Hercules Capital Inc

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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.

FY2024 · Filed Feb 13, 2025

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
PathAI, Inc.	Senior Secured	January 2027	Prime + 2.15%, Floor rate 9.15%, 7.85% Exit Fee	$32,000		$32,801	$33,788	(12)(13)
Subtotal: Biotechnology Tools (1.70%)*		32,801			33,788
Communications & Networking
Aryaka Networks, Inc.	Senior Secured	December 2028	Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 6.73% Exit Fee	$27,926		27,693	27,491	(17)(19)
Subtotal: Communications & Networking (1.38%)*		27,693			27,491
Consumer & Business Services
Altumint, Inc.	Senior Secured	December 2027	Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee	$10,000		9,916	10,140	(15)
Carwow LTD	Senior Secured	December 2027	Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee	£20,361		27,818	25,264	(5)(10)(14)
GoEuro Travel GmbH	Senior Secured	November 2029	Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee	$48,750		48,276	48,276	(5)(10)(17)
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 11.50%	$25,687		25,687	26,869	(9)(14)
Jobandtalent USA, Inc.	Senior Secured	August 2025	1-month SOFR + 8.86% Floor rate 9.75%, 2.89% Exit Fee	$13,011		13,276	12,994	(5)(10)
Plentific Ltd	Senior Secured	October 2026	Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee	$3,325		3,282	3,340	(5)(10)(13)
Provi	Senior Secured	December 2026	Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee	$15,000		15,093	15,176	(15)
Riviera Partners LLC	Senior Secured	April 2027	3-month SOFR + 8.27%, Floor rate 9.27%	$36,493		36,104	35,017	(18)
RVShare, LLC	Senior Secured	December 2026	3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%	$30,073		29,798	29,678	(13)(14)(15)
SeatGeek, Inc.	Senior Secured	May 2026	Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee	$25,327		25,413	25,821	(11)(14)(16)
	Senior Secured	July 2026	Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee	$78,038		77,438	79,691	(12)(14)(16)
Total SeatGeek, Inc.				$103,365		102,851	105,512
Skyword, Inc.	Senior Secured	November 2027	Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee	$6,587		6,715	6,637	(13)(14)
Tectura Corporation	Senior Secured	January 2027	FIXED 8.25%	$8,250		8,250	8,027	(7)
Thumbtack, Inc.	Senior Secured	March 2028	Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.50%	$20,918		20,561	21,192	(11)(14)(17)
Veem, Inc.	Senior Secured	March 2027	Prime + 4.00%, Floor rate 12.00%, PIK Interest 1.25%, 4.50% Exit Fee	$5,172		5,350	5,322	(13)(14)
	Senior Secured	March 2027	Prime + 4.70%, Floor rate 12.70%, PIK Interest 1.50%, 4.50% Exit Fee	$5,188		5,370	5,342	(12)(14)
Total Veem, Inc.				$10,360		10,720	10,664
Subtotal: Consumer & Business Services (18.03%)*		358,347			358,786
Diversified Financial Services
Gibraltar Acquisition, LLC	Unsecured	September 2026	FIXED 3.45%, PIK Interest 8.05%	$26,569		26,337	26,337	(7)(14)(20)
	Unsecured	September 2026	FIXED 11.95%	$10,000		9,875	9,875	(7)(20)
Total Gibraltar Acquisition, LLC				$36,569		36,212	36,212
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%	$11,070		10,918	11,174	(13)(14)(19)
Subtotal: Diversified Financial Services (2.98%)*		59,130			59,386
Drug Discovery & Development
Adaptimmune Therapeutics plc	Senior Secured	June 2029	Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.00%, 5.85% Exit Fee	$30,260		30,121	31,198	(5)(10)(11)(14)
Akero Therapeutics, Inc.	Senior Secured	March 2027	Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee	$17,500		17,706	18,005	(10)(13)(17)
Aldeyra Therapeutics, Inc.	Senior Secured	April 2026	Prime + 3.10%, Floor rate 11.10%, 8.90% Exit Fee	$15,000		15,046	15,153	(11)
Alector, Inc.	Senior Secured	December 2028	Prime + 1.05%, Floor rate 8.05%, 4.75% Exit Fee	$7,000		6,930	6,930	(6)(10)(15)(17)

Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor(1) · PrincipalAmount · Cost(2) · Value · Footnotes
AmplifyBio, LLC	Senior Secured	January 2027	Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee	$24,000		$24,640	$24,940	(15)
Arcus Biosciences, Inc.	Senior Secured	September 2029	Prime + 1.95%, Floor rate 10.45%, 7.75% Exit Fee	$37,500		37,379	37,379	(6)(10)(15)(17)
ATAI Life Sciences N.V.	Senior Secured	August 2026	Prime + 4.30%, Floor rate 9.05%, 6.95% Exit Fee	$14,000		14,442	14,385	(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		145,451	152,945	(10)(11)(12)(16)
bluebird bio, Inc.	Senior Secured	April 2029	Prime + 1.45%, Floor rate 9.95%, PIK Interest 2.45%, 6.45% Exit Fee	$65,655		64,028	55,344	(14)
Braeburn, Inc.	Senior Secured	October 2028	Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee	$53,192		53,374	55,626	(14)
COMPASS Pathways plc	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee	$24,490		24,613	25,608	(5)(10)(11)(14)
Corium, Inc.	Senior Secured	September 2026	Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee	$105,225		109,543	109,178	(13)(16)
Disc Medicine, Inc.	Senior Secured	December 2029	Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee	$22,500		22,363	22,363	(6)(10)(15)(17)
Eloxx Pharmaceuticals, Inc.	Senior Secured	April 2025	Prime + 6.25%, Floor rate 9.50%, 4.00% Exit Fee	$489		988	988	(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	$15,924		16,015	16,149	(5)(10)(14)
Heron Therapeutics, Inc.	Senior Secured	February 2026	Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee	$20,404		20,484	21,014	(14)(15)(17)
Hibercell, Inc.	Senior Secured	May 2025	Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee	$3,963		4,755	4,749	(13)(15)
Kura Oncology, Inc.	Senior Secured	November 2027	Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee	$5,500		5,622	5,721	(10)(15)
Madrigal Pharmaceutical, Inc.	Senior Secured	May 2027	Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee	$78,200		79,896	82,775	(10)(13)
NorthSea Therapeutics	Convertible Debt	December 2025	FIXED 6.00%	$273		273	273	(5)(9)(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	December 2027	Prime + 1.35%, Floor rate 9.85%, Cap rate 10.35%, PIK Interest 2.15%, 6.22% Exit Fee	$169,234		171,805	176,130	(6)(10)(12)(14)(15) (16)(22)
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	$31,889		32,294	33,745	(10)(12)(13)(14)
SynOx Therapeutics Limited	Senior Secured	May 2027	Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee	$4,500		4,471	4,573	(5)(10)(11)
uniQure B.V.	Senior Secured	January 2027	Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee	$35,000		36,102	37,135	(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		8,231	8,523	(10)(13)(17)
X4 Pharmaceuticals, Inc.	Senior Secured	July 2027	Prime + 3.15%, Floor rate 10.15%, 3.72% Exit Fee	$75,000		75,512	75,725	(11)(12)(13)
Subtotal: Drug Discovery & Development (52.10%)*		1,022,084			1,036,554
Electronics & Computer Hardware
Locus Robotics Corp.	Senior Secured	December 2028	Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee	$48,750		48,557	47,986	(6)(15)(17)
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	$113,766		112,911	113,701	(12)(14)(16)
Subtotal: Electronics & Computer Hardware (8.13%)*		161,468			161,687
Healthcare Services, Other
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	3-month SOFR + 5.26%, Floor rate 6.00%, PIK Interest 4.45%	$72,220		71,677	70,459	(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	$41,473		43,348	41,610	(11)(13)(14)
	Convertible Debt	December 2025	FIXED 12.00%	$202		202	202	(9)
Total Carbon Health Technologies, Inc.				$41,675		43,550	41,812
Curana Health Holdings, LLC	Senior Secured	January 2028	Prime + 1.45%, Floor rate 9.20%, 4.95% Exit Fee	$27,500		27,722	28,207	(13)(17)(19)
Equality Health, LLC	Senior Secured	February 2026	Prime + 4.25%, Floor rate 9.50%, PIK Interest 1.55%, 1.11% Exit Fee	$70,678		70,473	70,062	(11)(12)(14)
Main Street Rural, Inc.	Senior Secured	July 2027	Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee	$38,500		39,089	39,582	(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	$159,176		158,410	161,882	(14)(16)(17)

Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor(1) · PrincipalAmount · Cost(2) · Value · Footnotes
	Senior Secured	February 2029	Prime + 3.00%, Floor rate 11.00%	$5,000			$5,000		$5,000	(16)(17)
Total Marathon Health, LLC				$164,176			163,410		166,882
Modern Life, Inc.	Senior Secured	February 2027	Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee	$18,200			18,299		18,340	(13)
NeueHealth, Inc.	Senior Secured	June 2028	Prime + 1.15%, Floor rate 9.65%, PIK Interest 2.50%, 2.50% Exit Fee	$25,031			24,236		24,587	(12)(14)
Recover Together, Inc.	Senior Secured	July 2027	Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee	$45,000			45,431		45,741	(13)
Strive Health Holdings, LLC	Senior Secured	September 2027	Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee	$30,000			29,742		30,587	(15)(17)
Vida Health, Inc.	Senior Secured	October 2026	Prime - 2.75%, Floor rate 5.75%, PIK Interest 5.35%, 4.95% Exit Fee	$36,761			37,367		36,772	(11)(14)
WellBe Senior Medical, LLC	Senior Secured	May 2029	Prime + 0.75%, Floor rate 7.75%, PIK Interest 2.65%, 6.75% Exit Fee	$28,283			28,144		27,551	(14)(15)(17)
Subtotal: Healthcare Services, Other (30.19%)*		599,140			600,582
Information Services
Saama Technologies, LLC	Senior Secured	July 2027	Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee	$19,779			19,741		20,445	(12)(14)(17)
Subtotal: Information Services (1.03%)*		19,741			20,445
Medical Devices & Equipment
Orchestra BioMed Holdings, Inc.	Senior Secured	November 2028	Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee	$15,000			14,740		14,740	(6)(15)
Senseonics Holdings, Inc.	Senior Secured	September 2027	Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee	$30,625			30,830		31,519	(11)
Sight Sciences, Inc.	Senior Secured	July 2028	Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee	$28,000			27,830		28,127	(6)
Subtotal: Medical Devices & Equipment (3.74%)*		73,400			74,386
Software
3GTMS, LLC	Senior Secured	February 2025	3-month SOFR + 10.40%, Floor rate 11.30%	$13,279			13,268		13,268	(11)(17)(18)
	Senior Secured	February 2025	3-month SOFR + 7.25%, Floor rate 8.15%	$6,194			6,185		6,185	(17)(18)
Total 3GTMS, LLC				$19,473			19,453		19,453
Alchemer LLC	Senior Secured	May 2028	3-month SOFR + 8.14%, Floor rate 9.14%	$21,251			20,923		21,251	(13)(18)
Allvue Systems, LLC	Senior Secured	September 2029	3-month SOFR + 6.25%, Floor rate 7.25%	$42,564			41,704		41,628	(17)
AlphaSense, Inc.	Senior Secured	June 2029	3-month SOFR + 6.25%, Floor rate 8.25%	$20,000			19,816		19,578	(17)
Annex Cloud	Senior Secured	February 2027	3-month SOFR + 10.00%, Floor rate 11.00%	$11,338			11,205		10,556	(13)(18)
Armis, Inc.	Senior Secured	March 2028	Prime + 0.00%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee	$50,733			50,496		51,357	(12)(14)(17)
	Senior Secured	March 2028	Prime + 1.25%, Floor rate 7.50%, PIK Interest 2.00%, 2.25% Exit Fee	$25,150			24,968		25,082	(14)(17)
Total Armis, Inc.				$75,883			75,464		76,439
Babel Street	Senior Secured	December 2027	3-month SOFR + 8.01%, Floor rate 9.01%	$65,336			64,061		65,263	(15)(17)(18)
Behavox Limited	Senior Secured	September 2027	Prime - 0.55%, Floor rate 7.45%, PIK Interest 3.00%, 4.95% Exit Fee	$10,550			10,534		10,360	(5)(10)(14)
Brain Corporation	Senior Secured	September 2028	Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee	$32,009			31,704		31,984	(13)(14)
Ceros, Inc.	Senior Secured	September 2026	3-month SOFR + 8.99%, Floor rate 9.89%	$22,762			22,515		22,183	(17)(18)
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	$8,515			8,839		8,839	(11)(14)
CoreView USA, Inc.	Senior Secured	January 2029	Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee	$25,000			24,731		24,731	(6)(17)
Coronet Cyber Security Ltd.	Senior Secured	October 2028	Prime - 2.95%, Floor rate 3.55%, PIK Interest 5.85%	$8,591			8,446		8,446	(14)(17)
Cutover, Inc.	Senior Secured	October 2025	Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee	$5,500			5,667		5,667	(5)(10)(12)
	Senior Secured	October 2025	Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee	£1,250			1,612		1,594	(5)(10)
Total Cutover, Inc.						7,279		7,261

Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor(1)	PrincipalAmount	Cost(2)	Value	Footnotes
Dashlane, Inc.	Senior Secured	December 2027	Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 6.28% Exit Fee	$45,476	$46,450	$47,708	(11)(13)(14)(17)(19)
Dispatch Technologies, Inc.	Senior Secured	April 2028	3-month SOFR + 8.01%, Floor rate 8.76%	$8,896	8,758	8,641	(17)(18)
Dragos, Inc.	Senior Secured	July 2027	Prime + 2.00%, Floor rate 8.75%, PIK Interest 2.00%, 2.00% Exit Fee	$13,022	12,383	12,431	(14)(17)
DroneDeploy, Inc.	Senior Secured	November 2028	Prime + 2.45%, Floor rate 9.95%, 5.00% Exit Fee	$9,375	9,255	9,274	(13)(17)
Earnix, Inc.	Senior Secured	June 2029	Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45%	$19,166	18,856	18,838	(11)(14)(17)
Elation Health, Inc.	Senior Secured	March 2026	Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee	$12,878	12,860	13,215	(11)(14)(19)
Flight Schedule Pro, LLC	Senior Secured	October 2027	1-month SOFR + 7.80%, Floor rate 8.70%	$7,297	7,145	7,271	(17)(18)
Fortified Health Security	Senior Secured	December 2027	1-month SOFR + 7.64%, Floor rate 8.54%	$7,000	6,882	6,950	(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	$18,132	17,947	18,060	(14)(17)(19)
iGrafx, LLC	Senior Secured	May 2027	1-month SOFR + 8.61%, Floor rate 9.51%, 0.47% Exit Fee	$4,950	4,879	4,869	(18)
Khoros	Senior Secured	January 2025	3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%	$61,341	61,317	18,231	(8)(14)
Leapwork ApS	Senior Secured	February 2026	Prime + 0.25%, Floor rate 7.00%, PIK Interest 1.95%, 2.70% Exit Fee	$8,890	8,883	9,117	(5)(10)(12)(14)
LinenMaster, LLC	Senior Secured	August 2028	1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%	$15,428	15,189	15,481	(12)(14)(17)
Loftware, Inc.	Senior Secured	March 2028	3-month SOFR + 7.88%, Floor rate 8.88%	$27,206	26,726	27,399	(17)(18)
LogicSource	Senior Secured	July 2027	1-month SOFR + 8.93%, Floor rate 9.93%	$13,145	12,974	13,145	(17)(18)
LogRhythm, Inc.	Senior Secured	July 2029	1-month SOFR + 7.50%, Floor rate 8.50%	$25,000	24,305	24,305	(17)
Marigold Group, Inc. (p.k.a. Campaign Monitor Limited)	Senior Secured	November 2026	PIK Interest 6-month SOFR + 10.55%, Floor rate 11.55%	$38,828	38,336	32,773	(13)(14)(19)
Mobile Solutions Services	Senior Secured	December 2025	3-month SOFR + 9.21%, Floor rate 10.06%	$18,366	18,237	17,616	(18)
Morphisec Information Security 2014 Ltd.	Senior Secured	October 2027	Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee	$10,000	9,861	9,861	(5)(10)
New Relic, Inc.	Senior Secured	November 2030	1-month SOFR + 6.75%, Floor rate 7.75%	$21,890	21,402	21,644	(17)
Omeda Holdings, LLC	Senior Secured	July 2027	3-month SOFR + 8.05%, Floor rate 9.05%	$7,669	7,518	7,669	(11)(17)(18)
PayIt, LLC	Senior Secured	December 2028	Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee	$12,003	11,881	11,881	(6)(14)(15)(17)(19)
Pindrop Security, Inc.	Senior Secured	June 2029	Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee	$31,000	30,566	30,671	(15)(17)
Remodel Health Holdco, LLC	Senior Secured	December 2028	Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee	$25,000	24,723	24,723	(6)(15)
Reveleer	Senior Secured	February 2027	Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.05% Exit Fee	$36,345	36,403	36,525	(14)(15)
Semperis Technologies Inc.	Senior Secured	April 2028	Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25%	$22,754	22,596	23,066	(11)(14)(19)
ShadowDragon, LLC	Senior Secured	December 2026	3-month SOFR + 8.88%, Floor rate 9.78%	$6,000	5,918	5,953	(17)(18)
Simon Data, Inc.	Senior Secured	March 2027	Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee	$13,087	13,152	13,175	(12)(14)
Sisense Ltd.	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee	$33,760	34,152	34,193	(5)(10)(14)
Streamline Healthcare Solutions	Senior Secured	March 2028	3-month SOFR + 7.25%, Floor rate 8.25%	$17,600	17,324	17,688	(11)(13)(17)(18)
Sumo Logic, Inc.	Senior Secured	May 2030	3-month SOFR + 6.50%, Floor rate 7.50%	$23,000	22,521	23,113	(17)
Suzy, Inc.	Senior Secured	August 2027	Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee	$24,345	24,031	24,935	(6)(14)(15)(17)
TaxCalc	Senior Secured	November 2029	3-month SONIA + 8.05%, Floor rate 8.55%	£7,500	9,518	9,198	(5)(10)(17)(18)
ThreatConnect, Inc.	Senior Secured	May 2026	3-month SOFR + 9.15%, Floor rate 10.00%	$12,324	12,208	12,324	(18)
Tipalti Solutions Ltd.	Senior Secured	April 2027	Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.00%, 3.75% Exit Fee	$42,670	42,379	43,448	(5)(10)(14)
Zappi, Inc.	Senior Secured	December 2027	3-month SOFR + 8.03%, Floor rate 9.03%	$12,729	12,522	12,756	(5)(10)(13)(17)(18)
Zimperium, Inc.	Senior Secured	May 2027	3-month SOFR + 8.31%, Floor rate 9.31%	$14,790	14,618	14,444	(17)(18)
Subtotal: Software (52.80%)*				1,091,349	1,050,563

Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor(1) · PrincipalAmount · Cost(2) · Value · Footnotes
Space Technologies
Voyager Technologies, Inc.	Senior Secured	July 2028	Prime + 1.25%, Floor rate 9.75%, PIK Interest 2.50%, 5.50% Exit Fee	$45,439		$45,302	$45,690	(11)(14)(15)
Subtotal: Space Technologies (2.30%)*		45,302			45,690
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	$3,984		4,102	4,141	(13)(14)
Electric Hydrogen Co.	Senior Secured	May 2028	Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 4.89% Exit Fee	$20,127		19,687	19,830	(14)(15)(19)
SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC)	Senior Secured	June 2027	FIXED 10.00%	$1,296		1,297	1,272	(19)
Subtotal: Sustainable and Renewable Technology (1.27%)*		25,086			25,243
Total: Debt Investments (175.65%)*		$3,515,541			$3,494,601

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: Alamar Biosciences, Inc. (0.07%)*			1,500		1,423
Consumer & Business Products
Fabletics, Inc.	Equity	4/30/2010	Common Stock	42,989	128	46
	Equity	7/16/2013	Preferred Series B	130,191	1101	299
Total Fabletics, Inc.				173,180	1,229	345
Grove Collaborative, Inc.	Equity	4/30/2021	Common Stock	12,260	433	17	(4)
Savage X Holding, LLC	Equity	4/30/2010	Class A Units	172,328	13	421
Subtotal: Consumer & Business Products (0.04%)*			1,675		783
Consumer & Business Services
Carwow LTD	Equity	12/15/2021	Preferred Series D-4	216,073	1,151	627	(5)(10)
Lyft, Inc.	Equity	12/26/2018	Common Stock	100,738	5,263	1,299	(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock	100,000	1,000	162	(4)
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A	286,080	1,663	467
	Equity	10/25/2016	Preferred Series A-1	108,710	632	177
Total OfferUp, Inc.				394,790	2,295	644
Oportun	Equity	6/28/2013	Common Stock	48,365	577	188	(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	7	(7)
	Equity	6/6/2016	Preferred Series BB	1,000,000	—	17	(7)
	Equity	12/29/2023	Preferred Series C	3,235,298	13,263	3,606	(7)
Total Tectura Corporation				419,230,161	14,163	3,630
Worldremit Group Limited	Equity	6/24/2024	Preferred Series X	9,737	922	952	(5)(10)
Subtotal: Consumer & Business Services (0.38%)*			26,410		7,502

