Hercules Capital Inc
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 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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Consolidated Schedule of Investments as of June, 2024 (unaudited)
| Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | PrincipalAmount | Cost (2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Debt Investments | |||||||
| Biotechnology Tools | |||||||
| PathAI, Inc. | Senior Secured | January 2027 | Prime + 2.15%, Floor rate 9.15%, 7.85% Exit Fee | $32,000 | $32,353 | $33,554 | (12) |
| Subtotal: Biotechnology Tools (1.81%)* | 32,353 | 33,554 | |||||
| Communications & Networking | |||||||
| Aryaka Networks, Inc. | Senior Secured | July 2026 | Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee | $25,283 | 25,259 | 26,423 | (12)(14)(19) |
| Cytracom Holdings LLC | Senior Secured | February 2025 | 3-month SOFR + 10.50%, Floor rate 11.40% | $3,252 | 3,236 | 3,253 | (11)(17)(18) |
| Subtotal: Communications & Networking (1.60%)* | 28,495 | 29,676 | |||||
| Consumer & Business Services | |||||||
| Altumint, Inc. | Senior Secured | December 2027 | Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee | $10,000 | 9,939 | 10,150 | (15)(17) |
| Carwow LTD | Senior Secured | December 2027 | Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee | £20,212 | 27,551 | 25,929 | (5)(10)(14) |
| Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 10.00% | $24,388 | 24,388 | 24,820 | (9)(14) |
| Jobandtalent USA, Inc. | Senior Secured | August 2025 | 1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee | $14,000 | 14,215 | 14,163 | (5)(10) |
| Plentific Ltd | Senior Secured | October 2026 | Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee | $3,325 | 3,247 | 3,297 | (5)(10)(13) |
| Provi | Senior Secured | December 2026 | Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | $15,000 | 14,995 | 15,267 | (15) |
| Riviera Partners LLC | Senior Secured | April 2027 | 3-month SOFR + 8.27%, Floor rate 9.27% | $36,681 | 36,219 | 34,577 | (17)(18) |
| RVShare, LLC | Senior Secured | December 2026 | 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | $29,468 | 29,089 | 29,620 | (13)(14)(15) |
| SeatGeek, Inc. | Senior Secured | May 2026 | Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee | $25,263 | 25,249 | 25,765 | (11)(14)(16) |
| Senior Secured | July 2026 | Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee | $77,840 | 77,451 | 79,397 | (12)(14)(16) | |
| Total SeatGeek, Inc. | $103,103 | 102,700 | 105,162 | ||||
| Skyword, Inc. | Senior Secured | November 2026 | Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | $7,924 | 8,001 | 8,150 | (13)(14) |
| Tectura Corporation | Senior Secured | July 2024 | FIXED 8.25% | $8,250 | 8,250 | 8,250 | (7) |
| Thumbtack, Inc. | Senior Secured | March 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50% | $20,759 | 20,359 | 20,359 | (11)(14)(17) |
| Veem, Inc. | Senior Secured | March 2025 | Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee | $5,140 | 5,271 | 5,271 | (13)(14) |
| Senior Secured | March 2025 | Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee | $5,149 | 5,287 | 5,287 | (12)(14) | |
| Total Veem, Inc. | $10,289 | 10,558 | 10,558 | ||||
| Worldremit Group Limited | Senior Secured | February 2026 | 3-month SOFR + 9.40%, Floor rate 10.25% | $24,617 | 24,463 | 24,617 | (5)(10)(11)(12)(19) |
| Senior Secured | February 2026 | 1-month SOFR + 9.35%, Floor rate 10.25% | $6,466 | 6,417 | 6,466 | (5)(10)(19) | |
| Total Worldremit Group Limited | $31,083 | 30,880 | 31,083 | ||||
| Subtotal: Consumer & Business Services (18.39%)* | 340,391 | 341,385 | |||||
| Diversified Financial Services | |||||||
| Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC) | Unsecured | September 2026 | FIXED 3.45%, PIK Interest 8.05% | $25,509 | 25,224 | 25,224 | (7)(14)(20) |
| Unsecured | September 2026 | FIXED 11.95% | $10,000 | 9,844 | 9,844 | (7)(20) | |
| Total Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC) | $35,509 | 35,068 | 35,068 | ||||
| Hercules Adviser LLC | Unsecured | June 2025 | FIXED 5.00% | $12,000 | 12,000 | 12,000 | (7)(23) |
| Next Insurance, Inc. | Senior Secured | February 2028 | Prime - (1.50%), Floor rate 4.75%, PIK Interest 5.50% | $10,766 | 10,596 | 10,915 | (13)(14)(19) |
| Subtotal: Diversified Financial Services (3.12%)* | 57,664 | 57,983 | |||||
| Drug Discovery & Development | |||||||
| Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | PrincipalAmount | Cost (2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Adaptimmune Therapeutics plc | Senior Secured | June 2029 | Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee | $15,015 | $14,877 | $14,877 | (5)(10)(14) |
| Akero Therapeutics, Inc. | Senior Secured | March 2027 | Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee | $17,500 | 17,505 | 17,866 | (10)(13)(17) |
| Aldeyra Therapeutics, Inc. | Senior Secured | October 2024 | Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee | $15,000 | 15,255 | 15,255 | (11) |
| AmplifyBio, LLC | Senior Secured | January 2027 | Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee | $24,000 | 24,369 | 24,772 | (15) |
| ATAI Life Sciences N.V. | Senior Secured | August 2026 | Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee | $10,500 | 10,805 | 10,971 | (5)(10)(17) |
| Axsome Therapeutics, Inc. | Senior Secured | January 2028 | Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee | $143,350 | 144,515 | 151,632 | (10)(11)(12)(16) |
| Bicycle Therapeutics PLC | Senior Secured | July 2025 | Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee | $11,500 | 11,945 | 12,190 | (5)(10)(11)(12) |
