Trinity Capital Inc.

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

TRIN$18.03+0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Schedule of Investments as of December 31, 2025

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- United States
Artificial Intelligence & Automation
Applied Digital Corporation	Equipment Financing	March 25, 2024	March 1, 2026		Fixed interest rate 19.0%; EOT 0.0%	$1,530	$1,531	$1,554	(9)(10)(14)(19)
	Equipment Financing	April 24, 2024	April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%	1,017	1,017	1,035	(9)(10)(14)(19)
	Equipment Financing	May 28, 2024	May 1, 2026		Fixed interest rate 16.0%; EOT 0.0%	527	527	535	(9)(10)(14)
	Equipment Financing	June 21, 2024	April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%	1,647	1,648	1,677	(9)(10)(14)(19)
Total Applied Digital Corporation						4,721	4,723	4,801
Augmented Reality Concepts, Inc.	Secured Loan	June 17, 2024	June 18, 2029		Variable interest rate SOFR 3 Month Term + 7.3%; EOT 0.0%	$14,145	$13,933	$14,204	(8)(14)(19)(22)
Cirrascale Cloud Services, LLC	Equipment Financing	June 27, 2024	September 1, 2026		Fixed interest rate 12.7%; EOT 4.0%	$7,986	$8,858	$8,901	(9)(14)(19)
	Equipment Financing	October 22, 2024	April 1, 2027		Fixed interest rate 10.2%; EOT 5.0%	8,165	8,944	8,946	(9)(14)(19)
Total Cirrascale Cloud Services, LLC						16,151	17,802	17,847
D-Wave Quantum Inc.	Equipment Financing	August 1, 2025	September 1, 2028		Fixed interest rate 10.8%; EOT 4.0%	$172	$169	$172	(9)(14)(19)(22)
iGrafx, LLC	Secured Loan	November 12, 2025	November 12, 2028		Variable interest rate SOFR 3 Month Term + 5.8%; EOT 0.0%	$25,000	$24,642	$24,642	(8)(20)
K2View Inc.	Secured Loan	May 30, 2025	June 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 2.5%	$15,000	$14,802	$15,234	(8)(14)
Sortera Technologies, Inc.	Equipment Financing	February 11, 2025	March 1, 2028		Fixed interest rate 12.5%; EOT 4.0%	$4,170	$4,100	$4,161	(9)(14)(19)
Swimlane, Inc.	Secured Loan	May 28, 2025	June 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.3%	$11,400	$11,222	$11,522	(8)(9)(14)(19)
Tquila Automation, Inc	Secured Loan	July 2, 2025	August 1, 2030		Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%	$6,600	$6,534	$6,631	(8)(14)(19)
Uniphore Technologies Inc.	Secured Loan	September 30, 2025	October 1, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%	$36,000	$35,133	$35,774	(8)(14)(19)
	Secured Loan	October 2, 2025	October 1, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%	13,500	13,211	13,211	(8)(14)(19)
Total Uniphore Technologies Inc.						49,500	48,344	48,985
Sub-total: Artificial Intelligence & Automation (13.5%)*				$146,859		$146,271	$148,199

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)	Cost	Fair Value (6)	Footnotes
Debt Securities- United States, Continued
Biotechnology
Candel Therapeutics, Inc.	Secured Loan	October 14, 2025	October 1, 2030	Variable interest rate Prime + 3.0% or Floor rate 9.8%; EOT 4.3%	$48,500	$46,900	$46,898	(8)(10)(14)(19)
Pendulum Therapeutics, Inc.	Secured Loan	December 31, 2021	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%	$4,292	$4,372	$4,360	(8)(14)
	Secured Loan	February 28, 2022	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%	4,581	4,653	4,646	(8)(14)
	Secured Loan	March 30, 2022	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%	4,722	4,791	4,787	(8)(14)
	Secured Loan	May 6, 2022	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%	5,000	5,060	5,062	(8)(14)
	Secured Loan	June 17, 2022	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%	5,000	5,060	5,062	(8)(14)
	Secured Loan	February 1, 2024	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%	1,405	1,422	1,388	(8)(14)
Total Pendulum Therapeutics, Inc.					25,000	25,358	25,305
Taysha Gene Therapies, Inc.	Secured Loan	August 7, 2025	September 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 5.0%	$43,000	$43,108	$44,181	(8)(9)(14)(19)
Sub-total: Biotechnology (10.6%)*					$116,500	$115,366	$116,384
Connectivity
AST & Science, LLC	Equipment Financing	June 27, 2025	July 1, 2030	Fixed interest rate 12.4%; EOT 9.0%	$14,396	$14,555	$14,836	(9)(10)(14)(19)
	Equipment Financing	June 30, 2025	July 1, 2030	Fixed interest rate 12.5%; EOT 9.0%	2,341	2,366	2,412	(9)(10)(14)(19)
	Equipment Financing	September 26, 2025	October 1, 2030	Fixed interest rate 12.4%; EOT 9.0%	5,229	5,237	5,332	(9)(10)(14)(19)
	Equipment Financing	December 23, 2025	January 1, 2031	Fixed interest rate 12.4%; EOT 9.0%	17,460	17,344	17,344	(14)
Total AST & Science, LLC					39,426	39,502	39,924
Tarana Wireless, Inc.	Secured Loan	September 23, 2024	October 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 12.5%; EOT 4.0%	$14,800	$14,453	$14,498	(8)(9)(14)(19)
Vertical Communications, Inc.	Secured Loan	August 23, 2021	November 1, 2026	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 23.8%	$12,600	$15,769	$12,683	(8)(23)
	Secured Loan	July 16, 2025	March 31, 2026	Fixed interest rate 11.5%; EOT 0.0%	1,000	1,000	804	(23)
	Secured Loan	September 9, 2025	March 31, 2026	Fixed interest rate 11.5%; EOT 0.0%	500	500	402	(23)
Total Vertical Communications, Inc.					14,100	17,269	13,889
Sub-total: Connectivity (6.2%)*					$68,326	$71,224	$68,311
Consumer Products & Services
Bobbie Baby, Inc.	Equipment Financing	September 12, 2025	October 1, 2028	Fixed interest rate 11.6%; EOT 3.0%	$5,004	$4,937	$5,032	(9)(14)(19)(22)
Ogee, Inc.	Secured Loan	February 14, 2023	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	$4,700	$4,819	$4,813	(8)(14)(19)
	Secured Loan	September 29, 2023	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	4,700	4,805	4,822	(8)(14)(19)
	Secured Loan	August 1, 2024	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	4,700	4,755	4,743	(8)(14)(19)
	Secured Loan	July 18, 2025	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%	4,700	4,196	4,175	(8)(14)(19)
Total Ogee, Inc.					18,800	18,575	18,553
Quip NYC, Inc.	Secured Loan	September 30, 2025	September 1, 2028	Variable interest rate Prime + 9.0% or Floor rate 12.3%; EOT 0.0%	$3,351	$3,350	$3,345	(8)
Rinse, Inc.	Secured Loan	May 10, 2022	June 1, 2027	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%	$2,485	$2,641	$2,653	(8)(14)
	Secured Loan	September 22, 2023	October 1, 2028	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%	3,394	3,456	3,503	(8)(14)
Total Rinse, Inc.					5,879	6,097	6,156
Sub-total: Consumer Products & Services (3.0%)*					$33,034	$32,959	$33,086

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)	Cost	Fair Value (6)	Footnotes
Debt Securities- United States, Continued
Diagnostics & Tools
Rapid Micro Biosystems, Inc.	Secured Loan	August 8, 2025	September 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%	$14,200	$13,810	$14,018	(8)(9)(14)(19)
Sub-total: Diagnostics & Tools (1.3%)*					$14,200	$13,810	$14,018
Digital Assets Technology and Services
Inca Digital, Inc.	Secured Loan	December 2, 2025	December 2, 2026	Fixed interest rate 12.5%; EOT 0.0%	$6,000	$5,917	$5,917	(20)
Sub-total: Digital Assets Technology and Services (0.5%)*					$6,000	$5,917	$5,917
Education Technology
Edblox, Inc.	Secured Loan	March 19, 2024	April 1, 2029	Variable interest rate Prime + 6.5% or Floor rate 13.8%; EOT 2.5%	$15,000	$15,378	$10,770	(8)(9)
Yellowbrick Learning, Inc.	Secured Loan	February 1, 2021	March 1, 2026	Fixed interest rate 2.0%; EOT 5.0%	$7,500	$7,876	$6,916
	Secured Loan	August 10, 2021	March 1, 2026	Fixed interest rate 2.0%; EOT 5.0%	2,500	2,625	2,305
Total Yellowbrick Learning, Inc.					10,000	10,501	9,221
Sub-total: Education Technology (1.8%)*					$25,000	$25,879	$19,991
Finance and Insurance
Alt Lending SPV II, LLC	Secured Loan	July 8, 2025	July 8, 2028	Variable interest rate SOFR 1 Month Term + 9.0% or Floor rate 11.0%; EOT 0.0%	$13,429	$13,006	$13,007	(8)(10)(12)(21)
Beam Technologies, Inc.	Secured Loan	August 30, 2024	October 1, 2029	Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%	$29,816	$30,408	$30,551	(8)(9)(14)(15)(19)
	Secured Loan	June 25, 2025	October 1, 2029	Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%	2,388	2,437	2,447	(8)(9)(14)(15)(19)
	Secured Loan	August 7, 2025	December 31, 2029	Fixed interest rate 0.0%; EOT 0.0%	395	395	395	(9)(19)
Total Beam Technologies, Inc.					32,599	33,240	33,393
Centivo Corporation	Secured Loan	July 31, 2024	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%	$3,803	$3,765	$3,845	(8)(9)(14)(15)(19)
	Secured Loan	December 20, 2024	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%	3,789	3,658	3,709	(8)(9)(14)(15)(19)
	Secured Loan	February 3, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%	3,784	3,664	3,720	(8)(9)(14)(15)(19)
	Secured Loan	May 20, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%	7,546	7,295	7,410	(8)(9)(14)(15)(19)
	Secured Loan	June 13, 2025	August 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%	3,771	3,641	3,700	(8)(9)(14)(15)(19)
Total Centivo Corporation					22,693	22,023	22,384
Cherry Technologies, Inc.	Secured Loan	March 29, 2024	April 1, 2030	Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%	$7,235	$7,509	$7,432	(8)(9)(14)(19)
	Secured Loan	July 31, 2024	April 1, 2030	Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%	7,235	7,514	7,421	(8)(9)(14)(19)
Total Cherry Technologies, Inc.					14,470	15,023	14,853

