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Midas Edge

Hercules Capital Inc

For the period ended Dec 31, 2023. Filed Feb 15, 2024.

View on SEC.gov

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.

FY2023 · Filed Feb 15, 2024

HCXY$24.13+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,

Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
Debt Investments
Biotechnology Tools
Alamar Biosciences, Inc.Senior SecuredJune 2026Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee$15,049$15,069$15,508(13)(14)
PathAI, Inc.Senior SecuredJanuary 2027Prime + 2.15%, Floor rate 9.15%, 9.81% Exit Fee$32,00031,94132,519(12)
Subtotal: Biotechnology Tools (2.66%)*47,01048,027
Communications & Networking
Aryaka Networks, Inc.Senior SecuredJuly 2026Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee$25,15324,94326,000(12)(14)(19)
Cytracom Holdings LLCSenior SecuredFebruary 20253-month SOFR + 9.72%, Floor rate 10.62%$3,2673,2393,272(11)(17)(18)
Subtotal: Communications & Networking (1.62%)*28,18229,272
Consumer & Business Services
Altumint, Inc.Senior SecuredDecember 2027Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee$10,0009,9059,905(15)(17)
AppDirect, Inc.Senior SecuredApril 2026Prime + 5.50%, Floor rate 8.75%, 7.12% Exit Fee$55,79057,65359,507(12)
Carwow LTDSenior SecuredDecember 2024Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee£19,14626,83425,157(5)(10)(14)
Houzz, Inc.Convertible DebtMay 2028PIK Interest 8.50%$23,34023,34023,244(9)(14)
Jobandtalent USA, Inc.Senior SecuredFebruary 20251-month SOFR + 8.86% Floor rate 9.75%, 3.00% Exit Fee$14,00014,09514,259(5)(10)
Plentific LtdSenior SecuredOctober 2026Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee$875853853(5)(10)(17)
ProviSenior SecuredDecember 2026Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee$15,00014,90415,046(15)
Rhino Labs, Inc.Senior SecuredJune 2024Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%$4,7104,7044,704(14)(15)
Riviera Partners LLCSenior SecuredApril 20273-month SOFR + 8.26%, Floor rate 9.26%$36,86836,33934,659(17)(18)
RVShare, LLCSenior SecuredDecember 20263-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%$28,87628,40428,888(13)(14)(15)
SeatGeek, Inc.Senior SecuredMay 2026Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee$25,19925,12625,869(11)(14)(16)
Senior SecuredJuly 2026Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee$77,64277,17079,119(12)(14)(16)
Total SeatGeek, Inc.$102,841102,296104,988
Skyword, Inc.Senior SecuredNovember 2026Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee$9,1699,1899,311(13)(14)
Tectura CorporationSenior SecuredJuly 2024FIXED 8.25%$8,2508,2508,250(7)
Thumbtack, Inc.Senior SecuredApril 2026Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee$10,25810,31710,639(12)(14)(17)
Udacity, Inc.Senior SecuredSeptember 2024Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee$53,00053,98953,130(12)(14)
Veem, Inc.Senior SecuredMarch 2025Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee$5,1075,1765,230(13)(14)
Senior SecuredMarch 2025Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee$5,1105,1895,286(12)(14)
Total Veem, Inc.$10,21710,36510,516
Worldremit Group LimitedSenior SecuredFebruary 20253-month SOFR + 9.40%, Floor rate 10.25%, 3.20% Exit Fee$88,25089,31889,653(5)(10)(11)(12)(16) (19)
Senior SecuredFebruary 20251-month SOFR + 9.35%, Floor rate 10.25%, 3.20% Exit Fee$6,2506,3086,344(5)(10)(16)(19)
Total Worldremit Group Limited$94,50095,62695,997
Subtotal: Consumer & Business Services (28.24%)*507,063509,053
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)UnsecuredSeptember 2026FIXED 11.50%$25,00024,66324,663(7)(20)
UnsecuredSeptember 2026FIXED 11.95%$10,0009,8159,815(7)(20)
Total Gibraltar Acquisition, LLC$35,00034,47834,478
Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
Hercules Adviser LLCUnsecuredJune 2025FIXED 5.00%$12,000$12,000$12,000(7)(23)
Next Insurance, Inc.Senior SecuredFebruary 2028Prime - (1.50%), Floor rate 4.75%, PIK Interest 5.50%$10,46910,28610,618(14)(17)(19)
Subtotal: Diversified Financial Services (3.17%)*56,76457,096
Drug Discovery & Development
Akero Therapeutics, Inc.Senior SecuredJanuary 2027Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee$12,50012,52513,065(10)(13)(17)
Aldeyra Therapeutics, Inc.Senior SecuredOctober 2024Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee$15,00015,15215,152(11)
Alladapt Immunotherapeutics Inc.Senior SecuredSeptember 2026Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 5.30% Exit Fee$35,00035,17336,855(13)
AmplifyBio, LLCSenior SecuredJanuary 2027Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee$24,00024,12024,514(15)
ATAI Life Sciences N.V.Senior SecuredAugust 2026Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee$10,50010,69510,904(5)(10)
Axsome Therapeutics, Inc.Senior SecuredJanuary 2028Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee$143,350143,646150,255(10)(11)(12)(16)
Bicycle Therapeutics PLCSenior SecuredJuly 2025Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee$11,50011,88011,783(5)(10)(11)(12)
BiomX, INCSenior SecuredSeptember 2025Prime +5.70%, Floor rate 8.95%, 6.55% Exit Fee$6,4486,8076,790(5)(10)(11)
Braeburn, Inc.Senior SecuredOctober 2028Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee$52,60152,18552,185(14)
BridgeBio Pharma, Inc.Senior SecuredNovember 2026FIXED 9.00%, 2.00% Exit Fee$38,16738,12435,498(12)(13)(14)
Cellarity, Inc.Senior SecuredJune 2026Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee$29,19329,48230,051(13)(15)
COMPASS Pathways plcSenior SecuredJuly 2027Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee$24,14423,79824,601(5)(10)(14)
Corium, Inc.Senior SecuredSeptember 2026Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee$105,225107,667108,545(13)(16)
Curevo, Inc.Senior SecuredJune 2027Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee$10,0009,82110,076(15)
Eloxx Pharmaceuticals, Inc.Senior SecuredApril 2025Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee$3,0993,7893,731(15)
enGene, Inc.Senior SecuredJanuary 2028Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee$15,75015,55015,550(5)(10)
G1 Therapeutics, Inc.Senior SecuredNovember 2026Prime + 5.65%, Floor rate 9.15%, 11.41% Exit Fee$38,75039,67940,421(11)(12)(15)
Geron CorporationSenior SecuredApril 2025Prime + 4.50%, Floor rate 9.00%, 6.55% Exit Fee$30,20031,00531,210(10)(12)(13)
Gritstone Bio, Inc.Senior SecuredJuly 2027Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee$30,53230,71730,909(13)(14)
Heron Therapeutics, Inc.Senior SecuredFebruary 2026Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee$20,09519,78819,788(14)(15)(17)
Hibercell, Inc.Senior SecuredMay 2025Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee$12,53513,11713,181(13)(15)
HilleVax, Inc.Senior SecuredMay 2027Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee$20,52420,68520,335(14)(15)
Kura Oncology, Inc.Senior SecuredNovember 2027Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee$5,5005,5325,752(10)(15)(17)
Locus Biosciences, Inc.Senior SecuredJuly 2025Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee$5,3995,6515,686(15)
Madrigal Pharmaceutical, Inc.Senior SecuredMay 2026Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee$78,20078,72881,945(10)
Phathom Pharmaceuticals, Inc.Senior SecuredDecember 2027Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.15%, 7.29% Exit Fee$129,699130,934128,326(10)(12)(14)(15)(16) (17)(22)
Redshift Bioanalytics, Inc.Senior SecuredJanuary 2026Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee$5,0005,0475,119(15)
Replimune Group, Inc.Senior SecuredOctober 2027Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee$31,41631,45032,702(10)(12)(14)
Tarsus Pharmaceuticals, Inc.Senior SecuredFebruary 2027Prime + 4.45%, Floor rate 8.45%, Cap rate 11.45%, 4.75% Exit Fee$12,37512,48812,916(10)(13)(17)
TG Therapeutics, Inc.Senior SecuredJanuary 2026Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee$65,77066,43967,610(10)(11)(12)(14)
uniQure B.V.Senior SecuredJanuary 2027Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee$70,00071,15773,318(5)(10)(11)(12)
Valo Health, LLCSenior SecuredMay 2024Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee$2,3962,8082,808(11)(13)
Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
Verona Pharma, Inc.Senior SecuredDecember 20281-month SOFR + 5.85%, Floor rate 11.19%, Cap rate 13.19%, 3.50% Exit Fee$15,750$15,646$15,646(5)(10)
Viridian Therapeutics, Inc.Senior SecuredOctober 2026Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee$8,0008,0578,023(10)(13)
X4 Pharmaceuticals, Inc.Senior SecuredOctober 2026Prime + 3.15%, Floor rate 10.15%, 3.80% Exit Fee$55,00054,68055,417(11)(12)(13)
Subtotal: Drug Discovery & Development (66.60%)*1,184,0221,200,667
Electronics & Computer Hardware
Locus Robotics Corp.Senior SecuredJune 2026Prime + 4.50%, Floor rate 8.00%, 4.00% Exit Fee$18,28118,34818,982(19)
Subtotal: Electronics & Computer Hardware (1.05%)*18,34818,982
Healthcare Services, Other
Better Therapeutics, Inc.Senior SecuredAugust 2025Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee$10,86511,2858,455(15)
Blue Sprig Pediatrics, Inc.Senior SecuredNovember 20261-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45%$69,03268,27768,393(11)(13)(14)
Carbon Health Technologies, Inc.Senior SecuredMarch 2025Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee$46,12547,19346,242(11)(13)
Equality Health, LLCSenior SecuredFebruary 2026Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%$54,42554,14254,697(11)(12)(14)
Main Street Rural, Inc.Senior SecuredJuly 2027Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee$24,50024,47624,929(15)(17)
Modern Life, Inc.Senior SecuredFebruary 2027Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee$13,00012,88813,111(13)(17)
Recover Together, Inc.Senior SecuredJuly 2027Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee$35,00034,68334,683
Strive Health Holdings, LLCSenior SecuredSeptember 2027Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee$12,00011,86811,868(15)
Vida Health, Inc.Senior SecuredMarch 20269.20% + Lower of (Prime - 3.25%) or 1.00%, Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee$36,50036,35236,145(11)
Subtotal: Healthcare Services, Other (16.56%)*301,164298,523
Information Services
Capella Space Corp.Senior SecuredNovember 2025Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee$20,47721,16621,351(14)(15)
Checkr Group, Inc.Senior SecuredAugust 2028Prime + 1.45%, Floor rate 8.00%, PIK Interest 2.00%, 2.75% Exit Fee$47,62147,46049,382(14)(17)
Saama Technologies, LLCSenior SecuredJuly 2027Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee$11,72511,62711,876(14)(17)
Signal Media LimitedSenior SecuredJune 2025Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee$5,4005,3645,392(5)(10)
Yipit, LLCSenior SecuredSeptember 20261-month SOFR + 8.45%, Floor rate 9.35%$31,87531,48231,875(17)(18)
Subtotal: Information Services (6.65%)*117,099119,876
Manufacturing Technology
Bright Machines, Inc.Senior SecuredMay 2025Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee$7,8278,0648,006(13)
Subtotal: Manufacturing Technology (0.44%)*8,0648,006
Media/Content/Info
Fever Labs, Inc.Senior SecuredSeptember 2026Prime + 3.50%, Floor rate 9.00%, 4.00% Exit Fee$6,6676,6726,768(19)
Senior SecuredSeptember 2025Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee$1,1671,1781,188(19)
Senior SecuredDecember 2025Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee$1,3331,3421,351(19)
Senior SecuredMarch 2026Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee$1,5001,5011,509(19)