| bluebird bio, Inc. | Senior Secured | April 2029 | Prime + 1.45%, Floor rate 9.95%, PIK Interest 2.45%, 4.95% Exit Fee | $64,843 | 62,675 | 62,212 | (14) |
| Braeburn, Inc. | Senior Secured | October 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee | $52,896 | 52,776 | 54,925 | (14)(17) |
| COMPASS Pathways plc | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee | $24,316 | 24,195 | 25,102 | (5)(10)(14) |
| Corium, Inc. | Senior Secured | September 2026 | Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | $105,225 | 108,561 | 110,273 | (13)(16) |
| Curevo, Inc. | Senior Secured | June 2027 | Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee | $10,000 | 9,964 | 9,914 | (15) |
| Eloxx Pharmaceuticals, Inc. | Senior Secured | April 2025 | Prime + 6.25%, Floor rate 9.50%, 4.00% Exit Fee | $489 | 987 | 987 | (15) |
| enGene, Inc. | Senior Secured | January 2028 | Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee | $15,832 | 15,775 | 15,905 | (5)(10)(14) |
| G1 Therapeutics, Inc. | Senior Secured | November 2026 | Prime + 5.65%, Floor rate 9.15%, 6.75% Exit Fee | $32,399 | 33,437 | 34,030 | (11)(12)(15) |
| Geron Corporation | Senior Secured | October 2025 | Prime + 4.50%, Floor rate 9.00%, 6.55% Exit Fee | $30,200 | 31,546 | 31,859 | (10)(12)(13)(17) |
| Gritstone Bio, Inc. | Senior Secured | July 2027 | Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee | $30,837 | 31,246 | 30,112 | (13)(14) |
| Heron Therapeutics, Inc. | Senior Secured | February 2026 | Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee | $20,249 | 20,126 | 20,610 | (14)(15)(17) |
| Hibercell, Inc. | Senior Secured | May 2025 | Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | $8,407 | 9,103 | 9,028 | (13)(15) |
| HilleVax, Inc. | Senior Secured | May 2027 | Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee | $20,823 | 21,185 | 20,916 | (14)(15)(17) |
| Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee | $5,500 | 5,577 | 5,692 | (10)(15) |
| Locus Biosciences, Inc. | Senior Secured | July 2025 | Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee | $3,835 | 4,143 | 4,166 | (15) |
| Madrigal Pharmaceutical, Inc. | Senior Secured | May 2027 | Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | $78,200 | 79,359 | 82,775 | (10)(13) |
| Phathom Pharmaceuticals, Inc. | Senior Secured | December 2027 | Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 6.59% Exit Fee | $152,455 | 154,211 | 155,075 | (10)(12)(14)(15)(16)(17)(22) |
| Redshift Bioanalytics, Inc. | Senior Secured | January 2026 | Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee | $4,388 | 4,484 | 4,476 | (15) |
| Replimune Group, Inc. | Senior Secured | October 2027 | Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee | $31,647 | 31,860 | 33,378 | (10)(12)(13)(14) |
| SynOx Therapeutics Limited | Senior Secured | May 2027 | Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee | $4,500 | 4,393 | 4,393 | (5)(10) |
| TG Therapeutics, Inc. | Senior Secured | January 2026 | Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee | $66,526 | 67,887 | 69,598 | (10)(11)(12)(14) |
| uniQure B.V. | Senior Secured | January 2027 | Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee | $70,000 | 71,663 | 74,111 | (5)(10)(11)(12) |
| Viridian Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | $8,000 | 8,145 | 8,248 | (10)(13) |
| X4 Pharmaceuticals, Inc. | Senior Secured | July 2027 | Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee | $75,000 | 75,081 | 75,286 | (11)(12)(13) |
| Subtotal: Drug Discovery & Development (64.13%)* | 1,167,650 | 1,190,634 | |||||
| Electronics & Computer Hardware | |||||||
| Locus Robotics Corp. | Senior Secured | June 2026 | Prime + 4.50%, Floor rate 8.00%, 4.00% Exit Fee | $18,281 | 18,446 | 18,918 | (19) |
| Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | PrincipalAmount | Cost (2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Shield AI, Inc. | Senior Secured | February 2029 | Prime + 0.85%, Floor rate 6.85%, Cap rate 9.60%, PIK Interest 2.50%, 2.50% Exit Fee | $56,677 | $56,200 | $56,200 | (14)(17) |
| Subtotal: Electronics & Computer Hardware (4.05%)* | 74,646 | 75,118 | |||||
| Healthcare Services, Other | |||||||
| Blue Sprig Pediatrics, Inc. | Senior Secured | November 2026 | 1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45% | $70,608 | 69,953 | 69,458 | (11)(12)(13)(14) |
| Carbon Health Technologies, Inc. | Senior Secured | June 2026 | Prime - (1.50%), Floor rate 7.00%, PIK Interest 7.00%, 5.64% Exit Fee | $48,649 | 50,068 | 48,458 | (11)(13)(14) |
| Convertible Debt | December 2025 | FIXED 12.00% | $202 | 202 | 202 | (9) | |
| Total Carbon Health Technologies, Inc. | $48,851 | 50,270 | 48,660 | ||||
| Curana Health Holdings, LLC | Senior Secured | January 2028 | Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee | $27,500 | 27,542 | 27,928 | (13)(17)(19) |
| Equality Health, LLC | Senior Secured | February 2026 | Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55% | $70,124 | 69,752 | 69,898 | (11)(12)(14) |
| Main Street Rural, Inc. | Senior Secured | July 2027 | Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | $38,500 | 38,638 | 39,043 | (13)(15)(17) |
| Marathon Health, LLC | Senior Secured | February 2029 | Prime - (0.90%), Floor rate 7.10%, PIK Interest 4.00%, 3.00% Exit Fee | $155,977 | 154,761 | 154,761 | (14)(16)(17) |
| Modern Life, Inc. | Senior Secured | February 2027 | Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee | $18,200 | 18,120 | 18,157 | (13) |
| NeueHealth, Inc. | Senior Secured | June 2028 | Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee | $24,750 | 23,782 | 23,782 | |
| Recover Together, Inc. | Senior Secured | July 2027 | Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee | $40,000 | 40,014 | 41,171 | |