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)	Cost	Fair Value (6)	Footnotes
Debt Securities- United States, Continued
Tilt Finance, Inc. (dba Empower Financial, Inc.)	Secured Loan	October 13, 2023	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	$11,622	$11,699	$11,812	(8)(9)(14)(19)
	Secured Loan	January 5, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	2,902	2,878	2,909	(8)(9)(14)(19)
	Secured Loan	February 8, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	4,353	4,315	4,361	(8)(9)(14)(19)
	Secured Loan	April 9, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	4,348	4,227	4,260	(8)(9)(14)(19)
	Secured Loan	May 15, 2024	May 1, 2028	Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%	14,495	14,742	14,976	(8)(14)(19)
Total Tilt Finance, Inc. (dba Empower Financial, Inc.)					37,720	37,861	38,318
Gravie, Inc.	Secured Loan	June 4, 2024	July 1, 2029	Variable interest rate Prime + 4.5% or Floor rate 13.0%; EOT 2.5%	$15,980	$15,891	$15,770	(8)(9)(14)(19)
Inshur, Inc.	Secured Loan	June 10, 2025	July 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 2.5%	$25,000	$24,667	$25,040	(8)(14)
Kafene, Inc.	Secured Loan	January 5, 2024	February 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 13.0%; EOT 1.0%	$12,500	$12,631	$12,833	(8)(14)
Kard Financial, Inc.	Secured Loan	September 10, 2025	October 1, 2030	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.0%	$6,020	$5,869	$6,045	(8)(14)(19)
Lendflow, Inc.	Secured Loan	April 24, 2025	May 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%	$2,040	$2,017	$2,070	(8)(9)(14)(19)
	Secured Loan	December 15, 2025	May 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%	1,020	1,000	1,000	(8)(9)(14)(19)
Total Lendflow, Inc.					3,060	3,017	3,070
Mesa Financial, Inc.	Secured Loan	August 29, 2024	February 28, 2027	Variable interest rate SOFR 1 Month Term + 10.3% or Floor rate 12.3%; EOT 0.0%	$14,207	$14,114	$14,114	(8)(10)(12)(21)
Mesa Financing I, LLC	Secured Loan	May 7, 2025	May 7, 2028	Variable interest rate SOFR 1 Month Term + 10.5% or Floor rate 12.5%; EOT 0.0%	$2,131	$2,022	$2,131	(8)(10)(12)(21)
One Million Metrics (dba Kinetic)	Secured Loan	August 25, 2025	September 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 3.0%	$6,450	$6,290	$6,470	(8)(14)(19)
Parafin SPV 2, LLC	Secured Loan	February 22, 2024	December 21, 2026	Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 12.8%; EOT 0.0%	$23,384	$23,269	$23,269	(8)(10)(12)(21)
Parafin SPV 3, LLC	Secured Loan	July 25, 2024	January 25, 2027	Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 13.8%; EOT 0.0%	$14,345	$14,263	$14,263	(8)(10)(12)(21)
PatientFi, Inc.	Secured Loan	March 14, 2025	April 1, 2030	Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%	$5,700	$5,619	$5,690	(8)(9)(14)(19)
	Secured Loan	December 16, 2025	April 1, 2030	Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%	5,700	5,552	5,552	(8)(9)(14)(19)
Total PatientFi, Inc.					11,400	11,171	11,242
Slope Tech, Inc.	Secured Loan	October 5, 2022	February 27, 2026	Variable interest rate SOFR 1 Month Term + 11.8% or Floor rate 11.8%; EOT 0.0%	$4,377	$4,358	$4,358	(8)(10)(12)(21)
Thrivory, Inc.	Secured Loan	September 9, 2025	October 1, 2027	Variable interest rate SOFR 1 Month Term + 10.5% or Floor rate 12.5%; EOT 0.0%	$5,438	$5,380	$5,380	(8)(10)(12)(21)
Under Technologies, Inc.	Secured Loan	September 13, 2024	June 1, 2029	Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%	$7,400	$7,388	$7,587	(8)(9)(14)(19)
	Secured Loan	November 27, 2024	June 1, 2029	Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%	7,400	7,370	7,491	(8)(9)(14)(19)
Total Under Technologies, Inc.					14,800	14,758	15,078

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- United States, Continued
Wisetack, Inc.	Secured Loan	November 14, 2024	December 1, 2029	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.5%		$12,150		$12,088		$12,373	(8)(9)(14)(19)
	Secured Loan	December 9, 2025	September 22, 2027	Fixed interest rate 6.0%; EOT 0.0%		405		405		405	(9)(19)
Total Wisetack, Inc.						12,555		12,493		12,778
Sub-total: Finance and Insurance (26.9%)*						$292,558		$291,346		$293,796
Food and Agriculture Technologies
DrinkPak, LLC	Equipment Financing	February 17, 2023	September 1, 2026	Fixed interest rate 12.9%; EOT 7.0%		$3,097		$4,142		$4,141	(9)(14)(19)
Sub-total: Food and Agriculture Technologies (0.4%)*						$3,097		$4,142		$4,141
Green Technology
Commonwealth Fusion Systems, LLC	Equipment Financing	June 16, 2023	July 1, 2030	Fixed interest rate 13.0%; EOT 10.0%		$2,991		$3,194		$3,290	(9)(14)(19)
	Equipment Financing	June 27, 2024	July 1, 2030	Fixed interest rate 13.2%; EOT 10.0%		8,656		9,012		9,291	(9)(14)(19)
	Equipment Financing	January 14, 2025	July 1, 2029	Fixed interest rate 11.2%; EOT 6.0%		10,312		10,544		10,682	(9)(14)(19)
	Equipment Financing	December 24, 2025	December 1, 2030	Fixed interest rate 11.4%; EOT 6.0%		63,700		63,107		63,107	(14)
Total Commonwealth Fusion Systems, LLC					85,659		85,857		86,370
Electric Hydrogen Co.	Equipment Financing	September 12, 2022	April 1, 2026	Fixed interest rate 9.0%; EOT 10.0%		$167		$369		$364	(14)
	Equipment Financing	December 22, 2023	January 1, 2029	Fixed interest rate 12.5%; EOT 15.0%		3,105		3,524		3,493	(9)(14)(19)
	Equipment Financing	June 27, 2024	January 1, 2029	Fixed interest rate 12.6%; EOT 15.0%		2,546		2,811		2,813	(9)(14)(19)
	Equipment Financing	September 19, 2024	October 1, 2028	Fixed interest rate 12.5%; EOT 15.0%		1,529		1,680		1,670	(9)(14)(19)
	Equipment Financing	November 14, 2024	December 1, 2028	Fixed interest rate 11.9%; EOT 15.0%		368		400		397	(9)(14)(19)
Total Electric Hydrogen Co.						7,715		8,784		8,737
Form Energy Inc.	Equipment Financing	October 21, 2024	November 1, 2027	Fixed interest rate 12.7%; EOT 3.0%		$21,095		$21,399		$21,709	(9)(14)(19)
	Equipment Financing	December 12, 2024	January 1, 2028	Fixed interest rate 12.5%; EOT 3.0%		5,708		5,756		5,835	(9)(14)(19)
Total Form Energy Inc.					26,803		27,155		27,544
Hi-Power, LLC	Equipment Financing	September 30, 2022	April 1, 2026	Fixed interest rate 14.7%; EOT 1.0%		$373		$415		$422	(14)
SeaOn Global, LLC	Equipment Financing	June 16, 2022	July 1, 2026	Fixed interest rate 9.3%; EOT 11.0%		$983		$1,714		$1,677
	Equipment Financing	August 17, 2022	September 1, 2026	Fixed interest rate 9.3%; EOT 11.0%		626		974		953
Total SeaOn Global, LLC						1,609		2,688		2,630

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- United States, Continued
Footprint International Holding, Inc.	Secured Loan	February 18, 2022	March 1, 2027	Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.5%		$9,317		$9,759		$9,002	(8)(14)
	Secured Loan	April 20, 2022	March 1, 2027	Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.5%		9,317		9,749		8,990	(8)(14)
Total Footprint International Holding, Inc.					18,634		19,508		17,992
Sub-total: Green Technology (13.1%)*						$140,793		$144,407		$143,695
Healthcare Technology
B.Well Connected Health, Inc.	Secured Loan	April 10, 2025	May 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%		$5,700		$5,644		$5,792	(8)(9)(14)(19)
	Secured Loan	October 29, 2025	May 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%		2,280		2,242		2,242	(8)(9)(14)(19)
Total B.Well Connected Health, Inc.					7,980		7,886		8,034
Lightning Step Technologies, LLC	Secured Loan	August 6, 2025	August 6, 2030	Variable interest rate SOFR 1 Month Term + 7.1%; EOT 0.0%		$9,000		$8,832		$8,789	(8)(14)(20)
	Secured Loan	October 22, 2025	August 6, 2030	Variable interest rate SOFR 1 Month Term + 7.1%; EOT 0.0%		9,000		8,824		8,824	(8)(20)
Total Lightning Step Technologies, LLC					18,000		17,656		17,613
Moxe Health Corporation	Secured Loan	December 29, 2023	January 1, 2028	Variable interest rate Prime + 5.5% or Floor rate 13.0%; EOT 4.8%		$12,500		$12,765		$12,839	(8)
Paytient Technologies, Inc.	Secured Loan	May 27, 2025	June 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%		$8,125		$7,984		$8,098	(8)(9)(14)(19)
	Secured Loan	October 2, 2025	June 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%		8,125		8,099		8,099	(8)(9)(14)(19)
Total Paytient Technologies, Inc.					16,250		16,083		16,197
PurpleLab, Inc.	Secured Loan	September 24, 2025	October 1, 2030	Variable interest rate Prime + 4.5% or Floor rate 11.5%; EOT 2.0%		$21,500		$21,073		$21,262	(8)(14)(19)
TMRW Life Sciences, Inc.	Secured Loan	April 29, 2022	May 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 5.8%		$5,000		$5,241		$4,989	(8)(14)
	Secured Loan	March 3, 2023	May 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 5.8%		15,000		15,724		14,966	(8)(14)
	Secured Loan	December 8, 2023	May 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 5.8%		10,000		10,482		9,977	(8)(14)
Total TMRW Life Sciences, Inc.						30,000		31,447		29,932
WorkWell Prevention & Care Inc.	Secured Loan	December 31, 2022	January 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 6.0%; EOT 0.0%		$500		$500		$500	(8)(23)
Sub-total: Healthcare Technology (9.7%)*						$106,730		$107,410		$106,377

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- United States, Continued
Human Resource Technology
Nomad Health, Inc.	Secured Loan	June 12, 2024		September 30, 2027	Fixed interest rate 10.0%; EOT 0.0%		$500		$500	$372	(18)(23)
	Secured Loan	September 30, 2025		September 30, 2027	Fixed interest rate 7.5%; EOT 0.0%		11,401		11,401	7,390	(18)(23)
Total Nomad Health, Inc.							11,901		11,901	7,762
Sub-total: Human Resource Technology (0.7%)*							$11,901		$11,901	$7,762
Industrials
3DEO, Inc.	Equipment Financing	February 1, 2025		February 1, 2028	Fixed interest rate 0.1%; EOT 2.2%		$1,806		$1,826	$1,176	(14)(18)
Sub-total: Industrials (0.1%)*							$1,806		$1,826	$1,176
Marketing, Media, and Entertainment
Angel Studios, Inc.	Secured Loan	September 8, 2025		October 1, 2030	Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%		$38,400		$34,784	$35,553	(8)(14)(19)
Grabit Interactive Media, Inc.	Secured Loan	April 8, 2022		November 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 10.8%; EOT 2.5%		$1,601		$1,705	$1,691	(8)(14)
Incontext Solutions, Inc.	Secured Loan	September 1, 2025		June 1, 2026	Fixed interest rate 12.0%; EOT 0.0%		$778		$778	$771
Rarefied Atmosphere, Inc.	Secured Loan	May 6, 2025		June 1, 2030	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.0%		$41,645		$41,057	$42,163	(8)(9)(14)(19)
Vox Media Holdings, Inc.	Secured Loan	October 18, 2022		November 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%		$10,506		$10,564	$10,396	(8)(9)(14)(19)
	Secured Loan	December 29, 2022		January 1, 2028	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%		5,251		5,275	5,187	(8)(9)(14)(19)
Total Vox Media Holdings, Inc.							15,757		15,839	15,583
Sub-total: Marketing, Media, and Entertainment (8.8%)*			$98,181			$94,163		$95,761

