inc.	Consumer & Business Products	Equity	Preferred Series B		111,156	$	230	$	654
Subtotal: Consumer & Business Products (0.06%)*							230		654
Diversified Financial Services
Gibraltar Business Capital, LLC⁽⁷⁾	Diversified Financial Services	Equity	Common Stock		830,000		1,884		2,143
	Diversified Financial Services	Equity	Preferred Series A		10,602,752		26,122		29,707
Total Gibraltar Business Capital, LLC					11,432,752		28,006		31,850
Subtotal: Diversified Financial Services (2.72%)*							28,006		31,850
Drug Delivery
AcelRx Pharmaceuticals, Inc.⁽⁴⁾	Drug Delivery	Equity	Common Stock		176,730		1,329		251
BioQ Pharma Incorporated⁽¹⁵⁾	Drug Delivery	Equity	Preferred Series D		165,000		500		733
Kaleo, Inc.	Drug Delivery	Equity	Preferred Series B		82,500		1,007		2,681
Neos Therapeutics, Inc.^(4)(15)	Drug Delivery	Equity	Common Stock		125,000		1,500		66
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.)⁽⁴⁾	Drug Delivery	Equity	Common Stock		2,498		309		6
Subtotal: Drug Delivery (0.32%)*							4,645		3,737
Drug Discovery & Development
Albireo Pharma, Inc.^(4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		25,000		1,000		834
Aveo Pharmaceuticals, Inc.^(4)(15)	Drug Discovery & Development	Equity	Common Stock		190,175		1,715		1,129
Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.)^(4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		16,228		1,269		75
BridgeBio Pharma LLC^(4)(16)	Drug Discovery & Development	Equity	Common Stock		203,579		2,000		7,638
Cerecor, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		119,087		1,000		271
Chemocentryx, Inc.^(4)(10)(15)	Drug Discovery & Development	Equity	Common Stock		17,241		1,000		945
Concert Pharmaceuticals, Inc.^(4)(10)	Drug Discovery & Development	Equity	Common Stock		70,796		1,367		695
Dare Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		13,550		1,000		14
Dynavax Technologies^(4)(10)	Drug Discovery & Development	Equity	Common Stock		20,000		550		86
Eidos Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Equity	Common Stock		15,000		255		758
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		413
Rocket Pharmaceuticals, Ltd.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		944		1,500		22
Savara, Inc.^(4)(15)	Drug Discovery & Development	Equity	Common Stock		11,119		203		12
Tricida, Inc.^(4)(15)(16)	Drug Discovery & Development	Equity	Common Stock		68,816		863		624
uniQure B.V.^(4)(5)(10)	Drug Discovery & Development	Equity	Common Stock		17,175		332		633
X4 Pharmaceuticals, Inc.⁽⁴⁾	Drug Discovery & Development	Equity	Common Stock		83,334		641		564
Subtotal: Drug Discovery & Development (1.26%)*							19,439		14,777
Healthcare Services, Other
23andMe, Inc.	Healthcare Services, Other	Equity	Common Stock		360,000		5,094		6,583
Chromadex Corporation⁽⁴⁾	Healthcare Services, Other	Equity	Common Stock		31,183		110		125
Subtotal: Healthcare Services, Other (0.57%)*							5,204		6,708
Internet Consumer & Business Services
Contentful, Inc.^(5)(10)	Internet Consumer & Business Services	Equity	Preferred Series D		217		500		738
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		20,503
Fastly, Inc.⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		6,238		8		584
Lyft, Inc.⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		200,738		10,487		5,530
Nextdoor.com, Inc.	Internet Consumer & Business Services	Equity	Common Stock		328,190		4,854		7,936
OfferUp, Inc.	Internet Consumer & Business Services	Equity	Preferred Series A		286,080		1,663		1,527
	Internet Consumer & Business Services	Equity	Preferred Series A-1		108,710		632		580
Total OfferUp, Inc.					394,790		2,295		2,107
Oportun⁽⁴⁾	Internet Consumer & Business Services	Equity	Common Stock		48,365		577		570
Reischling Press, Inc. (p.k.a. Blurb, Inc.)	Internet Consumer & Business Services	Equity	Preferred Series B		1,163		15		—

