Hercules Capital, Inc.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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.
Sep 30, 2026 · Filed Oct 29, 2026
HCXY$24.13+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Schedule of Investments as of September, 202 (unaudited)
| Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor(1) · PrincipalAmount · Cost(2) · Value · Footnotes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Debt Investments | |||||||||
| Application Software | |||||||||
| Alchemer LLC | Senior Secured | May 2028 | 1-month SOFR + 7.89%, Floor rate 8.89% | $20,003 | $19,829 | $19,674 | (13)(17)(18) | ||
| AlphaSense, Inc. | Senior Secured | June 2029 | 3-month SOFR + 6.25%, Floor rate 8.25% | $20,000 | 19,877 | 20,400 | (11) | ||
| Senior Secured | June 2029 | 1-month SOFR + 6.25% , Floor rate 8.25% | $37,128 | 37,128 | 37,871 | ||||
| Total AlphaSense, Inc. | $57,128 | 57,005 | 58,271 | ||||||
| Annex Cloud | Senior Secured | September 2026 | PIK Interest 3-month SOFR + 9.99%, Floor rate 10.99% | $3,325 | 3,325 | 3,036 | (8)(26)(28) | ||
| Babel Street | Senior Secured | December 2027 | 3-month SOFR + 8.01%, Floor rate 9.01% | $64,845 | 64,258 | 63,953 | (15)(17)(18) | ||
| Brain Corporation | Senior Secured | September 2028 | Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.50%, 3.95% Exit Fee | $33,460 | 33,787 | 34,012 | (13)(14) | ||
| Ceros, Inc. | Senior Secured | June 2027 | 3-month SOFR + 8.99%, Floor rate 9.89% | $22,656 | 22,599 | 22,380 | (18) | ||
| Chainalysis, Inc. | Senior Secured | June 2029 | Prime + 2.95%, Floor rate 10.45% | $39,413 | 39,040 | 39,891 | |||
| Dashlane, Inc. | Senior Secured | December 2027 | Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 4.95% Exit Fee | $43,369 | 44,640 | 45,081 | (11)(13)(19) | ||
| DevRev, Inc. | Senior Secured | July 2029 | Prime + 3.95%, Floor rate 10.70%, Cap rate 14.70%, 4.25% Exit Fee | $36,500 | 36,246 | 36,247 | |||
| Distributed Creation Inc. | Senior Secured | April 2029 | Prime + 3.00%, Floor rate 10.25%, 4.50% Exit Fee | $40,000 | 39,948 | 39,878 | (11) | ||
| DocPlanner | Senior Secured | January 2030 | Prime + 2.75%, Floor rate 9.75%, 4.25% Exit Fee | €68,200 | 70,406 | 77,535 | (5)(10) | ||
| Earnix, Inc. | Senior Secured | June 2029 | Prime - 1.15%, Floor rate 5.35%, PIK Interest 4.45% | $20,739 | 20,525 | 20,946 | (11)(14)(17) | ||
| Funnel Holding AB (publ) | Senior Secured | October 2029 | Prime + 0.60%, Floor rate 7.10%, Cap rate 8.60%, PIK Interest 3.00%, 2.25% Exit Fee | $21,500 | 21,337 | 21,339 | (5)(10)(14)(17)(19) | ||
| iSpot.tv, Inc. | Senior Secured | January 2029 | Prime + 2.25%, Floor rate 9.00%, PIK Interest 1.00%, 5.70% Exit Fee | $3,307 | 3,348 | 3,341 | (14)(17) | ||
| Senior Secured | January 2029 | Prime + 1.40%, Floor rate 8.15%, PIK Interest 0.75%, 4.50% Exit Fee | $39,363 | 39,574 | 39,806 | (12)(14)(17) | |||
| Total iSpot.tv, Inc. | $42,670 | 42,922 | 43,147 | ||||||
| Khoros, LLC | Senior Secured | May 2030 | FIXED 10.00% | $11,469 | 11,469 | 10,941 | |||
| LinenMaster, LLC | Senior Secured | August 2029 | 1-month SOFR + 8.28%, Floor rate 9.28% | $11,500 | 11,234 | 11,500 | (17)(18) | ||
| Loftware, Inc. | Senior Secured | March 2028 | 3-month SOFR + 7.75%, Floor rate 8.75% | $29,511 | 29,225 | 29,511 | (17)(18) | ||