| Strive Health Holdings, LLC | Senior Secured | September 2027 | Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee | $12,000 | 11,964 | 12,213 | (15) |
| Vida Health, Inc. | Senior Secured | March 2026 | 9.20% + Lower of (Prime - 3.25%) or 1.00%, Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee | $36,500 | 36,742 | 36,208 | (11) |
| WellBe Senior Medical, LLC | Senior Secured | May 2029 | Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee | $20,012 | 19,833 | 19,833 | (14)(15)(17) |
| Subtotal: Healthcare Services, Other (30.22%)* | 561,371 | 561,112 | |||||
| Information Services | |||||||
| Checkr Group, Inc. | Senior Secured | August 2028 | Prime + 1.45%, Floor rate 8.00%, PIK Interest 2.00%, 2.75% Exit Fee | $48,107 | 48,063 | 50,850 | (12)(14)(17) |
| Saama Technologies, LLC | Senior Secured | July 2027 | Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee | $15,723 | 15,632 | 16,214 | (12)(14)(17) |
| Signal Media Limited | Senior Secured | June 2025 | Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee | $6,150 | 6,176 | 6,176 | (5)(10) |
| Subtotal: Information Services (3.94%)* | 69,871 | 73,240 | |||||
| Medical Devices & Equipment | |||||||
| Senseonics Holdings, Inc. | Senior Secured | September 2027 | Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee | $30,625 | 30,476 | 30,761 | (11) |
| Sight Sciences, Inc. | Senior Secured | July 2028 | Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee | $24,500 | 24,162 | 24,162 | (17) |
| Subtotal: Medical Devices & Equipment (2.96%)* | 54,638 | 54,923 | |||||
| Software | |||||||
| 3GTMS, LLC | Senior Secured | February 2025 | 3-month SOFR + 9.86%, Floor rate 10.76% | $14,067 | 14,020 | 14,020 | (11)(17)(18) |
| Senior Secured | February 2025 | 3-month SOFR + 6.96%, Floor rate 7.86% | $2,975 | 2,968 | 2,968 | (17)(18) | |
| Total 3GTMS, LLC | $17,042 | 16,988 | 16,988 | ||||
| Alchemer LLC | Senior Secured | May 2028 | 3-month SOFR + 8.14%, Floor rate 9.14% | $21,353 | 20,987 | 21,353 | (13)(18) |
| Allvue Systems, LLC | Senior Secured | September 2029 | 3-month SOFR + 7.25%, Floor rate 8.25% | $36,410 | 35,583 | 36,844 | (17) |
| AlphaSense, Inc. | Senior Secured | June 2029 | 3-month SOFR + 6.25%, Floor rate 8.25% | $20,000 | 19,800 | 19,800 | (17) |
| Annex Cloud | Senior Secured | February 2027 | 1-month BSBY + 10.00%, Floor rate 11.00% | $11,479 | 11,317 | 11,307 | (13) |
| Armis, Inc. | Senior Secured | March 2028 | Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee | $50,220 | 49,813 | 49,813 | (14)(17) |
| Automation Anywhere, Inc. | Senior Secured | September 2027 | Prime + 4.25%, Floor rate 9.00%, 4.50% Exit Fee | $19,600 | 19,503 | 20,440 | (11)(17)(19) |
| Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Babel Street | Senior Secured | December 2027 | 3-month SOFR + 8.01%, Floor rate 9.01% | $65,500 | $64,054 | $65,777 | (15)(17)(18) | ||
| Brain Corporation | Senior Secured | April 2026 | Prime + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee | $30,570 | 31,066 | 31,755 | (13)(14)(15) | ||
| Catchpoint Systems, Inc. | Senior Secured | November 2025 | 3-month SOFR + 9.31%, Floor rate 11.81% | $10,022 | 9,913 | 9,975 | (18) | ||
| Ceros, Inc. | Senior Secured | September 2026 | 3-month SOFR + 8.99%, Floor rate 9.89% | $22,762 | 22,452 | 22,970 | (17)(18) | ||
| Constructor.io Corporation | Senior Secured | July 2027 | 1-month SOFR + 8.44%, Floor rate 9.44% | $4,688 | 4,603 | 4,796 | (13)(17)(18) | ||
| Convoy, Inc. | Senior Secured | March 2026 | Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee | $31,049 | 30,916 | — | (8)(14)(19) | ||
| Copper CRM, Inc | Senior Secured | March 2025 | Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee | $8,748 | 8,991 | 8,991 | (11)(14) | ||
| Cutover, Inc. | Senior Secured | October 2025 | Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | $5,500 | 5,603 | 5,769 | (5)(10)(12) | ||
| Senior Secured | October 2025 | Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | £1,250 | 1,582 | 1,675 | (5)(10) | |||
| Total Cutover, Inc. | 7,185 | 7,444 | |||||||
| Cybermaxx Intermediate Holdings, Inc. | Senior Secured | August 2026 | 6-month SOFR + 8.63%, Floor rate 9.38%, 0.58% Exit Fee | $7,896 | 7,792 | 7,808 | (13)(17) | ||
| Senior Secured | August 2026 | 6-month SOFR + 12.36%, Floor rate 13.11%, 0.58% Exit Fee | $2,527 | 2,484 | 2,581 | (13)(17) | |||
| Total Cybermaxx Intermediate Holdings, Inc. | $10,423 | 10,276 | 10,389 | ||||||
| Dashlane, Inc. | Senior Secured | December 2027 | Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee | $45,224 | 45,861 | 46,932 | (11)(13)(14)(19) | ||
| Dispatch Technologies, Inc. | Senior Secured | April 2028 | 3-month SOFR + 8.01%, Floor rate 8.76% | $7,938 | 7,777 | 7,766 | (17)(18) | ||
| DroneDeploy, Inc. | Senior Secured | July 2026 | Prime + 4.50%, Floor rate 8.75%, 4.00% Exit Fee | $9,375 | 9,194 | 9,442 | (13)(17) | ||
| Earnix, Inc. | Senior Secured | June 2029 | Prime - (1.15%), Floor rate 5.35%, PIK Interest 4.45% | $18,750 | 18,419 | 18,419 | (17) | ||
| Elation Health, Inc. | Senior Secured | March 2026 | Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee | $12,751 | 12,543 | 13,019 | (14)(17)(19) | ||
| Flight Schedule Pro, LLC | Senior Secured | October 2027 | 1-month SOFR + 7.80%, Floor rate 8.70% | $6,587 | 6,438 | 6,693 | (17)(18) | ||
| Fortified Health Security | Senior Secured | December 2027 | 1-month SOFR + 7.64%, Floor rate 8.54% | $7,000 | 6,866 | 7,071 | (11)(17)(18) | ||
| Harness, Inc. | Senior Secured | March 2029 | Prime - (2.25%), Floor rate 5.25%, Cap rate 6.50%, PIK Interest 6.25%, 1.00% Exit Fee | $17,567 | 17,355 | 17,355 | (14)(17)(19) | ||