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
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 (3.24%)*							25,780		37,968
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		—		441
	Medical Devices & Equipment	Equity	Preferred Series A-1		191,210		425		392
	Medical Devices & Equipment	Equity	Preferred Series A-2		191,626		500		381
Total Gelesis, Inc.					609,849		925		1,214
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		—
	Medical Devices & Equipment	Equity	Preferred Series C		19,273		655		—
	Medical Devices & Equipment	Equity	Preferred Series D		551,038		5,257		—
	Medical Devices & Equipment	Equity	Preferred Series E		507,103		4,240		—
Total Optiscan Biomedical, Corp.					1,139,269		13,152		—
Outset Medical, Inc.⁽⁴⁾	Medical Devices & Equipment	Equity	Common Stock		38,243		527		1,474
ViewRay, Inc.^(4)(15)	Medical Devices & Equipment	Equity	Common Stock		36,457		333		128
Subtotal: Medical Devices & Equipment (0.24%)*							17,342		2,816
Software
CapLinked, Inc.	Software	Equity	Preferred Series A-3		53,614		51		75
Docker, Inc.	Software	Equity	Common Stock		20,000		4,284		27
Druva Holdings, Inc. (p.k.a. Druva, Inc.)	Software	Equity	Preferred Series 2		458,841		1,000		3,090
	Software	Equity	Preferred Series 3		93,620		300		665
Total Druva Holdings, Inc. (p.k.a. Druva, Inc.)					552,461		1,300		3,755
HighRoads, Inc.	Software	Equity	Common Stock		190		307		—
Palantir Technologies⁽⁴⁾	Software	Equity	Common Stock		2,085,421		12,747		15,893
Sprinklr, Inc.	Software	Equity	Common Stock		700,000		3,749		4,291
Subtotal: Software (2.05%)*							22,438		24,041
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Equity	Preferred Series B		219,298		250		10
	Surgical Devices	Equity	Preferred Series C		656,538		282		32
	Surgical Devices	Equity	Preferred Series D		1,991,157		712		101
	Surgical Devices	Equity	Preferred Series E		2,786,367		429		163
	Surgical Devices	Equity	Preferred Series F		1,523,693		118		157
	Surgical Devices	Equity	Preferred Series F-1		2,418,125		150		220
Total Gynesonics, Inc.					9,595,178		1,941		683
TransMedics Group, Inc. (p.k.a Transmedics, Inc.)⁽⁴⁾	Surgical Devices	Equity	Common Stock		162,617		2,550		2,241
Subtotal: Surgical Devices (0.25%)*							4,491		2,924
Sustainable and Renewable Technology
Impossible Foods, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series E-1		188,611		2,000		2,356
Modumetal, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series A-1		103,584		500		—
Proterra, Inc.	Sustainable and Renewable Technology	Equity	Preferred Series 5		99,280		500		301
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 (0.23%)*							64,502		2,657
Total: Equity Investments (11.41%)*							193,307		133,849
Warrant Investments
Communications & Networking
Peerless Network Holdings, Inc.	Communications & Networking	Warrant	Common Stock		3,328		—		12
Spring Mobile Solutions, Inc.	Communications & Networking	Warrant	Common Stock		2,834,375		418		—
Subtotal: Communications & Networking (0.00%)*							418		12
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		54
Subtotal: Consumer & Business Products (0.00%)*							611		54