Portfolio Company	Type ofInvestment	Acquisition Date(4)	Series(3)	Shares	Cost(2)	Value	Footnotes
Diversified Financial Services
Gibraltar Acquisition, LLC	Equity	3/1/2018	Member Units	1	$34,006	$23,051	(7)(20)
Hercules Adviser LLC	Equity	3/26/2021	Member Units	1	35	30,190	(7)(23)
Newfront Insurance Holdings, Inc.	Equity	9/30/2021	Preferred Series D-2	210,282	403	404
Subtotal: Diversified Financial Services (2.70%)*			34,444		53,645
Drug Delivery
Aytu BioScience, Inc.	Equity	3/28/2014	Common Stock	680	1,500	1	(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	4	(4)
Talphera, Inc.	Equity	12/10/2018	Common Stock	8,836	1,329	5	(4)
Subtotal: Drug Delivery (0.00%)*			3,638		10
Drug Discovery & Development
Akero Therapeutics, Inc.	Equity	3/8/2024	Common Stock	34,483	1,000	959	(4)(10)
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock	42	1,000	—	(4)
Axsome Therapeutics, Inc.	Equity	5/9/2022	Common Stock	127,021	4,165	10,747	(4)(10)(16)
Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock	98,100	1,871	1,373	(4)(5)(10)
BridgeBio Pharma, Inc.	Equity	6/21/2018	Common Stock	231,329	2,255	6,348	(4)
Cyclo Therapeutics, Inc.	Equity	4/6/2021	Common Stock	134	42	—	(4)(10)
Dare Biosciences, Inc.	Equity	1/8/2015	Common Stock	1,129	1,000	4	(4)
Dynavax Technologies	Equity	7/22/2015	Common Stock	20,000	550	256	(4)(10)
Heron Therapeutics, Inc.	Equity	7/25/2023	Common Stock	364,963	500	558	(4)
Hibercell, Inc.	Equity	5/7/2021	Preferred Series B	3,466,840	4,250	328	(15)
HilleVax, Inc.	Equity	5/3/2022	Common Stock	235,295	4,000	487	(4)
Kura Oncology, Inc.	Equity	6/16/2023	Common Stock	47,826	550	417	(4)(10)
Madrigal Pharmaceutical, Inc.	Equity	9/29/2023	Common Stock	5,100	773	1,574	(4)(10)
NorthSea Therapeutics	Equity	12/15/2021	Preferred Series C	983	2,000	1,241	(5)(10)
Phathom Pharmaceuticals, Inc.	Equity	6/9/2023	Common Stock	147,233	1,730	1,196	(4)(10)(16)
Rocket Pharmaceuticals, Ltd.	Equity	8/22/2007	Common Stock	944	1,500	12	(4)
Savara, Inc.	Equity	8/11/2015	Common Stock	11,119	203	34	(4)
uniQure B.V.	Equity	1/31/2019	Common Stock	17,175	332	303	(4)(5)(10)
Valo Health, LLC	Equity	12/11/2020	Preferred Series B	510,308	3,000	1,134
	Equity	10/31/2022	Preferred Series C	170,102	1,000	762
Total Valo Health, LLC				680,410	4,000	1,896
Verge Analytics, Inc.	Equity	9/6/2023	Preferred Series C	208,588	1,500	1,519
Viridian Therapeutics, Inc.	Equity	11/6/2023	Common Stock	32,310	400	619	(4)(10)
X4 Pharmaceuticals, Inc.	Equity	11/26/2019	Common Stock	1,566,064	2,945	1,149	(4)
Subtotal: Drug Discovery & Development (1.56%)*			36,566		31,020
Electronics & Computer Hardware
Locus Robotics Corp.	Equity	11/17/2022	Preferred Series F	15,116	650	294

Portfolio Company	Type ofInvestment	Acquisition Date(4)	Series(3)	Shares	Cost(2)	Value	Footnotes
Skydio, Inc.	Equity	3/8/2022	Preferred Series E	248,900	$1,500	$643
Subtotal: Electronics & Computer Hardware (0.05%)*			2,150		937
Healthcare Services, Other
23andMe, Inc.	Equity	3/11/2019	Common Stock	41,286	5,094	134	(4)
Carbon Health Technologies, Inc.	Equity	3/30/2021	Preferred Series C	217,880	1,687	2
Click Therapeutics, Inc.	Equity	5/20/2024	Common Stock	560,000	1,662	1,825	(15)
Curana Health Holdings, LLC	Equity	5/13/2024	Common Units	1,114,380	2,500	2,603
Main Street Rural, Inc.	Equity	10/28/2024	Preferred Series D	496	874	874
WellBe Senior Medical, LLC	Equity	6/10/2024	Common Units	181,163	1,600	2,065
Subtotal: Healthcare Services, Other (0.38%)*			13,417		7,503
Information Services
Yipit, LLC	Equity	12/30/2021	Preferred Series E	41,021	3,825	3,898
Subtotal: Information Services (0.20%)*			3,825		3,898
Medical Devices & Equipment
Coronado Aesthetics, LLC	Equity	10/15/2021	Common Units	180,000	—	—	(7)
	Equity	10/15/2021	Preferred Series A-2	5,000,000	250	69	(7)
Total Coronado Aesthetics, LLC				5,180,000	250	69
Subtotal: Medical Devices & Equipment (0.00%)*			250		69
Semiconductors
Achronix Semiconductor Corporation	Equity	7/1/2011	Preferred Series C	277,995	160	210
Subtotal: Semiconductors (0.01%)*			160		210
Software
3GTMS, LLC	Equity	8/9/2021	Common Stock	1,000,000	1,000	666
Armis, Inc.	Equity	10/18/2024	Preferred Series D	294,213	2,000	2,000
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	257	(5)(10)
	Equity	11/20/2018	Preferred Series D	108,500	500	722	(5)(10)
Total Contentful Global, Inc.				149,500	638	979
DNAnexus, Inc.	Equity	3/21/2014	Preferred Series C	51,948	97	5
Docker, Inc.	Equity	11/29/2018	Common Stock	20,000	4,284	198
Druva Holdings, Inc.	Equity	10/22/2015	Preferred Series 2	458,841	1,000	5,194
	Equity	8/24/2017	Preferred Series 3	93,620	300	1,075
Total Druva Holdings, Inc.				552,461	1,300	6,269
HighRoads, Inc.	Equity	1/18/2013	Common Stock	190	307	—
Leapwork ApS	Equity	8/25/2023	Preferred Series B2	183,073	250	132	(5)(10)
Lightbend, Inc.	Equity	12/4/2020	Common Stock	38,461	265	24
Nextdoor.com, Inc.	Equity	8/1/2018	Common Stock	1,019,255	4,854	2,416	(4)
SingleStore, Inc.	Equity	11/25/2020	Preferred Series E	580,983	2,000	1,988

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series(3) · Shares · Cost(2) · Value · Footnotes
	Equity	8/12/2021	Preferred Series F	52,956	$280		$216
Total SingleStore, Inc.				633,939	2,280		2,204
SirionLabs Pte. Ltd.	Equity	6/30/2024	Preferred Series F1	152,250	1,792		1,996	(5)(10)
Verana Health, Inc.	Equity	7/8/2021	Preferred Series E	952,562	2,000		370
Subtotal: Software (0.99%)*			23,524		19,665
Sustainable and Renewable Technology
Impossible Foods, Inc.	Equity	5/10/2019	Preferred Series E-1	188,611	2,000		106
Modumetal, Inc.	Equity	6/1/2015	Common Stock	1,035	500		—
Pivot Bio, Inc.	Equity	6/28/2021	Preferred Series D	593,080	4,500		1,885
SUNation Energy, Inc. (p.k.a. Pineapple Energy LLC)	Equity	12/10/2020	Common Stock	405	3,153		1	(4)
Subtotal: Sustainable and Renewable Technology (0.10%)*			10,153		1,992
Total: Equity Investments (6.47%)*			$157,712		$128,657
Warrant Investments
Biotechnology Tools
Alamar Biosciences, Inc.	Warrant	6/21/2022	Preferred Series C	75,567	$36		$122
PathAI, Inc.	Warrant	12/23/2022	Common Stock	53,418	460		101	(12)
Subtotal: Biotechnology Tools (0.01%)*			496		223
Communications & Networking
Aryaka Networks, Inc.	Warrant	6/28/2022	Common Stock	486,097	242		209	(12)
Subtotal: Communications & Networking (0.01%)*			242		209
Consumer & Business Products
Gadget Guard, LLC	Warrant	6/3/2014	Common Stock	1,662,441	228		—
Whoop, Inc.	Warrant	6/27/2018	Preferred Series C	686,270	17		714
Subtotal: Consumer & Business Products (0.04%)*			245		714
Consumer & Business Services
Altumint, Inc.	Warrant	10/31/2024	Common Stock	1,701	127		129	(15)
Carwow LTD	Warrant	12/14/2021	Common Stock	174,163	164		55	(5)(10)
	Warrant	2/13/2024	Preferred Series D-4	109,257	20		11	(5)(10)
Total Carwow LTD				283,420	184	66
Houzz, Inc.	Warrant	10/29/2019	Common Stock	529,661	20		—
Landing Holdings Inc.	Warrant	3/12/2021	Common Stock	11,806	116		115	(15)
Lendio, Inc.	Warrant	3/29/2019	Preferred Series D	127,032	39		10
Plentific Ltd	Warrant	10/3/2023	Ordinary Shares	27,298	60		38	(5)(10)
Provi	Warrant	12/22/2022	Common Stock	117,042	166		77	(15)
Rhino Labs, Inc.	Warrant	3/12/2021	Common Stock	13,106	470		—	(15)
SeatGeek, Inc.	Warrant	6/12/2019	Common Stock	1,604,724	1,242		4,901	(12)(16)
Skyword, Inc.	Warrant	11/14/2022	Common Stock	1,607,143	57		28
	Warrant	8/23/2019	Preferred Series B	444,444	83		3
Total Skyword, Inc.				2,051,587	140		31