Senior SecuredJune 2026Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee$1,6671,6471,653(19)
Total Fever Labs, Inc.$12,33412,34012,469
Subtotal: Media/Content/Info (0.69%)*12,34012,469
Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
Medical Devices & Equipment
Senseonics Holdings, Inc.Senior SecuredSeptember 2027Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee$21,875$21,572$21,572(17)
Subtotal: Medical Devices & Equipment (1.20%)*21,57221,572
Software
3GTMS, LLCSenior SecuredFebruary 20253-month SOFR + 9.70%, Floor rate 10.60%$13,11013,02913,103(11)(17)(18)
Senior SecuredFebruary 20253-month SOFR + 6.88%, Floor rate 7.78%$1,9901,9881,986(17)(18)
Total 3GTMS, LLC$15,10015,01715,089
Agilence, Inc.Senior SecuredOctober 20261-month BSBY + 9.00%, Floor rate 10.00%$9,2129,0409,212(12)(17)(18)
Alchemer LLCSenior SecuredMay 20281-month SOFR + 8.14%, Floor rate 9.14%$20,90820,50821,297(13)(17)(18)
Allvue Systems, LLCSenior SecuredSeptember 20296-month SOFR + 7.25%, Floor rate 8.25%$36,41035,53035,530(17)
Annex CloudSenior SecuredFebruary 20271-month BSBY + 9.41%, Floor rate 10.41%$9,8239,6499,761(13)(17)
Automation Anywhere, Inc.Senior SecuredSeptember 2027Prime + 4.25%, Floor rate 9.00%, 4.50% Exit Fee$19,60019,34520,269(11)(17)(19)
Babel StreetSenior SecuredDecember 20273-month SOFR + 7.89%, Floor rate 8.89%$45,00043,98344,928(15)(17)(18)
Brain CorporationSenior SecuredApril 2026Prime + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee$30,41530,67830,989(13)(14)(15)(17)
Campaign Monitor LimitedSenior SecuredNovember 20253-month SOFR + 9.05%, Floor rate 9.90%$33,00032,70633,000(13)(19)
Catchpoint Systems, Inc.Senior SecuredNovember 20253-month SOFR + 9.41%, Floor rate 11.81%$10,0739,9319,940(18)
Ceros, Inc.Senior SecuredSeptember 20266-month SOFR + 8.99%, Floor rate 9.89%$22,86722,49823,075(17)(18)
Constructor.io CorporationSenior SecuredJuly 20271-month SOFR + 8.44%, Floor rate 9.44%$4,6884,5924,790(13)(17)(18)
Convoy, Inc.Senior SecuredMarch 2026Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee$31,04930,916—(8)(14)(19)
Copper CRM, IncSenior SecuredMarch 2025Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 3.96% Exit Fee$9,1419,3079,153(11)(14)
Cutover, Inc.Senior SecuredOctober 2025Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee$5,5005,5445,715(5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc.Senior SecuredAugust 20266-month SOFR + 8.63%, Floor rate 9.38%$7,9557,8307,778(13)(17)
Senior SecuredAugust 20266-month SOFR + 12.36%, Floor rate 13.11%$2,5462,4942,556(17)
Total Cybermaxx Intermediate Holdings, Inc.$10,50110,32410,334
Dashlane, Inc.Senior SecuredDecember 2027Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 7.26% Exit Fee$42,86343,08743,087(11)(13)(17)(19)
Dispatch Technologies, Inc.Senior SecuredApril 20283-month SOFR + 8.01%, Floor rate 8.76%$8,1257,9498,127(17)(18)
DroneDeploy, Inc.Senior SecuredJuly 2026Prime + 4.50%, Floor rate 8.75%, 4.00% Exit Fee$6,2506,0836,153(17)
Eigen Technologies Ltd.Senior SecuredApril 2025Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee$3,7503,8013,730(5)(10)
Elation Health, Inc.Senior SecuredMarch 2026Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee$12,62912,25312,692(14)(17)(19)
Enmark Systems, Inc.Senior SecuredSeptember 20263-month SOFR + 6.73%, Floor rate 7.73%, PIK Interest 2.13%$8,3638,2308,363(11)(14)(17)(18)
Flight Schedule Pro, LLCSenior SecuredOctober 20271-month SOFR + 7.80%, Floor rate 8.70%$6,5876,4206,553(17)(18)
Fortified Health SecuritySenior SecuredDecember 20271-month SOFR + 7.64%, Floor rate 8.54%$7,0006,8516,910(11)(17)(18)
iGrafx, LLCSenior SecuredMay 20271-month SOFR + 8.66%, Floor rate 9.56%$5,0004,9014,901(18)
Ikon Science LimitedSenior SecuredOctober 20243-month SOFR + 9.26%, Floor rate 10.00%$6,2136,1486,148(5)(10)(17)(18)
Khoros (p.k.a Lithium Technologies)Senior SecuredJanuary 20253-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%$57,77057,73056,293(14)
Leapwork ApSSenior SecuredFebruary 2026Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee$3,8133,8103,907(5)(10)(12)(14)(17)
LinenMaster, LLCSenior SecuredAugust 20281-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%$15,08314,79914,799(14)(17)
Loftware, Inc.Senior SecuredMarch 20283-month SOFR + 7.88%, Floor rate 8.88%$26,46925,89726,566(17)(18)
Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
LogicSourceSenior SecuredJuly 20273-month SOFR + 8.93%, Floor rate 9.93%$13,300$13,074$13,493(17)(18)
Mobile Solutions ServicesSenior SecuredDecember 20256-month SOFR + 9.31%, Floor rate 10.06%$18,36618,11618,176(18)
New Relic, Inc.Senior SecuredNovember 20303-month SOFR + 6.75%, Floor rate 7.75%$20,89020,37520,375(17)
Omeda Holdings, LLCSenior SecuredJuly 20273-month SOFR + 8.05%, Floor rate 9.05%$7,7067,5087,702(11)(17)(18)
Onna Technologies, Inc.Senior SecuredMarch 2026Prime + 1.35%, Floor rate 8.85%, PIK Interest 1.75%, 4.45% Exit Fee$3,8533,8143,810(14)
Salary.com, LLCSenior SecuredSeptember 20273-month SOFR + 8.00%, Floor rate 9.00%$22,18521,81422,048(18)
ShadowDragon, LLCSenior SecuredDecember 20261-month SOFR + 9.01%, Floor rate 9.91%$6,0005,8835,921(17)(18)
Simon Data, Inc.Senior SecuredMarch 2027Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.92% Exit Fee$15,06514,98215,037(12)(14)
Sisense Ltd.Senior SecuredJuly 2027Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee$34,83034,58434,881(5)(10)(14)
Streamline Healthcare SolutionsSenior SecuredMarch 20283-month SOFR + 7.25%, Floor rate 8.25%$13,20012,95313,327(17)(18)
Sumo Logic, Inc.Senior SecuredMay 20303-month SOFR + 6.50%, Floor rate 7.50%$23,00022,46023,105(17)
Suzy, Inc.Senior SecuredAugust 2027Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee$12,06411,83711,837(14)(15)(17)
ThreatConnect, Inc.Senior SecuredMay 20266-month SOFR + 9.25%, Floor rate 10.00%$10,92010,73010,920(17)(18)
Tipalti Solutions Ltd.Senior SecuredApril 2027Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee$10,64910,57810,835(5)(10)(14)(17)
Zappi, Inc.Senior SecuredDecember 20273-month SOFR + 8.03%, Floor rate 9.03%$9,0008,8168,967(5)(10)(13)(17)(18)
Zimperium, Inc.Senior SecuredMay 20273-month SOFR + 8.31%, Floor rate 9.31%$16,31316,05716,394(17)(18)
Subtotal: Software (40.39%)*751,108728,139
Sustainable and Renewable Technology
Ampion, PBCSenior SecuredMay 2025Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.78% Exit Fee$3,9263,9523,939(13)(14)
Pineapple Energy LLCSenior SecuredJune 2027FIXED 10.00%$1,6821,6821,678(19)
Subtotal: Sustainable and Renewable Technology (0.31%)*5,6345,617
Total: Debt Investments (169.59%)*$3,058,370$3,057,299
Portfolio CompanyType ofInvestmentAcquisition Date(4)Series (3)SharesCost (2)ValueFootnotes
Equity Investments
Consumer & Business Products
Fabletics, Inc.Equity4/30/2010Common Stock42,989$128$96
Equity7/16/2013Preferred Series B130,1911101700
Total Fabletics, Inc.173,1801,229796
Grove Collaborative, Inc.Equity4/30/2021Common Stock12,26043321(4)
Savage X Holding, LLCEquity4/30/2010Class A Units172,32813863
TFG Holding, Inc.Equity4/30/2010Common Stock173,18089584
Subtotal: Consumer & Business Products (0.13%)*1,7642,264
Consumer & Business Services
Carwow LTDEquity12/15/2021Preferred Series D-4199,7421,151679(5)(10)
DoorDash, Inc.Equity12/20/2018Common Stock56,9966575,636(4)
Lyft, Inc.Equity12/26/2018Common Stock100,7385,2631,510(4)
Nerdy Inc.Equity9/17/2021Common Stock100,0001,000343(4)
OfferUp, Inc.Equity10/25/2016Preferred Series A286,0801,663377
Portfolio CompanyType ofInvestmentAcquisition Date(4)Series (3)SharesCost (2)ValueFootnotes
Equity10/25/2016Preferred Series A-1108,710$632$143
Total OfferUp, Inc.394,7902,295520
OportunEquity6/28/2013Common Stock48,365577189(4)
Reischling Press, Inc.Equity7/31/2020Common Stock3,09539—
Rhino Labs, Inc.Equity1/24/2022Common Stock7,0631,000559
Tectura CorporationEquity5/23/2018Common Stock414,994,8639004(7)
Equity6/6/2016Preferred Series BB1,000,000—12(7)
Equity12/29/2023Preferred Series C3,235,29813,2633,251(7)
Total Tectura Corporation419,230,16114,1633,267
Subtotal: Consumer & Business Services (0.70%)*26,14512,703
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)Equity3/1/2018Member Units134,00628,034(7)(20)
Hercules Adviser LLCEquity3/26/2021Member Units13528,713(7)(23)
Newfront Insurance Holdings, Inc.Equity9/30/2021Preferred Series D-2210,282403325
Subtotal: Diversified Financial Services (3.17%)*34,44457,072
Drug Delivery
Aytu BioScience, Inc.Equity3/28/2014Common Stock6801,5002(4)
BioQ Pharma IncorporatedEquity12/8/2015Preferred Series D165,000500—
PDS Biotechnology CorporationEquity4/6/2015Common Stock2,49830912(4)
Talphera, Inc. (p.k.a. AcelRx Pharmaceuticals, Inc.)Equity12/10/2018Common Stock8,8361,3297(4)
Subtotal: Drug Delivery (0.00%)*3,63821
Drug Discovery & Development
Avalo Therapeutics, Inc.Equity8/19/2014Common Stock421,000—(4)
Axsome Therapeutics, Inc.Equity5/9/2022Common Stock127,0214,16510,110(4)(10)(16)
Bicycle Therapeutics PLCEquity10/5/2020Common Stock98,1001,8711,774(4)(5)(10)
BridgeBio Pharma, Inc.Equity6/21/2018Common Stock231,3292,2559,339(4)
Cyclo Therapeutics, Inc. (p.k.a. Applied Molecular Transport)Equity4/6/2021Common Stock13442—(4)(10)
Dare Biosciences, Inc.Equity1/8/2015Common Stock13,5501,0004(4)
Dynavax TechnologiesEquity7/22/2015Common Stock20,000550280(4)(10)
Gritstone Bio, Inc.Equity10/26/2022Common Stock442,4771,000903(4)
Heron Therapeutics, Inc.Equity7/25/2023Common Stock364,963500620(4)
Hibercell, Inc.Equity5/7/2021Preferred Series B3,466,8404,2501,834(15)
HilleVax, Inc.Equity5/3/2022Common Stock235,2954,0003,777(4)
Humanigen, Inc.Equity3/31/2021Common Stock43,243800—(4)(10)
Kura Oncology, Inc.Equity6/16/2023Common Stock47,826550688(4)(10)
Madrigal Pharmaceutical, Inc.Equity9/29/2023Common Stock5,1007731,180(4)(10)
NorthSea TherapeuticsEquity12/15/2021Preferred Series C9832,0001,427(5)(10)
Portfolio CompanyType ofInvestmentAcquisition Date(4)Series (3)SharesCost (2)ValueFootnotes
Phathom Pharmaceuticals, Inc.Equity6/9/2023Common Stock147,233$1,730$1,344(4)(10)(16)
Rocket Pharmaceuticals, Ltd.Equity8/22/2007Common Stock9441,50028(4)
Savara, Inc.Equity8/11/2015Common Stock11,11920352(4)
Sio Gene Therapies, Inc.Equity2/2/2017Common Stock16,2281,2696(4)
Tarsus Pharmaceuticals, Inc.Equity5/5/2022Common Stock155,5552,1003,150(4)(10)
uniQure B.V.Equity1/31/2019Common Stock17,175332116(4)(5)(10)
Valo Health, LLCEquity12/11/2020Preferred Series B510,3083,0002,911
Equity10/31/2022Preferred Series C170,1021,0001,187
Total Valo Health, LLC680,4104,0004,098
Verge Analytics, Inc.Equity9/6/2023Preferred Series C208,5881,5001,753
Viridian Therapeutics, Inc.Equity11/6/2023Common Stock32,310400704(4)(10)
X4 Pharmaceuticals, Inc.Equity11/26/2019Common Stock1,566,0642,9451,313(4)
Subtotal: Drug Discovery & Development (2.47%)*40,73544,500
Electronics & Computer Hardware
Locus Robotics Corp.Equity11/17/2022Preferred Series F15,116650407
Skydio, Inc.Equity3/8/2022Preferred Series E248,9001,500544
Subtotal: Electronics & Computer Hardware (0.05%)*2,150951
Healthcare Services, Other
23andMe, Inc.Equity3/11/2019Common Stock825,7325,094754(4)
Carbon Health Technologies, Inc.Equity3/30/2021Preferred Series C217,8801,688206
Subtotal: Healthcare Services, Other (0.05%)*6,782960
Information Services
Planet Labs, Inc.Equity6/21/2019Common Stock547,8806151,353(4)
Yipit, LLCEquity12/30/2021Preferred Series E41,0213,8254,890
Subtotal: Information Services (0.35%)*4,4406,243
Medical Devices & Equipment
Coronado Aesthetics, LLCEquity10/15/2021Common Units180,000—2(7)
Equity10/15/2021Preferred Series A-25,000,000250260(7)
Total Coronado Aesthetics, LLC5,180,000250262
Subtotal: Medical Devices & Equipment (0.01%)*250262
Semiconductors