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
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		1,004
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		1,004
Drug Discovery & Development
Acacia Pharma Inc.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		201,330		304		149
ADMA Biologics, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		89,750		295		15
Albireo Pharma, Inc.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		5,310		61		85
Axsome Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		15,541		681		620
Brickell Biotech, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		9,005		119		—
Century Therapeutics, LLC	Drug Discovery & Development	Warrant	Common Units		40,540		37		37
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		105
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		343
Evofem Biosciences, Inc.^(4)(15)	Drug Discovery & Development	Warrant	Common Stock		7,806		266		3
Genocea Biosciences, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		41,176		165		21
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		347
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		469,388		644		756
Stealth Bio Therapeutics Corp.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		500,000		158		203
TG Therapeutics, Inc.^(4)(10)	Drug Discovery & Development	Warrant	Common Stock		147,058		563		2,558
Tricida, Inc.^(4)(15)(16)	Drug Discovery & Development	Warrant	Common Stock		31,353		280		13
Urovant Sciences, Ltd.^(4)(5)(10)	Drug Discovery & Development	Warrant	Common Stock		99,777		383		315
Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)	Drug Discovery & Development	Warrant	Common Units		75,000		177		176
X4 Pharmaceuticals, Inc.⁽⁴⁾	Drug Discovery & Development	Warrant	Common Stock		108,334		673		108
Yumanity Therapeutics, Inc.	Drug Discovery & Development	Warrant	Class C Preferred Units		73,110		110		148
Subtotal: Drug Discovery & Development (0.51%)*							7,005		6,003
Electronics & Computer Hardware
908 Devices, Inc.⁽¹⁵⁾	Electronics & Computer Hardware	Warrant	Preferred Series D		79,856		101		48
Subtotal: Electronics & Computer Hardware (0.00%)*							101		48
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		243
Planet Labs, Inc.	Information Services	Warrant	Common Stock		357,752		615		131
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		341
Subtotal: Information Services (0.06%)*							1,434		715
Internet Consumer & Business Services
Aria Systems, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series G		231,535		74		—
Cloudpay, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series B		6,763		54		78
Contentful, Inc.^(5)(10)	Internet Consumer & Business Services	Warrant	Preferred Series C		82		1		135
First Insight, Inc.⁽¹⁵⁾	Internet Consumer & Business Services	Warrant	Preferred Series B		75,917		96		105
Houzz, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		529,661		20		53
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		485
Just Fabulous, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		206,184		1,102		1,992
Lendio, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series D		127,032		39		18
LogicSource	Internet Consumer & Business Services	Warrant	Preferred Series C		79,625		30		98
Postmates, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		189,865		317		610
RumbleON, Inc.⁽⁴⁾	Internet Consumer & Business Services	Warrant	Common Stock		5,139		87		32
SeatGeek, Inc.⁽¹⁶⁾	Internet Consumer & Business Services	Warrant	Common Stock		1,379,761		842		1,134

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
ShareThis, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series C		493,502		547		—
Skyword, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		444,444		83		93
Snagajob.com, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		600,000		16		32
	Internet Consumer & Business Services	Warrant	Preferred Series A		1,800,000		782		26
	Internet Consumer & Business Services	Warrant	Preferred Series B		1,211,537		62		10
Total Snagajob.com, Inc.					3,611,537		860		68
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		769
Thumbtack, Inc.	Internet Consumer & Business Services	Warrant	Common Stock		190,953		553		208
Xometry, Inc.	Internet Consumer & Business Services	Warrant	Preferred Series B		87,784		47		328
Subtotal: Internet Consumer & Business Services (0.53%)*							5,674		6,210
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			109
InspireMD, Inc.^(4)(5)(10)	Medical Devices & Equipment	Warrant	Common Stock		23	0			—
Intuity Medical, Inc.⁽¹⁵⁾	Medical Devices & Equipment	Warrant	Common Stock		1,819,078	294			127
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			—
Outset Medical, Inc.⁽⁴⁾	Medical Devices & Equipment	Warrant	Common Stock		62,794	402			1,371
Sebacia, Inc.	Medical Devices & Equipment	Warrant	Preferred Series D		778,301	133			—
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		11
Subtotal: Medical Devices & Equipment (0.14%)*							3,436		1,618
Semiconductors
Achronix Semiconductor Corporation	Semiconductors	Warrant	Preferred Series C		360,000		160		43
	Semiconductors	Warrant	Preferred Series D-2		750,000		99		389
Total Achronix Semiconductor Corporation					1,110,000		259		432
Subtotal: Semiconductors (0.04%)*							259		432
Software
Actifio, Inc.	Software	Warrant	Common Stock		73,584		249		19
	Software	Warrant	Preferred Series F		31,673		343		28
Total Actifio, Inc.					105,257		592		47
CloudBolt Software Inc.	Software	Warrant	Common Stock		158,506		91		91
Cloudian, Inc.	Software	Warrant	Common Stock		477,454		72		25
Couchbase, Inc.	Software	Warrant	Common Stock		263,377		462		832
Dashlane, Inc.	Software	Warrant	Common Stock		346,747		303		236
Delphix Corp.⁽¹⁶⁾	Software	Warrant	Common Stock		718,898		1,594		1,354
DNAnexus, Inc.	Software	Warrant	Preferred Series C		909,091		97		99
Evernote Corporation	Software	Warrant	Common Stock		62,500		106		47
ExtraHop Networks, Inc.	Software	Warrant	Common Stock		154,784		191		191
Fuze, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series F		256,158		89		—
Lightbend, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C-1		854,787		130		152
memsql, Inc.	Software	Warrant	Preferred Series D		312,596		103		150
Message Systems, Inc.⁽¹⁵⁾	Software	Warrant	Preferred Series C		503,718		334		218
Mixpanel, Inc.	Software	Warrant	Common Stock		82,362		252		252
Nuvolo Technologies Corporation	Software	Warrant	Common Stock		30,000		43		67