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- United States, Continued
Medical Devices
Apiject Holdings, Inc.	Equipment Financing	June 24, 2024		July 1, 2028	Fixed interest rate 10.9%; EOT 7.5%		$13,784		$15,285	$14,007	(9)(14)(19)
	Equipment Financing	September 30, 2024		October 1, 2028	Fixed interest rate 11.1%; EOT 7.5%		5,891		6,484	5,985	(9)(14)(19)
Total Apiject Holdings, Inc.							19,675		21,769	19,992
Cagent Vascular, Inc.	Secured Loan	January 24, 2025		February 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 3.0%		$3,150		$3,141	$3,217	(8)(9)(14)(19)
Elucent Medical, Inc.	Secured Loan	October 31, 2024		November 30, 2029	Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.3%		$12,150		$12,070	$11,977	(8)(9)(14)(19)
Lightforce Orthodontics, Inc.	Secured Loan	August 6, 2024		August 6, 2029	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%		$28,200		$28,171	$28,899	(8)(14)(19)
	Secured Loan	September 25, 2024		August 6, 2029	Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%		4,700		4,694	4,816	(8)(14)(19)
Total Lightforce Orthodontics, Inc.							32,900		32,865	33,715
Nalu Medical, Inc	Secured Loan	July 3, 2025		August 1, 2030	Variable interest rate Prime + 3.0% or Floor rate 10.0%; EOT 4.0%		$15,300		$15,170	$15,422	(8)(19)(22)
Neurolens, Inc.	Secured Loan	September 29, 2023		October 1, 2028	Variable interest rate Prime + 3.5% or Floor rate 11.5%; EOT 3.0%		$20,000		$20,160	$20,699	(8)(14)
	Secured Loan	January 21, 2025		October 1, 2028	Variable interest rate Prime + 3.5% or Floor rate 11.5%; EOT 3.0%		15,000		15,001	14,857	(8)
Total Neurolens, Inc.							35,000		35,161	35,556
Neuros Medical, Inc.	Secured Loan	December 11, 2025		January 1, 2031	Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 4.0%		$13,816		$13,821	$13,901	(8)(19)
Okami Medical, Inc.	Secured Loan	June 24, 2025		July 1, 2030	Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 2.0%		$4,400		$4,330	$4,364	(8)(14)(19)
Restor3d, Inc.	Secured Loan	June 4, 2024		July 4, 2028	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.3%		$3,995		$4,012	$4,104	(8)(9)(14)(19)
Shoulder Innovations, Inc.	Secured Loan	August 7, 2023		September 1, 2028	Variable interest rate Prime + 3.5% or Floor rate 11.0%; EOT 3.0%		$11,250		$11,591	$11,596	(8)(9)(14)
Vital Connect, Inc.	Secured Loan	July 3, 2024		July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%		$27,650		$27,783	$28,576	(8)(9)(14)(19)
	Secured Loan	March 21, 2025		July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%		7,900		7,896	8,124	(8)(9)(14)(19)
	Secured Loan	December 17, 2025		July 3, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%		7,900		7,825	7,825	(8)(9)(14)(19)
Total Vital Connect, Inc.							43,450		43,504	44,525
Sub-total: Medical Devices (18.1%)*			$195,086			$197,434		$198,369
Multi-Sector Holdings
Senior Credit Corp 2022 LLC	Secured Loan	January 30, 2023		December 5, 2028	Fixed interest rate 8.5%; EOT 0.0%		$12,885		$12,885	$12,885	(10)(23)
Sub-total: Multi-Sector Holdings (1.2%)*			$12,885			$12,885		$12,885

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- United States, Continued
Other Healthcare Services
Cellares Corporation	Equipment Financing	August 2, 2024		September 1, 2029	Fixed interest rate 12.0%; EOT 4.5%		$3,708		$3,792	$3,847	(14)(19)
	Equipment Financing	January 10, 2025		February 1, 2030	Fixed interest rate 12.2%; EOT 4.5%		5,146		5,213	5,212	(14)(19)
	Equipment Financing	January 29, 2025		February 1, 2030	Fixed interest rate 12.5%; EOT 4.5%		3,145		3,184	3,184	(14)(19)
	Secured Loan	August 2, 2024		February 1, 2027	Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 4.0%		47,000		47,591	48,283	(8)(19)
Total Cellares Corporation							58,999		59,780	60,526
Metabolon, Inc.	Secured Loan	March 28, 2024		April 1, 2029	Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%		$44,454		$44,323	$45,162	(8)(15)
	Secured Loan	October 1, 2024		April 1, 2029	Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%		5,191		5,193	5,218	(8)(14)(15)
	Secured Loan	January 6, 2025		April 1, 2029	Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%		2,575		2,563	2,576	(8)(15)
Total Metabolon, Inc.							52,220		52,079	52,956
Upward Health, Inc.	Secured Loan	August 6, 2024		September 1, 2029	Variable interest rate Prime + 4.3% or Floor rate 12.8%; EOT 3.0%		$5,875		$5,811	$5,985	(8)(9)(14)(19)
Renalogic Holdings, Inc.	Secured Loan	June 30, 2025		June 30, 2030	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%		$63,183		$62,030	$61,904	(8)(14)(20)
Velentium, Inc.	Secured Loan	May 24, 2024		May 24, 2029	Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 5.3%		$8,500		$8,546	$8,595	(8)(9)(14)
Sub-total: Other Healthcare Services (17.4%)*			$188,777			$188,246		$189,966
Real Estate Technology
Knockaway, Inc.	Secured Loan	September 29, 2023		September 1, 2028	Fixed interest rate 10.2%; EOT 0.0%		$23,644		$21,714	$21,079	(8)(14)(23)
	Secured Loan	May 14, 2025		May 14, 2027	Fixed interest rate 4.0%; EOT 0.0%		1,600		1,600	1,644	(23)
Total Knockaway, Inc.							25,244		23,314	22,723
Knockaway Trinity Holdings, LLC	Secured Loan	December 6, 2023		December 27, 2026	Variable interest rate SOFR 1 Month Term + 9.3% or Floor rate 13.8%; EOT 0.0%		$35,000		$34,992	$34,992	(8)(10)(12)(21)(23)
Maxwell Financial Labs, Inc.	Secured Loan	September 30, 2021		July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 13.5%; EOT 5.0%		$15,000		$15,455	$15,889	(8)(14)
	Secured Loan	October 2, 2024		October 2, 2026	Fixed interest rate 6.0%; EOT 0.0%		187		187	198
Total Maxwell Financial Labs, Inc.							15,187		15,642	16,087
Orchard Technologies, Inc.	Secured Loan	January 1, 2024		January 1, 2029	Variable interest rate Prime + 10.0% or Floor rate 17.0%; EOT 4.0%		$28,540		$29,580	$24,134	(8)
Sub-total: Real Estate Technology (9.0%)*			$103,971			$103,528		$97,936

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)	Cost	Fair Value (6)	Footnotes
Debt Securities- United States, Continued
Software as a Service ("SaaS")
Cpacket Networks, Inc.	Secured Loan	January 29, 2024	February 1, 2029	Variable interest rate Prime + 4.8% or Floor rate 12.0% + PIK Fixed Interest Rate 1.3%; EOT 3.0%	$20,736	$20,812	$20,877	(8)(9)(14)(15)
Eyelit Technologies, Inc.	Secured Loan	November 4, 2024	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	$3,250	$3,200	$3,192	(8)(14)(19)(20)(22)
	Secured Loan	December 27, 2024	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	5,720	5,629	5,619	(8)(14)(19)(20)(22)
	Secured Loan	June 20, 2025	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	650	639	645	(8)(14)(19)(20)(22)
	Secured Loan	September 10, 2025	November 4, 2029	Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%	1,625	1,595	1,589	(8)(14)(19)(20)(22)
Total Eyelit Technologies, Inc.					11,245	11,063	11,045
Hometown Ticketing, Inc.	Secured Loan	November 25, 2024	November 25, 2029	Variable interest rate SOFR 3 Month Term + 7.7%; EOT 0.0%	$24,661	$24,275	$24,751	(8)(14)(19)
CCP InterGalactic Buyer, LLC	Secured Loan	September 15, 2025	September 15, 2030	Variable interest rate SOFR 3 Month Term + 5.5%; EOT 0.0%	$7,500	$7,370	$7,564	(8)(20)
ServiceTrade, Inc.	Secured Loan	August 15, 2024	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	$17,250	$17,014	$17,178	(8)(14)(19)(20)(22)
	Secured Loan	May 2, 2025	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	1,380	1,358	1,383	(8)(14)(19)(20)(22)
	Secured Loan	June 3, 2025	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	1,380	1,358	1,383	(8)(14)(19)(20)(22)
	Secured Loan	September 22, 2025	August 15, 2029	Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%	1,380	1,356	1,381	(8)(14)(19)(20)(22)
Total ServiceTrade, Inc.					21,390	21,086	21,325
Silk Technologies, Inc.	Secured Loan	November 4, 2024	December 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 1.5%	$16,200	$15,963	$16,130	(8)(9)(14)(19)
SOCi, Inc.	Secured Loan	October 3, 2024	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	$35,738	$35,130	$34,515	(8)(14)(19)(20)
	Secured Loan	December 30, 2024	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	3,257	3,199	3,148	(8)(14)(19)(20)
	Secured Loan	April 23, 2025	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	1,637	1,605	1,610	(8)(14)(19)(20)
	Secured Loan	August 5, 2025	October 3, 2029	Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%	1,723	1,688	1,687	(8)(14)(19)(20)
Total SOCi, Inc.					42,355	41,622	40,960
Steno Agency, Inc.	Secured Loan	June 21, 2024	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	$3,740	$3,689	$3,828	(8)(9)(14)(19)
	Secured Loan	January 2, 2025	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	3,650	3,666	3,746	(8)(9)(14)(19)
	Secured Loan	May 16, 2025	July 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%	3,650	3,531	3,603	(8)(9)(14)(19)
Total Steno Agency, Inc.					11,040	10,886	11,177

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)	Cost	Fair Value (6)	Footnotes
Debt Securities- United States, Continued
Ticketure LLC	Secured Loan	July 25, 2025	July 25, 2030	Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%	$24,938	$24,481	$24,333	(8)(14)(20)
Xytech Systems, LLC	Secured Loan	February 26, 2025	February 26, 2030	Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%	$37,600	$37,003	$36,919	(8)(19)(20)
	Secured Loan	July 2, 2025	February 26, 2030	Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%	1,880	1,847	1,817	(8)(14)(19)(20)
Total Xytech Systems, LLC					39,480	38,850	38,736
Sub-total: SaaS (19.8%)*					$219,545	$216,408	$216,898
Space Technology
Astranis Space Technology Corporation	Equipment Financing	April 13, 2023	May 1, 2027	Fixed interest rate 12.1%; EOT 6.5%	$1,403	$1,745	$1,506	(9)(14)(19)
	Equipment Financing	September 27, 2024	October 1, 2028	Fixed interest rate 13.8%; EOT 6.5%	2,364	2,371	2,535	(9)(14)(19)
	Equipment Financing	September 27, 2024	October 1, 2027	Fixed interest rate 12.6%; EOT 4.0%	1,820	1,835	1,852	(9)(14)(19)
	Equipment Financing	August 25, 2025	September 1, 2028	Fixed interest rate 11.6%; EOT 4.0%	3,864	3,867	3,930	(9)(14)(19)
	Equipment Financing	October 30, 2025	November 1, 2028	Fixed interest rate 11.7%; EOT 4.0%	1,116	1,111	1,111	(14)(19)
	Secured Loan	August 25, 2025	August 25, 2030	Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 4.0%	43,000	41,295	42,657	(8)(9)(14)(19)
Total Astranis Space Technology Corporation					53,567	52,224	53,591
Impulse Space, Inc.	Equipment Financing	June 18, 2024	July 1, 2027	Fixed interest rate 12.7%; EOT 3.0%	$461	$474	$482	(9)(14)(19)(22)
	Equipment Financing	September 13, 2024	October 1, 2027	Fixed interest rate 12.5%; EOT 3.0%	375	381	388	(9)(14)(19)(22)
	Equipment Financing	December 27, 2024	January 1, 2028	Fixed interest rate 12.9%; EOT 3.0%	378	380	390	(9)(14)(19)(22)
	Equipment Financing	February 12, 2025	March 1, 2028	Fixed interest rate 12.6%; EOT 3.0%	437	438	444	(9)(14)(19)(22)
	Equipment Financing	June 25, 2025	July 1, 2028	Fixed interest rate 12.8%; EOT 3.0%	543	538	547	(9)(14)(19)(22)
	Equipment Financing	September 25, 2025	October 1, 2028	Fixed interest rate 12.8%; EOT 3.0%	2,638	2,594	2,635	(9)(14)(19)(22)
Total Impulse Space, Inc.					4,832	4,805	4,886
Kymeta Corporation	Secured Loan	July 3, 2024	August 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%	$7,900	$7,750	$8,001	(8)(9)(14)(19)
	Secured Loan	June 11, 2025	August 1, 2029	Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%	7,900	7,887	8,027	(8)(9)(14)(19)
Total Kymeta Corporation					15,800	15,637	16,028