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series(3) · Shares · Cost(2) · Value · Footnotes
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		878
Veem, Inc.	Warrant	3/31/2022	Common Stock	98,428	126		13	(12)
Worldremit Group Limited	Warrant	2/11/2021	Preferred Series D	77,215	129		95	(5)(10)
	Warrant	8/27/2021	Preferred Series E	1,868	26		—	(5)(10)
Total Worldremit Group Limited				79,083	155		95
Subtotal: Consumer & Business Services (0.32%)*			4,690		6,353
Diversified Financial Services
Next Insurance, Inc.	Warrant	2/3/2023	Common Stock	522,930	214		460
Subtotal: Diversified Financial Services (0.02%)*				214		460
Drug Discovery & Development
Akero Therapeutics, Inc.	Warrant	6/15/2022	Common Stock	32,129	330		519	(4)(10)
AmplifyBio, LLC	Warrant	12/27/2022	Class A Units	69,239	238		151	(15)
Axsome Therapeutics, Inc.	Warrant	9/25/2020	Common Stock	61,004	1,290		1,528	(4)(10)(12)(16)
bluebird bio, Inc.	Warrant	3/15/2024	Common Stock	111,206	1,744		—
Cellarity, Inc.	Warrant	12/8/2021	Preferred Series B	100,000	287		103	(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		48	(4)(5)(10)
Curevo, Inc.	Warrant	6/9/2023	Common Stock	95,221	233		154	(15)
enGene, Inc.	Warrant	12/22/2023	Common Stock	43,689	118		102	(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		166	(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		16	(4)(10)(15)
Madrigal Pharmaceutical, Inc.	Warrant	5/9/2022	Common Stock	13,229	570		2,133	(4)(10)
Phathom Pharmaceuticals, Inc.	Warrant	9/17/2021	Common Stock	64,687	848		22	(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		2	(4)
SynOx Therapeutics Limited	Warrant	4/18/2024	Preferred Series B	251,195	83		76	(5)(10)
TG Therapeutics, Inc.	Warrant	12/30/2021	Common Stock	117,168	721		1,730	(4)(10)
Valo Health, LLC	Warrant	6/15/2020	Common Units	102,216	256		39
X4 Pharmaceuticals, Inc.	Warrant	3/18/2019	Common Stock	1,392,787	510		185	(4)
Subtotal: Drug Discovery & Development (0.35%)*			8,404		6,996
Electronics & Computer Hardware
908 Devices, Inc.	Warrant	3/15/2017	Common Stock	49,078	101		1	(4)
Locus Robotics Corp.	Warrant	6/21/2022	Common Stock	8,503	34		51

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	$212
Subtotal: Electronics & Computer Hardware (0.01%)*			692		264
Healthcare Services, Other
Curana Health Holdings, LLC	Warrant	1/4/2024	Common Units	447,410	156	492
Modern Life, Inc.	Warrant	3/30/2023	Common Stock	52,665	210	169
NeueHealth, Inc.	Warrant	6/21/2024	Common Stock	185,625	716	1,032	(4)(12)
Recover Together, Inc.	Warrant	7/3/2023	Common Stock	194,830	382	79
Strive Health Holdings, LLC	Warrant	9/28/2023	Common Units	129,400	278	325	(15)
Vida Health, Inc.	Warrant	3/28/2022	Preferred Series E	192,431	121	2
Subtotal: Healthcare Services, Other (0.11%)*			1,863		2,099
Information Services
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	13	(5)(10)
Subtotal: Information Services (0.00%)*			413		13
Manufacturing Technology
Bright Machines, Inc.	Warrant	3/31/2022	Common Stock	392,308	537	871
MacroFab, Inc.	Warrant	3/23/2022	Common Stock	1,111,111	528	291
Subtotal: Manufacturing Technology (0.06%)*			1,065		1,162
Media/Content/Info
Fever Labs, Inc.	Warrant	12/30/2022	Preferred Series E-1	369,370	67	63
Subtotal: Media/Content/Info (0.00%)*			67		63
Medical Devices & Equipment
Orchestra BioMed Holdings, Inc.	Warrant	11/6/2024	Common Stock	52,264	180	102	(4)(6)(15)
Outset Medical, Inc.	Warrant	9/27/2013	Common Stock	62,794	401	7	(4)
Senseonics Holdings, Inc.	Warrant	9/8/2023	Common Stock	1,032,718	276	203	(4)
Sight Sciences, Inc.	Warrant	1/22/2024	Common Stock	113,247	363	195	(4)(6)
Tela Bio, Inc.	Warrant	3/31/2017	Common Stock	15,712	61	—	(4)
Subtotal: Medical Devices & Equipment (0.03%)*			1,281		507
Semiconductors
Achronix Semiconductor Corporation	Warrant	6/26/2015	Preferred Series D-2	750,000	99	494
Subtotal: Semiconductors (0.02%)*			99		494
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	448	421
Bitsight Technologies, Inc.	Warrant	11/18/2020	Common Stock	29,691	284	442
Brain Corporation	Warrant	10/4/2021	Common Stock	435,396	215	84
CloudBolt Software, Inc.	Warrant	9/30/2020	Common Stock	211,342	117	9
Cloudian, Inc.	Warrant	11/6/2018	Common Stock	477,454	71	—

Portfolio Company	Type ofInvestment	Acquisition Date(4)	Series(3)	Shares	Cost(2)	Value	Footnotes
Cloudpay, Inc.	Warrant	4/10/2018	Preferred Series B	6,763	$54	$908	(5)(10)
Coronet Cyber Security Ltd.	Warrant	9/26/2024	Ordinary Shares	39,183	254	266
Couchbase, Inc.	Warrant	4/25/2019	Common Stock	105,350	462	686	(4)
Cutover, Inc.	Warrant	9/21/2022	Common Stock	102,898	26	83	(5)(10)(12)
Dashlane, Inc.	Warrant	3/11/2019	Common Stock	770,838	461	1,102
Demandbase, Inc.	Warrant	8/2/2021	Common Stock	727,047	545	234
Dragos, Inc.	Warrant	6/28/2023	Common Stock	57,528	1,575	984
DroneDeploy, Inc.	Warrant	6/30/2022	Common Stock	95,911	278	417
Earnix, Inc.	Warrant	6/6/2024	Common Stock	20,762	220	327
Elation Health, Inc.	Warrant	9/12/2022	Common Stock	362,837	583	236
First Insight, Inc.	Warrant	5/10/2018	Preferred Series B	75,917	96	33
Fulfil Solutions, Inc.	Warrant	7/29/2022	Common Stock	84,995	325	274
Harness, Inc.	Warrant	3/12/2024	Common Stock	193,618	534	632
Kore.ai, Inc.	Warrant	3/31/2023	Preferred Series C	64,293	208	142
Leapwork ApS	Warrant	1/23/2023	Common Stock	93,211	39	35	(5)(10)(12)
Lightbend, Inc.	Warrant	2/14/2018	Preferred Series LB-2	86,984	131	26
Mixpanel, Inc.	Warrant	9/30/2020	Common Stock	82,362	252	264
Morphisec Information Security 2014 Ltd.	Warrant	10/1/2024	Ordinary Shares	200,115	104	108	(5)(10)
Pindrop Security, Inc.	Warrant	6/26/2024	Common Stock	134,542	494	496	(15)
Reltio, Inc.	Warrant	6/30/2020	Common Stock	69,120	215	698
Semperis Technologies Inc.	Warrant	4/23/2024	Common Stock	72,122	115	213
Simon Data, Inc.	Warrant	3/22/2023	Common Stock	77,934	96	22	(12)
SingleStore, Inc.	Warrant	4/28/2020	Preferred Series D	312,596	103	551
Sisense Ltd.	Warrant	6/8/2023	Ordinary Shares	321,956	174	61	(5)(10)
Suzy, Inc.	Warrant	8/24/2023	Common Stock	292,936	367	291	(6)(15)
Tipalti Solutions Ltd.	Warrant	3/22/2023	Ordinary Shares	509,753	359	395	(5)(10)
VideoAmp, Inc.	Warrant	1/21/2022	Common Stock	152,048	1,275	32	(15)
Subtotal: Software (0.53%)*			10,554		10,472
Space Technologies
Capella Space Corp.	Warrant	10/21/2021	Common Stock	176,200	207	10	(15)
Subtotal: Space Technologies (0.00%)*					207	10
Sustainable and Renewable Technology
Ampion, PBC	Warrant	4/15/2022	Common Stock	18,472	52	67
Electric Hydrogen Co.	Warrant	3/27/2024	Common Stock	246,618	507	394	(15)
Halio, Inc.	Warrant	4/7/2015	Common Stock	144,914	63	—
Subtotal: Sustainable and Renewable Technology (0.02%)*			622		461
Total: Warrant Investments (1.53%)*			$31,154		$30,500
Total Investments in Securities (183.64%)*			$3,704,407		$3,653,758

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series(3) · Shares · Cost(2) · Value · Footnotes
Investment Funds & Vehicles Investments
Drug Discovery & Development
Forbion Growth Opportunities Fund I C.V.	Investment Funds & Vehicles	11/16/2020		$2,847	$4,382	(5)(10)(17)
Forbion Growth Opportunities Fund II C.V.	Investment Funds & Vehicles	6/23/2022		1,242	1,438	(5)(10)(17)
Subtotal: Drug Discovery & Development (0.29%)*			4,089	5,820
Software
Liberty Zim Co-Invest L.P.	Investment Funds & Vehicles	7/21/2022		381	400	(5)(10)
Subtotal: Software (0.02%)*			381	400
Total: Investment Funds & Vehicles Investments (0.31%)*			$4,470	$6,220
Total Investments before Cash & Cash Equivalents (183.96%)*			$3,708,877	$3,659,978
Cash & Cash Equivalents
GS Financial Square Government Fund	Cash & Cash Equivalents		FGTXX/38141W273	$21,100	$21,100
Total: Investments in Cash & Cash Equivalents (1.06%)*			$21,100	$21,100
Total: Investments after Cash & Cash Equivalents (185.02%)*			$3,729,977	$3,681,078

Foreign Currency Forward Contracts
Foreign Currency · Settlement Date · Counterparty · Amount · Transaction · US $ Notional Value at Settlement Date · Value
Great British Pound (GBP)	6/3/2025	Goldman Sachs Bank USA	£20,511	Sold		$26,178		$538
Total Foreign Currency Forward (0.03%)*					$26,178		$538

*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)PRIME represents 7.50% as of December 31, 2024. 1-month SOFR, 3-month SOFR, and 6-month SOFR represent 4.33%,4.31%, and 4.25%, respectively, as of December 31, 2024.

(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $108.4 million, $156.5 million, and $48.1 million, respectively. The tax cost of investments is $3.7 billion.