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Series	Shares		Cost ⁽³⁾		Value ⁽⁴⁾
OneLogin, Inc.⁽¹⁵⁾	Software	Warrant	Common Stock		381,620		305		486
Poplicus, Inc.	Software	Warrant	Common Stock		132,168		—		—
Pymetrics, Inc.	Software	Warrant	Common Stock		150,943		77		77
RapidMiner, Inc.	Software	Warrant	Preferred Series C-1		4,982		24		19
Reltio, Inc.	Software	Warrant	Common Stock		69,120		215		202
SignPost, Inc.	Software	Warrant	Series Junior 1 Preferred		474,019		314		—
Tact.ai Technologies, Inc.	Software	Warrant	Common Stock		1,041,667		206		157
Udacity, Inc.	Software	Warrant	Common Stock		486,359		218		218
ZeroFox, Inc.	Software	Warrant	Preferred Series C-1		648,350		100		375
Subtotal: Software (0.45%)*							5,918		5,295
Specialty Pharmaceuticals
Alimera Sciences, Inc.⁽⁴⁾	Specialty Pharmaceuticals	Warrant	Common Stock		114,513		861		17
Subtotal: Specialty Pharmaceuticals (0.00%)*							861		17
Surgical Devices
Gynesonics, Inc.⁽¹⁵⁾	Surgical Devices	Warrant	Preferred Series C		151,123		67		7
	Surgical Devices	Warrant	Preferred Series D		1,575,965		320		25
Total Gynesonics, Inc.					1,727,088		387		32
TransMedics Group, Inc. (p.k.a Transmedics, Inc.)⁽⁴⁾	Surgical Devices	Warrant	Common Stock		64,441		139		234
Subtotal: Surgical Devices (0.02%)*							526		266
Sustainable and Renewable Technology
Agrivida, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series D		471,327		120		—
Fulcrum Bioenergy, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series C-1		280,897		274		533
Kinestral Technologies, Inc.	Sustainable and Renewable Technology	Warrant	Preferred Series A		325,000		155		167
	Sustainable and Renewable Technology	Warrant	Preferred Series B		131,883		63		55
Total Kinestral Technologies, Inc.					456,883		218		222
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		3
	Sustainable and Renewable Technology	Warrant	Preferred Series 4		477,517		41		99
Total Proterra, Inc.					514,147		42		102
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)⁽⁶⁾	Sustainable and Renewable Technology	Warrant	Class A Units		1		—		—
Subtotal: Sustainable and Renewable Technology (0.07%)*							1,094		857
Total: Warrant Investments (1.92%)*						$	28,823	$	22,531
Total: Investments in Securities (206.37%)*						$	2,505,829	$	2,420,827

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

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	$	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
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