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)	Cost	Fair Value (6)	Footnotes
Debt Securities- United States, Continued
Slingshot Aerospace, Inc.	Secured Loan	July 12, 2024	August 1, 2029	Variable interest rate Prime + 5.5% or Floor rate 14.0%; EOT 3.0%	$23,700	$23,598	$24,189	(8)(9)(14)(19)
	Secured Loan	August 7, 2024	April 30, 2026	Fixed interest rate 10.0%; EOT 0.0%	500	500	574
Total Slingshot Aerospace, Inc.					24,200	24,098	24,763
Sub-total: Space Technology (9.1%)*					$98,399	$96,764	$99,268
Supply Chain Technology
Inktavo, LLC	Secured Loan	October 15, 2025	October 15, 2031	Variable interest rate SOFR 3 Month Term + 6.8%; EOT 0.0%	$67,500	$66,199	$66,198	(8)(20)
Macrofab, Inc.	Secured Loan	July 21, 2023	August 1, 2027	Variable interest rate Prime + 5.5% or Floor rate 13.3%; EOT 4.5%	$19,495	$20,332	$16,550	(8)
Nucleus RadioPharma, Inc.	Equipment Financing	June 4, 2024	July 1, 2027	Fixed interest rate 11.8%; EOT 4.0%	$231	$243	$246	(9)(14)
	Equipment Financing	December 23, 2024	January 1, 2028	Fixed interest rate 12.3%; EOT 4.0%	1,192	1,221	1,234	(9)(14)
	Equipment Financing	September 9, 2025	October 1, 2028	Fixed interest rate 12.0%; EOT 4.0%	1,302	1,299	1,322	(9)(14)
Total Nucleus RadioPharma, Inc.					2,725	2,763	2,802
Sub-total: Supply Chain Technology (7.8%)*					$89,720	$89,294	$85,550
Transportation Technology
EH Leasing Company, LLC	Equipment Financing	November 1, 2025	November 1, 2029	Fixed interest rate 14.4%; EOT 18.7%	$4,990	$5,591	$5,136	(19)
NextCar Holding Company, Inc.	Secured Loan	November 4, 2025	March 31, 2026	Fixed interest rate 10.0%; EOT 0.0%	$2,266	$2,266	$1,926	(18)
Get Spiffy, Inc.	Secured Loan	July 14, 2023	January 14, 2028	Variable interest rate Prime + 4.5% or Floor rate 12.3%; EOT 6.0%	$9,481	$9,770	$8,710	(8)(9)(15)
	Equipment Financing	July 14, 2023	February 1, 2027	Fixed interest rate 12.1%; EOT 4.0%	160	174	170	(9)
Total Get Spiffy, Inc.					9,641	9,944	8,880

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- United States, Continued
Uveye, Inc.	Equipment Financing		December 26, 2024		January 1, 2028		Fixed interest rate 11.9%; EOT 1.0%		$14,144		$14,162		$14,312	(14)
	Equipment Financing		March 28, 2025		April 1, 2028		Fixed interest rate 11.9%; EOT 1.0%		3,935		3,928		3,969	(14)
	Equipment Financing		May 15, 2025		June 1, 2028		Fixed interest rate 11.6%; EOT 1.0%		1,022		1,018		1,030	(14)
	Equipment Financing		June 25, 2025		July 1, 2028		Fixed interest rate 11.9%; EOT 1.0%		3,280		3,265		3,303	(14)
	Equipment Financing		August 13, 2025		September 1, 2028		Fixed interest rate 11.6%; EOT 1.0%		8,551		8,497		8,597	(14)
	Equipment Financing		September 26, 2025		October 1, 2028		Fixed interest rate 11.9%; EOT 1.0%		5,665		5,623		5,675	(14)
	Equipment Financing		November 20, 2025		December 1, 2028		Fixed interest rate 11.7%; EOT 1.0%		13,273		13,153		13,153
	Equipment Financing		December 17, 2025		January 1, 2029		Fixed interest rate 11.6%; EOT 1.0%		8,675		8,589		8,589
Total Uveye, Inc.									58,545		58,235		58,628
Zuum Transportation, Inc.	Secured Loan		December 17, 2021		January 1, 2027		Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5%		$4,636		$4,731		$4,364	(8)(18)
Sub-total: Transportation Technology (7.2%)*									$80,078		$80,767		$78,934
Total: Debt Securities- United States (186.3%)*									$2,053,446		$2,051,947		$2,038,420
Debt Securities- Canada
Construction Technology
Nexii, Inc.	Secured Loan		July 24, 2024		July 1, 2027		Fixed interest rate 10.0%; EOT 0.0%		$365		$365		$317	(10)(23)
Sub-total: Construction Technology (0.0%)*				$365				$365		$317
Real Estate Technology
Maple Raptor Acquisition Inc. (dba Rentsync)	Secured Loan		April 28, 2025		April 28, 2030		Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%		$19,757		$19,373		$19,897	(8)(10)(20)
	Secured Loan		December 23, 2025		April 28, 2030		Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%		7,527		7,359		7,359	(8)(20)
Total Maple Raptor Acquisition Inc. (dba Rentsync)									27,284		26,732		27,256
Sub-total: Real Estate Technology (2.5%)*		$27,284				$26,732			$27,256
Space Technology
Earthdaily Constellation Holdings, LP	Equipment Financing		June 10, 2025		January 1, 2029		Fixed interest rate 13.5%; EOT 7.0%		$16,656		$16,552		$16,721	(9)(10)(14)(19)
	Equipment Financing		August 28, 2025		March 1, 2029		Fixed interest rate 13.9%; EOT 7.0%		2,306		2,263		2,296	(9)(10)(14)(19)
Total Earthdaily Constellation Holdings, LP									18,962		18,815		19,017
Sub-total: Space Technology (1.7%)*		$18,962				$18,815			$19,017
Supply Chain Technology
GoFor Delivers, Inc.	Secured Loan		June 28, 2024		July 1, 2028		Variable interest rate Prime + 3.5% or Floor rate 12.0%; EOT 2.5%		$6,000		$6,075		$5,652	(8)(10)(14)(23)
Sub-total: Supply Chain Technology (0.5%)*		$6,000				$6,075			$5,652
Total: Debt Securities- Canada (4.8%)*								$52,611		$51,987		$52,242

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Maturity Date · Interest Rate (4) · Principal Amount (5) · Cost · Fair Value (6) · Footnotes
Debt Securities- Europe
Consumer Products & Services
Motorway Online, Ltd	Secured Loan	December 23, 2025		June 1, 2030	Variable interest rate Base Rate + 7.9% or Floor rate 11.7%; EOT 2.8%		$20,205		$19,621		$19,621	(8)(10)
Sub-total: Consumer Products & Services (1.8%)*							$20,205		$19,621		$19,621
Healthcare Technology
Unmind LTD	Secured Loan	July 8, 2025		August 1, 2029	Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.0%		$19,500		$19,130		$19,539	(8)(10)
Sub-total: Healthcare Technology (1.8%)*							$19,500		$19,130		$19,539
Medical Devices
CMR Surgical Limited	Secured Loan	March 24, 2025		April 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%		$29,375		$29,254		$30,154	(8)(10)(14)(19)
	Secured Loan	December 16, 2025		April 1, 2030	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%		11,750		11,515		11,515	(8)(14)(19)
Total CMR Surgical Limited							41,125		40,769		41,669
Sub-total: Medical Devices (3.8%)*			$41,125			$40,769		$41,669
Other Healthcare Services
Zandivio PLC	Secured Loan	October 30, 2024		May 1, 2029	Variable interest rate Prime + 5.3% or Floor rate 13.8%; EOT 2.5%		$28,200		$27,924		$28,473	(8)(10)(14)(19)
Sub-total: Other Healthcare Services (2.6%)*			$28,200			$27,924		$28,473
Total: Debt Securities- Europe (10.0%)*						$109,030		$107,444		$109,302
Total: Debt Securities (201.1%)*						$2,215,087		$2,211,378		$2,199,964

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States
Artificial Intelligence & Automation
Ambient Photonics, Inc.	Warrant	July 27, 2022	July 27, 2032	Common Stock	15,976		$5.50			$48		$—
D-Wave Quantum Inc.	Warrant	August 1, 2025	August 1, 2035	Common Stock	13,391		$16.05			$182		$299	(9)(19)(22)
Everalbum, Inc.	Warrant	January 16, 2020	July 29, 2026	Class A Common Stock	851,063		$0.10			$25		$—
Hologram, Inc.	Warrant	January 31, 2020	January 27, 2030	Common Stock	193,054		$0.26			$49		$77
K2View Inc.	Warrant	May 30, 2025	May 30, 2035	Ordinary	252,050		$1.38			$150		$71	(17)
Sortera Technologies, Inc.	Warrant	February 11, 2025	February 11, 2035	Common Stock	38,319		$5.23			$286		$252	(9)(19)
Swimlane, Inc.	Warrant	May 28, 2025	May 28, 2037	Preferred Series B	2,176,343		$0.19			$151		$147	(9)(17)(19)
Tquila Automation, Inc	Warrant	July 2, 2025	July 2, 2037	Common Stock	32,247		$0.81			$41		$33	(19)
Uniphore Technologies Inc.	Warrant	September 30, 2025	September 30, 2035	Common Stock	604,703		$2.40			$653		$469	(19)
	Warrant	October 2, 2025	September 30, 2035	Common Stock	226,763		$2.40			201		176
Total Uniphore Technologies Inc.									854		645
Sub-Total: Artificial Intelligence & Automation (0.1%)*						$1,786		$1,524
Biotechnology
Candel Therapeutics, Inc.	Warrant	October 14, 2025	October 14, 2035	Common Stock	247,003		$5.89			$1,311		$1,343	(10)
Pendulum Therapeutics, Inc.	Warrant	January 16, 2020	October 9, 2029	Preferred Series B	55,263		$1.90			$44		$38	(17)
	Warrant	June 1, 2020	July 15, 2030	Preferred Series B	36,842		$1.90			36		25	(17)
	Warrant	December 31, 2021	December 31, 2031	Preferred Series C	322,251		$3.24			118		151	(17)
	Warrant	February 5, 2024	February 5, 2034	Common Stock	1,143,690		$1.03			588		1,022
	Warrant	May 30, 2025	May 30, 2035	Preferred Series C	914,565		$0.01			1,880		2,052	(17)
Total Pendulum Therapeutics, Inc.									2,666		3,288
Sub-Total: Biotechnology (0.4%)*						$3,977		$4,631
Connectivity
Tarana Wireless, Inc.	Warrant	June 30, 2021	June 30, 2031	Common Stock	5,027,629		$0.19			$967		$1,843
	Warrant	September 23, 2024	September 23, 2034	Common Stock	2,094,922		$0.51			695		430	(9)(19)
Total Tarana Wireless, Inc.									1,662		2,273
Vertical Communications, Inc.	Warrant	January 16, 2020	July 11, 2026	Preferred Series A	828,479		$1.00			$—		$—	(11)(17)(23)
viaPhoton, Inc.	Warrant	March 31, 2022	March 31, 2032	Common Stock	15,839		$0.60			$22		$25
Sub-Total: Connectivity (0.2%)*						$1,684		$2,298
Construction Technology
Project Frog, Inc.	Warrant	January 16, 2020	February 28, 2027	Preferred Series AA-1	211,649		$0.19			$9		$1	(17)(23)
	Warrant	January 16, 2020	February 28, 2027	Common Stock	180,340		$0.19			9		1	(23)
	Warrant	August 3, 2021	December 31, 2031	Preferred Series CC	250,000		$0.01			20		7	(17)(23)
Total Project Frog, Inc.									38		10
Sub-total: Construction Technology (0.0%)*									$38		$10