Achronix Semiconductor CorporationEquity7/1/2011Preferred Series C277,995160394
Subtotal: Semiconductors (0.02%)*160394
Software
3GTMS, LLCEquity8/9/2021Common Stock1,000,0001,000863
Black Crow AI, Inc. affiliatesEquity3/24/2021Preferred Note32,4062,406(21)
CapLinked, Inc.Equity10/26/2012Preferred Series A-353,61451—
Contentful Global, Inc.Equity12/22/2020Preferred Series C41,000138303(5)(10)
Portfolio CompanyType ofInvestmentAcquisition Date(4)Series (3)SharesCost (2)ValueFootnotes
Equity11/20/2018Preferred Series D108,500$500$842(5)(10)
Total Contentful Global, Inc.149,5006381,145
Docker, Inc.Equity11/29/2018Common Stock20,0004,284636
Druva Holdings, Inc.Equity10/22/2015Preferred Series 2458,8411,0002,752
Equity8/24/2017Preferred Series 393,620300587
Total Druva Holdings, Inc.552,4611,3003,339
HighRoads, Inc.Equity1/18/2013Common Stock190307—
Leapwork ApSEquity8/25/2023Preferred Series B2183,073250231(5)(10)
Lightbend, Inc.Equity12/4/2020Common Stock38,46126523
Nextdoor.com, Inc.Equity8/1/2018Common Stock1,019,2554,8541,927(4)
Palantir TechnologiesEquity9/23/2020Common Stock568,3373,4749,758(4)
SingleStore, Inc.Equity11/25/2020Preferred Series E580,9832,0001,721
Equity8/12/2021Preferred Series F52,956280196
Total SingleStore, Inc.633,9392,2801,917
Verana Health, Inc.Equity7/8/2021Preferred Series E952,5622,000422
ZeroFox, Inc.Equity5/7/2020Common Stock289,992101252(4)
Subtotal: Software (1.27%)*23,21022,919
Sustainable and Renewable Technology
Fulcrum Bioenergy, Inc.Equity9/13/2012Preferred Series C-1187,265711529
Impossible Foods, Inc.Equity5/10/2019Preferred Series E-1188,6112,000479
Modumetal, Inc.Equity6/1/2015Common Stock1,035500—
NantEnergy, LLCEquity8/31/2013Common Units59,665102—
Pineapple Energy LLCEquity12/10/2020Common Stock304,4873,153180(4)
Pivot Bio, Inc.Equity6/28/2021Preferred Series D593,0804,5002,684
Proterra, Inc.Equity5/28/2015Common Stock457,8415429(4)
Subtotal: Sustainable and Renewable Technology (0.22%)*11,5083,881
Total: Equity Investments (8.44%)*$155,226$152,170
Warrant Investments
Biotechnology Tools
Alamar Biosciences, Inc.Warrant6/21/2022Preferred Series B46,197$36$20
PathAI, Inc.Warrant12/23/2022Common Stock53,418460334(12)
Subtotal: Biotechnology Tools (0.02%)*496354
Communications & Networking
Aryaka Networks, Inc.Warrant6/28/2022Common Stock229,611123128(12)
Subtotal: Communications & Networking (0.01%)*123128
Consumer & Business Products
Gadget Guard, LLCWarrant6/3/2014Common Stock1,662,441228—
The Neat CompanyWarrant8/13/2014Common Stock54,054365—
Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Whoop, Inc.Warrant6/27/2018Preferred Series C686,270$18$325
Subtotal: Consumer & Business Products (0.02%)*611325
Consumer & Business Services
Carwow LTDWarrant12/14/2021Common Stock174,16316475(5)(10)
Houzz, Inc.Warrant10/29/2019Common Stock529,66120—
Landing Holdings Inc.Warrant3/12/2021Common Stock11,806116298(15)
Lendio, Inc.Warrant3/29/2019Preferred Series D127,0323933
Plentific LtdWarrant10/3/2023Ordinary Shares19,4994851(5)(10)
ProviWarrant12/22/2022Common Stock117,04216674(15)
Rhino Labs, Inc.Warrant3/12/2021Common Stock13,1064704(15)
SeatGeek, Inc.Warrant6/12/2019Common Stock1,379,7618423,065(16)
Skyword, Inc.Warrant11/14/2022Common Stock1,607,1435758
Warrant8/23/2019Preferred Series B444,444835
Total Skyword, Inc.2,051,58714063
Snagajob.com, Inc.Warrant4/20/2020Common Stock600,00016—
Warrant6/30/2016Preferred Series A1,800,000782—
Warrant8/1/2018Preferred Series B1,211,53762—
Total Snagajob.com, Inc.3,611,537860—
Thumbtack, Inc.Warrant5/1/2018Common Stock267,225844515(12)
Udacity, Inc.Warrant9/25/2020Common Stock486,359218—(12)
Veem, Inc.Warrant3/31/2022Common Stock98,42812616(12)
Worldremit Group LimitedWarrant2/11/2021Preferred Series D77,21512923(5)(10)(12)(16)
Warrant8/27/2021Preferred Series E1,86826—(5)(10)(16)
Total Worldremit Group Limited79,08315523
Subtotal: Consumer & Business Services (0.23%)*4,2084,217
Diversified Financial Services
Next Insurance, Inc.Warrant2/3/2023Common Stock522,930214554
Subtotal: Diversified Financial Services (0.03%)*214554
Drug Delivery
Aerami Therapeutics Holdings, Inc.Warrant6/1/2016Common Stock67,069——
BioQ Pharma IncorporatedWarrant10/27/2014Common Stock459,1832—
PDS Biotechnology CorporationWarrant8/28/2014Common Stock3,929390—(4)
Subtotal: Drug Delivery (0.00%)*392—
Drug Discovery & Development
ADMA Biologics, Inc.Warrant2/24/2014Common Stock58,00016611(4)
Akero Therapeutics, Inc.Warrant6/15/2022Common Stock22,949175335(4)(10)
AmplifyBio, LLCWarrant12/27/2022Class A Units69,239237184(15)
Axsome Therapeutics, Inc.Warrant9/25/2020Common Stock61,0041,2901,657(4)(10)(12)(16)
Cellarity, Inc.Warrant12/8/2021Preferred Series B100,000287201(15)
Century Therapeutics, Inc.Warrant9/14/2020Common Stock16,112371(4)
Portfolio CompanyType ofInvestmentAcquisition Date(4)Series (3)SharesCost (2)ValueFootnotes
COMPASS Pathways plcWarrant6/30/2023Ordinary Shares75,376$278$285(4)(5)(10)
Curevo, Inc.Warrant6/9/2023Common Stock95,221233251(15)
Dermavant Sciences Ltd.Warrant5/31/2019Common Stock223,6421017(5)(10)
enGene, Inc.Warrant12/22/2023Common Stock43,689118179(4)(5)(10)
Evofem Biosciences, Inc.Warrant6/11/2014Common Stock3266—(4)
Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.)Warrant2/18/2016Common Stock201119—(4)
Heron Therapeutics, Inc.Warrant8/9/2023Common Stock238,095228223(4)(15)
Kineta, Inc.Warrant12/20/2019Common Stock2,202110—(4)
Kura Oncology, Inc.Warrant11/2/2022Common Stock14,3428863(4)(10)(15)
Madrigal Pharmaceutical, Inc.Warrant5/9/2022Common Stock13,2295701,842(4)(10)
Phathom Pharmaceuticals, Inc.Warrant9/17/2021Common Stock64,68784868(4)(10)(12)(15)(16)
Redshift Bioanalytics, Inc.Warrant3/23/2022Preferred Series E475,510206(15)
Scynexis, Inc.Warrant5/14/2021Common Stock106,03529628(4)
TG Therapeutics, Inc.Warrant2/28/2019Common Stock264,2261,2842,583(4)(10)(12)
Valo Health, LLCWarrant6/15/2020Common Units102,216256153
X4 Pharmaceuticals, Inc.Warrant3/18/2019Common Stock1,392,787510225(4)
Subtotal: Drug Discovery & Development (0.46%)*7,5178,302
Electronics & Computer Hardware
908 Devices, Inc.Warrant3/15/2017Common Stock49,078101175(4)
Locus Robotics Corp.Warrant6/21/2022Common Stock8,50334102
Skydio, Inc.Warrant11/8/2021Common Stock622,255557114
Subtotal: Electronics & Computer Hardware (0.02%)*692391
Healthcare Services, Other
Modern Life, Inc.Warrant3/30/2023Common Stock37,618164165
Recover Together, Inc.Warrant7/3/2023Common Stock194,830382327
Strive Health Holdings, LLCWarrant9/28/2023Common Units51,7608395(15)
Vida Health, Inc.Warrant3/28/2022Common Stock192,4311219
Subtotal: Healthcare Services, Other (0.03%)*750596
Information Services
Capella Space Corp.Warrant10/21/2021Common Stock176,20020733(15)
INMOBI Inc.Warrant11/19/2014Common Stock65,58782—(5)(10)
NetBase Solutions, Inc.Warrant8/22/2017Preferred Series 160,000356362
Signal Media LimitedWarrant6/29/2022Common Stock113,8284991(5)(10)
Subtotal: Information Services (0.03%)*694486
Manufacturing Technology
Bright Machines, Inc.Warrant3/31/2022Common Stock392,308537279
MacroFab, Inc.Warrant3/23/2022Common Stock1,111,111528677
Portfolio CompanyType ofInvestmentAcquisition Date(4)Series (3)SharesCost (2)ValueFootnotes
Xometry, Inc.Warrant5/9/2018Common Stock87,784$47$2,044(4)
Subtotal: Manufacturing Technology (0.17%)*1,1123,000
Media/Content/Info
Fever Labs, Inc.Warrant12/30/2022Preferred Series E-1369,37067235
Subtotal: Media/Content/Info (0.01%)*67235
Medical Devices & Equipment
Intuity Medical, Inc.Warrant12/29/2017Preferred Series B-13,076,323294—
Outset Medical, Inc.Warrant9/27/2013Common Stock62,79440178(4)
Senseonics Holdings, Inc.Warrant9/8/2023Common Stock728,317200184(4)
Tela Bio, Inc.Warrant3/31/2017Common Stock15,71261—(4)
Subtotal: Medical Devices & Equipment (0.01%)*956262
Semiconductors
Achronix Semiconductor CorporationWarrant6/26/2015Preferred Series D-2750,00099811
Subtotal: Semiconductors (0.04%)*99811
Software
Aria Systems, Inc.Warrant5/22/2015Preferred Series G231,53574—
Automation Anywhere, Inc.Warrant9/23/2022Common Stock254,778448430
Bitsight Technologies, Inc.Warrant11/18/2020Common Stock29,691284666
Brain CorporationWarrant10/4/2021Common Stock194,62916547(15)
CloudBolt Software, Inc.Warrant9/30/2020Common Stock211,34211712
Cloudian, Inc.Warrant11/6/2018Common Stock477,4547129
Cloudpay, Inc.Warrant4/10/2018Preferred Series B6,76354844(5)(10)
Couchbase, Inc.Warrant4/25/2019Common Stock105,3504621,225(4)
Cutover, Inc.Warrant9/21/2022Common Stock102,8982662(5)(10)(12)
Dashlane, Inc.Warrant3/11/2019Common Stock770,838461258
Delphix Corp.Warrant10/8/2019Common Stock718,8981,5943,801
Demandbase, Inc.Warrant8/2/2021Common Stock727,047545396
DNAnexus, Inc.Warrant3/21/2014Preferred Series C909,0919747
Dragos, Inc.Warrant6/28/2023Common Stock49,3091,4521,207
DroneDeploy, Inc.Warrant6/30/2022Common Stock95,911278413
Eigen Technologies Ltd.Warrant4/13/2022Common Stock52284(5)(10)
Elation Health, Inc.Warrant9/12/2022Common Stock362,837583188
First Insight, Inc.Warrant5/10/2018Preferred Series B75,9179677
Fulfil Solutions, Inc.Warrant7/29/2022Common Stock84,995325456
Kore.ai, Inc.Warrant3/31/2023Preferred Series C64,293208243
Leapwork ApSWarrant1/23/2023Common Stock39,9481635(5)(10)(12)
Lightbend, Inc.Warrant2/14/2018Preferred Series D89,68513149
Mixpanel, Inc.Warrant9/30/2020Common Stock82,362252306
Onna Technologies, Inc.Warrant7/5/2023Common Stock172,8676039
Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Poplicus, Inc.Warrant5/28/2014Common Stock132,168$—$—
Reltio, Inc.Warrant6/30/2020Common Stock69,120215447
Simon Data, Inc.Warrant3/22/2023Common Stock77,9349676(12)
SingleStore, Inc.Warrant4/28/2020Preferred Series D312,596103386
Sisense Ltd.Warrant6/8/2023Ordinary Shares321,956174128(5)(10)
Suzy, Inc.Warrant8/24/2023Common Stock292,936367354(15)
The Faction Group LLCWarrant11/3/2014Preferred Series AA8,076234904
Tipalti Solutions Ltd.Warrant3/22/2023Ordinary Shares254,877174234(5)(10)
VideoAmp, Inc.Warrant1/21/2022Common Stock152,0481,275186(15)
Subtotal: Software (0.75%)*10,44513,549
Surgical Devices
TransMedics Group, Inc.Warrant9/11/2015Common Stock14,44039676(4)
Subtotal: Surgical Devices (0.04%)*39676
Sustainable and Renewable Technology
Ampion, PBCWarrant4/15/2022Common Stock18,4725236
Halio, Inc.Warrant4/22/2014Preferred Series A325,00015536
Warrant4/7/2015Preferred Series B131,8836311
Total Halio, Inc.456,88321847
Polyera CorporationWarrant3/24/2015Preferred Series C150,036269—
Subtotal: Sustainable and Renewable Technology (0.00%)*53983
Total: Warrant Investments (1.88%)*$28,954$33,969
Total Investments in Securities (179.92%)*$3,242,550$3,243,438
Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.Investment Funds & Vehicles11/16/2020$3,783$3,619(5)(10)(17)
Forbion Growth Opportunities Fund II C.V.Investment Funds & Vehicles6/23/2022319611(5)(10)(17)
Subtotal: Drug Discovery & Development (0.23%)*$4,1024,230
Software
Liberty Zim Co-Invest L.P.Investment Funds & Vehicles7/21/2022381378(5)(10)
Subtotal: Software (0.02%)*381378
Total: Investment Funds & Vehicles Investments (0.26%)*$4,483$4,608
Total Investments (180.18%)*$3,247,033$3,248,046
Cash & Cash Equivalents
GS Financial Square Government FundCash & Cash EquivalentsFGTXX/38141W273$56,000$56,000
Total: Investments in Cash & Cash Equivalents (3.11%)*$56,000$56,000
Total: Investments after Cash & Cash Equivalents (183.28%)*$3,303,033$3,304,046
Foreign Currency Forward Contracts
Foreign Currency · Settlement Date · Counterparty · Amount · Transaction · US $ Value at Settlement Date · Value
Great British Pound (GBP)6/3/2024Goldman Sachs Bank USA£19,288Sold$23,810$(766)
Total Foreign Currency Forward ((0.04))*$23,810$(766)

*Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.

(1)Interest rate PRIME represents 8.50% as of December 31, 2023. 1-month SOFR, 3-month SOFR, and 6-month SOFR represent 5.34%,5.36%, and 5.35%, respectively, as of December 31, 2023.

(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation for federal income tax purposes totaled $118.3 million, $115.9 million, and $2.4 million, respectively. The tax cost of investments is $3.2 billion.

(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.

(4)Except for warrants in 24 publicly traded companies and common stock in 36 publicly traded companies, all investments are restricted as of December 31, 2023 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the “Valuation Committee”) and approved by the board of directors (the “Board”).

(5)Non-U.S. company or the company’s principal place of business is outside the United States.

(6)[Reserved]

(7)Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board.

(8)Debt is on non-accrual status as of December 31, 2023, and is therefore considered non-income producing.

(9)Denotes that all or a portion of the debt investment is convertible debt.

(10)Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. 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)Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).

(12)Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”).

(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).

(14)Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.

(15)Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.

(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of December 31, 2023.

(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2023 (Refer to “Note 11 — Commitments and Contingencies”).

(18)Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.

(19)Denotes second lien senior secured debt.

(20)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC.

(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of December 31, 2023, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 million.

(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $12.0 million and $9.4 million, respectively.

(23)Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1” for additional disclosure.

Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
Debt Investments
Biotechnology Tools
Alamar Biosciences, Inc.Senior SecuredJune 2026Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee$5,000$4,951$4,951(17)
PathAI, Inc.Senior SecuredJanuary 2027Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee$28,00027,38827,388(17)
Subtotal: Biotechnology Tools (2.31%)*32,33932,339
Communications & Networking
Aryaka Networks, Inc.Senior SecuredJuly 2026Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee$5,0234,9695,053(14)(17)(19)
Cytracom Holdings LLCSenior SecuredFebruary 20253-month LIBOR + 9.31% or Floor rate of 10.31%$8,9108,7688,748(11)(17)(18)
Rocket Lab Global Services, LLCSenior SecuredJune 2024PRIME + 4.90% or Floor rate of 8.15%, PIK Interest 1.25%, 3.25% Exit Fee$84,58185,43087,933(11)(12)(13)(14)(16)
Subtotal: Communications & Networking (7.26%)*99,167101,734
Consumer & Business Services
AppDirect, Inc.Senior SecuredApril 2026Prime + 5.50%, Floor rate 8.75%, 8.29% Exit Fee$40,79041,85642,426(12)(17)
Carwow LTDSenior SecuredDecember 2024Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee£18,89026,02422,971(5)(10)(14)
Houzz, Inc.Convertible DebtMay 2028PIK Interest 5.50%$21,85321,85320,356(9)(14)
Jobandtalent USA, Inc.Senior SecuredFebruary 20251-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee$14,00013,85313,904(5)(10)
ProviSenior SecuredDecember 2026Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee$15,00014,73914,739(15)
Rhino Labs, Inc.Senior SecuredMarch 2024Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%%$16,50016,32816,496(14)(15)
RVShare, LLCSenior SecuredDecember 20263-month LIBOR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%$27,73027,26527,256(13)(14)(15)(17)
SeatGeek, Inc.Senior SecuredJune 2023Prime + 5.00%, Floor rate 10.50%, PIK Interest 0.50%$60,91560,72160,721(12)(13)(14)(16)
Senior SecuredMay 2026Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%$25,07124,91225,823(11)(14)(16)
Total SeatGeek, Inc.$85,98685,63386,544
Skyword, Inc.Senior SecuredNovember 2026Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee$9,0078,9188,870(13)(14)
Tectura CorporationSenior SecuredJuly 2024PIK Interest 5.00%$10,680240—(7)(8)(14)
Senior SecuredJuly 2024FIXED 8.25%$8,2508,2508,042(7)(8)(14)
Senior SecuredJuly 2024PIK Interest 5.00%$13,02313,023—(7)(8)(14)
Total Tectura Corporation$31,95321,5138,042
Thumbtack, Inc.Senior SecuredApril 2026Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee$10,10310,05010,167(12)(14)(17)
Udacity, Inc.Senior SecuredSeptember 2024Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee$51,93752,26552,976(12)(14)
Veem, Inc.Senior SecuredMarch 2025Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee$5,0435,0005,042(13)(14)
Senior SecuredMarch 2025Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee$5,0334,9885,124(14)
Total Veem, Inc.$10,0769,98810,166
Worldremit Group LimitedSenior SecuredFebruary 20253-month LIBOR + 9.25%, Floor rate 10.25%, 3.00% Exit Fee$94,50094,41893,837(5)(10)(11)(12)(16)(19)
Subtotal: Consumer & Business Services (30.59%)*444,703428,750
Diversified Financial Services
Gibraltar Business Capital, LLCUnsecuredSeptember 2026FIXED 14.50%$15,00014,71512,802(7)
UnsecuredSeptember 2026FIXED 11.50%$10,0009,8528,898(7)
Total Gibraltar Business Capital, LLC$25,00024,56721,700
Portfolio CompanyType of InvestmentMaturity DateInterest Rate and Floor (1)PrincipalAmountCost (2)ValueFootnotes
Hercules Adviser LLCUnsecuredJune 2025FIXED 5.00%$12,000$12,000$12,000(7)
Subtotal: Diversified Financial Services (2.40%)*36,56733,700
Drug Discovery & Development
Akero Therapeutics, Inc.Senior SecuredJanuary 2027Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee$5,0004,9865,039(10)(13)(17)
Aldeyra Therapeutics, Inc.Senior SecuredOctober 2024Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee$15,00015,87915,974(11)
Alladapt Immunotherapeutics Inc.Senior SecuredSeptember 2026Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 10.60% Exit Fee$15,00014,92014,920(13)(17)
AmplifyBio, LLCSenior SecuredJanuary 2027Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee$24,00023,66323,663(15)
ATAI Life Sciences N.V.Senior SecuredAugust 2026Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee$10,50010,51310,513(5)(10)
Aveo Pharmaceuticals, Inc.Senior SecuredSeptember 2024Prime + 6.40%, Floor rate 9.65%, Cap rate 15.00% , 6.95% Exit Fee$40,00041,64443,183(11)(15)
Axsome Therapeutics, Inc.Senior SecuredOctober 2026Prime + 5.70%, Floor rate 8.95%, Cap rate 10.70%, 5.31% Exit Fee$81,72581,63178,074(10)(11)(12)(16)(17)
Bicycle Therapeutics PLCSenior SecuredJuly 2025Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee$11,50011,75711,435(5)(10)(11)(12)
BiomX, INCSenior SecuredSeptember 2025Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee$9,0009,1749,052(5)(10)(11)
BridgeBio Pharma, Inc.Senior SecuredNovember 2026FIXED 9.00%, 2.00% Exit Fee$37,31237,03933,344(12)(13)(14)
Cellarity, Inc.Senior SecuredJune 2026Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee$30,00029,84130,097(13)(15)
Century Therapeutics, Inc.Senior SecuredApril 2024Prime + 6.30%, Floor rate 9.55%, 3.95% Exit Fee$10,00010,23510,292(11)
Codiak Biosciences, Inc.Senior SecuredOctober 2025Prime + 5.00%, Floor rate 8.25%, 5.50% Exit Fee$25,00025,75925,177(11)
Corium, Inc.Senior SecuredSeptember 2026Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee$132,675133,557135,619(13)(16)
Eloxx Pharmaceuticals, Inc.Senior SecuredApril 2025Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee$12,50012,75312,535(15)
enGene, Inc.Senior SecuredJuly 2025Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee$11,00011,07211,067(5)(10)(12)(13)
Finch Therapeutics Group, Inc.Senior SecuredNovember 2026Prime + 4.05%, Floor rate 7.55%, Cap rate 8.80%, 5.50% Exit Fee$15,00015,01213,940
G1 Therapeutics, Inc.Senior SecuredNovember 2026Prime + 5.90%, Floor rate 9.15%, 9.86% Exit Fee$58,12558,67458,407(11)(12)(15)(17)
Geron CorporationSenior SecuredOctober 2024Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee$18,50019,10919,174(10)(12)(13)
Gritstone Bio, Inc.Senior SecuredJuly 2027Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee$15,11315,10915,109(14)(17)
Hibercell, Inc.Senior SecuredMay 2025Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee$17,00017,31317,265(13)(15)
HilleVax, Inc.Senior SecuredMay 2027Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee$12,07212,04311,333(14)(15)(17)
Iveric Bio, Inc.Senior SecuredAugust 2027Prime + 4.00%, Floor rate 8.75%, Cap rate 10.25%, 4.25% Exit Fee$49,50049,09049,090(10)(12)
Kura Oncology, Inc.Senior SecuredNovember 2027Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee$5,5005,4485,448(10)(15)(17)
Locus Biosciences, Inc.Senior SecuredJuly 2025Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee$8,0008,1208,085(15)
Madrigal Pharmaceutical, Inc.Senior SecuredMay 2026Prime + 3.95%, Floor rate 7.45%, 5.35% Exit Fee$34,00033,94533,987(10)(17)