| iGrafx, LLC | Senior Secured | May 2027 | 1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee | $4,975 | 4,888 | 5,003 | (18) | ||
| Ikon Science Limited | Senior Secured | October 2024 | 3-month SOFR + 9.26%, Floor rate 10.00% | $6,038 | 6,013 | 6,013 | (5)(10)(17)(18) | ||
| Khoros (p.k.a Lithium Technologies) | Senior Secured | January 2025 | PIK 3-month SOFR + 11.00%, Floor rate 12.00% | $60,860 | 60,836 | 32,130 | (8)(14) | ||
| Leapwork ApS | Senior Secured | February 2026 | Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee | $3,851 | 3,870 | 3,997 | (5)(10)(12)(14)(17) | ||
| LinenMaster, LLC | Senior Secured | August 2028 | 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15% | $15,255 | 14,992 | 15,561 | (12)(14)(17) | ||
| Loftware, Inc. | Senior Secured | March 2028 | 3-month SOFR + 7.88%, Floor rate 8.88% | $26,344 | 25,812 | 26,721 | (17)(18) | ||
| LogicSource | Senior Secured | July 2027 | 1-month SOFR + 8.93%, Floor rate 9.93% | $13,300 | 13,100 | 13,493 | (17)(18) | ||
| Marigold Group, Inc. (p.k.a. Campaign Monitor Limited) | Senior Secured | November 2026 | PIK 3-month SOFR + 10.55%, Floor rate 11.55% | $35,923 | 35,345 | 30,025 | (13)(14)(19) | ||
| Mobile Solutions Services | Senior Secured | December 2025 | 6-month SOFR + 9.31%, Floor rate 10.06% | $18,366 | 18,174 | 17,957 | (18) | ||
| New Relic, Inc. | Senior Secured | November 2030 | 3-month SOFR + 6.75%, Floor rate 7.75% | $20,890 | 20,399 | 20,700 | (17) | ||
| Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $7,706 | 7,531 | 7,763 | (11)(17)(18) | ||
| Pindrop Security, Inc. | Senior Secured | June 2029 | Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee | $31,000 | 30,479 | 30,479 | (15)(17) | ||
| Reveleer | Senior Secured | February 2027 | Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee | $16,109 | 16,079 | 16,079 | (14)(15)(17) | ||
| Sandata Technologies, LLC | Senior Secured | May 2029 | 3-month SOFR + 8.05%, Floor rate 9.05% | $20,769 | 20,207 | 20,207 | (17)(18) | ||
| Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | PrincipalAmount | Cost (2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Semperis Technologies Inc. | Senior Secured | April 2028 | Prime - (1.75%), Floor rate 6.75%, PIK Interest 3.25% | $7,526 | $7,471 | $7,471 | (14)(17)(19) |
| ShadowDragon, LLC | Senior Secured | December 2026 | 3-month SOFR + 8.98%, Floor rate 9.88% | $6,000 | 5,900 | 6,000 | (17)(18) |
| Simon Data, Inc. | Senior Secured | March 2027 | Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee | $12,958 | 12,952 | 13,094 | (12)(14) |
| Sisense Ltd. | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee | $34,582 | 34,645 | 35,022 | (5)(10)(14) |
| Streamline Healthcare Solutions | Senior Secured | March 2028 | 3-month SOFR + 7.25%, Floor rate 8.25% | $13,200 | 12,977 | 13,500 | (13)(17)(18) |
| Senior Secured | March 2028 | 6-month SOFR + 7.25%, Floor rate 8.25% | $4,400 | 4,312 | 4,500 | (17)(18) | |
| Total Streamline Healthcare Solutions | $17,600 | 17,289 | 18,000 | ||||
| Sumo Logic, Inc. | Senior Secured | May 2030 | 3-month SOFR + 6.50%, Floor rate 7.50% | $23,000 | 22,489 | 23,656 | (17) |
| Suzy, Inc. | Senior Secured | August 2027 | Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee | $16,185 | 15,939 | 16,502 | (14)(15)(17) |
| ThreatConnect, Inc. | Senior Secured | May 2026 | 3-month SOFR + 9.15%, Floor rate 10.00% | $10,864 | 10,709 | 10,864 | (17)(18) |
| Tipalti Solutions Ltd. | Senior Secured | April 2027 | Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee | $42,258 | 41,625 | 43,035 | (5)(10)(14) |
| Zappi, Inc. | Senior Secured | December 2027 | 3-month SOFR + 8.03%, Floor rate 9.03% | $12,793 | 12,559 | 13,026 | (5)(10)(13)(17)(18) |
| Zimperium, Inc. | Senior Secured | May 2027 | 3-month SOFR + 8.31%, Floor rate 9.31% | $14,790 | 14,587 | 14,790 | (17)(18) |
| Subtotal: Software (49.17%)* | 961,790 | 912,927 | |||||
| Space Technologies | |||||||
| Voyager Space Holdings, Inc. | Senior Secured | July 2028 | Prime + 1.25%, Floor rate 9.75%, PIK Interest 2.50%, 5.50% Exit Fee | $44,950 | 44,465 | 44,465 | (15) |
| Subtotal: Space Technologies (2.40%)* | 44,465 | 44,465 | |||||
| Sustainable and Renewable Technology | |||||||
| Ampion, PBC | Senior Secured | May 2025 | Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee | $3,955 | 4,025 | 4,022 | (13)(14) |
| Electric Hydrogen Co. | Senior Secured | May 2028 | Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.25% Exit Fee | $12,529 | 12,014 | 12,014 | (14)(15)(19) |
| Pineapple Energy LLC | Senior Secured | June 2027 | FIXED 10.00% | $1,477 | 1,477 | 1,456 | (19) |
| Subtotal: Sustainable and Renewable Technology (0.94%)* | 17,516 | 17,492 | |||||
| Total: Debt Investments (182.73%)* | $3,410,850 | $3,392,509 | |||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Investments | ||||||||||
| Biotechnology Tools | ||||||||||
| Alamar Biosciences, Inc. | Equity | 2/21/2024 | Preferred Series C | 503,778 | $1,500 | $1,423 | ||||
| Subtotal: Biotechnology Tools (0.08%)* | 1,500 | 1,423 | ||||||||
| Consumer & Business Products | ||||||||||
| Fabletics, Inc. | Equity | 4/30/2010 | Common Stock | 42,989 | 128 | 37 | ||||
| Equity | 7/16/2013 | Preferred Series B | 130,191 | 1,101 | 303 | |||||
| Total Fabletics, Inc. | 173,180 | 1,229 | 340 | |||||||
| Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 12,260 | 433 | 22 | (4) | |||
| Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 172,328 | 13 | 555 | ||||
| Subtotal: Consumer & Business Products (0.05%)* | 1,675 | 917 | ||||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Consumer & Business Services | ||||||||||
| Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 199,742 | $1,151 | $707 | (5)(10) | |||
| Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100,738 | 5,263 | 1,421 | (4) | |||
| Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 100,000 | 1,000 | 167 | (4) | |||
| OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286,080 | 1,663 | 400 | ||||
| Equity | 10/25/2016 | Preferred Series A-1 | 108,710 | 632 | 152 | |||||
| Total OfferUp, Inc. | 394,790 | 2,295 | 552 | |||||||
| Oportun | Equity | 6/28/2013 | Common Stock | 48,365 | 577 | 140 | (4) | |||
| Reischling Press, Inc. | Equity | 7/31/2020 | Common Stock | 3,095 | 39 | — | ||||
| Rhino Labs, Inc. | Equity | 1/24/2022 | Common Stock | 7,063 | 1,000 | — | ||||
| Tectura Corporation | Equity | 5/23/2018 | Common Stock | 414,994,863 | 900 | 5 | (7) | |||
| Equity | 6/6/2016 | Preferred Series BB | 1,000,000 | — | 12 | (7) | ||||
| Equity | 12/29/2023 | Preferred Series C | 3,235,298 | 13,263 | 3,267 | (7) | ||||
| Total Tectura Corporation | 419,230,161 | 14,163 | 3,284 | |||||||
| Worldremit Group Limited | Equity | 6/24/2024 | Preferred Series X | 6,641 | 639 | 636 | (5)(10) | |||
| Subtotal: Consumer & Business Services (0.37%)* | 26,127 | 6,907 | ||||||||
| Diversified Financial Services | ||||||||||
| Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC) | Equity | 3/1/2018 | Member Units | 1 | 34,006 | 21,743 | (7)(20) | |||
| Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 | 35 | 30,728 | (7)(23) | |||
| Newfront Insurance Holdings, Inc. | Equity | 9/30/2021 | Preferred Series D-2 | 210,282 | 403 | 337 | ||||
| Subtotal: Diversified Financial Services (2.84%)* | 34,444 | 52,808 | ||||||||
| Drug Delivery | ||||||||||
| Aytu BioScience, Inc. | Equity | 3/28/2014 | Common Stock | 680 | 1,500 | 2 | (4) | |||
| BioQ Pharma Incorporated | Equity | 12/8/2015 | Preferred Series D | 165,000 | 500 | — | ||||
| PDS Biotechnology Corporation | Equity | 4/6/2015 | Common Stock | 2,498 | 309 | 7 | (4) | |||
| Talphera, Inc. | Equity | 12/10/2018 | Common Stock | 8,836 | 1,329 | 8 | (4) | |||
| Subtotal: Drug Delivery (0.00%)* | 3,638 | 17 | ||||||||
| Drug Discovery & Development | ||||||||||
| Akero Therapeutics, Inc. | Equity | 3/8/2024 | Common Stock | 34,483 | 1,000 | 809 | (4)(10) | |||
| Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 42 | 1,000 | 1 | (4) | |||
| Axsome Therapeutics, Inc. | Equity | 5/9/2022 | Common Stock | 127,021 | 4,165 | 10,225 | (4)(10)(16) | |||
| Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98,100 | 1,871 | 1,986 | (4)(5)(10) | |||
| BridgeBio Pharma, Inc. | Equity | 6/21/2018 | Common Stock | 231,329 | 2,255 | 5,860 | (4) | |||
| Cyclo Therapeutics, Inc. | Equity | 4/6/2021 | Common Stock | 134 | 42 | — | (4)(10) | |||
| Dare Biosciences, Inc. | Equity | 1/8/2015 | Common Stock | 13,550 | 1,000 | 5 | (4) | |||
| Dynavax Technologies | Equity | 7/22/2015 | Common Stock | 20,000 | 550 | 225 | (4)(10) | |||
| Gritstone Bio, Inc. | Equity | 10/26/2022 | Common Stock | 442,477 | 1,000 | 273 | (4) | |||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Heron Therapeutics, Inc. | Equity | 7/25/2023 | Common Stock | 364,963 | $500 | $1,277 | (4) | |
| Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3,466,840 | 4,250 | 91 | (15) | |
| HilleVax, Inc. | Equity | 5/3/2022 | Common Stock | 235,295 | 4,000 | 3,402 | (4) | |
| Kura Oncology, Inc. | Equity | 6/16/2023 | Common Stock | 47,826 | 550 | 985 | (4)(10) | |
| Madrigal Pharmaceutical, Inc. | Equity | 9/29/2023 | Common Stock | 5,100 | 773 | 1,429 | (4)(10) | |
| NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 | 2,000 | 1,148 | (5)(10)(17) | |
| Phathom Pharmaceuticals, Inc. | Equity | 6/9/2023 | Common Stock | 147,233 | 1,730 | 1,516 | (4)(10)(16) | |
| Rocket Pharmaceuticals, Ltd. | Equity | 8/22/2007 | Common Stock | 944 | 1,500 | 20 | (4) | |
| Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11,119 | 203 | 45 | (4) | |
| Sio Gene Therapies, Inc. | Equity | 2/2/2017 | Common Stock | 16,228 | 1,262 | — | ||
| Tarsus Pharmaceuticals, Inc. | Equity | 5/5/2022 | Common Stock | 77,778 | 1,050 | 2,114 | (4)(10) | |
| uniQure B.V. | Equity | 1/31/2019 | Common Stock | 17,175 | 332 | 77 | (4)(5)(10) | |
| Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510,308 | 3,000 | 2,450 | ||
| Equity | 10/31/2022 | Preferred Series C | 170,102 | 1,000 | 1,111 | |||
| Total Valo Health, LLC | 680,410 | 4,000 | 3,561 | |||||
| Verge Analytics, Inc. | Equity | 9/6/2023 | Preferred Series C | 208,588 | 1,500 | 1,420 | ||
| Viridian Therapeutics, Inc. | Equity | 11/6/2023 | Common Stock | 32,310 | 400 | 420 | (4)(10) | |
| X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 1,566,064 | 2,945 | 908 | (4) | |
| Subtotal: Drug Discovery & Development (2.04%)* | 39,878 | 37,797 | ||||||
| Electronics & Computer Hardware | ||||||||
| Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15,116 | 650 | 291 | ||
| Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248,900 | 1,500 | 551 | ||
| Subtotal: Electronics & Computer Hardware (0.05%)* | 2,150 | 842 | ||||||
| Healthcare Services, Other | ||||||||
| 23andMe, Inc. | Equity | 3/11/2019 | Common Stock | 825,732 | 5,094 | 323 | (4) | |
| Carbon Health Technologies, Inc. | Equity | 3/30/2021 | Preferred Series C | 217,880 | 1,687 | 10 | ||
| Click Therapeutics, Inc. | Equity | 5/20/2024 | Common Stock | 560,000 | 1,662 | 1,689 | (15) | |
| Curana Health Holdings, LLC | Equity | 5/13/2024 | Common Units | 1,114,380 | 2,500 | 2,499 | ||
| WellBe Senior Medical, LLC | Equity | 6/10/2024 | Common Units | 181,163 | 1,600 | 1,600 | ||
| Subtotal: Healthcare Services, Other (0.33%)* | 12,543 | 6,121 | ||||||
| Information Services | ||||||||
| Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41,021 | 3,825 | 4,163 | ||
| Subtotal: Information Services (0.22%)* | 3,825 | 4,163 | ||||||