| Mango Technologies, Inc. | Senior Secured | August 2030 | Prime + 2.25%, Floor rate 8.25%, 2.00% Exit Fee | $62,000 | 61,250 | 61,464 | (12)(17) | ||
| Marigold Group, Inc. | Senior Secured | April 2028 | 3-month SOFR + 9.50%, Floor rate 10.50% | $45,739 | 45,308 | 44,520 | (13)(14)(19) | ||
| micro1 Inc. | Senior Secured | June 2029 | Prime + 3.50%, Floor rate 10.25%, 4.00% Exit Fee | $20,750 | 20,232 | 20,232 | (6)(19) | ||
| Microblink LLC | Senior Secured | August 2027 | 3-month SOFR + 7.84%, Floor rate 8.84% | $5,000 | 4,929 | 4,929 | (18) | ||
| Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $6,602 | 6,554 | 6,554 | (11)(18) | ||
| Pindrop Security, Inc. | Senior Secured | June 2029 | Prime + 3.50%, Floor rate 10.00%, 2.00% Exit Fee | $31,000 | 30,921 | 31,813 | (15)(17) | ||
| Proven Optics, LLC | Senior Secured | December 2030 | 3-month SOFR + 7.30%, Floor rate 8.30% | $15,000 | 14,759 | 14,899 | (17)(18) | ||
| Remodel Health Holdco, LLC | Senior Secured | December 2028 | Prime + 2.35%, Floor rate 10.35%, 6.50% Exit Fee | $25,000 | 25,461 | 25,869 | (6)(15) | ||
| Reveleer | Senior Secured | February 2027 | Prime + 0.65%, Floor rate 9.15%, PIK Interest 2.00%, 5.60% Exit Fee | $50,819 | 52,977 | 52,977 | (6)(14)(15) | ||
| Sisense Ltd. | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee | $26,744 | 28,054 | 27,070 | (5)(10)(14) | ||
| Smartsheet Inc. | Senior Secured | January 2031 | 3-month SOFR + 5.25%, Floor rate 6.00% | $46,785 | 46,056 | 47,370 | (17) | ||
| Snappt, Inc. | Senior Secured | April 2029 | Prime + 2.35%, Floor rate 8.85%, PIK Interest 1.00%, 4.25% Exit Fee | $22,049 | 22,155 | 21,646 | (6)(14)(15) | ||
| Suzy, Inc. | Senior Secured | June 2028 | Prime - 2.00%, Floor rate 5.00%, PIK Interest 6.95%, 3.45% Exit Fee | $22,986 | 23,314 | 13,209 | (6)(14)(15) | ||
| Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor(1) · PrincipalAmount · Cost(2) · Value · Footnotes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Tipalti Solutions Ltd. | Senior Secured | April 2029 | Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30% | $73,767 | $73,488 | $72,775 | (14)(16)(17) | ||
| Senior Secured | April 2029 | Prime + 0.45%, Floor rate 6.45%, PIK Interest 2.30%, 3.75% Exit Fee | $43,426 | 43,762 | 44,052 | (14)(16)(17) | |||
| Total Tipalti Solutions Ltd. | $117,193 | 117,250 | 116,827 | ||||||
| Ushur, Inc. | Senior Secured | June 2028 | Prime + 2.20%, Floor rate 9.20%, 5.95% Exit Fee | $14,150 | 14,200 | 13,949 | (6)(15) | ||
| Zappi, Inc. | Senior Secured | December 2027 | 6-month SOFR + 8.03%, Floor rate 9.03% | $12,504 | 12,411 | 12,449 | (5)(10)(13)(17)(18) | ||
| ZeroEyes, Inc. | Senior Secured | May 2030 | Prime + 2.00%, Floor rate 9.50%, PIK Interest 2.00%, 1.50% Exit Fee | $21,182 | 20,926 | 20,513 | (6)(14)(15) | ||
| Subtotal: Application Software (47.90%)* | 1,114,552 | 1,113,632 | |||||||
| Biotechnology Tools | |||||||||
| Antheia, Inc. | Senior Secured | August 2029 | Prime + 2.85%, Floor rate 10.35%, 5.55% Exit Fee | $21,250 | 20,323 | 20,059 | (11) | ||
| NorthStar Medical Technologies, LLC | Senior Secured | October 2030 | Prime + 3.10%, Floor rate 9.35%, Cap rate 10.35%, 5.45% Exit Fee | $48,750 | 48,237 | 48,237 | (6) | ||
| Subtotal: Biotechnology Tools (2.94%)* | 68,560 | 68,296 | |||||||
| Communications & Networking | |||||||||