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

(4)Except for warrants in 23 publicly traded companies and common stock in 28 publicly traded companies, all investments are restricted as of December 31, 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)Denotes that all or a portion of the investment in this portfolio company is held by Hercules SBIC V, L.P., the Company’s wholly owned small business investment company.

(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, 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 December 31, 2024.

(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 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 December 31, 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 $11.9 million and $11.6 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 Secured	June 2026	Prime + 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 Secured	January 2027	Prime + 2.15%, Floor rate 9.15%, 9.81% Exit Fee	$32,000			31,941			32,519	(12)
Subtotal: Biotechnology Tools (2.66%)*					47,010			48,027
Communications & Networking
Aryaka Networks, Inc.	Senior Secured	July 2026	Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee	$25,153			24,943			26,000	(12)(14)(19)
Cytracom Holdings LLC	Senior Secured	February 2025	3-month SOFR + 9.72%, Floor rate 10.62%	$3,267			3,239			3,272	(11)(17)(18)
Subtotal: Communications & Networking (1.62%)*				28,182			29,272
Consumer & Business Services
Altumint, Inc.	Senior Secured	December 2027	Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee	$10,000			9,905			9,905	(15)(17)
AppDirect, Inc.	Senior Secured	April 2026	Prime + 5.50%, Floor rate 8.75%, 7.12% Exit Fee	$55,790			57,653			59,507	(12)
Carwow LTD	Senior Secured	December 2024	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee	£19,146			26,834			25,157	(5)(10)(14)
Houzz, Inc.	Convertible Debt	May 2028	PIK Interest 8.50%	$23,340			23,340			23,244	(9)(14)
Jobandtalent USA, Inc.	Senior Secured	February 2025	1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee	$14,000			14,095			14,259	(5)(10)
Plentific Ltd	Senior Secured	October 2026	Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee	$875			853			853	(5)(10)(17)
Provi	Senior Secured	December 2026	Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee	$15,000			14,904			15,046	(15)
Rhino Labs, Inc.	Senior Secured	June 2024	Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%	$4,710			4,704			4,704	(14)(15)
Riviera Partners LLC	Senior Secured	April 2027	3-month SOFR + 8.26%, Floor rate 9.26%	$36,868			36,339			34,659	(17)(18)
RVShare, LLC	Senior Secured	December 2026	3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%	$28,876			28,404			28,888	(13)(14)(15)
SeatGeek, Inc.	Senior Secured	May 2026	Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee	$25,199			25,126			25,869	(11)(14)(16)
	Senior Secured	July 2026	Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee	$77,642			77,170			79,119	(12)(14)(16)
Total SeatGeek, Inc.				$102,841			102,296			104,988
Skyword, Inc.	Senior Secured	November 2026	Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee	$9,169			9,189			9,311	(13)(14)
Tectura Corporation	Senior Secured	July 2024	FIXED 8.25%	$8,250			8,250			8,250	(7)
Thumbtack, Inc.	Senior Secured	April 2026	Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee	$10,258			10,317			10,639	(12)(14)(17)
Udacity, Inc.	Senior Secured	September 2024	Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee	$53,000			53,989			53,130	(12)(14)
Veem, Inc.	Senior Secured	March 2025	Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee	$5,107			5,176			5,230	(13)(14)
	Senior Secured	March 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee	$5,110			5,189			5,286	(12)(14)
Total Veem, Inc.				$10,217			10,365			10,516
Worldremit Group Limited	Senior Secured	February 2025	3-month SOFR + 9.40%, Floor rate 10.25%, 3.20% Exit Fee	$88,250			89,318			89,653	(5)(10)(11)(12)(16) (19)
	Senior Secured	February 2025	1-month SOFR + 9.35%, Floor rate 10.25%, 3.20% Exit Fee	$6,250			6,308			6,344	(5)(10)(16)(19)
Total Worldremit Group Limited				$94,500			95,626			95,997
Subtotal: Consumer & Business Services (28.24%)*				507,063			509,053
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)	Unsecured	September 2026	FIXED 11.50%	$25,000			24,663			24,663	(7)(20)
	Unsecured	September 2026	FIXED 11.95%	$10,000			9,815			9,815	(7)(20)
Total Gibraltar Acquisition, LLC			$35,000			34,478			34,478

Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	PrincipalAmount	Cost (2)	Value	Footnotes
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%	$10,469	10,286	10,618	(14)(17)(19)
Subtotal: Diversified Financial Services (3.17%)*				56,764	57,096
Drug Discovery & Development
Akero Therapeutics, Inc.	Senior Secured	January 2027	Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee	$12,500	12,525	13,065	(10)(13)(17)
Aldeyra Therapeutics, Inc.	Senior Secured	October 2024	Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee	$15,000	15,152	15,152	(11)
Alladapt Immunotherapeutics Inc.	Senior Secured	September 2026	Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 5.30% Exit Fee	$35,000	35,173	36,855	(13)
AmplifyBio, LLC	Senior Secured	January 2027	Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee	$24,000	24,120	24,514	(15)
ATAI Life Sciences N.V.	Senior Secured	August 2026	Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee	$10,500	10,695	10,904	(5)(10)
Axsome Therapeutics, Inc.	Senior Secured	January 2028	Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee	$143,350	143,646	150,255	(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	11,880	11,783	(5)(10)(11)(12)
BiomX, INC	Senior Secured	September 2025	Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee	$6,448	6,807	6,790	(5)(10)(11)
Braeburn, Inc.	Senior Secured	October 2028	Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee	$52,601	52,185	52,185	(14)
BridgeBio Pharma, Inc.	Senior Secured	November 2026	FIXED 9.00%, 2.00% Exit Fee	$38,167	38,124	35,498	(12)(13)(14)
Cellarity, Inc.	Senior Secured	June 2026	Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee	$29,193	29,482	30,051	(13)(15)
COMPASS Pathways plc	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee	$24,144	23,798	24,601	(5)(10)(14)
Corium, Inc.	Senior Secured	September 2026	Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee	$105,225	107,667	108,545	(13)(16)
Curevo, Inc.	Senior Secured	June 2027	Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee	$10,000	9,821	10,076	(15)
Eloxx Pharmaceuticals, Inc.	Senior Secured	April 2025	Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee	$3,099	3,789	3,731	(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	$15,750	15,550	15,550	(5)(10)
G1 Therapeutics, Inc.	Senior Secured	November 2026	Prime + 5.65%, Floor rate 9.15%, 11.41% Exit Fee	$38,750	39,679	40,421	(11)(12)(15)
Geron Corporation	Senior Secured	April 2025	Prime + 4.50%, Floor rate 9.00%, 6.55% Exit Fee	$30,200	31,005	31,210	(10)(12)(13)
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	$30,532	30,717	30,909	(13)(14)
Heron Therapeutics, Inc.	Senior Secured	February 2026	Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee	$20,095	19,788	19,788	(14)(15)(17)
Hibercell, Inc.	Senior Secured	May 2025	Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee	$12,535	13,117	13,181	(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	$20,524	20,685	20,335	(14)(15)
Kura Oncology, Inc.	Senior Secured	November 2027	Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee	$5,500	5,532	5,752	(10)(15)(17)
Locus Biosciences, Inc.	Senior Secured	July 2025	Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee	$5,399	5,651	5,686	(15)
Madrigal Pharmaceutical, Inc.	Senior Secured	May 2026	Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee	$78,200	78,728	81,945	(10)
Phathom Pharmaceuticals, Inc.	Senior Secured	December 2027	Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.15%, 7.29% Exit Fee	$129,699	130,934	128,326	(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	$5,000	5,047	5,119	(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	$31,416	31,450	32,702	(10)(12)(14)
Tarsus Pharmaceuticals, Inc.	Senior Secured	February 2027	Prime + 4.45%, Floor rate 8.45% , Cap Rate 11.45%, 4.75% Exit Fee	$12,375	12,488	12,916	(10)(13)(17)
TG Therapeutics, Inc.	Senior Secured	January 2026	Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee	$65,770	66,439	67,610	(10)(11)(12)(14)
uniQure B.V.	Senior Secured	January 2027	Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee	$70,000	71,157	73,318	(5)(10)(11)(12)
Valo Health, LLC	Senior Secured	May 2024	Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee	$2,396	2,808	2,808	(11)(13)

Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
Verona Pharma, Inc.	Senior Secured	December 2028	1-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 Secured	October 2026	Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee	$8,000		8,057		8,023	(10)(13)
X4 Pharmaceuticals, Inc.	Senior Secured	October 2026	Prime + 3.15%, Floor rate 10.15%, 3.80% Exit Fee	$55,000		54,680		55,417	(11)(12)(13)
Subtotal: Drug Discovery & Development (66.60%)*				1,184,022		1,200,667
Electronics & Computer Hardware
Locus Robotics Corp.	Senior Secured	June 2026	Prime + 4.50%, Floor rate 8.00%, 4.00% Exit Fee	$18,281		18,348		18,982	(19)
Subtotal: Electronics & Computer Hardware (1.05%)*					18,348		18,982
Healthcare Services, Other
Better Therapeutics, Inc.	Senior Secured	August 2025	Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee	$10,865		11,285		8,455	(15)
Blue Sprig Pediatrics, Inc.	Senior Secured	November 2026	1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45%	$69,032		68,277		68,393	(11)(13)(14)
Carbon Health Technologies, Inc.	Senior Secured	March 2025	Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee	$46,125		47,193		46,242	(11)(13)
Equality Health, LLC	Senior Secured	February 2026	Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%	$54,425		54,142		54,697	(11)(12)(14)
Main Street Rural, Inc.	Senior Secured	July 2027	Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee	$24,500		24,476		24,929	(15)(17)
Modern Life, Inc.	Senior Secured	February 2027	Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee	$13,000		12,888		13,111	(13)(17)
Recover Together, Inc.	Senior Secured	July 2027	Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee	$35,000		34,683		34,683
Strive Health Holdings, LLC	Senior Secured	September 2027	Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee	$12,000		11,868		11,868	(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		36,352		36,145	(11)
Subtotal: Healthcare Services, Other (16.56%)*				301,164		298,523
Information Services
Capella Space Corp.	Senior Secured	November 2025	Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee	$20,477		21,166		21,351	(14)(15)
Checkr Group, Inc.	Senior Secured	August 2028	Prime + 1.45%, Floor rate 8.00%, PIK Interest 2.00%, 2.75% Exit Fee	$47,621		47,460		49,382	(14)(17)
Saama Technologies, LLC	Senior Secured	July 2027	Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee	$11,725		11,627		11,876	(14)(17)
Signal Media Limited	Senior Secured	June 2025	Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee	$5,400		5,364		5,392	(5)(10)
Yipit, LLC	Senior Secured	September 2026	1-month SOFR + 8.45%, Floor rate 9.35%	$31,875		31,482		31,875	(17)(18)
Subtotal: Information Services (6.65%)*				117,099		119,876
Manufacturing Technology
Bright Machines, Inc.	Senior Secured	May 2025	Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee	$7,827		8,064		8,006	(13)
Subtotal: Manufacturing Technology (0.44%)*				8,064		8,006
Media/Content/Info
Fever Labs, Inc.	Senior Secured	September 2026	Prime + 3.50%, Floor rate 9.00%, 4.00% Exit Fee	$6,667		6,672		6,768	(19)
	Senior Secured	September 2025	Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee	$1,167		1,178		1,188	(19)
	Senior Secured	December 2025	Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee	$1,333		1,342		1,351	(19)
	Senior Secured	March 2026	Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee	$1,500		1,501		1,509	(19)
	Senior Secured	June 2026	Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee	$1,667		1,647		1,653	(19)
Total Fever Labs, Inc.				$12,334		12,340		12,469
Subtotal: Media/Content/Info (0.69%)*		12,340			12,469

Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor (1) · PrincipalAmount · Cost (2) · Value · Footnotes
Medical Devices & Equipment
Senseonics Holdings, Inc.	Senior Secured	September 2027	Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee	$21,875		$21,572	$21,572	(17)
Subtotal: Medical Devices & Equipment (1.20%)*		21,572			21,572
Software
3GTMS, LLC	Senior Secured	February 2025	3-month SOFR + 9.70%, Floor rate 10.60%	$13,110		13,029	13,103	(11)(17)(18)
	Senior Secured	February 2025	3-month SOFR + 6.88%, Floor rate 7.78%	$1,990		1,988	1,986	(17)(18)
Total 3GTMS, LLC				$15,100		15,017	15,089
Agilence, Inc.	Senior Secured	October 2026	1-month BSBY + 9.00%, Floor rate 10.00%	$9,212		9,040	9,212	(12)(17)(18)
Alchemer LLC	Senior Secured	May 2028	1-month SOFR + 8.14%, Floor rate 9.14%	$20,908		20,508	21,297	(13)(17)(18)
Allvue Systems, LLC	Senior Secured	September 2029	6-month SOFR + 7.25%, Floor rate 8.25%	$36,410		35,530	35,530	(17)
Annex Cloud	Senior Secured	February 2027	1-month BSBY + 9.41%, Floor rate 10.41%	$9,823		9,649	9,761	(13)(17)
Automation Anywhere, Inc.	Senior Secured	September 2027	Prime + 4.25%, Floor rate 9.00%, 4.50% Exit Fee	$19,600		19,345	20,269	(11)(17)(19)
Babel Street	Senior Secured	December 2027	3-month SOFR + 7.89%, Floor rate 8.89%	$45,000		43,983	44,928	(15)(17)(18)
Brain Corporation	Senior Secured	April 2026	Prime + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee	$30,415		30,678	30,989	(13)(14)(15)(17)
Campaign Monitor Limited	Senior Secured	November 2025	3-month SOFR + 9.05%, Floor rate 9.90%	$33,000		32,706	33,000	(13)(19)
Catchpoint Systems, Inc.	Senior Secured	November 2025	3-month SOFR + 9.41%, Floor rate 11.81%	$10,073		9,931	9,940	(18)
Ceros, Inc.	Senior Secured	September 2026	6-month SOFR + 8.99%, Floor rate 9.89%	$22,867		22,498	23,075	(17)(18)
Constructor.io Corporation	Senior Secured	July 2027	1-month SOFR + 8.44%, Floor rate 9.44%	$4,688		4,592	4,790	(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%, 3.96% Exit Fee	$9,141		9,307	9,153	(11)(14)
Cutover, Inc.	Senior Secured	October 2025	Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee	$5,500		5,544	5,715	(5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc.	Senior Secured	August 2026	6-month SOFR + 8.63%, Floor rate 9.38%	$7,955		7,830	7,778	(13)(17)
	Senior Secured	August 2026	6-month SOFR + 12.36%, Floor rate 13.11%	$2,546		2,494	2,556	(17)
Total Cybermaxx Intermediate Holdings, Inc.				$10,501		10,324	10,334
Dashlane, Inc.	Senior Secured	December 2027	Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 7.26% Exit Fee	$42,863		43,087	43,087	(11)(13)(17)(19)
Dispatch Technologies, Inc.	Senior Secured	April 2028	3-month SOFR + 8.01%, Floor rate 8.76%	$8,125		7,949	8,127	(17)(18)
DroneDeploy, Inc.	Senior Secured	July 2026	Prime + 4.50%, Floor rate 8.75%, 4.00% Exit Fee	$6,250		6,083	6,153	(17)
Eigen Technologies Ltd.	Senior Secured	April 2025	Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee	$3,750		3,801	3,730	(5)(10)
Elation Health, Inc.	Senior Secured	March 2026	Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee	$12,629		12,253	12,692	(14)(17)(19)
Enmark Systems, Inc.	Senior Secured	September 2026	3-month SOFR + 6.73%, Floor rate 7.73%, PIK Interest 2.13%	$8,363		8,230	8,363	(11)(14)(17)(18)
Flight Schedule Pro, LLC	Senior Secured	October 2027	1-month SOFR + 7.80%, Floor rate 8.70%	$6,587		6,420	6,553	(17)(18)
Fortified Health Security	Senior Secured	December 2027	1-month SOFR + 7.64%, Floor rate 8.54%	$7,000		6,851	6,910	(11)(17)(18)
iGrafx, LLC	Senior Secured	May 2027	1-month SOFR + 8.66%, Floor rate 9.56%	$5,000		4,901	4,901	(18)
Ikon Science Limited	Senior Secured	October 2024	3-month SOFR + 9.26%, Floor rate 10.00%	$6,213		6,148	6,148	(5)(10)(17)(18)
Khoros (p.k.a Lithium Technologies)	Senior Secured	January 2025	3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%	$57,770		57,730	56,293	(14)
Leapwork ApS	Senior Secured	February 2026	Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee	$3,813		3,810	3,907	(5)(10)(12)(14)(17)
LinenMaster, LLC	Senior Secured	August 2028	1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%	$15,083		14,799	14,799	(14)(17)
Loftware, Inc.	Senior Secured	March 2028	3-month SOFR + 7.88%, Floor rate 8.88%	$26,469		25,897	26,566	(17)(18)

Portfolio Company	Type of Investment	Maturity Date	Interest Rate and Floor (1)	PrincipalAmount	Cost (2)	Value	Footnotes
LogicSource	Senior Secured	July 2027	3-month SOFR + 8.93%, Floor rate 9.93%	$13,300	$13,074	$13,493	(17)(18)
Mobile Solutions Services	Senior Secured	December 2025	6-month SOFR + 9.31%, Floor rate 10.06%	$18,366	18,116	18,176	(18)
New Relic, Inc.	Senior Secured	November 2030	3-month SOFR + 6.75%, Floor rate 7.75%	$20,890	20,375	20,375	(17)
Omeda Holdings, LLC	Senior Secured	July 2027	3-month SOFR + 8.05%, Floor rate 9.05%	$7,706	7,508	7,702	(11)(17)(18)
Onna Technologies, Inc.	Senior Secured	March 2026	Prime + 1.35%, Floor rate 8.85%, PIK Interest 1.75%, 4.45% Exit Fee	$3,853	3,814	3,810	(14)
Salary.com, LLC	Senior Secured	September 2027	3-month SOFR + 8.00%, Floor rate 9.00%	$22,185	21,814	22,048	(18)
ShadowDragon, LLC	Senior Secured	December 2026	1-month SOFR + 9.01%, Floor rate 9.91%	$6,000	5,883	5,921	(17)(18)
Simon Data, Inc.	Senior Secured	March 2027	Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.92% Exit Fee	$15,065	14,982	15,037	(12)(14)
Sisense Ltd.	Senior Secured	July 2027	Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee	$34,830	34,584	34,881	(5)(10)(14)
Streamline Healthcare Solutions	Senior Secured	March 2028	3-month SOFR + 7.25%, Floor rate 8.25%	$13,200	12,953	13,327	(17)(18)
Sumo Logic, Inc.	Senior Secured	May 2030	3-month SOFR + 6.50%, Floor rate 7.50%	$23,000	22,460	23,105	(17)
Suzy, Inc.	Senior Secured	August 2027	Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee	$12,064	11,837	11,837	(14)(15)(17)
ThreatConnect, Inc.	Senior Secured	May 2026	6-month SOFR + 9.25%, Floor rate 10.00%	$10,920	10,730	10,920	(17)(18)
Tipalti Solutions Ltd.	Senior Secured	April 2027	Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee	$10,649	10,578	10,835	(5)(10)(14)(17)
Zappi, Inc.	Senior Secured	December 2027	3-month SOFR + 8.03%, Floor rate 9.03%	$9,000	8,816	8,967	(5)(10)(13)(17)(18)
Zimperium, Inc.	Senior Secured	May 2027	3-month SOFR + 8.31%, Floor rate 9.31%	$16,313	16,057	16,394	(17)(18)
Subtotal: Software (40.39%)*				751,108	728,139
Sustainable and Renewable Technology
Ampion, PBC	Senior Secured	May 2025	Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.78% Exit Fee	$3,926	3,952	3,939	(13)(14)
Pineapple Energy LLC	Senior Secured	June 2027	FIXED 10.00%	$1,682	1,682	1,678	(19)
Subtotal: Sustainable and Renewable Technology (0.31%)*				5,634	5,617
Total: Debt Investments (169.59%)*				$3,058,370	$3,057,299

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Equity Investments
Consumer & Business Products
Fabletics, Inc.	Equity	4/30/2010	Common Stock	42,989	$128		$96
	Equity	7/16/2013	Preferred Series B	130,191	1,101		700
Total Fabletics, Inc.				173,180		1,229		796
Grove Collaborative, Inc.	Equity	4/30/2021	Common Stock	12,260	433		21		(4)
Savage X Holding, LLC	Equity	4/30/2010	Class A Units	172,328	13		863
TFG Holding, Inc.	Equity	4/30/2010	Common Stock	173,180	89		584
Subtotal: Consumer & Business Products (0.13%)*				1,764		2,264
Consumer & Business Services
Carwow LTD	Equity	12/15/2021	Preferred Series D-4	199,742	1,151		679		(5)(10)
DoorDash, Inc.	Equity	12/20/2018	Common Stock	56,996	657		5,636		(4)
Lyft, Inc.	Equity	12/26/2018	Common Stock	100,738	5,263		1,510		(4)
Nerdy Inc.	Equity	9/17/2021	Common Stock	100,000	1,000		343		(4)