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States, Continued
Consumer Products & Services
BaubleBar, Inc.	Warrant	January 16, 2020	March 29, 2027	Preferred Series C	531,806	$1.96		$638		$10	(17)
	Warrant	January 16, 2020	April 20, 2028	Preferred Series C	60,000	$1.96		72		1	(17)
Total BaubleBar, Inc.							710		11
Bobbie Baby, Inc.	Warrant	September 12, 2025	September 12, 2035	Common Stock	39,745	$4.05		$53		$58	(9)(19)(22)
Boosted eCommerce, Inc.	Warrant	December 14, 2020	December 14, 2030	Common Stock	763,480	$0.84		$259		$—
Happiest Baby, Inc.	Warrant	January 16, 2020	May 16, 2029	Common Stock	182,554	$0.33		$193		$1
Madison Reed, Inc.	Warrant	January 16, 2020	March 23, 2027	Preferred Series C	194,553	$2.57		$185		$319	(17)
	Warrant	January 16, 2020	July 18, 2028	Common Stock	43,158	$0.99		71		100
	Warrant	January 16, 2020	June 30, 2029	Common Stock	36,585	$1.23		56		80
Total Madison Reed, Inc.							312		499
Ogee, Inc.	Warrant	February 14, 2023	February 14, 2033	Preferred Series A-3	243,668	$0.68		$54		$663	(17)(19)
	Warrant	September 29, 2023	February 14, 2033	Preferred Series A-3	243,668	$0.68		49		663	(17)(19)
	Warrant	August 1, 2024	August 1, 2034	Preferred Series A-3	243,668	$0.68		104		663	(17)(19)
	Warrant	July 18, 2025	August 1, 2034	Preferred Series A-3	243,668	$0.68		780		663	(17)(19)
Total Ogee, Inc.							987		2,652
Portofino Labs, Inc.	Warrant	December 31, 2020	December 31, 2030	Common Stock	99,148	$1.53		$160		$37
	Warrant	April 1, 2021	April 1, 2031	Common Stock	39,912	$1.46		99		16
Total Portofino Labs, Inc.							259		53
Quip NYC, Inc.	Warrant	March 9, 2021	March 9, 2031	Common Stock	10,833	$48.46		$203		$—
Rinse, Inc.	Warrant	May 10, 2022	May 10, 2032	Preferred Series C	278,761	$1.13		$118		$277	(17)
SI Tickets, Inc.	Warrant	May 11, 2022	May 11, 2032	Common Stock	53,029	$2.52		$162		$—
Super73, Inc.	Warrant	December 31, 2020	December 31, 2030	Common Stock	177,305	$3.16		$105		$—
Trendly, Inc.	Warrant	January 16, 2020	August 10, 2026	Preferred Series A	245,506	$1.14		$222		$11	(17)
Whoop, Inc.	Warrant	May 17, 2023	May 17, 2033	Common Stock	2,393,845	$0.43		$1,099		$4,632	(9)(19)
Sub-total: Consumer Products & Services (0.7%)*							$4,682		$8,194
Diagnostics & Tools
Rapid Micro Biosystems, Inc.	Warrant	August 8, 2025	August 8, 2035	Common Stock	127,165	$3.35		$346		$291	(9)(19)
Sub-total: Diagnostics & Tools (0.0%)*							$346		$291
Education Technology
Edblox, Inc.	Warrant	March 19, 2024	March 19, 2034	Common Stock	55,729	$1.71		$153		$—	(9)
Yellowbrick Learning, Inc.	Warrant	January 16, 2020	September 30, 2028	Common Stock	222,222	$0.90		$120		$—
Sub-Total: Education Technology (0.0%)*							$273		$—

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States, Continued
Finance and Insurance
Alt Platform Inc.	Warrant	July 8, 2025	July 8, 2035	Common Stock	256,692	$0.74		$310		$279	(10)(12)(21)
Beam Technologies, Inc.	Warrant	August 30, 2024	August 30, 2034	Common Stock	47,479	$17.28		$629		$473	(9)(19)
	Warrant	August 7, 2025	August 7, 2032	Preferred Series F Prime	4,083	$0.00		148		164	(9)(17)(19)
Total Beam Technologies, Inc.							777		637
Bestow, Inc.	Warrant	August 1, 2024	August 1, 2034	Preferred Series C-2	349,793	$0.01		$1,987		$2,266	(17)
Centivo Corporation	Warrant	July 31, 2024	July 31, 2034	Common Stock	80,578	$0.76		$67		$95	(9)(19)
	Warrant	December 20, 2024	July 31, 2034	Common Stock	80,577	$0.76		189		95	(9)(19)
	Warrant	February 3, 2025	July 31, 2034	Common Stock	80,577	$0.76		164		95	(9)(19)
	Warrant	May 20, 2025	July 31, 2034	Common Stock	161,157	$0.76		290		189	(9)(19)
	Warrant	June 13, 2025	July 31, 2034	Common Stock	80,577	$0.76		145		95	(9)(19)
Total Centivo Corporation							855		569
DailyPay, Inc.	Warrant	September 30, 2020	September 30, 2030	Common Stock	89,264	$3.00		$151		$1,766
Tilt Finance, Inc. (dba Empower Financial, Inc.)	Warrant	October 13, 2023	October 13, 2033	Common Stock	404,893	$1.43		$953		$3,479	(9)(19)
Freedom Advisors Group LLC	Warrant	June 15, 2022	June 15, 2032	Class B Units	904,000	$0.01		$10		$73	(17)
Gravie, Inc.	Warrant	June 4, 2024	June 4, 2034	Common Stock	123,816	$2.68		$293		$15	(9)(19)
Inshur, Inc.	Warrant	June 10, 2025	June 10, 2035	Common Stock	32,049	$6.05		$234		$220
Kafene, Inc.	Warrant	January 5, 2024	January 5, 2034	Common Stock	44,448	$4.03		$58		$491
Kard Financial, Inc.	Warrant	September 10, 2025	September 10, 2035	Common Stock	210,899	$1.36		$249		$244	(19)
One Million Metrics (dba Kinetic)	Warrant	August 25, 2025	August 25, 2035	Common Stock	168,871	$0.51		$134		$136	(19)
Lendflow, Inc.	Warrant	April 24, 2025	April 24, 2035	Common Stock	85,778	$0.70		$79		$88	(9)(19)
Mesa Financial, Inc.	Warrant	August 29, 2024	August 29, 2034	Common Stock	62,422	$0.73		$28		$35	(10)(12)(21)
Mesa Financing I, LLC	Warrant	May 7, 2025	May 7, 2035	Common Stock	22,519	$0.01		$8		$—	(10)(12)(21)
	Warrant	June 25, 2025	May 7, 2035	Common Stock	61,926	$0.01		21		—	(10)(12)(21)
	Warrant	July 31, 2025	May 7, 2035	Common Stock	28,148	$0.01		11		—	(10)(12)(21)
Total Mesa Financing I, LLC							40		—
Parafin, Inc.	Warrant	February 16, 2024	February 16, 2034	Common Stock	24,616	$7.09		$118		$368	(10)(12)(21)
	Warrant	July 25, 2024	July 25, 2034	Common Stock	24,641	$7.09		108		368	(10)(12)(21)
	Warrant	December 23, 2024	December 23, 2034	Common Stock	3,657	$11.14		49		48	(10)(12)(21)
Total Parafin, Inc.							275		784
PatientFi, Inc.	Warrant	March 14, 2025	March 14, 2035	Preferred Series B	60,995	$3.10		$84		$85	(9)(17)(19)
	Warrant	December 16, 2025	March 14, 2035	Preferred Series B	60,994	$3.10		95		85	(9)(17)(19)
Total PatientFi, Inc.							179		170

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States, Continued
Slope Tech, Inc.	Warrant	September 14, 2022	September 14, 2032	Common Stock	90,971	$0.88		$109		$392	(10)(12)(21)
	Warrant	August 30, 2023	August 30, 2033	Common Stock	21,303	$0.88		112		92	(10)(12)(21)
Total Slope Tech, Inc.							221		484
Thrivory, Inc.	Warrant	September 9, 2025	September 9, 2035	Common Stock	484,952	$0.01		$18		$21	(10)(12)(21)
Under Technologies, Inc.	Warrant	May 3, 2024	May 3, 2034	Common Stock	76,133	$2.90		$210		$216	(9)(19)
Wisetack, Inc.	Warrant	November 14, 2024	November 14, 2034	Common Stock	111,153	$1.58		$102		$115	(9)(19)
Sub-Total: Finance and Insurance (1.1%)*							$7,163		$12,088
Food and Agriculture Technologies
Athletic Brewing Company, LLC	Warrant	October 28, 2022	October 28, 2032	Class B Units	3,741	$140.21		$287		$397	(17)
DrinkPak, LLC	Warrant	September 13, 2022	September 13, 2032	Common Units	2,387	$19.12		$7		$47	(9)
	Warrant	February 17, 2023	February 17, 2033	Common Units	12,010	$18.89		26		238	(9)(19)
Total DrinkPak, LLC							33		285
GrubMarket, Inc.	Warrant	June 15, 2020	June 15, 2030	Common Stock	405,000	$1.10		$115		$8,880
Intelligent Brands, Inc. (f.k.a. PSB Holdings, Inc.)	Warrant	January 16, 2020	October 5, 2027	Common Stock	103,636	$21.42		$111		$—
	Warrant	December 31, 2020	December 29, 2032	Common Stock	33,348	$3.17		546		—
Total Intelligent Brands, Inc.							657		—
The Fynder Group, Inc.	Warrant	October 14, 2020	October 14, 2030	Common Stock	36,445	$0.49		$68		$5
Zero Acre Farms, Inc.	Warrant	December 23, 2022	December 23, 2032	Class A Common Stock	20,181	$2.13		$79		$2
Sub-Total: Food and Agriculture Technologies (0.9%)*						$1,239		$9,569
Green Technology
Bolb, Inc.	Warrant	October 12, 2021	October 12, 2031	Common Stock	181,784	$0.07		$35		$—
Edeniq, Inc.	Warrant	January 16, 2020	December 23, 2026	Preferred Series B	2,685,501	$0.22		$—		$581	(11)(17)(23)
	Warrant	January 16, 2020	December 23, 2026	Preferred Series B	2,184,672	$0.01		—		919	(11)(17)(23)
	Warrant	January 16, 2020	June 29, 2027	Preferred Series C	5,106,972	$0.44		—		278	(11)(17)(23)
	Warrant	January 16, 2020	November 2, 2028	Preferred Series C	3,850,294	$0.01		—		1,803	(11)(17)(23)
	Warrant	November 29, 2021	November 29, 2031	Preferred Series D	154,906,320	$0.01		7		8,426	(17)(23)
Total Edeniq, Inc.							7		12,007
Footprint International Holding, Inc.	Warrant	February 14, 2020	February 14, 2030	Common Stock	38,171	$0.31		$9		$—
	Warrant	February 18, 2022	February 18, 2032	Common Stock	77,524	$0.01		4,246		—
	Warrant	June 23, 2022	June 23, 2032	Common Stock	14,624	$0.01		359		—
	Warrant	October 31, 2024	October 31, 2034	Preferred Class F	250	$25,000.00		—		—	(17)
Total Footprint International Holding, Inc.							4,614		—
Form Energy Inc.	Warrant	October 21, 2024	October 21, 2034	Common Stock	85,556	$8.03		$797		$597	(9)(19)
Mainspring Energy, Inc.	Warrant	January 16, 2020	July 9, 2029	Common Stock	140,186	$1.15		$283		$220
	Warrant	November 20, 2020	November 20, 2030	Common Stock	81,294	$1.15		226		128
	Warrant	March 18, 2022	March 18, 2032	Common Stock	137,692	$1.66		344		206
Total Mainspring Energy, Inc.							853		554
RTS Holding, Inc.	Warrant	December 10, 2021	December 10, 2031	Preferred Series C	2,314	$205.28		$75		$95	(9)(17)
	Warrant	October 10, 2022	October 10, 2032	Preferred Series D	917	$196.50		87		42	(9)(17)
	Warrant	January 19, 2024	January 19, 2034	Preferred Series D-1	2,876	$203.47		418		131	(9)(17)
Total RTS Holding, Inc.							580		268
Sub-Total: Green Technology (1.2%)*							$6,886		$13,426