| Aryaka Networks, Inc. | Senior Secured | December 2028 | Prime + 1.80%, Floor rate 9.30%, PIK Interest 1.25%, 5.68% Exit Fee | $28,541 | 29,214 | 23,670 | (12)(14) | ||
| Tarana Wireless, Inc. | Senior Secured | March 2030 | Prime + 4.00%, Floor rate 10.75%, 3.95% Exit Fee | $10,000 | 9,893 | 9,963 | (6)(19) | ||
| Subtotal: Communications & Networking (1.45%)* | 39,107 | 33,633 | |||||||
| Consumer & Business Products | |||||||||
| Tonal Systems, Inc. | Senior Secured | March 2029 | Prime + 4.25%, Floor rate 11.00%, 4.25% Exit Fee | $19,000 | 18,923 | 19,171 | (19) | ||
| Weee! Inc. | Senior Secured | April 2028 | Prime + 2.25%, Floor rate 9.75%, 2.50% Exit Fee | $20,000 | 20,001 | 19,877 | (11)(17) | ||
| Subtotal: Consumer & Business Products (1.68%)* | 38,924 | 39,048 | |||||||
| Consumer & Business Services | |||||||||
| Andesa Services, Inc. | Senior Secured | March 2031 | 1-month SOFR + 7.80%, Floor rate 8.80% | $10,931 | 10,707 | 10,720 | (17)(18) | ||
| AppDirect, Inc. | Senior Secured | September 2029 | Prime + 2.05%, Floor rate 8.55%, PIK Interest 1.00%, 4.70% Exit Fee | $65,022 | 64,863 | 64,562 | (14) | ||
| Carwow LTD | Senior Secured | December 2027 | Prime + 4.70%, Floor rate 11.45%, PIK Interest 1.45%, 4.95% Exit Fee | £20,892 | 29,122 | 28,391 | (5)(10)(14) | ||
| GoEuro Travel GmbH | Senior Secured | November 2029 | Prime + 3.45%, Floor rate 10.45%, 4.50% Exit Fee | $58,036 | 58,371 | 58,410 | (5)(10) | ||
| Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 12.00% | $31,611 | 31,611 | 30,316 | (9)(14) | ||
| Jobandtalent USA, Inc. | Senior Secured | October 2028 | 1-month SOFR + 3.50%, Floor rate 4.50%, PIK Interest 3.25%, 10.47% Exit Fee | $14,652 | 15,466 | 10,166 | (5)(8)(10)(14) | ||
| Senior Secured | October 2028 | 1-month SOFR + 1.00%, Floor rate 1.00%, PIK Interest 9.00% | $1,094 | 1,094 | 1,094 | (5)(10)(14) | |||
| Total Jobandtalent USA, Inc. | $15,746 | 16,560 | 11,260 | ||||||
| Nerdy Inc. | Senior Secured | November 2029 | Prime + 3.50%, Floor rate 10.75%, 7.50% Exit Fee | $21,000 | 20,990 | 20,781 | |||
| Peek Travel, Inc. | Senior Secured | October 2028 | Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.00%, 4.95% Exit Fee | $26,409 | 26,306 | 25,986 | (14) | ||
| Perk International Holdings Ltd | Senior Secured | May 2031 | 3-month SOFR + 7.00%, Floor rate 9.50% | $14,938 | 14,651 | 14,651 | (5)(10)(17) | ||
| Provi | Senior Secured | December 2027 | Prime + 4.40%, Floor rate 10.65%, 3.00% Exit Fee | $14,160 | 14,315 | 14,311 | (15) | ||
| Riviera Partners LLC | Senior Secured | March 2028 | 3-month SOFR + 8.28%, Floor rate 9.28% | $35,850 | 35,660 | 35,850 | (18) | ||
| RVShare, LLC | Senior Secured | December 2026 | 3-month SOFR + 9.50%, Floor rate 10.50% | $25,809 | 25,797 | 25,797 | (13)(14)(15) | ||
| Skyword, Inc. | Senior Secured | November 2027 | Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 5.50% Exit Fee | $6,306 | 6,640 | 6,486 | (13)(14) | ||
| Tectura Corporation | Senior Secured | January 2027 | FIXED 8.25% | $8,250 | 8,250 | 8,250 | (7) | ||
| Subtotal: Consumer & Business Services (15.30%)* | 363,843 | 355,771 | |||||||
| Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | PrincipalAmount | Cost(2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Cybersecurity(27) | |||||||