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
OfferUp, Inc.	Equity	10/25/2016	Preferred Series A	286,080		$1,663			$377
	Equity	10/25/2016	Preferred Series A-1	108,710		632			143
Total OfferUp, Inc.				394,790		2,295			520
Oportun	Equity	6/28/2013	Common Stock	48,365		577			189	(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			559
Tectura Corporation	Equity	5/23/2018	Common Stock	414,994,863		900			4	(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			3,251	(7)
Total Tectura Corporation				419,230,161		14,163			3,267
Subtotal: Consumer & Business Services (0.70%)*					26,145			12,703
Diversified Financial Services
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)	Equity	3/1/2018	Member Units	1		34,006			28,034	(7)(20)
Hercules Adviser LLC	Equity	3/26/2021	Member Units	1		35			28,713	(7)(23)
Newfront Insurance Holdings, Inc.	Equity	9/30/2021	Preferred Series D-2	210,282		403			325
Subtotal: Diversified Financial Services (3.17%)*					34,444			57,072
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			12	(4)
Talphera, Inc. (p.k.a. AcelRx Pharmaceuticals, Inc.)	Equity	12/10/2018	Common Stock	8,836		1,329			7	(4)
Subtotal: Drug Delivery (0.00%)*				3,638			21
Drug Discovery & Development
Avalo Therapeutics, Inc.	Equity	8/19/2014	Common Stock	42		1,000			—	(4)
Axsome Therapeutics, Inc.	Equity	5/9/2022	Common Stock	127,021		4,165			10,110	(4)(10)(16)
Bicycle Therapeutics PLC	Equity	10/5/2020	Common Stock	98,100		1,871			1,774	(4)(5)(10)
BridgeBio Pharma, Inc.	Equity	6/21/2018	Common Stock	231,329		2,255			9,339	(4)
Cyclo Therapeutics, Inc. (p.k.a. Applied Molecular Transport)	Equity	4/6/2021	Common Stock	134		42			—	(4)(10)
Dare Biosciences, Inc.	Equity	1/8/2015	Common Stock	13,550		1,000			4	(4)
Dynavax Technologies	Equity	7/22/2015	Common Stock	20,000		550			280	(4)(10)
Gritstone Bio, Inc.	Equity	10/26/2022	Common Stock	442,477		1,000			903	(4)
Heron Therapeutics, Inc.	Equity	7/25/2023	Common Stock	364,963		500			620	(4)
Hibercell, Inc.	Equity	5/7/2021	Preferred Series B	3,466,840		4,250			1,834	(15)
HilleVax, Inc.	Equity	5/3/2022	Common Stock	235,295		4,000			3,777	(4)
Humanigen, Inc.	Equity	3/31/2021	Common Stock	43,243		800			—	(4)(10)
Kura Oncology, Inc.	Equity	6/16/2023	Common Stock	47,826		550			688	(4)(10)
Madrigal Pharmaceutical, Inc.	Equity	9/29/2023	Common Stock	5,100		773			1,180	(4)(10)

Portfolio Company	Type ofInvestment	Acquisition Date(4)	Series (3)	Shares	Cost (2)	Value	Footnotes
NorthSea Therapeutics	Equity	12/15/2021	Preferred Series C	983	$2,000	$1,427	(5)(10)
Phathom Pharmaceuticals, Inc.	Equity	6/9/2023	Common Stock	147,233	1,730	1,344	(4)(10)(16)
Rocket Pharmaceuticals, Ltd.	Equity	8/22/2007	Common Stock	944	1,500	28	(4)
Savara, Inc.	Equity	8/11/2015	Common Stock	11,119	203	52	(4)
Sio Gene Therapies, Inc.	Equity	2/2/2017	Common Stock	16,228	1,269	6	(4)
Tarsus Pharmaceuticals, Inc.	Equity	5/5/2022	Common Stock	155,555	2,100	3,150	(4)(10)
uniQure B.V.	Equity	1/31/2019	Common Stock	17,175	332	116	(4)(5)(10)
Valo Health, LLC	Equity	12/11/2020	Preferred Series B	510,308	3,000	2,911
	Equity	10/31/2022	Preferred Series C	170,102	1,000	1,187
Total Valo Health, LLC				680,410	4,000	4,098
Verge Analytics, Inc.	Equity	9/6/2023	Preferred Series C	208,588	1,500	1,753
Viridian Therapeutics, Inc.	Equity	11/6/2023	Common Stock	32,310	400	704	(4)(10)
X4 Pharmaceuticals, Inc.	Equity	11/26/2019	Common Stock	1,566,064	2,945	1,313	(4)
Subtotal: Drug Discovery & Development (2.47%)*					40,735	44,500
Electronics & Computer Hardware
Locus Robotics Corp.	Equity	11/17/2022	Preferred Series F	15,116	650	407
Skydio, Inc.	Equity	3/8/2022	Preferred Series E	248,900	1,500	544
Subtotal: Electronics & Computer Hardware (0.05%)*			2,150		951
Healthcare Services, Other
23andMe, Inc.	Equity	3/11/2019	Common Stock	825,732	5,094	754	(4)
Carbon Health Technologies, Inc.	Equity	3/30/2021	Preferred Series C	217,880	1,688	206
Subtotal: Healthcare Services, Other (0.05%)*			6,782		960
Information Services
Planet Labs, Inc.	Equity	6/21/2019	Common Stock	547,880	615	1,353	(4)
Yipit, LLC	Equity	12/30/2021	Preferred Series E	41,021	3,825	4,890
Subtotal: Information Services (0.35%)*			4,440		6,243
Medical Devices & Equipment
Coronado Aesthetics, LLC	Equity	10/15/2021	Common Units	180,000	—	2	(7)
	Equity	10/15/2021	Preferred Series A-2	5,000,000	250	260	(7)
Total Coronado Aesthetics, LLC				5,180,000	250	262
Subtotal: Medical Devices & Equipment (0.01%)*			250		262
Semiconductors
Achronix Semiconductor Corporation	Equity	7/1/2011	Preferred Series C	277,995	160	394
Subtotal: Semiconductors (0.02%)*			160		394
Software
3GTMS, LLC	Equity	8/9/2021	Common Stock	1,000,000	1,000	863
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	—

Portfolio Company	Type ofInvestment	Acquisition Date(4)	Series (3)	Shares	Cost (2)	Value	Footnotes
Contentful Global, Inc.	Equity	12/22/2020	Preferred Series C	41,000	$138	$303	(5)(10)
	Equity	11/20/2018	Preferred Series D	108,500	500	842	(5)(10)
Total Contentful Global, Inc.				149,500	638	1,145
Docker, Inc.	Equity	11/29/2018	Common Stock	20,000	4,284	636
Druva Holdings, Inc.	Equity	10/22/2015	Preferred Series 2	458,841	1,000	2,752
	Equity	8/24/2017	Preferred Series 3	93,620	300	587
Total Druva Holdings, Inc.				552,461	1,300	3,339
HighRoads, Inc.	Equity	1/18/2013	Common Stock	190	307	—
Leapwork ApS	Equity	8/25/2023	Preferred Series B2	183,073	250	231	(5)(10)
Lightbend, Inc.	Equity	12/4/2020	Common Stock	38,461	265	23
Nextdoor.com, Inc.	Equity	8/1/2018	Common Stock	1,019,255	4,854	1,927	(4)
Palantir Technologies	Equity	9/23/2020	Common Stock	568,337	3,474	9,758	(4)
SingleStore, Inc.	Equity	11/25/2020	Preferred Series E	580,983	2,000	1,721
	Equity	8/12/2021	Preferred Series F	52,956	280	196
Total SingleStore, Inc.				633,939	2,280	1,917
Verana Health, Inc.	Equity	7/8/2021	Preferred Series E	952,562	2,000	422
ZeroFox, Inc.	Equity	5/7/2020	Common Stock	289,992	101	252	(4)
Subtotal: Software (1.27%)*			23,210		22,919
Sustainable and Renewable Technology
Fulcrum Bioenergy, Inc.	Equity	9/13/2012	Preferred Series C-1	187,265	711	529
Impossible Foods, Inc.	Equity	5/10/2019	Preferred Series E-1	188,611	2,000	479
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	304,487	3,153	180	(4)
Pivot Bio, Inc.	Equity	6/28/2021	Preferred Series D	593,080	4,500	2,684
Proterra, Inc.	Equity	5/28/2015	Common Stock	457,841	542	9	(4)
Subtotal: Sustainable and Renewable Technology (0.22%)*			11,508		3,881
Total: Equity Investments (8.44%)*			$155,226		$152,170
Warrant Investments
Biotechnology Tools
Alamar Biosciences, Inc.	Warrant	6/21/2022	Preferred Series B	46,197	$36	$20
PathAI, Inc.	Warrant	12/23/2022	Common Stock	53,418	460	334	(12)
Subtotal: Biotechnology Tools (0.02%)*			496		354
Communications & Networking
Aryaka Networks, Inc.	Warrant	6/28/2022	Common Stock	229,611	123	128	(12)
Subtotal: Communications & Networking (0.01%)*			123		128
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	—

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Whoop, Inc.	Warrant	6/27/2018	Preferred Series C	686,270	$18		$325
Subtotal: Consumer & Business Products (0.02%)*			611		325
Consumer & Business Services
Carwow LTD	Warrant	12/14/2021	Common Stock	174,163	164		75	(5)(10)
Houzz, Inc.	Warrant	10/29/2019	Common Stock	529,661	20		—
Landing Holdings Inc.	Warrant	3/12/2021	Common Stock	11,806	116		298	(15)
Lendio, Inc.	Warrant	3/29/2019	Preferred Series D	127,032	39		33
Plentific Ltd	Warrant	10/3/2023	Ordinary Shares	19,499	48		51	(5)(10)
Provi	Warrant	12/22/2022	Common Stock	117,042	166		74	(15)
Rhino Labs, Inc.	Warrant	3/12/2021	Common Stock	13,106	470		4	(15)
SeatGeek, Inc.	Warrant	6/12/2019	Common Stock	1,379,761	842		3,065	(16)
Skyword, Inc.	Warrant	11/14/2022	Common Stock	1,607,143	57		58
	Warrant	8/23/2019	Preferred Series B	444,444	83		5
Total Skyword, Inc.				2,051,587	140		63
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	267,225	844		515	(12)
Udacity, Inc.	Warrant	9/25/2020	Common Stock	486,359	218		—	(12)
Veem, Inc.	Warrant	3/31/2022	Common Stock	98,428	126		16	(12)
Worldremit Group Limited	Warrant	2/11/2021	Preferred Series D	77,215	129		23	(5)(10)(12)(16)
	Warrant	8/27/2021	Preferred Series E	1,868	26		—	(5)(10)(16)
Total Worldremit Group Limited				79,083	155		23
Subtotal: Consumer & Business Services (0.23%)*			4,208		4,217
Diversified Financial Services
Next Insurance, Inc.	Warrant	2/3/2023	Common Stock	522,930	214		554
Subtotal: Diversified Financial Services (0.03%)*				214		554
Drug Delivery
Aerami Therapeutics Holdings, Inc.	Warrant	6/1/2016	Common Stock	67,069	—		—
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
ADMA Biologics, Inc.	Warrant	2/24/2014	Common Stock	58,000	166		11	(4)
Akero Therapeutics, Inc.	Warrant	6/15/2022	Common Stock	22,949	175		335	(4)(10)
AmplifyBio, LLC	Warrant	12/27/2022	Class A Units	69,239	237		184	(15)
Axsome Therapeutics, Inc.	Warrant	9/25/2020	Common Stock	61,004	1,290		1,657	(4)(10)(12)(16)
Cellarity, Inc.	Warrant	12/8/2021	Preferred Series B	100,000	287		201	(15)