| Manufacturing Technology | ||||||||
| Xometry, Inc. | Equity | 5/9/2018 | Common Stock | 52,126 | 47 | 603 | (4) | |
| Subtotal: Manufacturing Technology (0.03%)* | 47 | 603 | ||||||
| Medical Devices & Equipment | ||||||||
| Coronado Aesthetics, LLC | Equity | 10/15/2021 | Common Units | 180,000 | — | 1 | (7) | |
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Equity | 10/15/2021 | Preferred Series A-2 | 5,000,000 | $250 | $185 | (7) | ||
| Total Coronado Aesthetics, LLC | 5,180,000 | 250 | 186 | |||||
| Subtotal: Medical Devices & Equipment (0.01%)* | 250 | 186 | ||||||
| Semiconductors | ||||||||
| Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277,995 | 160 | 291 | ||
| Subtotal: Semiconductors (0.02%)* | 160 | 291 | ||||||
| Software | ||||||||
| 3GTMS, LLC | Equity | 8/9/2021 | Common Stock | 1,000,000 | 1,000 | 795 | ||
| Black Crow AI, Inc. affiliates | Equity | 3/24/2021 | Preferred Note | 3 | 2,406 | 2,406 | (21) | |
| CapLinked, Inc. | Equity | 10/26/2012 | Preferred Series A-3 | 53,614 | 51 | — | ||
| Contentful Global, Inc. | Equity | 12/22/2020 | Preferred Series C | 41,000 | 138 | 271 | (5)(10) | |
| Equity | 11/20/2018 | Preferred Series D | 108,500 | 500 | 759 | (5)(10) | ||
| Total Contentful Global, Inc. | 149,500 | 638 | 1,030 | |||||
| DNAnexus, Inc. | Equity | 3/21/2014 | Preferred Series C | 51,948 | 97 | 7 | ||
| Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20,000 | 4,284 | 180 | ||
| Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458,841 | 1,000 | 2,544 | ||
| Equity | 8/24/2017 | Preferred Series 3 | 93,620 | 300 | 545 | |||
| Total Druva Holdings, Inc. | 552,461 | 1,300 | 3,089 | |||||
| HighRoads, Inc. | Equity | 1/18/2013 | Common Stock | 190 | 307 | — | ||
| Leapwork ApS | Equity | 8/25/2023 | Preferred Series B2 | 183,073 | 250 | 162 | (5)(10) | |
| Lightbend, Inc. | Equity | 12/4/2020 | Common Stock | 38,461 | 265 | 18 | ||
| Nextdoor.com, Inc. | Equity | 8/1/2018 | Common Stock | 1,019,255 | 4,854 | 2,834 | (4) | |
| Palantir Technologies | Equity | 9/23/2020 | Common Stock | 400,000 | 2,445 | 10,132 | (4) | |
| SingleStore, Inc. | Equity | 11/25/2020 | Preferred Series E | 580,983 | 2,000 | 1,746 | ||
| Equity | 8/12/2021 | Preferred Series F | 52,956 | 280 | 196 | |||
| Total SingleStore, Inc. | 633,939 | 2,280 | 1,942 | |||||
| Sirion Labs, Inc. | Equity | 6/30/2024 | Preferred Series F1 | 152,250 | 1,791 | 1,791 | (5)(10) | |
| Verana Health, Inc. | Equity | 7/8/2021 | Preferred Series E | 952,562 | 2,000 | 302 | ||
| Subtotal: Software (1.33%)* | 23,968 | 24,688 | ||||||
| Space Technologies | ||||||||
| Planet Labs, Inc. | Equity | 6/21/2019 | Common Stock | 547,880 | 615 | 1,019 | (4) | |
| Subtotal: Space Technologies (0.05%)* | 615 | 1,019 | ||||||
| Sustainable and Renewable Technology | ||||||||
| Fulcrum Bioenergy, Inc. | Equity | 9/13/2012 | Preferred Series C-1 | 187,265 | 711 | — | ||
| Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188,611 | 2,000 | 270 | ||
| Modumetal, Inc. | Equity | 6/1/2015 | Common Stock | 1,035 | 500 | — | ||
| NantEnergy, LLC | Equity | 8/31/2013 | Common Units | 59,665 | 102 | — | ||
| Pineapple Energy LLC | Equity | 12/10/2020 | Common Stock | 20,299 | 3,153 | 28 | (4) | |
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pivot Bio, Inc. | Equity | 6/28/2021 | Preferred Series D | 593,080 | $4,500 | $2,171 | |||
| Subtotal: Sustainable and Renewable Technology (0.13%)* | 10,966 | 2,469 | |||||||
| Total: Equity Investments (7.55%)* | $161,786 | $140,251 | |||||||
| Warrant Investments | |||||||||
| Biotechnology Tools | |||||||||
| Alamar Biosciences, Inc. | Warrant | 6/21/2022 | Preferred Series B | 46,197 | $36 | $76 | |||
| PathAI, Inc. | Warrant | 12/23/2022 | Common Stock | 53,418 | 460 | 96 | (12) | ||
| Subtotal: Biotechnology Tools (0.01%)* | 496 | 172 | |||||||
| Communications & Networking | |||||||||
| Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 229,611 | 123 | 102 | (12) | ||
| Subtotal: Communications & Networking (0.01%)* | 123 | 102 | |||||||
| Consumer & Business Products | |||||||||
| Gadget Guard, LLC | Warrant | 6/3/2014 | Common Stock | 1,662,441 | 228 | — | |||
| The Neat Company | Warrant | 8/13/2014 | Common Stock | 54,054 | 365 | — | |||
| Whoop, Inc. | Warrant | 6/27/2018 | Preferred Series C | 686,270 | 18 | 306 | |||
| Subtotal: Consumer & Business Products (0.02%)* | 611 | 306 | |||||||
| Consumer & Business Services | |||||||||
| Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174,163 | 164 | 57 | (5)(10) | ||
| Warrant | 2/13/2024 | Preferred Series D-4 | 109,257 | 20 | 11 | (5)(10) | |||
| Total Carwow LTD | 283,420 | 184 | 68 | ||||||
| Houzz, Inc. | Warrant | 10/29/2019 | Common Stock | 529,661 | 20 | — | |||
| Landing Holdings Inc. | Warrant | 3/12/2021 | Common Stock | 11,806 | 116 | 302 | (15) | ||
| Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127,032 | 39 | 20 | |||
| Plentific Ltd | Warrant | 10/3/2023 | Ordinary Shares | 27,298 | 60 | 42 | (5)(10) | ||
| Provi | Warrant | 12/22/2022 | Common Stock | 117,042 | 166 | 88 | (15) | ||
| Rhino Labs, Inc. | Warrant | 3/12/2021 | Common Stock | 13,106 | 470 | — | (15) | ||
| SeatGeek, Inc. | Warrant | 6/12/2019 | Common Stock | 1,379,761 | 842 | 2,039 | (16) | ||
| Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1,607,143 | 57 | 54 | |||
| Warrant | 8/23/2019 | Preferred Series B | 444,444 | 83 | 5 | ||||
| Total Skyword, Inc. | 2,051,587 | 140 | 59 | ||||||
| Snagajob.com, Inc. | Warrant | 4/20/2020 | Common Stock | 600,000 | 16 | — | |||
| Warrant | 6/30/2016 | Preferred Series A | 1,800,000 | 782 | — | ||||
| Warrant | 8/1/2018 | Preferred Series B | 1,211,537 | 62 | — | ||||
| Total Snagajob.com, Inc. | 3,611,537 | 860 | — | ||||||