| Akeyless Security Ltd. | Senior Secured | August 2028 | Prime + 4.00%, Floor rate 11.00%, 2.95% Exit Fee | $15,000 | $14,918 | $14,981 | (5)(10) |
| Coronet Cyber Security Ltd. | Senior Secured | October 2028 | Prime + 2.90%, Floor rate 9.40% | $7,464 | 7,395 | 7,205 | |
| DNSFilter, Inc. | Senior Secured | October 2028 | Prime + 2.15%, Floor rate 8.65%, PIK Interest 0.75%, 4.95% Exit Fee | $7,540 | 7,545 | 7,551 | (14)(17)(19) |
| Expel, Inc. | Senior Secured | April 2029 | Prime + 3.90%, Floor rate 10.65%, 2.00% Exit Fee | $11,000 | 10,934 | 10,773 | (17) |
| LogRhythm, Inc. | Senior Secured | July 2029 | 3-month SOFR + 7.50%, Floor rate 8.50% | $26,609 | 26,139 | 15,236 | (14) |
| Senior Secured | October 2026 | 3-month SOFR + 5.50%, Floor rate 6.50% | $438 | 438 | 438 | ||
| Total LogRhythm, Inc. | $27,047 | 26,577 | 15,674 | ||||
| Morphisec Information Security 2014 Ltd. | Senior Secured | October 2027 | Prime + 3.45%, Floor rate 11.70%, 5.95% Exit Fee | $11,435 | 11,848 | 11,642 | (5)(10) |
| Semperis Technologies Inc. | Senior Secured | April 2029 | Prime - 1.75%, Floor rate 6.75%, PIK Interest 3.25% | $24,099 | 23,939 | 24,014 | (11)(14)(19) |
| Senior Secured | April 2029 | Prime - 0.50%, Floor rate 8.00%, PIK Interest 3.85% | $34,818 | 34,437 | 34,553 | (14)(19) | |
| Senior Secured | April 2029 | Prime + 2.50%, Floor rate 9.00%, PIK Interest 1.50% | $24,892 | 24,661 | 24,921 | (14)(19) | |
| Total Semperis Technologies Inc. | $83,809 | 83,037 | 83,488 | ||||
| Sumo Logic, Inc. | Senior Secured | May 2030 | 3-month SOFR + 6.50%, Floor rate 7.50% | $23,943 | 23,591 | 23,078 | (14)(17) |
| Zimperium, Inc. | Senior Secured | May 2027 | 3-month SOFR + 8.10%, Floor rate 9.10% | $17,696 | 17,634 | 17,634 | (17)(18) |
| Senior Secured | May 2027 | 3-month SOFR + 5.39%, Floor rate 6.39% | $1,766 | 1,756 | 1,756 | (17)(18) | |
| Total Zimperium, Inc. | $19,462 | 19,390 | 19,390 | ||||
| Subtotal: Cybersecurity (8.34%)* | 205,235 | 193,782 | |||||
| Defense Technologies | |||||||
| Allen Control Systems Inc. | Senior Secured | September 2030 | Prime + 3.25%, Floor rate 9.50%, 3.50% Exit Fee | $14,583 | 14,149 | 14,149 | (19) |
| Hermeus Corporation | Senior Secured | March 2030 | Prime + 2.75%, Floor rate 10.00%, PIK Interest 1.00%, 4.50% Exit Fee | $15,768 | 15,348 | 15,520 | (11)(14)(17) |
| Saronic Technologies, Inc. | Senior Secured | June 2030 | Prime + 2.50%, Floor rate 9.00%, 2.00% Exit Fee | $115,914 | 114,277 | 119,391 | (6)(15)(16)(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 | $148,122 | 148,415 | 151,660 | (12)(14)(16) |
| Subtotal: Defense Technologies (12.94%)* | 292,189 | 300,720 | |||||
| Diversified Financial Services | |||||||
| Gibraltar Acquisition LLC | Unsecured | July 2029 | FIXED 11.50% | $28,805 | 28,486 | 28,486 | (7)(14)(20) |
| Unsecured | July 2029 | FIXED 11.95% | $10,000 | 9,871 | 9,871 | (7)(20) | |
| Total Gibraltar Acquisition LLC | $38,805 | 38,357 | 38,357 | ||||
| Hercules Adviser LLC | Unsecured | March 2027 | FIXED 6.75% | $8,000 | 8,000 | 8,000 | (7)(23) |
| Subtotal: Diversified Financial Services (1.99%)* | 46,357 | 46,357 | |||||
| Drug Discovery & Development | |||||||
| 4D Molecular Therapeutics, Inc. | Senior Secured | June 2031 | Prime + 2.00%, Floor rate 8.75%, Cap rate 9.50%, 6.50% Exit Fee | $14,200 | 14,111 | 14,111 | (6)(10)(17) |