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States, Continued
Healthcare Technology
B.Well Connected Health, Inc.	Warrant	April 10, 2025	April 10, 2035	Common Stock	64,777	$0.79		$108		$67	(9)(19)
Dentologie Enterprises, Inc.	Warrant	October 14, 2022	October 14, 2034	Common Stock	51,632	$0.76		$66		$3	(9)
Exer Holdings, LLC	Warrant	November 19, 2021	November 19, 2031	Common Units	281	$527.51		$93		$3
Hospitalists Now, Inc.	Warrant	January 16, 2020	March 30, 2026	Preferred Series D-2	135,807	$5.89		$71		$16	(17)
	Warrant	January 16, 2020	December 6, 2026	Preferred Series D-2	750,000	$5.89		391		88	(17)
Total Hospitalists Now, Inc.							462		104
Lark Technologies, Inc.	Warrant	September 30, 2020	September 30, 2030	Common Stock	76,231	$1.76		$177		$27
	Warrant	June 30, 2021	June 30, 2031	Common Stock	79,325	$1.76		258		28
	Warrant	December 22, 2022	December 22, 2032	Common Stock	97,970	$2.49		58		31
Total Lark Technologies, Inc.							493		86
Moxe Health Corporation	Warrant	December 29, 2023	December 29, 2033	Preferred Series B	155,438	$3.62		$135		$43	(17)
Paytient Technologies, Inc.	Warrant	May 27, 2025	May 27, 2035	Common Stock	31,216	$1.01		$43		$47	(9)(19)
	Warrant	October 2, 2025	May 27, 2035	Common Stock	31,214	$1.01		43		47	(9)(19)
Total Paytient Technologies, Inc.							86		94
PurpleLab, Inc.	Warrant	September 24, 2025	September 24, 2035	Common Stock	10,157	$23.09		$273		$284	(19)
TMRW Life Sciences, Inc.	Warrant	April 29, 2022	April 29, 2032	Class A Common Stock	268,983	$2.09		$80		$—
	Warrant	March 3, 2023	April 29, 2032	Class A Common Stock	268,983	$2.09		80		—
Total TMRW Life Sciences, Inc.							160		—
Sub-Total: Healthcare Technology (0.1%)*							$1,876		$684
Human Resource Technology
BetterLeap, Inc.	Warrant	April 20, 2022	April 20, 2032	Common Stock	88,435	$2.26		$38		$3
Sub-Total: Human Resource Technology (0.0%)*							$38		$3
Industrials
3DEO, Inc.	Warrant	February 23, 2022	February 23, 2032	Common Stock	37,218	$1.81		$93		$—
Sub-total: Industrials (0.0%)*							$93		$—

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States, Continued
Marketing, Media, and Entertainment
Angel Studios, Inc.	Warrant	September 8, 2025	September 11, 2030	Common Stock	561,670		$7.29			$3,645		$1,125	(19)
Drone Racing League, Inc.	Warrant	October 17, 2022	October 17, 2032	Common Stock	253,824		$6.76			$375		$—
Firefly Systems, Inc.	Warrant	January 29, 2020	January 29, 2030	Common Stock	133,147		$1.14			$282		$165
Grabit Interactive Media, Inc.	Warrant	April 8, 2022	April 8, 2034	Preferred Series A	142,828		$1.00			$40		$26	(17)
Incontext Solutions, Inc.	Warrant	January 16, 2020	September 28, 2028	Common Stock	2,219		$220.82			$34		$—
PebblePost, Inc.	Warrant	May 7, 2021	May 7, 2031	Common Stock	657,343		$0.52			$68		$400
Rarefied Atmosphere, Inc.	Warrant	May 6, 2025	May 6, 2037	Common Stock	174,032		$7.35			$571		$664	(9)(19)
Vox Media Holdings, Inc.	Warrant	June 25, 2025	June 25, 2035	Class A Common Stock	1,580,142		$0.37			$464		$374	(9)(19)
Sub-Total: Marketing, Media, and Entertainment (0.3%)*						$5,479		$2,754
Medical Devices
Apiject Holdings, Inc.	Warrant	June 24, 2024	June 24, 2034	Common Stock	937,604		$0.01			$612		$132	(9)(19)
Convergent Dental, Inc.	Warrant	April 21, 2023	April 21, 2033	Preferred Series D	446,982		$1.61			$493		$201	(9)(17)
Delphinus, Inc.	Warrant	June 27, 2023	June 27, 2033	Preferred Series E	294,288		$0.69			$29		$15	(9)(17)
Elucent Medical, Inc.	Warrant	October 31, 2024	October 31, 2034	Preferred Series C-2	1,628,141		$0.30			$144		$99	(9)(17)(19)
Lightforce Orthodontics, Inc.	Warrant	August 6, 2024	August 6, 2034	Preferred Series D	62,627		$18.01			$249		$50	(17)(19)
	Warrant	September 25, 2024	August 6, 2034	Preferred Series D	10,438		$18.01			37		8	(17)(19)
Total Lightforce Orthodontics, Inc.									286		58
Nalu Medical, Inc	Warrant	July 3, 2025	July 3, 2035	Preferred Series E	71,043		$4.85			$115		$261	(17)(19)(22)
Neuros Medical, Inc.	Warrant	August 10, 2023	August 10, 2033	Preferred Series C	798,085		$0.38			$71		$136	(9)(17)
	Warrant	August 30, 2024	August 10, 2033	Preferred Series C	399,042		$0.38			39		68	(9)(17)
Total Neuros Medical, Inc.									110		204
Okami Medical, Inc.	Warrant	June 24, 2025	June 24, 2035	Preferred Series F-1	38,529		$2.86			$46		$38	(17)(19)
Restor3d, Inc.	Warrant	June 4, 2024	June 4, 2034	Preferred Series A	95,688		$5.01			$51		$175	(9)(17)(19)
Shoulder Innovations, Inc.	Warrant	August 7, 2023	August 7, 2033	Preferred Series D	32,684		$10.33			$120		$336	(9)(17)
Sub-Total: Medical Devices (0.1%)*									$2,006		$1,519
Other Healthcare Services
Cellares Corporation	Warrant	August 2, 2024	August 2, 2034	Common Stock	243,868		$4.77			$841		$1,217	(19)
Upward Health, Inc.	Warrant	August 6, 2024	August 6, 2034	Class A Common Stock	763,137		$0.28			$251		$751	(9)(19)
Metabolon, Inc.	Warrant	March 28, 2024	March 28, 2034	Preferred Series 3	2,288,461		$0.65			$644		$234	(17)
	Warrant	October 1, 2024	March 28, 2034	Preferred Series 3	384,615		$0.65			33		39	(17)
	Warrant	January 6, 2025	March 28, 2034	Preferred Series 3	192,308		$0.65			23		20	(17)
Total Metabolon, Inc.									700		293
Velentium, Inc.	Warrant	May 24, 2024	May 24, 2034	Class B Units	7,958		$53.40			$129		$97	(9)(17)
Sub-Total: Other Healthcare Services (0.2%)*									$1,921		$2,358

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States, Continued
Real Estate Technology
Homelight Lending, Inc.	Warrant	June 23, 2022	June 23, 2032	Common Stock	5,434	$18.40		$1		$2
Knockaway, Inc.	Warrant	January 16, 2020	May 24, 2029	Common Stock	880	$85.27		$208		$—	(23)
	Warrant	November 10, 2021	November 10, 2031	Common Stock	16,350	$2.20		265		—	(23)
	Warrant	September 29, 2023	September 29, 2033	Common Stock	2,804,355	$0.01		—		—	(23)
	Warrant	December 6, 2023	December 6, 2033	Preferred Series AA	457,778	$0.01		—		—	(10)(12)(17)(21)(23)
	Warrant	September 16, 2024	September 16, 2034	Preferred Series BB	93,951,849	$0.00		2,391		340	(17)(23)
	Warrant	September 27, 2023	September 27, 2033	Preferred Series AA-1	5,084,804	$0.09		—		—	(17)(23)
Total Knockaway, Inc.							2,864		340
Maxwell Financial Labs, Inc.	Warrant	October 8, 2020	October 8, 2030	Common Stock	106,735	$0.29		$21		$—
	Warrant	December 22, 2020	December 22, 2030	Common Stock	110,860	$0.29		34		—
	Warrant	September 30, 2021	September 30, 2031	Common Stock	79,135	$1.04		148		—
	Warrant	May 10, 2024	May 10, 2034	Common Stock	303,562	$0.27		83		—
	Warrant	July 1, 2024	May 10, 2034	Common Stock	303,562	$0.27		91		—
	Warrant	January 1, 2025	May 10, 2034	Common Stock	308,162	$0.27		13		—
Total Maxwell Financial Labs, Inc.							390		—
Orchard Technologies, Inc.	Warrant	February 12, 2024	February 12, 2034	Preferred Series 1	228,000	$0.01		$—		$218	(17)
	Warrant	February 12, 2025	February 12, 2034	Preferred Series 1	228,000	$0.01		126		218	(17)
Total Orchard Technologies, Inc.							126		436
Sub-Total: Real Estate Technology (0.1%)*							$3,381		$778
SaaS
Cart.com, Inc.	Warrant	November 17, 2023	November 17, 2033	Common Stock	31,572	$15.87		$443		$555	(9)
Cpacket Networks, Inc.	Warrant	January 29, 2024	January 29, 2034	Class B Common Stock	499,366	$0.36		$166		$105	(9)
Crowdtap, Inc.	Warrant	January 16, 2020	December 11, 2027	Preferred Series B	100,000	$1.09		$9		$90	(17)
Gtxcel, Inc.	Warrant	January 16, 2020	August 30, 2026	Preferred Series D	1,000,000	$0.21		$83		$—	(17)
Lucidworks, Inc.	Warrant	January 16, 2020	June 27, 2026	Preferred Series D	619,435	$0.77		$806		$435	(17)
Reciprocity, Inc.	Warrant	September 25, 2020	September 25, 2030	Common Stock	114,678	$4.17		$99		$—
	Warrant	April 29, 2021	April 29, 2031	Common Stock	57,195	$4.17		54		—
Total Reciprocity, Inc.							153		—
Silk Technologies, Inc.	Warrant	November 4, 2024	November 4, 2034	Common Stock	204,760	$1.98		$433		$348	(9)(19)
Smartly, Inc.	Warrant	May 16, 2022	May 16, 2034	Common Stock	48,097	$1.10		$84		$78
Steno Agency, Inc.	Warrant	June 21, 2024	June 21, 2034	Common Stock	55,818	$1.98		$136		$186	(9)(19)
	Warrant	May 16, 2025	June 21, 2034	Common Stock	54,476	$1.98		164		181	(9)(19)
Total Steno Agency, Inc.							300		367
The Tomorrow Companies, Inc.	Warrant	December 14, 2022	December 14, 2032	Common Stock	26,124	$1.70		$49		$11	(9)
Sub-Total: SaaS (0.2%)*							$2,526		$1,989