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Century Therapeutics, Inc.	Warrant	9/14/2020	Common Stock	16,112	$37		$1	(4)
COMPASS Pathways plc	Warrant	6/30/2023	Ordinary Shares	75,376	278		285	(4)(5)(10)
Curevo, Inc.	Warrant	6/9/2023	Common Stock	95,221	233		251	(15)
Dermavant Sciences Ltd.	Warrant	5/31/2019	Common Stock	223,642	101		7	(5)(10)
enGene, Inc.	Warrant	12/22/2023	Common Stock	43,689	118		179	(4)(5)(10)
Evofem Biosciences, Inc.	Warrant	6/11/2014	Common Stock	3	266		—	(4)
Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.)	Warrant	2/18/2016	Common Stock	201	119		—	(4)
Heron Therapeutics, Inc.	Warrant	8/9/2023	Common Stock	238,095	228		223	(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		63	(4)(10)(15)
Madrigal Pharmaceutical, Inc.	Warrant	5/9/2022	Common Stock	13,229	570		1,842	(4)(10)
Phathom Pharmaceuticals, Inc.	Warrant	9/17/2021	Common Stock	64,687	848		68	(4)(10)(12)(15)(16)
Redshift Bioanalytics, Inc.	Warrant	3/23/2022	Preferred Series E	475,510	20		6	(15)
Scynexis, Inc.	Warrant	5/14/2021	Common Stock	106,035	296		28	(4)
TG Therapeutics, Inc.	Warrant	2/28/2019	Common Stock	264,226	1,284		2,583	(4)(10)(12)
Valo Health, LLC	Warrant	6/15/2020	Common Units	102,216	256		153
X4 Pharmaceuticals, Inc.	Warrant	3/18/2019	Common Stock	1,392,787	510		225	(4)
Subtotal: Drug Discovery & Development (0.46%)*			7,517		8,302
Electronics & Computer Hardware
908 Devices, Inc.	Warrant	3/15/2017	Common Stock	49,078	101		175	(4)
Locus Robotics Corp.	Warrant	6/21/2022	Common Stock	8,503	34		102
Skydio, Inc.	Warrant	11/8/2021	Common Stock	622,255	557		114
Subtotal: Electronics & Computer Hardware (0.02%)*				692		391
Healthcare Services, Other
Modern Life, Inc.	Warrant	3/30/2023	Common Stock	37,618	164		165
Recover Together, Inc.	Warrant	7/3/2023	Common Stock	194,830	382		327
Strive Health Holdings, LLC	Warrant	9/28/2023	Common Units	51,760	83		95	(15)
Vida Health, Inc.	Warrant	3/28/2022	Common Stock	192,431	121		9
Subtotal: Healthcare Services, Other (0.03%)*				750		596
Information Services
Capella Space Corp.	Warrant	10/21/2021	Common Stock	176,200	207		33	(15)
INMOBI Inc.	Warrant	11/19/2014	Common Stock	65,587	82		—	(5)(10)
NetBase Solutions, Inc.	Warrant	8/22/2017	Preferred Series 1	60,000	356		362
Signal Media Limited	Warrant	6/29/2022	Common Stock	113,828	49		91	(5)(10)
Subtotal: Information Services (0.03%)*			694		486
Manufacturing Technology
Bright Machines, Inc.	Warrant	3/31/2022	Common Stock	392,308	537		279
MacroFab, Inc.	Warrant	3/23/2022	Common Stock	1,111,111	528		677

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Xometry, Inc.	Warrant	5/9/2018	Common Stock	87,784	$47		$2,044	(4)
Subtotal: Manufacturing Technology (0.17%)*				1,112		3,000
Media/Content/Info
Fever Labs, Inc.	Warrant	12/30/2022	Preferred Series E-1	369,370	67		235
Subtotal: Media/Content/Info (0.01%)*			67		235
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		78	(4)
Senseonics Holdings, Inc.	Warrant	9/8/2023	Common Stock	728,317	200		184	(4)
Tela Bio, Inc.	Warrant	3/31/2017	Common Stock	15,712	61		—	(4)
Subtotal: Medical Devices & Equipment (0.01%)*			956		262
Semiconductors
Achronix Semiconductor Corporation	Warrant	6/26/2015	Preferred Series D-2	750,000	99		811
Subtotal: Semiconductors (0.04%)*			99		811
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	448		430
Bitsight Technologies, Inc.	Warrant	11/18/2020	Common Stock	29,691	284		666
Brain Corporation	Warrant	10/4/2021	Common Stock	194,629	165		47	(15)
CloudBolt Software, Inc.	Warrant	9/30/2020	Common Stock	211,342	117		12
Cloudian, Inc.	Warrant	11/6/2018	Common Stock	477,454	71		29
Cloudpay, Inc.	Warrant	4/10/2018	Preferred Series B	6,763	54		844	(5)(10)
Couchbase, Inc.	Warrant	4/25/2019	Common Stock	105,350	462		1,225	(4)
Cutover, Inc.	Warrant	9/21/2022	Common Stock	102,898	26		62	(5)(10)(12)
Dashlane, Inc.	Warrant	3/11/2019	Common Stock	770,838	461		258
Delphix Corp.	Warrant	10/8/2019	Common Stock	718,898	1,594		3,801
Demandbase, Inc.	Warrant	8/2/2021	Common Stock	727,047	545		396
DNAnexus, Inc.	Warrant	3/21/2014	Preferred Series C	909,091	97		47
Dragos, Inc.	Warrant	6/28/2023	Common Stock	49,309	1,452		1,207
DroneDeploy, Inc.	Warrant	6/30/2022	Common Stock	95,911	278		413
Eigen Technologies Ltd.	Warrant	4/13/2022	Common Stock	522	8		4	(5)(10)
Elation Health, Inc.	Warrant	9/12/2022	Common Stock	362,837	583		188
First Insight, Inc.	Warrant	5/10/2018	Preferred Series B	75,917	96		77
Fulfil Solutions, Inc.	Warrant	7/29/2022	Common Stock	84,995	325		456
Kore.ai, Inc.	Warrant	3/31/2023	Preferred Series C	64,293	208		243
Leapwork ApS	Warrant	1/23/2023	Common Stock	39,948	16		35	(5)(10)(12)
Lightbend, Inc.	Warrant	2/14/2018	Preferred Series D	89,685	131		49
Mixpanel, Inc.	Warrant	9/30/2020	Common Stock	82,362	252		306
Onna Technologies, Inc.	Warrant	7/5/2023	Common Stock	172,867	60		39

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Poplicus, Inc.	Warrant	5/28/2014	Common Stock	132,168	$—		$—
Reltio, Inc.	Warrant	6/30/2020	Common Stock	69,120	215		447
Simon Data, Inc.	Warrant	3/22/2023	Common Stock	77,934	96		76	(12)
SingleStore, Inc.	Warrant	4/28/2020	Preferred Series D	312,596	103		386
Sisense Ltd.	Warrant	6/8/2023	Ordinary Shares	321,956	174		128	(5)(10)
Suzy, Inc.	Warrant	8/24/2023	Common Stock	292,936	367		354	(15)
The Faction Group LLC	Warrant	11/3/2014	Preferred Series AA	8,076	234		904
Tipalti Solutions Ltd.	Warrant	3/22/2023	Ordinary Shares	254,877	174		234	(5)(10)
VideoAmp, Inc.	Warrant	1/21/2022	Common Stock	152,048	1,275		186	(15)
Subtotal: Software (0.75%)*			10,445		13,549
Surgical Devices
TransMedics Group, Inc.	Warrant	9/11/2015	Common Stock	14,440	39		676	(4)
Subtotal: Surgical Devices (0.04%)*			39		676
Sustainable and Renewable Technology
Ampion, PBC	Warrant	4/15/2022	Common Stock	18,472	52		36
Halio, Inc.	Warrant	4/22/2014	Preferred Series A	325,000	155		36
	Warrant	4/7/2015	Preferred Series B	131,883	63		11
Total Halio, Inc.				456,883	218		47
Polyera Corporation	Warrant	3/24/2015	Preferred Series C	150,036	269		—
Subtotal: Sustainable and Renewable Technology (0.00%)*			539		83
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 & Vehicles	11/16/2020			$3,783		$3,619	(5)(10)(17)
Forbion Growth Opportunities Fund II C.V.	Investment Funds & Vehicles	6/23/2022			319		611	(5)(10)(17)
Subtotal: Drug Discovery & Development (0.23%)*			4,102		4,230
Software
Liberty Zim Co-Invest L.P.	Investment Funds & Vehicles	7/21/2022			381		378	(5)(10)
Subtotal: Software (0.02%)*				381		378
Total: Investment Funds & Vehicles Investments (0.26%)*				$4,483		$4,608
Total: Investments before Cash and Cash Equivalents (180.18%)*			$3,247,033		$3,248,046

Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes
Cash & Cash Equivalents
GS Financial Square Government Fund	Cash & Cash Equivalents	FGTXX/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 $ Notional Value at Settlement Date · Value
Great British Pound (GBP)	6/3/2024	Goldman Sachs Bank USA	£19,288	Sold		$23,810		$(766)
Total: Total Foreign Currency Forward ((0.04%))*					$23,810		$(766)

(1)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 and approved by 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.

(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”.

(19)Denotes second lien senior secured debt.

(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 the portfolio company 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.

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