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	$	5,134		5,127		5,127
Total Snagajob.com, Inc.					$	47,810		48,471		48,471
Subtotal: Under 1 Year Maturity								48,471		48,471
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		34,776		35,400
	Internet Consumer & Business Services	Senior Secured	June 2024	Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%	$	1,500		1,500		1,500
Total Patron Technology					$	37,250		36,276		36,900
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		20,313		20,274
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%	$	23,043		22,382		22,471
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	$	12,042		11,886		11,886
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		9,586
	Internet Consumer & Business Services	Senior Secured	June 2021	PIK Interest 8.00%	$	10,680		240		—
Total Tectura Corporation					$	32,087		21,647		9,586
Varsity Tutors LLC⁽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	$	35,052		34,822		34,822
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%	$	17,129		17,026		16,988
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		11,345		11,401
Subtotal: 1-5 Years Maturity								418,685		407,659
Subtotal: Internet Consumer & Business Services (40.26%)*								467,156		456,130
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	$	20,632		20,647		20,786
Subtotal: 1-5 Years Maturity								20,647		20,786
Subtotal: Media/Content/Info (1.83%)*								20,647		20,786
Medical Devices & Equipment
1-5 Years Maturity

Portfolio Company	Sub-Industry	Type of Investment ⁽¹⁾	Maturity Date	Interest Rate and Floor ⁽²⁾	Principal Amount		Cost ⁽³⁾		Value ⁽⁴⁾
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	$	7,561		8,178		8,158
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	$	14,188		14,906		14,810
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		7,683		7,728
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		18,586		18,454
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	$	11,503	$	11,426
Subtotal: 1-5 Years Maturity								60,856		60,576
Subtotal: Medical Devices & Equipment (5.35%)*								60,856		60,576
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	$	10,187		10,316		10,316
Subtotal: 1-5 Years Maturity								10,316		10,316
Subtotal: Semiconductors (0.91%)*								10,316		10,316
Software
Under 1 Year Maturity
Delphix Corp.⁽¹⁹⁾	Software	Senior Secured	September 2020	Interest rate PRIME + 5.25% or Floor rate of 10.25%, 7.00% Exit Fee	$	10,000		9,878		9,878
Evernote Corporation^{(11)(14)(15)(19)}	Software	Senior Secured	October 2020	Interest rate PRIME + 5.45% or Floor rate of 8.95%	$	5,549		5,494		5,494
Lightbend, Inc.^(14)(15)	Software	Senior Secured	June 2020	Interest rate PRIME + 4.25% or Floor rate of 9.25%, PIK Interest 2.00%, 12.95% Exit Fee	$	2,026		2,026		2,026
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		7,339		7,339
Subtotal: Under 1 Year Maturity								24,737		24,737
1-5 Years Maturity
Abrigo⁽¹⁸⁾	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%	$	39,303		38,649		38,826
	Software	Senior Secured	March 2023	Interest rate 3-month LIBOR + 5.92% or Floor rate of 6.92%	$	2,362		2,304		2,304
Total Abrigo					$	41,665		40,953		41,130
Businessolver.com, Inc.^(11)(16)	Software	Senior Secured	May 2023	Interest rate 3-month LIBOR + 7.50% or Floor rate of 8.50%

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 September 30, 2020 and December 31, 2019 (unaudited)	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 and 2019 (unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited)	7
	Consolidated Schedule of Investments as of September 30, 2020 (unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2019 (unaudited)	20
	Notes to Consolidated Financial Statements (unaudited)	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	64
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)	September 30, 2020		December 31, 2019
Assets
Restricted Cash		20,507	$	50,603
2027 Asset-Backed Notes, investments in securities, at value (cost of $300,671 and $283,891, respectively)		300,402		283,658
2028 Asset-Backed Notes, investments in securities, at value (cost of $364,022 and $347,295, respectively)		364,948		347,929
Total assets	$	685,857	$	682,190

Liabilities
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively)⁽¹⁾	$	197,521	$	197,312
2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) ⁽¹⁾		247,579		247,395
Total liabilities	$	445,100	$	444,707