Nabriva TherapeuticsSenior SecuredJune 2023Prime + 4.30%, Floor rate 9.80%, 9.95% Exit Fee$2,0792,7342,804(5)(10)(13)
Phathom Pharmaceuticals, Inc.Senior SecuredOctober 2026Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee$94,73795,03293,916(10)(12)(14)(15)(16)(17)(22)
Provention Bio, Inc.Senior SecuredSeptember 2027Prime + 2.70%, Floor rate 8.20%, 6.60% Exit Fee$25,00024,67024,670(17)
Redshift Bioanalytics, Inc.Senior SecuredJanuary 2026Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee$5,0004,9574,946(15)
Replimune Group, Inc.Senior SecuredOctober 2027Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee$20,75420,65620,656(10)(14)(17)
Scynexis, Inc.Senior SecuredMarch 2025Prime + 5.80%, Floor rate 9.05%, 3.95% Exit Fee$18,66718,67518,698(12)(13)
Seres Therapeutics, Inc.Senior SecuredOctober 2024Prime + 6.40%, Floor rate 9.65%, 4.98% Exit Fee$37,50038,63838,816(12)(13)
Tarsus Pharmaceuticals, Inc.Senior SecuredFebruary 2027Prime + 5.20%, Floor rate 8.45% , 4.75% Exit Fee$8,2508,2748,423(10)(13)(17)
Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
TG Therapeutics, Inc.Senior SecuredJanuary 2026Prime + 2.15%, Floor rate 5.40%, PIK Interest 3.45%, 5.95% Exit Fee$47,983$47,889$48,649(10)(11)(12)(14)
uniQure B.V.Senior SecuredDecember 2025Prime + 4.70%, Floor rate 7.95%, 7.28% Exit Fee$70,00072,32973,019(5)(10)(11)(12)(16)
Unity Biotechnology, Inc.Senior SecuredAugust 2024Prime + 6.10%, Floor rate 9.35%, 6.25% Exit Fee$20,00021,07920,967(13)
Valo Health, LLCSenior SecuredMay 2024Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee$8,1468,4168,410(11)(13)
Viridian Therapeutics, Inc.Senior SecuredOctober 2026Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 4.76% Exit Fee$2,0002,0121,934(10)(13)(17)
X4 Pharmaceuticals, Inc.Senior SecuredJuly 2024Prime + 3.75%, Floor rate 8.75%, 8.80% Exit Fee$32,50033,70533,700(11)(12)(13)
Subtotal: Drug Discovery & Development (78.59%)*1,107,3521,101,430
Electronics & Computer Hardware
Locus Robotics Corp.Senior SecuredJune 2026Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee$18,28118,17118,723(19)
Subtotal: Electronics & Computer Hardware (1.34%)*18,17118,723
Healthcare Services, Other
Better Therapeutics, Inc.Senior SecuredAugust 2025Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee$12,00012,16212,053(15)
Blue Sprig Pediatrics, Inc.Senior SecuredNovember 20261-month LIBOR + 5.00%, Floor rate 6.00%, PIK Interest 4.45%$51,48050,81349,732(11)(13)(14)
Carbon Health Technologies, Inc.Senior SecuredMarch 2025Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee$46,12546,55246,548(11)(13)(19)
Equality Health, LLCSenior SecuredFebruary 2026Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%$53,58753,16453,871(12)(14)
Oak Street Health, Inc.Senior SecuredOctober 2027Prime + 2.45%, Floor rate 7.95%, Cap rate 9.45%, PIK Interest 1.00%, 4.95% Exit Fee$33,80833,65133,651(10)(14)(17)
Subtotal: Healthcare Services, Other (13.98%)*196,342195,855
Information Services
Capella Space Corp.Senior SecuredNovember 2025Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee$20,25020,50620,574(14)(15)(19)
Signal Media LimitedSenior SecuredJune 2025Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee$750742738(5)(10)(17)
Yipit, LLCSenior SecuredSeptember 20261-month SOFR + 9.08%, Floor rate 10.08%$31,87531,37130,763(17)(18)
Subtotal: Information Services (3.72%)*52,61952,075
Manufacturing Technology
Bright Machines, Inc.Senior SecuredApril 2025Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee$11,05010,83210,832(13)
MacroFab, Inc.Senior SecuredMarch 2026Prime + 4.35%, Floor rate 7.60%, PIK Interest 1.25%, 4.50% Exit Fee$17,13716,76616,917(14)(17)
Ouster, Inc.Senior SecuredMay 2026Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee$14,00013,97014,204(10)(13)
Subtotal: Manufacturing Technology (2.99%)*41,56841,953
Semiconductors
Fungible, Inc.Senior SecuredDecember 2024Prime + 5.00%, Floor rate 8.25%, 4.95% Exit Fee$20,00019,63921,192(15)(19)
Subtotal: Semiconductors (1.51%)*19,63921,192
Software
3GTMS, LLCSenior SecuredFebruary 20253-month LIBOR + 9.28%, Floor rate 10.28%$10,42610,29110,317(11)(18)
Senior SecuredFebruary 20253-month LIBOR + 6.57%, Floor rate 7.57%$2,7502,7442,681(18)
Total 3GTMS, LLC$13,17613,03512,998
Agilence, Inc.Senior SecuredOctober 20261-month BSBY + 9.00%, Floor rate 10.00%$9,3069,0888,977(12)(17)(18)
Alchemer LLCSenior SecuredMay 20281-month SOFR + 7.89% Floor rate 8.89%$20,46319,99920,123(17)(18)
Annex CloudSenior SecuredFebruary 20271-month BSBY + 8.99%, Floor rate 10.00%$8,5008,2928,176(13)(17)
Automation Anywhere, Inc.Senior SecuredSeptember 2027Prime + 4.25%, Floor rate 9.00%, 2.50% Exit Fee$19,60019,05919,059(11)(17)(19)
Portfolio CompanyType of InvestmentMaturity DateInterest Rate and Floor (1)PrincipalAmountCost (2)ValueFootnotes
Babel StreetSenior SecuredDecember 20273-month SOFR + 7.89%, Floor rate 8.89%$45,000$43,801$43,801(15)(17)(18)
Brain CorporationSenior SecuredApril 2025Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.00%, 3.95% Exit Fee$20,16620,24220,138(13)(14)(15)(17)
Campaign Monitor LimitedSenior SecuredNovember 20256-month SOFR + 8.90%, Floor rate 9.90%$33,00032,57833,000(13)(19)
Catchpoint Systems, Inc.Senior SecuredJune 20263-month SOFR + 8.86%, Floor rate 9.76%$10,1759,9809,996(18)
Ceros, Inc.Senior SecuredSeptember 20266-month LIBOR + 9.67%, Floor rate 10.67%$21,44521,00321,050(17)(18)
CloudBolt Software, Inc.Senior SecuredOctober 2024Prime + 6.70%, Floor rate 9.95%, 3.45% Exit Fee$10,00010,06910,498(11)(19)
Constructor.io CorporationSenior SecuredJuly 20271-month SOFR + 8.44%, Floor rate 9.44%$4,6884,5734,573(17)(18)
Convoy, Inc.Senior SecuredMarch 2026Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee$73,98773,06073,498(14)(16)(19)
Copper CRM, IncSenior SecuredMarch 2025Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee$10,14410,1509,820(11)(14)
Cutover, Inc.Senior SecuredOctober 2025Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee$5,0004,9494,949(5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc.Senior SecuredAugust 20266-month SOFR + 9.53%, Floor rate 10.28%$10,52810,29810,114(13)(17)
Dashlane, Inc.Senior SecuredJuly 2025Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 4.95% Exit Fee$31,93032,34632,012(11)(13)(14)(17)(19)
Demandbase, Inc.Senior SecuredAugust 2025Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.00%, 5.00% Exit Fee$28,50328,44228,664(13)(14)(17)(19)
Dispatch Technologies, Inc.Senior SecuredApril 20283-month SOFR + 8.01%, Floor rate 8.76%$7,5007,2957,339(17)(18)
Eigen Technologies Ltd.Senior SecuredApril 2025Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee$3,7503,7443,746(5)(10)
Elation Health, Inc.Senior SecuredMarch 2026Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee$5,0214,8394,839(14)(17)(19)
Enmark Systems, Inc.Senior SecuredSeptember 20263-month LIBOR + 6.77%, Floor rate 7.77%, PIK Interest 2.16%$8,2238,0548,043(11)(14)(17)(18)
Esentire, Inc.Senior SecuredMay 20243-month LIBOR + 9.96%, Floor rate 10.96%$8,4368,3618,376(5)(10)(11)(18)
Esme Learning Solutions, Inc.Senior SecuredFebruary 2025Prime + 5.50%, Floor rate 8.75%, PIK Interest 1.50%, 3.00% Exit Fee$4,8924,7371,671(8)(14)
Fortified Health SecuritySenior SecuredDecember 20276-month SOFR + 7.79%, Floor rate 8.54%$7,0006,8246,824(17)(18)
Flight Schedule Pro, LLCSenior SecuredOctober 20271-month SOFR + 7.79%, Floor rate 8.70%$5,9485,7715,771(17)(18)
Ikon Science LimitedSenior SecuredOctober 20243-month Eurodollar + 9.00%, Floor rate 10.00%$6,5636,4226,484(5)(10)(17)(18)
Imperva, Inc.Senior SecuredJanuary 20273-month LIBOR + 7.75%, Floor rate 8.75%$20,00019,87520,200(19)
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)Senior SecuredJuly 20233-month SOFR + 10.14%, Floor rate 11.14%$10,68110,59310,593(18)
Khoros (p.k.a Lithium Technologies)Senior SecuredJanuary 20243-month SOFR + 8.00%, Floor rate 9.00%$56,20856,06255,520(17)
LogicSourceSenior SecuredJuly 20273-month SOFR + 8.93%, Floor rate 9.93%$13,30013,02813,028(17)
LogicworksSenior SecuredJanuary 2024Prime + 7.50%, Floor rate 10.75%$14,50014,39814,473(12)
Mobile Solutions ServicesSenior SecuredDecember 20253-month LIBOR + 9.06%, Floor rate 10.06%$17,91517,55617,474(17)(18)
Nextroll, Inc.Senior SecuredJuly 2023Prime + 3.75%, Floor rate 7.75%, PIK Interest 2.95%, 1.95% Exit Fee$22,21122,28422,284(12)(14)
Nuvolo Technologies CorporationSenior SecuredJuly 2025Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee$22,50022,50822,817(12)(13)(17)(19)
Omeda Holdings, LLCSenior SecuredJuly 20273-month SOFR + 8.05%, Floor rate 9.05%$7,5007,2617,261(17)(18)
Riviera Partners LLCSenior SecuredApril 20276-month SOFR + 7.53%, Floor rate 8.53%$26,18425,62225,487(17)(18)
Salary.com, LLCSenior SecuredSeptember 20276-month SOFR + 8.00%, Floor rate 9.00%$18,00017,65417,654(18)
ShadowDragon, LLCSenior SecuredDecember 20263-month LIBOR + 9.00%, Floor rate 10.00%$5,9855,8415,830(17)(18)
Tact.ai Technologies, Inc.Senior SecuredFebruary 2024Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee$4,2504,4814,446(14)
ThreatConnect, Inc.Senior SecuredMay 20266-month LIBOR + 9.00%, Floor rate 10.00%$11,03210,77810,793(17)(18)
VideoAmp, Inc.Senior SecuredFebruary 2025Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.25%, 5.25% Exit Fee$63,18762,64063,429(14)(15)(19)