| Thumbtack, Inc. | Warrant | 5/1/2018 | Common Stock | 343,497 | 985 | 610 | (12) | ||
| Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98,428 | 126 | 8 | (12) | ||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77,215 | $129 | $104 | (5)(10)(12) | |
| Warrant | 8/27/2021 | Preferred Series E | 1,868 | 26 | — | (5)(10) | ||
| Total Worldremit Group Limited | 79,083 | 155 | 104 | |||||
| Subtotal: Consumer & Business Services (0.18%)* | 4,163 | 3,340 | ||||||
| Diversified Financial Services | ||||||||
| Next Insurance, Inc. | Warrant | 2/3/2023 | Common Stock | 522,930 | 214 | 521 | ||
| Subtotal: Diversified Financial Services (0.03%)* | 214 | 521 | ||||||
| Drug Delivery | ||||||||
| BioQ Pharma Incorporated | Warrant | 10/27/2014 | Common Stock | 459,183 | 2 | — | ||
| PDS Biotechnology Corporation | Warrant | 8/28/2014 | Common Stock | 3,929 | 390 | — | (4) | |
| Subtotal: Drug Delivery (0.00%)* | 392 | — | ||||||
| Drug Discovery & Development | ||||||||
| Akero Therapeutics, Inc. | Warrant | 6/15/2022 | Common Stock | 32,128 | 330 | 454 | (4)(10) | |
| AmplifyBio, LLC | Warrant | 12/27/2022 | Class A Units | 69,239 | 238 | 156 | (15) | |
| Axsome Therapeutics, Inc. | Warrant | 9/25/2020 | Common Stock | 61,004 | 1,290 | 1,535 | (4)(10)(12)(16) | |
| bluebird bio, Inc. | Warrant | 3/15/2024 | Common Stock | 2,224,137 | 1,744 | 1,079 | (4) | |
| Cellarity, Inc. | Warrant | 12/8/2021 | Preferred Series B | 100,000 | 287 | 152 | (15) | |
| Century Therapeutics, Inc. | Warrant | 9/14/2020 | Common Stock | 16,112 | 37 | — | (4) | |
| COMPASS Pathways plc | Warrant | 6/30/2023 | Ordinary Shares | 75,376 | 278 | 150 | (4)(5)(10) | |
| Curevo, Inc. | Warrant | 6/9/2023 | Common Stock | 95,221 | 233 | 308 | (15) | |
| Dermavant Sciences Ltd. | Warrant | 5/31/2019 | Common Stock | 223,642 | 101 | 6 | (5)(10) | |
| enGene, Inc. | Warrant | 12/22/2023 | Common Stock | 43,689 | 118 | 188 | (4)(5)(10) | |
| Fresh Tracks Therapeutics, Inc. | Warrant | 2/18/2016 | Common Stock | 201 | 119 | — | (4) | |
| Heron Therapeutics, Inc. | Warrant | 8/9/2023 | Common Stock | 238,095 | 228 | 494 | (4)(15) | |
| Kineta, Inc. | Warrant | 12/20/2019 | Common Stock | 2,202 | 110 | — | (4) | |
| Kura Oncology, Inc. | Warrant | 11/2/2022 | Common Stock | 14,342 | 88 | 107 | (4)(10)(15) | |
| Madrigal Pharmaceutical, Inc. | Warrant | 5/9/2022 | Common Stock | 13,229 | 570 | 2,209 | (4)(10) | |
| Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64,687 | 848 | 50 | (4)(10)(12)(15)(16) | |
| Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475,510 | 20 | 22 | (15) | |
| Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 106,035 | 296 | 11 | (4) | |
| SynOx Therapeutics Limited | Warrant | 4/18/2024 | Preferred Series B | 251,195 | 83 | 83 | (5)(10) | |
| TG Therapeutics, Inc. | Warrant | 2/28/2019 | Common Stock | 264,226 | 1,284 | 2,629 | (4)(10)(12) | |
| Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102,216 | 256 | 134 | ||
| X4 Pharmaceuticals, Inc. | Warrant | 3/18/2019 | Common Stock | 1,392,787 | 510 | 122 | (4) | |
| Subtotal: Drug Discovery & Development (0.53%)* | 9,068 | 9,889 | ||||||
| Electronics & Computer Hardware | ||||||||
| 908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49,078 | 101 | 31 | (4) | |
| Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8,503 | 34 | 44 | ||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622,255 | $557 | $156 | ||
| Subtotal: Electronics & Computer Hardware (0.01%)* | 692 | 231 | ||||||
| Healthcare Services, Other | ||||||||
| Curana Health Holdings, LLC | Warrant | 1/4/2024 | Common Units | 447,410 | 156 | 381 | ||
| Modern Life, Inc. | Warrant | 3/30/2023 | Common Stock | 52,665 | 210 | 161 | ||
| NeueHealth, Inc. | Warrant | 6/21/2024 | Common Stock | 185,625 | 716 | 756 | (4) | |
| Recover Together, Inc. | Warrant | 7/3/2023 | Common Stock | 194,830 | 382 | 120 | ||
| Strive Health Holdings, LLC | Warrant | 9/28/2023 | Common Units | 51,760 | 83 | 100 | (15) | |
| Vida Health, Inc. | Warrant | 3/28/2022 | Common Stock | 192,431 | 121 | — | ||
| Subtotal: Healthcare Services, Other (0.08%)* | 1,668 | 1,518 | ||||||
| Information Services | ||||||||
| INMOBI Inc. | Warrant | 11/19/2014 | Common Stock | 149,165 | 82 | — | (5)(10) | |
| NetBase Quid, Inc. (p.k.a NetBase Solutions) | Warrant | 8/22/2017 | Preferred Series 1 | 60,000 | 356 | — | ||
| Signal Media Limited | Warrant | 6/29/2022 | Common Stock | 129,638 | 57 | 31 | (5)(10) | |
| Subtotal: Information Services (0.00%)* | 495 | 31 | ||||||
| Manufacturing Technology | ||||||||
| Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392,308 | 537 | 923 | ||
| MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1,111,111 | 528 | 154 | ||
| Subtotal: Manufacturing Technology (0.06%)* | 1,065 | 1,077 | ||||||
| Media/Content/Info | ||||||||
| Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 369,370 | 67 | 94 | ||
| Subtotal: Media/Content/Info (0.01%)* | 67 | 94 | ||||||
| Medical Devices & Equipment | ||||||||
| Intuity Medical, Inc. | Warrant | 12/29/2017 | Preferred Series B-1 | 3,076,323 | 294 | — | ||
| Outset Medical, Inc. | Warrant | 9/27/2013 | Common Stock | 62,794 | 401 | 43 | (4) | |
| Senseonics Holdings, Inc. | Warrant | 9/8/2023 | Common Stock | 1,032,718 | 277 | 135 | (4) | |
| Sight Sciences, Inc. | Warrant | 1/22/2024 | Common Stock | 94,980 | 327 | 366 | (4) | |
| Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15,712 | 61 | — | (4) | |
| Subtotal: Medical Devices & Equipment (0.03%)* | 1,360 | 544 | ||||||
| Semiconductors | ||||||||
| Achronix Semiconductor Corporation | Warrant | 6/26/2015 | Preferred Series D-2 | 750,000 | 99 | 612 | ||
| Subtotal: Semiconductors (0.03%)* | 99 | 612 | ||||||