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- United States, Continued
Space Technology
Astranis Space Technology Corporation	Warrant	April 13, 2023	April 13, 2033	Common Stock	85,644	$7.89		$83		$1,115	(9)(19)
	Warrant	September 27, 2024	September 27, 2034	Common Stock	156,677	$2.27		683		2,471	(9)(19)
	Warrant	June 26, 2025	June 26, 2035	Common Stock	39,557	$0.01		191		674	(9)(19)
	Warrant	August 25, 2025	August 25, 2035	Common Stock	422,048	$2.33		1,604		6,641	(9)(19)
Total Astranis Space Technology Corporation							2,561		10,901
Axiom Space, Inc.	Warrant	May 28, 2021	May 28, 2031	Common Stock	1,773	$169.24		$121		$22
	Warrant	May 28, 2021	May 28, 2031	Common Stock	882	$340.11		39		5
Total Axiom Space, Inc.							160		27
Hermeus Corporation	Warrant	August 9, 2022	August 9, 2032	Common Stock	19,286	$6.24		$144		$228	(9)(19)
Impulse Space, Inc.	Warrant	June 18, 2024	June 18, 2034	Common Stock	27,893	$1.91		$113		$691	(9)(19)(22)
Slingshot Aerospace, Inc.	Warrant	July 12, 2024	July 12, 2036	Common Stock	328,416	$0.46		$400		$499	(9)(19)
Kymeta Corporation	Warrant	July 3, 2024	July 3, 2034	Common Stock	3,995,407	$0.11		$331		$200	(9)(19)
Sub-Total: Space Technology (1.1%)*							$3,709		$12,546
Supply Chain Technology
Macrofab, Inc.	Warrant	January 14, 2025	July 21, 2035	Common Stock	311,176	$0.01		$166		$—
	Warrant	January 14, 2025	January 29, 2034	Preferred Series C-1	392,157	$0.01		254		—	(17)
	Warrant	January 14, 2025	April 11, 2036	Common Stock	161,006	$0.01		64		—
	Warrant	January 14, 2025	July 21, 2035	Preferred Series C-1	311,177	$0.01		166		—	(17)
	Warrant	January 14, 2025	April 11, 2036	Preferred Series C-1	161,007	$0.01		64		—	(17)
	Warrant	January 14, 2025	January 14, 2035	Preferred Series C-1	247,173	$0.01		151		—	(17)
Total Macrofab, Inc.							865		—
Nucleus RadioPharma, Inc.	Warrant	June 4, 2024	June 4, 2034	Common Stock	43,086	$1.99		$68		$20	(9)
Sub-Total: Supply Chain Technology (0.0%)*							$933		$20
Transportation Technology
Get Spiffy, Inc.	Warrant	July 14, 2023	July 14, 2033	Common Stock	874,527	$0.70		$408		$—	(9)
NextCar Holding Company, Inc.	Warrant	December 14, 2021	December 14, 2026	Class A Common Stock	6,211	$64.42		$35		$—	(13)
	Warrant	February 23, 2022	February 23, 2027	Class A Common Stock	486	$64.42		3		—	(13)
	Warrant	March 16, 2022	March 16, 2027	Class A Common Stock	583	$64.42		3		—	(13)
	Warrant	April 18, 2022	April 18, 2027	Class A Common Stock	5,336	$64.42		7		—	(13)
	Warrant	September 29, 2022	September 29, 2027	Preferred Series A-2	1,224,752	$0.22		170		—	(13)(17)
Total NextCar Holding Company, Inc.							218		—
Uveye, Inc.	Warrant	December 26, 2024	December 26, 2034	Ordinary	476,031	$4.38		$539		$396	(17)
Zuum Transportation, Inc.	Warrant	April 30, 2024	April 30, 2034	Common Stock	41,271	$4.34		$95		$—
Sub-Total: Transportation Technology (0.0%)*							$1,260		$396
Total: Warrant Investments- United States (6.9%)*							$51,296		$75,078

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Expiration Date · Series · Shares · Strike Price · Cost · Fair Value (6) · Footnotes
Warrant Investments- Canada
Space Technology
Earthdaily Constellation Holdings, LP	Warrant	June 10, 2025	June 10, 2035	Class B Common Stock	1,736,139	$0.81		$971		$889	(9)(10)(19)
Sub-Total: Space Technology (0.1%)*							$971		$889
Total: Warrant Investments- Canada (0.1%)*							$971		$889
Warrant Investments- Europe
Consumer Products & Services
Motorway Online, Ltd	Warrant	December 23, 2025	December 23, 2035	Ordinary	172,869	€0.01		$391		$379	(10)(17)
Sub-Total: Consumer Products & Services (0.0%)*							$391		$379
Healthcare Technology
Unmind LTD	Warrant	July 7, 2025	July 7, 2035	Ordinary	122,340	€149.02		$518		$512	(10)(17)
Sub-Total: Healthcare Technology (0.0%)*							$518		$512
Industrials
Aledia, Inc.	Warrant	March 31, 2022	March 31, 2032	Ordinary	11,771	€149.02		$130		$76	(10)(17)
Sub-Total: Industrials (0.0%)*							$130		$76
Medical Devices
CMR Surgical Limited	Warrant	March 24, 2025	March 24, 2030	Ordinary	7,520	€0.01		$121		$326	(10)(17)(19)
	Warrant	December 16, 2025	March 24, 2030	Ordinary	3,008	€0.01		127		131	(17)
Total CMR Surgical Limited							248		457
Sub-Total: Medical Devices (0.0%)*							$248		$457
Other Healthcare Services
Zandivio PLC	Warrant	October 29, 2024	October 29, 2034	Common Stock	132,042	€0.01		$771		$535	(10)(19)
Sub-Total: Other Healthcare Services (0.0%)*							$771		$535
Space Technology
All.Space Networks, Limited.	Warrant	August 19, 2022	August 19, 2032	Common Stock	35,602	$21.79		$113		$—	(10)
	Warrant	August 22, 2024	August 22, 2034	Common Stock	35,601	$8.90		1		—	(10)
Total All.Space Networks, Limited.							114		—
Sub-Total: Space Technology (0.0%)*							$114		$—
Total: Warrant Investments- Europe (0.2%)*							$2,172		$1,959
Total: Warrant Investments- (7.1%)*							$54,439		$77,926

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Shares / Principal · Series · Cost · Fair Value (6) · Footnotes
Equity Investments- United States
Artificial Intelligence & Automation
Cabernet AI, Inc.	Equity	February 27, 2025	$500	SAFE Note		$500		$500	(17)
Sub-Total: Artificial Intelligence & Automation (0.0%)*					$500		$500
Connectivity
Tarana Wireless, Inc.	Equity	March 16, 2022	611,246	Preferred Senior Series 6		$500		$500	(9)(17)(19)
	Equity	October 9, 2025	361,231	Preferred Series 8		386		670	(9)(17)(19)
Total Tarana Wireless, Inc.					886		1,170
Vertical Communications, Inc.	Equity	January 16, 2020	3,892,485	Preferred Series 1		$—		$—	(11)(17)(23)
	Equity	January 16, 2020	$5,500	Convertible Note		3,966		—	(16)(23)
Total Vertical Communications, Inc.					3,966		—
viaPhoton Inc.	Equity	October 3, 2025	$740	Preferred Series B-5		$740		$696	(17)
Sub-Total: Connectivity (0.2%)*					$5,592		$1,866
Construction Technology
Project Frog, Inc.	Equity	January 16, 2020	4,383,497	Preferred Series AA-1		$352		$32	(17)(23)
	Equity	January 16, 2020	3,401,678	Preferred Series BB		1,333		52	(17)(23)
	Equity	August 3, 2021	6,633,486	Common Stock		1,684		36	(23)
	Equity	August 3, 2021	3,129,887	Preferred Series CC		1,253		110	(17)(23)
Total Project Frog, Inc.					4,622		230
Sub-Total: Construction Technology (0.0%)*					$4,622		$230
Consumer Products & Services
Portofino Labs, Inc.	Equity	November 1, 2021	256,291	Preferred Series B-1		$500		$417	(17)
Quip NYC, Inc.	Equity	August 17, 2021	3,321	Common Stock		$500		$—
Rinse, Inc.	Equity	December 30, 2024	290,242	Preferred Series D		$500		$540	(17)
Sub-Total: Consumer Products & Services (0.1%)*					$1,500		$957
Finance and Insurance
Centivo Corporation	Equity	December 20, 2024	128,393	Preferred Series B-1		$374		$339	(9)(17)(19)
Dynamics, Inc.	Equity	January 16, 2020	17,726	Preferred Series A		$390		$—	(17)
Tilt Finance, Inc. (dba Empower Financial, Inc.)	Equity	May 16, 2024	2,810,235	Preferred Series C		$20,000		$31,019	(17)
	Equity	May 15, 2024	146,905	Common Stock		1,968		1,448
Total Tilt Finance, Inc. (dba Empower Financial, Inc.)					21,968		32,467
Mesa Financing I, LLC	Equity	September 17, 2025	$500	SAFE Note		$500		$—	(10)(12)(17)(21)
Openly Holdings Corp.	Equity	May 9, 2023	44,725	Preferred Series D-1		$500		$512	(17)
Slope Tech, Inc.	Equity	June 20, 2023	64,654	Preferred Series A-3		$500		$479	(10)(12)(17)(21)
Upgrade Master Pass - Thru Trust	Equity	August 11, 2025	$7,000	Series 2025-ST5		$5,506		$5,506	(12)(17)(21)
	Equity	October 17, 2025	$7,001	Series 2025-ST7		10,574		10,574	(12)(17)(21)
	Equity	November 19, 2025	$7,002	Series 2025-ST8		9,315		9,315	(12)(17)(21)
Total Upgrade Master Pass - Thru Trust					25,395		25,395
Sub-Total: Finance and Insurance (5.4%)*					$49,627		$59,192
Food and Agriculture Technologies
Emergy, Inc.	Equity	October 30, 2025	348	Common Stock		$755		$755	(9)(23)
Athletic Brewing Company, LLC	Equity	August 1, 2024	1,214	Class B Units		$283		$246	(9)(17)(19)
Sub-Total: Food and Agriculture Technologies (0.1%)*					$1,038		$1,001

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Shares / Principal · Series · Cost · Fair Value (6) · Footnotes
Equity Investments- United States, Continued
Green Technology
Crusoe Energy Systems LLC	Equity	November 6, 2024	11,140	Preferred Series D-1		$325		$486	(9)(17)(19)
Edeniq, Inc.	Equity	January 16, 2020	7,807,499	Preferred Series B		$—		$3,358	(11)(17)(23)
	Equity	January 16, 2020	3,657,487	Preferred Series C		—		1,748	(11)(17)(23)
	Equity	January 16, 2020	133,766,138	Preferred Series D		—		8,931	(11)(17)(23)
Total Edeniq, Inc.					—		14,037
Electric Hydrogen Co.	Equity	April 6, 2023	87,112	Preferred Series C		$500		$394	(17)
Mainspring Energy, Inc.	Equity	March 30, 2022	65,614	Preferred Series E-1		$500		$207	(17)
RTS Holding, Inc.	Equity	July 5, 2022	2,035	Preferred Series E-1D		$334		$393	(9)(17)
	Equity	February 15, 2023	1,966	Preferred Series E-1D1		405		390	(9)(17)
	Equity	February 7, 2025	2,054	Preferred Series E-1		328		339	(9)(17)
Total RTS Holding, Inc.					1,067		1,122
Sub-Total: Green Technology (1.5%)*					$2,392		$16,246
Healthcare Technology
Dentologie Enterprises, Inc.	Equity	August 3, 2023	72,338	Preferred Series B-1		$300		$22	(9)(17)
Emerald Cloud Lab, Inc.	Equity	June 3, 2022	499,999	Preferred Series A		$500		$55	(17)
	Equity	April 29, 2024	617,890	Preferred Series B-1		129		63	(17)
Total Emerald Cloud Lab, Inc.					629		118
Lark Technologies, Inc.	Equity	August 19, 2021	32,416	Preferred Series D		$500		$138	(17)
WorkWell Prevention & Care Inc.	Equity	January 16, 2020	7,000,000	Common Stock		$51		$—	(23)
	Equity	January 16, 2020	3,450	Preferred Series P		3,450		—	(17)(23)
	Equity	January 16, 2020	$3,170	Convertible Note		3,219		—	(16)(23)
Total WorkWell Prevention & Care Inc.					6,720		—
Sub-Total: Healthcare Technology (0.0%)*					$8,149		$278
Human Resource Technology
Nomad Health, Inc.	Equity	May 27, 2022	37,920	Common Stock		$500		$—	(23)
	Equity	September 30, 2025	16,314,426	Preferred Series AA-1		3,781		3,011	(17)(23)
	Equity	September 30, 2025	2,392,230	Preferred Series AAA		1,000		636	(17)(23)
Total Nomad Health, Inc.					5,281		3,647
Sub-Total: Human Resource Technology (0.3%)*					$5,281		$3,647