Zappi, Inc.Senior SecuredDecember 20273-month SOFR + 8.03%, Floor rate 9.03%$9,0008,7798,779(5)(10)(17)(18)
Portfolio CompanyType of InvestmentMaturity DateInterest Rate and Floor (1)PrincipalAmountCost (2)ValueFootnotes
Zimperium, Inc.Senior SecuredMay 20273-month SOFR + 8.31%, Floor rate 9.31%$16,313$16,000$16,072(17)(18)
Subtotal: Software (54.28%)*762,371760,679
Sustainable and Renewable Technology
Ampion, PBCSenior SecuredMay 2025Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee$4,0373,9854,008(13)(14)
Pineapple Energy LLCSenior SecuredDecember 2024PIK Interest 10.00%$3,2373,2373,006(14)
Subtotal: Sustainable and Renewable Technology (0.50%)*7,2227,014
Total: Debt Investments (199.47%)*$2,818,060$2,795,444
Portfolio Company · Type ofInvestment · Acquisition Date (4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Equity Investments
Consumer & Business Products
Grove Collaborative, Inc.Equity4/30/2021Common Stock61,300$433$24(4)
Savage X Holding, LLCEquity4/30/2010Class A Units42,13713226
TechStyle, Inc.Equity4/30/2010Common Stock42,989128132
TFG Holding, Inc.Equity4/30/2010Common Stock42,98989116
Subtotal: Consumer & Business Products (0.04%)*663498
Consumer & Business Services
Carwow LTDEquity12/15/2021Preferred Series D-4199,7421,151257(5)(10)
DoorDash, Inc.Equity12/20/2018Common Stock81,9969454,003(4)
Lyft, Inc.Equity12/26/2018Common Stock100,7385,2631,110(4)
Nerdy Inc.Equity9/17/2021Common Stock100,0001,000225(4)
OfferUp, Inc.Equity10/25/2016Preferred Series A286,0801,663372
Equity10/25/2016Preferred Series A-1108,710632141
Total OfferUp, Inc.394,7902,295513
OportunEquity6/28/2013Common Stock48,365577266(4)
Reischling Press, Inc.Equity7/31/2020Common Stock3,09539—
Rhino Labs, Inc.Equity1/24/2022Preferred Series B-27,0631,000805
Tectura CorporationEquity5/23/2018Common Stock414,994,863900—(7)
Equity6/6/2016Preferred Series BB1,000,000——(7)
Total Tectura Corporation415,994,863900—
Uber Technologies, Inc.Equity12/1/2020Common Stock32,991318816(4)
Subtotal: Consumer & Business Products (0.57%)*13,4887,995
Diversified Financial Services
Gibraltar Business Capital, LLCEquity3/1/2018Common Stock830,0001,8841,107(7)
Equity3/1/2018Preferred Series A10,602,75226,12214,137(7)
Total Gibraltar Business Capital, LLC11,432,75228,00615,244
Hercules Adviser LLCEquity3/26/2021Member Units13519,153(7)
Portfolio Company · Type ofInvestment · Acquisition Date (4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Newfront Insurance Holdings, Inc.Equity9/30/2021Preferred Series D-2210,282$403$472
Subtotal: Diversified Financial Services (2.49%)*28,44434,869
Drug Delivery
AcelRx Pharmaceuticals, Inc.Equity12/10/2018Common Stock8,8361,32920(4)
Aytu BioScience, Inc.Equity3/28/2014Common Stock13,6001,5003(4)
BioQ Pharma IncorporatedEquity12/8/2015Preferred Series D165,00050033
PDS Biotechnology CorporationEquity4/6/2015Common Stock2,49830933(4)
Subtotal: Drug Delivery (0.01%)*3,63889
Drug Discovery & Development
Akero Therapeutics, Inc.Equity9/19/2022Common Stock38,4611,0002,108(4)(10)
Albireo Pharma, Inc.Equity9/14/2020Common Stock25,0001,000540(4)(10)
Applied Molecular TransportEquity4/6/2021Common Stock1,00042—(4)(10)
Avalo Therapeutics, Inc.Equity8/19/2014Common Stock9,9241,00050(4)
Aveo Pharmaceuticals, Inc.Equity7/31/2011Common Stock190,1791,7152,843(4)
Axsome Therapeutics, Inc.Equity5/9/2022Common Stock127,0214,1659,797(4)(10)(16)
Bicycle Therapeutics PLCEquity10/5/2020Common Stock98,1001,8712,904(4)(5)(10)
BridgeBio Pharma, Inc.Equity6/21/2018Common Stock231,3292,2551,763(4)
Concert Pharmaceuticals, Inc.Equity2/13/2019Common Stock70,7961,367413(4)(10)
Dare Biosciences, Inc.Equity1/8/2015Common Stock13,5501,00011(4)
Dynavax TechnologiesEquity7/22/2015Common Stock20,000550213(4)(10)
Gritstone Bio, Inc.Equity10/26/2022Common Stock442,4771,0001,527(4)
Hibercell, Inc.Equity5/7/2021Preferred Series B3,466,8404,2502,233(15)
HilleVax, Inc.Equity5/3/2022Common Stock235,2954,0003,937(4)
Humanigen, Inc.Equity3/31/2021Common Stock43,2438005(4)(10)
NorthSea TherapeuticsEquity12/15/2021Preferred Series C9832,0001,476(5)(10)
Paratek Pharmaceuticals, Inc.Equity2/26/2007Common Stock76,3622,744143(4)
Rocket Pharmaceuticals, Ltd.Equity8/22/2007Common Stock9441,50018(4)
Savara, Inc.Equity8/11/2015Common Stock11,11920317(4)
Sio Gene Therapies, Inc.Equity2/2/2017Common Stock16,2281,2697(4)
Tarsus Pharmaceuticals, Inc.Equity5/5/2022Common Stock155,5552,1002,280(4)(10)
Tricida, Inc.Equity2/28/2018Common Stock68,81686311(4)
uniQure B.V.Equity1/31/2019Common Stock17,175332389(4)(5)(10)(16)
Valo Health, LLCEquity12/11/2020Preferred Series B510,3083,0002,063
Equity10/31/2022Preferred Series C170,1021,0001,012
Total Valo Health, LLC680,4104,0003,075
X4 Pharmaceuticals, Inc.Equity11/26/2019Common Stock1,566,0642,9451,555(4)
Subtotal: Drug Discovery & Development (2.66%)*43,97137,315
Portfolio CompanyType ofInvestmentAcquisition Date (4)Series (3)SharesCost (2)ValueFootnotes
Electronics & Computer Hardware
Locus Robotics Corp.Equity11/17/2022Preferred Series F15,116$650$606
Skydio, Inc.Equity3/8/2022Preferred Series E248,9001,500915
Subtotal: Electronics & Computer Hardware (0.11%)*2,1501,521
Healthcare Services, Other
23andMe, Inc.Equity3/11/2019Common Stock825,7325,0941,784(4)
Carbon Health Technologies, Inc.Equity3/30/2021Preferred Series C217,8801,6871,110
Subtotal: Healthcare Services, Other (0.21%)*6,7812,894
Information Services
Planet Labs, Inc.Equity6/21/2019Common Stock547,8806152,383(4)
Yipit, LLCEquity12/30/2021Preferred Series E41,0213,8253,375
Zeta Global Corp.Equity11/20/2007Common Stock295,861—2,417(4)
Subtotal: Information Services (0.58%)*4,4408,175
Medical Devices & Equipment
Coronado Aesthetics, LLCEquity10/15/2021Common Units180,000—6(7)
10/15/2021Preferred Series A-25,000,000250313(7)
Total Coronado Aesthetics, LLC5,180,000250319
Flowonix Medical IncorporatedEquity11/3/2014Preferred Series AA221,8931,499—
Gelesis, Inc.Equity11/30/2009Common Stock1,490,700871433(4)
ViewRay, Inc.Equity12/16/2013Common Stock36,457333163(4)
Subtotal: Medical Devices & Equipment (0.07%)*2,953915
Semiconductors
Achronix Semiconductor CorporationEquity7/1/2011Preferred Series C277,995160205
Subtotal: Semiconductors (0.01%)*160205
Software
3GTMS, LLCEquity8/9/2021Common Stock1,000,0001,000793
Black Crow AI, Inc. affiliatesEquity3/24/2021Preferred Note33,0003,000(21)
CapLinked, Inc.Equity10/26/2012Preferred Series A-353,614516
Contentful Global, Inc.Equity12/22/2020Preferred Series C41,000138258(5)(10)
Equity11/20/2018Preferred Series D108,500500732(5)(10)
Total Contentful Global, Inc.149,500638990
Docker, Inc.Equity11/29/2018Common Stock20,0004,284503
Druva Holdings, Inc.Equity10/22/2015Preferred Series 2458,8411,0001,764
Equity8/24/2017Preferred Series 393,620300395
Total Druva Holdings, Inc.552,4611,3002,159
HighRoads, Inc.Equity1/18/2013Common Stock190307—
Lightbend, Inc.Equity12/4/2020Common Stock38,46126524
Nextdoor.com, Inc.Equity8/1/2018Common Stock1,019,2554,8542,100(4)
Palantir TechnologiesEquity9/23/2020Common Stock1,418,3378,6709,106(4)
Portfolio CompanyType ofInvestmentAcquisition Date (4)Series (3)SharesCost (2)ValueFootnotes
SingleStore, Inc.Equity11/25/2020Preferred Series E580,983$2,000$1,940
Equity8/12/2021Preferred Series F52,956280221
Total SingleStore, Inc.633,9392,2802,161
Sprinklr, Inc.Equity3/22/2017Common Stock700,0003,7485,719(4)
Verana Health, Inc.Equity7/8/2021Preferred Series E952,5622,0001,023
ZeroFox, Inc.Equity5/7/2020Common Stock289,9921011,382(4)(20)
Subtotal: Software (2.07%)*32,49828,966
Surgical Devices
Gynesonics, Inc.Equity1/18/2007Preferred Series B219,298250—
Equity6/16/2010Preferred Series C656,538282—
Equity2/8/2013Preferred Series D1,991,157712—
Equity7/14/2015Preferred Series E2,786,367429—
Equity12/18/2018Preferred Series F1,523,693118—
Equity12/18/2018Preferred Series F-12,418,125150—
Total Gynesonics, Inc.9,595,1781,941—
TransMedics Group, Inc.11/7/2012Common Stock50,0005382,546(4)
Subtotal: Surgical Devices (0.18%)*2,4792,546
Sustainable and Renewable Technology
Fulcrum Bioenergy, Inc.Equity9/13/2012Preferred Series C-1187,265711995
Impossible Foods, Inc.Equity5/10/2019Preferred Series E-1188,6112,0002,173
Modumetal, Inc.Equity6/1/2015Common Stock1,035500—
NantEnergy, LLCEquity8/31/2013Common Units59,665102—
Pineapple Energy LLCEquity12/10/2020Common Stock304,4863,153634(4)(20)
Pivot Bio, Inc.Equity6/28/2021Preferred Series D593,0804,5002,456
Proterra, Inc.Equity5/28/2015Common Stock457,8415421,726(4)
Subtotal: Sustainable and Renewable Technology (0.57%)*11,5087,984
Total: Equity Investments (9.56%)*$153,173$133,972
Warrant Investments
Biotechnology Tools
Alamar Biosciences, Inc.Warrant6/21/2022Preferred Series B15,399$24$23
PathAI, Inc.Warrant12/23/2022Common Stock53,418461463
Subtotal: Biotechnology Tools (0.03%)*485486
Communications & Networking
Aryaka Networks, Inc.Warrant6/28/2022Common Stock229,61112399
Spring Mobile Solutions, Inc.Warrant4/19/2013Common Stock2,834,375418—
Subtotal: Communications & Networking (0.01%)*54199
Consumer & Business Products
Gadget Guard, LLCWarrant6/3/2014Common Stock1,662,441228—
Savage X Holding, LLCWarrant6/27/2014Class A Units206,185—1,103
Portfolio CompanyType ofInvestmentAcquisition Date (4)Series (3)SharesCost (2)ValueFootnotes