| Software | ||||||||
| Aria Systems, Inc. | Warrant | 5/22/2015 | Preferred Series G | 231,535 | 74 | — | ||
| Automation Anywhere, Inc. | Warrant | 9/23/2022 | Common Stock | 254,778 | 449 | 350 | ||
| Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29,691 | 284 | 490 | ||
| Brain Corporation | Warrant | 10/4/2021 | Common Stock | 194,629 | 165 | 47 | (15) | |
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211,342 | $117 | $10 | ||
| Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477,454 | 71 | — | ||
| Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6,763 | 54 | 1,137 | (5)(10) | |
| Couchbase, Inc. | Warrant | 4/25/2019 | Common Stock | 105,350 | 462 | 896 | (4) | |
| Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102,898 | 26 | 57 | (5)(10)(12) | |
| Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 770,838 | 461 | 890 | ||
| Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727,047 | 545 | 286 | ||
| Dragos, Inc. | Warrant | 6/28/2023 | Common Stock | 49,309 | 1,452 | 852 | ||
| DroneDeploy, Inc. | Warrant | 6/30/2022 | Common Stock | 95,911 | 278 | 324 | ||
| Earnix, Inc. | Warrant | 6/6/2024 | Common Stock | 20,762 | 220 | 234 | ||
| Elation Health, Inc. | Warrant | 9/12/2022 | Common Stock | 362,837 | 583 | 180 | ||
| First Insight, Inc. | Warrant | 5/10/2018 | Preferred Series B | 75,917 | 96 | 62 | ||
| Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84,995 | 325 | 244 | ||
| Harness, Inc. | Warrant | 3/12/2024 | Common Stock | 193,618 | 534 | 760 | ||
| Kore.ai, Inc. | Warrant | 3/31/2023 | Preferred Series C | 64,293 | 208 | 217 | ||
| Leapwork ApS | Warrant | 1/23/2023 | Common Stock | 39,948 | 16 | 23 | (5)(10)(12) | |
| Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series LB-2 | 86,984 | 131 | 17 | ||
| Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82,362 | 252 | 210 | ||
| Pindrop Security, Inc. | Warrant | 6/26/2024 | Common Stock | 134,542 | 494 | 537 | (15) | |
| Reltio, Inc. | Warrant | 6/30/2020 | Common Stock | 69,120 | 215 | 635 | ||
| Semperis Technologies Inc. | Warrant | 4/23/2024 | Common Stock | 72,122 | 115 | 127 | ||
| Simon Data, Inc. | Warrant | 3/22/2023 | Common Stock | 77,934 | 96 | 59 | (12) | |
| SingleStore, Inc. | Warrant | 4/28/2020 | Preferred Series D | 312,596 | 103 | 412 | ||
| Sisense Ltd. | Warrant | 6/8/2023 | Ordinary Shares | 321,956 | 174 | 85 | (5)(10) | |
| Suzy, Inc. | Warrant | 8/24/2023 | Common Stock | 292,936 | 367 | 234 | (15) | |
| Tipalti Solutions Ltd. | Warrant | 3/22/2023 | Ordinary Shares | 509,753 | 359 | 374 | (5)(10) | |
| VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152,048 | 1,275 | 382 | (15) | |
| Subtotal: Software (0.55%)* | 10,001 | 10,131 | ||||||
| Space Technologies | ||||||||
| Capella Space Corp. | Warrant | 10/21/2021 | Common Stock | 176,200 | 207 | 14 | (15) | |
| Subtotal: Space Technologies (0.00%)* | 207 | 14 | ||||||
| Sustainable and Renewable Technology | ||||||||
| Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18,472 | 52 | 49 | ||
| Electric Hydrogen Co. | Warrant | 3/27/2024 | Common Stock | 197,294 | 440 | 291 | (15) | |
| Halio, Inc. | Warrant | 4/7/2015 | Common Stock | 144,914 | 63 | — | ||
| Polyera Corporation | Warrant | 3/24/2015 | Preferred Series C | 150,036 | 269 | — | ||
| Subtotal: Sustainable and Renewable Technology (0.02%)* | 824 | 340 | ||||||
| Total: Warrant Investments (1.56%)* | $31,545 | $28,922 | ||||||
| Portfolio Company | Type ofInvestment | Acquisition Date(4) | Series (3) | Shares | Cost (2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Total Investments in Securities (191.84%)* | $3,604,181 | $3,561,682 | |||||
| Investment Funds & Vehicles Investments | |||||||
| Drug Discovery & Development | |||||||
| Forbion Growth Opportunities Fund I C.V. | Investment Funds & Vehicles | 11/16/2020 | $3,783 | $5,439 | (5)(10)(17) | ||
| Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 | 773 | 1,023 | (5)(10)(17) | ||
| Subtotal: Drug Discovery & Development (0.35%)* | 4,556 | 6,462 | |||||
| Software | |||||||
| Liberty Zim Co-Invest L.P. | Investment Funds & Vehicles | 7/21/2022 | 381 | 395 | (5)(10) | ||
| Subtotal: Software (0.02%)* | 381 | 395 | |||||
| Total: Investment Funds & Vehicles Investments (0.37%)* | $4,937 | $6,857 | |||||
| Total Investments (192.21%)* | $3,609,118 | $3,568,539 | |||||
| Foreign Currency Forward Contracts | |||||||
|---|---|---|---|---|---|---|---|
| Foreign Currency · Settlement Date · Counterparty · Amount · Transaction · US $ Value at Settlement Date · Value | |||||||
| Great British Pound (GBP) | 6/3/2025 | Goldman Sachs Bank USA | £20,511 | Sold | $26,178 | $188 | |
| Total Foreign Currency Forward (0.01%)* | $26,178 | $188 | |||||
*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 June 30, 2024. 1-month SOFR, 3-month SOFR and 6-month SOFR represent 5.34%,5.32%, and 5.25%, respectively, as of June 30, 2024.
(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $119.0 million, $158.6 million and $39.6 million, respectively. The tax cost of investments is $3.6 billion.
(3)Preferred and common stock, warrants, and equity interest are generally non-income producing.
(4)Except for warrants in 23 publicly traded companies and common stock in 33 publicly traded companies, all investments are restricted as of June 30, 2024 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 June 30, 2024, 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 June 30, 2024.
(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of June 30, 2024 (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 June 30, 2024, 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 $10.5 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.