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Shares / Principal · Series · Cost · Fair Value (6) · Footnotes
Equity Investments- United States, Continued
Industrials
Digilens, Inc.	Equity	July 29, 2023	2,460	Class B Common Stock		$13		$—
	Equity	September 18, 2024	1,076	Class B Common Stock		8		—
	Equity	January 12, 2024	1,382	Class B Common Stock		7		—
	Equity	March 24, 2025	508	Class B Common Stock		4		—
	Equity	October 10, 2023	717	Class B Common Stock		4		—
	Equity	May 6, 2024	466	Class B Common Stock		4		—
	Equity	June 9, 2024	296	Class B Common Stock		2		—
	Equity	May 20, 2024	14,339	Class B Common Stock		110		—
	Equity	March 26, 2025	8,364	Class B Common Stock		65		—
Total Digilens, Inc.					217		—
Sub-Total: Industrials (0.0%)*					$217		$—
Multi-Sector Holdings
AZ-VC Fund I, LLC	Equity	June 30, 2022	—	Member Interest		$620		$587	(7)(10)(17)
Direct Lending 2025 LLC	Equity	September 24, 2025	—	Member Interest		$14,862		$15,030	(7)(10)(17)(23)
Senior Credit Corp 2022 LLC	Equity	January 30, 2023	—	Member Interest		$5,522		$5,967	(7)(10)(17)(23)
Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)	Equity	June 28, 2024	—	Member Interest		$10,000		$10,259	(7)(10)(17)(23)
Trinity Capital Adviser, LLC	Equity	June 28, 2024	—	Member Interest		$1		$9,874	(17)(23)
Sub-Total: Multi-Sector Holdings (3.8%)*					$31,005		$41,717
Real Estate Technology
Knockaway, Inc.	Equity	March 30, 2022	30,458	Common Stock		$501		$—	(23)
	Equity	September 29, 2023	2,956,224	Preferred Series AA		250		3	(17)(23)
	Equity	September 16, 2024	97,866,510	Preferred Series BB		2,500		363	(17)(23)
	Equity	September 7, 2023	3,409,997	Preferred Series AA-1		—		—	(17)(23)
Total Knockaway Inc.					3,251		366
Orchard Technologies, Inc.	Equity	August 6, 2021	2,938	Preferred Series 2		$29		$—	(17)
	Equity	March 16, 2023	97,060	Preferred Series 1		971		93	(17)
	Equity	January 24, 2025	3,009	Preferred Series 1		1		3	(17)
	Equity	January 24, 2025	$10,900	SAFE Note		5		5	(17)
Total Orchard Technologies, Inc.					1,006		101
Maxwell Financial Labs, Inc	Equity	January 22, 2021	84,998	Preferred Series B		$313		$1	(17)
	Equity	May 10, 2024	229,972	Preferred Series B-1		365		4	(17)
	Equity	October 2, 2024	32,839	Preferred Series B-2		121		111	(17)
	Equity	October 2, 2024	17,804	Common Stock		66		—
	Equity	September 11, 2025	294,171	Preferred Series B-2		868		997	(17)
Total Maxwell Financial Labs, Inc					1,733		1,113
Sub-Total: Real Estate Technology (0.1%)*					$5,990		$1,580
SaaS
Cart.com, Inc.	Equity	April 17, 2024	11,533	Preferred Series C		$500		$522	(9)(17)
Crowdtap, Inc.	Equity	December 5, 2025	94,407	Preferred Series B		$42		$135	(17)
Silk Technologies, Inc.	Equity	November 9, 2025	$405	SAFE Note		$405		$405	(9)(17)(19)
Smartly, Inc.	Equity	March 29, 2023	136,388	Preferred Series B		$500		$514	(17)
The Tomorrow Companies, Inc.	Equity	July 5, 2023	108,088	Preferred Series E-1		$325		$168	(9)(17)
Dahlia Clipper SPV, L.P.	Equity	July 25, 2025	-	SPV Member Units		$2,000		$2,028	(17)
Sub-total: SaaS (0.3%)*					$3,772		$3,772

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Shares / Principal · Series · Cost · Fair Value (6) · Footnotes
Equity Investments- United States, Continued
Space Technology
Astranis Space Technology Corporation	Equity	April 5, 2023	13,685	Preferred Series C Prime		$300		$351	(9)(17)
	Equity	March 19, 2024	64,223	Preferred Series D		600		1,313	(9)(17)
Total Astranis Space Technology Corporation					900		1,664
Axiom Space, Inc.	Equity	January 18, 2023	3,624	Preferred Series C-1		$521		$313	(17)
Hadrian Automation, Inc.	Equity	March 29, 2022	53,154	Preferred Series A-4		$500		$761	(17)
	Equity	December 11, 2023	31,831	Preferred Series B-1		300		456	(9)(17)
Total Hadrian Automation, Inc.					800		1,217
Impulse Space, Inc.	Equity	August 30, 2024	23,240	Preferred Series B		$325		$669	(9)(17)(19)
	Equity	May 9, 2025	8,503	Preferred Series C		325		320	(9)(17)(19)
Total Impulse Space, Inc.					650		989
Sub-total: Space Technology (0.4%)*					$2,871		$4,183
Supply Chain Technology
Inktavo, LLC	Equity	October 15, 2025	1,228,883	Preferred Class A		$2,000		$2,004	(17)(20)
Macrofab, Inc.	Equity	January 30, 2024	247,173	Preferred Series C-1		$500		$1	(17)
Sub-total: Supply Chain Technology (0.2%)*					$2,500		$2,005
Transportation Technology
Get Spiffy, Inc.	Equity	April 14, 2025	16,024,208	Preferred Series A-2		$31		$—	(9)(17)
NextCar Holding Company, Inc.	Equity	April 18, 2023	2,688,971	Preferred Series A-6		$—		$—	(17)
Autonomy Data Services, Inc.	Equity	November 4, 2025	2,628,348	Preferred Series Pre-Seed 2		$900		$951	(17)(23)
Sub-total: Transportation Technology (0.1%)*					$931		$951
Total: Equity Investments- United States (12.6%)*					$125,987		$138,125

Portfolio Company (1) · Type of Investment (2) · Investment Date (3) · Shares / Principal · Series · Cost · Fair Value (6) · Footnotes
Equity Investments- Canada
Construction Technology
Nexii, Inc.	Equity	July 24, 2024	6,126	Preferred Series A-1		$3,049		$151	(10)(17)(23)
	Equity	July 24, 2024	50,000	Preferred Series A-1		1,370		1,239	(10)(17)(23)
Total Nexii, Inc.					4,419		1,390
Sub-Total: Construction Technology (0.1%)*					$4,419		$1,390
Supply Chain Technology
GoFor Delivers, Inc.	Equity	June 28, 2024	194,329	Preferred Series 2 Seed		$660		$670	(10)(17)(23)
Sub-total: Supply Chain Technology (0.1%)*					$660		$670
Total: Equity Investments- Canada (0.2%)*					$5,079		$2,060
Total: Equity Investments (12.8%)*					$131,066		$140,185
Total Investment in Securities (221.0%)*					$2,396,883		$2,418,075
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Institutional Fund					$104		$104
Other cash accounts					19,006		19,006
Cash and Cash Equivalents (1.7%)*					19,110		19,110
Total Portfolio Investments and Cash and Cash Equivalents (222.8%) of net assets)					$2,415,993		$2,437,185

Notional Amount · Notional Amount
Foreign Currency Forward Contracts · Settlement Date · Counterparty · Currency · to be Sold · Transaction · to be Purchased · Fair Value
Canadian Dollars (CAD)	April 29, 2026	Canadian Imperial Bank of Commerce	CAD	26,762	Sold		$19,584		$(9)
Canadian Dollars (CAD)	April 29, 2026	Canadian Imperial Bank of Commerce	CAD	2,246	Sold		1,615		(29)
Canadian Dollars (CAD)	April 29, 2026	Canadian Imperial Bank of Commerce	CAD	8,547	Sold		6,249		(8)
Great British Pounds (GBP)	December 24, 2026	City National Bank	GBP	15,000	Sold		20,127		54
Total Foreign Currency Forward (0.0%)*						$47,575		$8

*Value as a percent of net assets

(1)

All portfolio companies are located in North America or Europe. As of December 31, 2025, Trinity Capital Inc. (the “Company”) hadten foreign domiciled portfolio companies, four of which are based in Canada andsix of which are based in Europe. As of December 31, 2025, these foreign domiciled portfolio investments represented 15.2% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.

(2)

All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.

(3)

Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions (both terms as defined in“Note 1 – Organization and Basis of Presentation”), the investment date is January 16, 2020, the date of the Formation Transactions.

(4)

Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value, generally subject to a cap, or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the term of the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities.

(5)

Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(6)

Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”) using Level 3 inputs.

(7)

Asset is valued at fair value as determined in good faith by the Company's Board using Level 1 and Level 2 inputs.

(8)

The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. As of December 31, 2025, the U.S. Prime Rate (“Prime”) was 6.75%, the Secured Overnight Financing Rate (“SOFR”) 1-Month Term Rate was 3.69%, the SOFR 3-Month Term Rate was 3.65%, the Canadian Overnight Repo Rate Average (“CORRA”) 3-Month Term rate was 2.26% and the Bank of England Base Rate (“Base Rate”) was 3.75%.

(9)

Senior Credit Corp 2022 LLC owns an additional portion of this security. See“Note 12 – Related Party Transactions” for further discussion.

(10)

Indicates a “non-qualifying asset” under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s percentage of non-qualifying assets at fair value represents 17.8% of the Company’s total assets as of December 31, 2025. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

(11)

Investment haszero cost basis as it was purchased at a fair value ofzero as part of the Formation Transactions (as defined in “Note 1– Organization and Basis of Presentation”).

(12)

Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.

(13)

Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.

(14)

Investment is pledged as collateral supporting amounts outstanding under the Company's credit facility and with KeyBank, National Association (the “KeyBank Credit Facility”) and the Company's secured term loan facility with KeyBank (the “KeyBank Secured Term Loan Facility”). See “Note 5 – Borrowings” for more information.

(15)

Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally collected through amortization, is recorded on an accrual basis to the extent such amounts are expected to be collected.

(16)

Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not occur.

(17)

Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.

(18)

Investment is on non-accrual status as of December 31, 2025 and is therefore considered non-income producing.

(19)

Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC) owns an additional portion of this security. See“Note 12 – Related Party Transactions” for further discussion.

(20)

Investment has an unfunded commitment as of December 31, 2025 (see “Note 6 – Commitments and Contingencies”). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(21)

Borrower is a wholly owned, special purpose vehicle subsidiary of named portfolio company.

(22)

Direct Lending 2025 LLC owns an additional portion of this security. See “Note 12-Related Party Transactions” for further discussion.

(23)

This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. The 1940 Act defines Control Investments as investments in companies in which the Company owns beneficially, either directly or indirectly, more than 25% of the voting securities, or maintains greater than 50% of the board representation. Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns beneficially, either directly or indirectly, between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. Fair value as of December 31, 2025, along with transactions during the year ended December 31, 2025 in these control and affiliate investments are as follows:

Net change in
Unrealized
	Fair Value at	Gross	Gross	Realized	(Depreciation)/	Fair Value at	Interest and
	December 31, 2024	Additions (1)	Reductions (2)	Gain/(Loss)	Appreciation	December 31, 2025	Dividend Income
Control Investments
Edeniq, Inc.	$18,105	$—	$—	$—	$7,939	$26,044	$—
Project Frog, Inc.	44	—	(57)	—	13	—	—
Vertical Communications, Inc.	16,608	3,077	(1,328)	—	(4,466)	13,890	1,570
WorkWell Prevention and Care Inc.	500	—	—	—	—	500	62
Knockaway, Inc.	49,141	59,018	(45,614)	—	(4,124)	58,421	8,153
Direct Lending 2025 LLC	—	22,350	(7,488)	—	168	15,030	387
Trinity Capital Adviser, LLC	4,851	—	—	—	5,024	9,875	—
Total Control Investments	$89,249	$84,445	$(54,487)	$—	$4,554	$123,760	$10,172
Affiliate Investments
Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)	9,215	785	—	—	259	10,259	977
Emergy, Inc.(3)	—	755	—	—	—	755	—
Autonomy Data Services, Inc.(3)	—	900	—	—	51	951	—
Project Frog, Inc.	—	57	—	—	183	240	—
GoFor Delivers, Inc.	6,441	48	—	—	(167)	6,322	768
Nexii, Inc.	3,997	—	—	—	(2,290)	1,707	37
Nomad Health, Inc. (3)	28,868	1,162	1,698	(18,964)	(1,355)	11,409	—
Senior Credit Corp 2022 LLC	19,071	—	—	—	(219)	18,852	3,460
Total Affiliate Investments	$67,592	$3,707	$1,698	$(18,964)	$(3,538)	$50,495	$5,242
Total Control and Affiliate Investments	$156,841	$88,152	$(52,789)	$(18,964)	$1,016	$174,255	$15,414

(1)

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3)

The portfolio company was designated as an affiliate investment during 2025, and the interest and dividend income presented reflects amounts earned from the date of designation date through December 31, 2025.

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