TechStyle, Inc.Warrant7/16/2013Preferred Series B206,185$1,101$745
TFG Holding, Inc.Warrant6/27/2014Common Stock206,185——
The Neat CompanyWarrant8/13/2014Common Stock54,054365—
Whoop, Inc.Warrant6/27/2018Preferred Series C686,27018475
Subtotal: Consumer & Business Products (0.17%)*1,7122,323
Consumer & Business Services
Carwow LTDWarrant12/14/2021Common Stock174,16316434(5)(10)
Houzz, Inc.Warrant10/29/2019Common Stock529,66120—
Landing Holdings Inc.Warrant3/12/2021Common Stock11,806116127(15)
Lendio, Inc.Warrant3/29/2019Preferred Series D127,0323919
ProviWarrant12/22/2022Common Stock117,042166155(15)
Rhino Labs, Inc.Warrant3/12/2021Common Stock13,106470308(15)
RumbleON, Inc.Warrant4/30/2018Common Stock5,13988—(4)
SeatGeek, Inc.Warrant6/12/2019Common Stock1,379,7618421,332(12)(16)
Skyword, Inc.Warrant11/14/2022Common Stock1,607,1435743
Warrant8/23/2019Preferred Series B444,44483—
Total Skyword, Inc.2,051,58714043
Snagajob.com, Inc.Warrant4/20/2020Common Stock600,0001643
Warrant6/30/2016Preferred Series A1,800,00078250
Warrant8/1/2018Preferred Series B1,211,5376225
Total Snagajob.com, Inc.3,611,537860118
Thumbtack, Inc.Warrant5/1/2018Common Stock267,225844280(12)
Udacity, Inc.Warrant9/25/2020Common Stock486,3592184(12)
Veem, Inc.Warrant3/31/2022Common Stock98,42812625
Worldremit Group LimitedWarrant2/11/2021Preferred Series D77,215129192(5)(10)(12)(16)
Warrant8/27/2021Preferred Series E1,868262(5)(10)(16)
Total Worldremit Group Limited79,083155194
Subtotal: Consumer & Business Services (0.19%)*4,2482,639
Drug Delivery
Aerami Therapeutics Holdings, Inc.Warrant9/30/2015Common Stock110,88274—
BioQ Pharma IncorporatedWarrant10/27/2014Common Stock459,1831—
PDS Biotechnology CorporationWarrant8/28/2014Common Stock3,9293901(4)
Subtotal: Drug Delivery (0.00%)*4651
Drug Discovery & Development
Acacia Pharma Inc.Warrant6/29/2018Common Stock201,330304—(5)(10)
ADMA Biologics, Inc.Warrant2/24/2014Common Stock58,00016610(4)
Akero Therapeutics, Inc.Warrant6/15/2022Common Stock18,36056674(4)(10)
Albireo Pharma, Inc.Warrant6/8/2020Common Stock5,3116131(4)(10)
AmplifyBio, LLCWarrant12/27/2022Class A Units69,239238256(15)
Portfolio Company · Type ofInvestment · Acquisition Date (4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Axsome Therapeutics, Inc.Warrant9/25/2020Common Stock40,396$880$1,590(4)(10)(12)(16)
Cellarity, Inc.Warrant12/8/2021Preferred Series B100,000287318(15)
Century Therapeutics, Inc.Warrant9/14/2020Common Stock16,112373(4)
Dermavant Sciences Ltd.Warrant5/31/2019Common Stock223,642101199(5)(10)
enGene, Inc.Warrant12/30/2021Preferred Series 3133,6927228(5)(10)(12)
Evofem Biosciences, Inc.Warrant6/11/2014Common Stock520266—(4)
Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.)Warrant2/18/2016Common Stock200119—(4)
Kineta, Inc.Warrant12/20/2019Common Stock2,202110—(4)
Kura Oncology, Inc.Warrant11/2/2022Common Stock14,3428859(4)(10)(15)
Madrigal Pharmaceutical, Inc.Warrant5/9/2022Common Stock10,1311771,977(4)(10)
Myovant Sciences, Ltd.Warrant10/16/2017Common Stock73,710460958(4)(5)(10)
Paratek Pharmaceuticals, Inc.Warrant8/1/2018Common Stock426,86652034(4)
Phathom Pharmaceuticals, Inc.Warrant9/17/2021Common Stock64,687848101(4)(10)(12)(15)(16)
Provention Bio, Inc.Warrant9/15/2022Common Stock111,934281677(4)
Redshift Bioanalytics, Inc.Warrant3/23/2022Preferred Series E475,5102021(15)
Scynexis, Inc.Warrant5/14/2021Common Stock106,03529615(4)(12)
TG Therapeutics, Inc.Warrant2/28/2019Common Stock231,6131,0331,084(4)(10)(12)
Tricida, Inc.Warrant3/27/2019Common Stock31,3522801(4)
Valo Health, LLCWarrant6/15/2020Common Units102,216256127
X4 Pharmaceuticals, Inc.Warrant12/9/2022Common Stock1,392,787510281(4)
Subtotal: Drug Discovery & Development (0.60%)*7,4668,444
Electronics & Computer Hardware
908 Devices, Inc.Warrant3/15/2017Common Stock49,07810186(4)
Locus Robotics Corp.Warrant6/21/2022Common Stock8,51134212
Skydio, Inc.Warrant11/8/2021Common Stock622,255557975
Subtotal: Electronics & Computer Hardware (0.09%)*6921,273
Healthcare Services, Other
Vida Health, Inc.Warrant3/28/2022Common Stock100,61811414
Subtotal: Healthcare Services, Other (0.00%)*11414
Information Services
Capella Space Corp.Warrant10/21/2021Common Stock176,200207114(15)
INMOBI Inc.Warrant11/19/2014Common Stock65,58782—(5)(10)
NetBase Solutions, Inc.Warrant8/22/2017Preferred Series 160,000356380
Signal Media LimitedWarrant6/29/2022Common Stock94,8573515(5)(10)
Subtotal: Information Services (0.04%)*680509
Manufacturing Technology
Bright Machines, Inc.Warrant3/31/2022Common Stock392,3085371,154
MacroFab, Inc.Warrant3/23/2022Common Stock1,111,1115281,202
Portfolio Company · Type ofInvestment · Acquisition Date (4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Xometry, Inc.Warrant5/9/2018Common Stock87,784$47$1,800(4)
Subtotal: Manufacturing Technology (0.30%)*1,1124,156
Media/Content/Info
Fever Labs, Inc.Warrant12/30/2022Preferred Series E-1221,6223535
Subtotal: Media/Content/Info (0.00%)*3535
Medical Devices & Equipment
Aspire Bariatrics, Inc.Warrant1/28/2015Common Stock22,572455—
Flowonix Medical IncorporatedWarrant11/3/2014Preferred Series AA110,946362—
Warrant9/21/2018Preferred Series BB725,806351—
Total Flowonix Medical Incorporated836,752713—
Intuity Medical, Inc.Warrant12/29/2017Preferred Series B-13,076,32329454
Lucira Health, Inc.Warrant2/4/2022Common Stock59,642110—(4)
Outset Medical, Inc.Warrant9/27/2013Common Stock62,794401864(4)
Tela Bio, Inc.Warrant3/31/2017Common Stock15,712611(4)
Subtotal: Medical Devices & Equipment (0.07%)*2,034919
Semiconductors
Achronix Semiconductor CorporationWarrant6/26/2015Preferred Series D-2750,00099524
Fungible, Inc.Warrant12/16/2021Common Stock800,000751—(15)
Subtotal: Semiconductors (0.04%)*850524
Software
Aria Systems, Inc.Warrant5/22/2015Preferred Series G231,53574—
Automation Anywhere, Inc.Warrant9/23/2022Common Stock254,778448365
Bitsight Technologies, Inc.Warrant11/18/2020Common Stock29,691284398
Brain CorporationWarrant10/4/2021Common Stock194,62916561(15)
CloudBolt Software, Inc.Warrant9/30/2020Common Stock211,3421171
Cloudian, Inc.Warrant11/6/2018Common Stock477,4547114
Cloudpay, Inc.Warrant4/10/2018Preferred Series B6,76354400(5)(10)
Convoy, Inc.Warrant3/30/2022Common Stock165,456974364(16)
Couchbase, Inc.Warrant4/25/2019Common Stock105,350462488(4)
Cutover, Inc.Warrant9/21/2022Common Stock102,8982619(5)(10)(12)
Dashlane, Inc.Warrant3/11/2019Common Stock453,641353168
Delphix Corp.Warrant10/8/2019Common Stock718,8981,5942,657
Demandbase, Inc.Warrant8/2/2021Common Stock727,047545180
DNAnexus, Inc.Warrant3/21/2014Preferred Series C909,09197131
DroneDeploy, Inc.Warrant6/30/2022Common Stock95,911278300
Eigen Technologies Ltd.Warrant4/13/2022Common Stock52286(5)(10)
Elation Health, Inc.Warrant9/12/2022Common Stock362,837583382
Esme Learning Solutions, Inc.Warrant1/27/2022Common Stock56,765198—
Evernote CorporationWarrant9/30/2016Common Stock62,5001076
Portfolio CompanyType ofInvestmentAcquisition Date (4)Series (3)SharesCost (2)ValueFootnotes
First Insight, Inc.Warrant5/10/2018Preferred Series B75,917$96$39
Fulfil Solutions, Inc.Warrant7/29/2022Common Stock84,995325314
Lightbend, Inc.Warrant2/14/2018Preferred Series D89,6851311
Mixpanel, Inc.Warrant9/30/2020Common Stock82,362252225
Nuvolo Technologies CorporationWarrant3/29/2019Common Stock70,000172175(12)
Poplicus, Inc.Warrant5/28/2014Common Stock132,168——
Reltio, Inc.Warrant6/30/2020Common Stock69,120215298
SignPost, Inc.Warrant1/13/2016Series Junior 1 Preferred474,019314—
SingleStore, Inc.Warrant4/28/2020Preferred Series D312,596103426
Tact.ai Technologies, Inc.Warrant2/13/2020Common Stock1,041,66720669
The Faction Group LLCWarrant11/3/2014Preferred Series AA8,076234436
VideoAmp, Inc.Warrant1/21/2022Common Stock152,0481,275321(15)
Subtotal: Software (0.59%)*9,7618,244
Surgical Devices
Gynesonics, Inc.Warrant1/16/2013Preferred Series C16,8357—
TransMedics Group, Inc.Warrant9/11/2015Common Stock14,44039492(4)
Subtotal: Surgical Devices (0.04%)*46492
Sustainable and Renewable Technology
Ampion, PBCWarrant4/15/2022Common Stock18,4725244
Fulcrum Bioenergy, Inc.Warrant4/30/2013Preferred Series C-193,63264275
Halio, Inc.Warrant4/22/2014Preferred Series A325,000155126
Warrant4/7/2015Preferred Series B131,8836343
Total Halio, Inc.456,883218169
IngredientWerks Holdings, Inc. (p.k.a Agrivida, Inc.)Warrant6/20/2013Preferred Series D471,327120—
Polyera CorporationWarrant3/24/2015Preferred Series C150,036269—
Subtotal: Sustainable and Renewable Technology (0.03%)*723488
Total: Warrant Investments (2.19%)*$30,964$30,646
Total: Investments in Securities (211.21%)*$3,002,197$2,960,062
Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.Investment Funds & Vehicles11/16/2020$2,699$3,080(5)(10)(17)
Forbion Growth Opportunities Fund II C.V.Investment Funds & Vehicles6/23/2022419438(5)(10)(17)
Subtotal: Drug Discovery & Development (0.25%)*$3,118$3,518
Portfolio Company · Type ofInvestment · Acquisition Date (4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Software
Liberty Zim Co-Invest L.P.Investment Funds & Vehicles7/21/2022$381$375(5)(10)
Subtotal: Software (0.03%)*381375
Total: Investment Funds & Vehicles Investments (0.28%)*$3,499$3,893
Total: Investments (211.49%)*$3,005,696$2,963,955

*Value as a percent of net assets. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.

(1)Interest rate PRIME represents 7.50% as of December 31, 2022. 1-month LIBOR, 3-month LIBOR, and 6-month LIBOR represent,4.40%,4.77%, and 5.14%, respectively, as of December 31, 2022.

(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $72.2 million, $112.0 million, and $39.8 million, respectively. The tax cost of investments is $3.0 billion.

(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.

(4)Except for warrants in 27 publicly traded companies and common stock in 43 publicly traded companies, all investments are restricted as of December 31, 2022 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s Board.

(5)Non-U.S. company or the company’s principal place of business is outside the United States.

(6)[Reserved]

(7)Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board.

(8)Debt is on non-accrual status as of December 31, 2022, and is therefore considered non-income producing. Note that only the PIK portion is on non-accrual for the Company’s debt investment in Tectura Corporation and Pineapple Energy LLC.

(9)Denotes that all or a portion of the debt investment is convertible debt.

(10)Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. 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)Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).

(12)Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”).

(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).

(14)Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.

(15)Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.

(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of December 31, 2022.

(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2022. Refer to “Note 11 — Commitments and Contingencies”.

(18)Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.

(19)Denotes second lien senior secured debt.

(20)Denotes all or a portion of the public equity or warrant investment was acquired in a transaction exempt from registration under the Securities Act of 1933 (“Securities Act”) and may be deemed to be “restricted securities” under the Securities Act.

(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock in portfolio company Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of December 31, 2022, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $3.0 million.

(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $4.6 million and $3.4 million, respectively.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.