| Altimmune, Inc. | Senior Secured | June 2029 | Prime + 2.45%, Floor rate 9.70%, 6.25% Exit Fee | $17,500 | 17,701 | 17,800 | (6)(10)(15) |
| Arcus Biosciences, Inc. | Senior Secured | September 2030 | Prime - 0.05%, Floor rate 8.45%, PIK Interest 2.20%, 9.00% Exit Fee | $76,981 | 78,337 | 81,786 | (6)(10)(11)(14)(15) |
| Beren Therapeutics P.B.C. | Senior Secured | October 2029 | Prime + 2.45%, Floor rate 9.95%, 5.25% Exit Fee | $17,250 | 17,080 | 16,936 | (6)(11) |
| Braeburn, Inc. | Senior Secured | October 2028 | Prime + 3.00%, Floor rate 10.50%, PIK Interest 0.25%, 5.45% Exit Fee | $53,735 | 55,118 | 56,524 | (14) |
| COMPASS Pathways plc | Senior Secured | January 2031 | Prime + 2.75%, Floor rate 9.75%, 7.75% Exit Fee | $42,500 | 42,758 | 43,833 | (5)(10)(11) |
| Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | PrincipalAmount | Cost(2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Disc Medicine, Inc. | Senior Secured | December 2029 | Prime + 1.75%, Floor rate 8.25%, 6.75% Exit Fee | $34,000 | $34,377 | $35,726 | (6)(10)(15)(17) |
| Dyne Therapeutics, Inc. | Senior Secured | July 2030 | Prime + 2.45%, Floor rate 9.95%, 5.50% Exit Fee | $125,615 | 125,751 | 128,465 | (6)(10)(12)(15)(16) |
| enGene Therapeutics Inc. (p.k.a. enGene, Inc.) | Senior Secured | January 2030 | Prime + 2.25%, Floor rate 9.25%, Cap rate 10.25%, 5.95% Exit Fee | $17,500 | 18,032 | 18,079 | (5)(10) |
| Heron Therapeutics, Inc. | Senior Secured | September 2030 | Prime + 1.95%, Floor rate 9.45%, PIK Interest 1.00%, 6.50% Exit Fee | $68,316 | 68,668 | 68,264 | (14)(15) |
| Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 6.05% Exit Fee | $5,500 | 5,763 | 5,882 | (10)(15) |
| Lexicon Pharmaceuticals, Inc. | Senior Secured | May 2030 | Prime + 3.10%, Floor rate 9.85%, 6.25% Exit Fee | $38,875 | 38,384 | 38,384 | (6)(10)(12) |
| Maze Therapeutics, Inc. | Senior Secured | February 2031 | Prime + 0.95%, Floor rate 7.95%, 6.45% Exit Fee | $27,000 | 26,954 | 27,588 | (6)(10)(11)(17) |
| MoonLake Immunotherapeutics | Senior Secured | April 2030 | Prime + 1.45%, Floor rate 8.45%, 6.95% Exit Fee | $46,000 | 46,382 | 47,397 | (5)(10) |
| NorthSea Therapeutics | Convertible Debt | June 2027 | FIXED 6.00% | $473 | 473 | 473 | (5)(9)(10) |
| Phathom Pharmaceuticals, Inc. | Senior Secured | February 2029 | Prime + 3.10%, Floor rate 9.85%, 2.00% Exit Fee | $131,832 | 131,312 | 133,179 | (6)(10)(12)(16)(22) |
| Replimune Group, Inc. | Senior Secured | October 2029 | Prime + 1.75%, Floor rate 8.50%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee | $67,970 | 69,288 | 70,118 | (10)(12)(13)(14)(17) |
| Rocket Pharmaceuticals, Inc. | Senior Secured | October 2030 | Prime + 2.40%, Floor rate 9.15%, 5.95% Exit Fee | $26,250 | 25,563 | 25,563 | (6)(10)(17) |
| Savara, Inc. | Senior Secured | April 2030 | Prime + 1.45%, Floor rate 7.45%, 6.95% Exit Fee | $21,450 | 21,815 | 22,245 | (6)(10)(15) |
| SynOx Therapeutics Limited | Senior Secured | May 2028 | Prime + 1.40%, Floor rate 9.90%, 7.25% Exit Fee | $10,500 | 10,662 | 10,741 | (5)(10)(11) |
| Tenpoint Therapeutics Limited | Senior Secured | October 2029 | Prime + 2.90%, Floor rate 10.40%, 6.65% Exit Fee | $18,750 | 18,833 | 18,367 | (5)(10)(11) |
| uniQure B.V. | Senior Secured | October 2030 | Prime + 2.45%, Floor rate 9.45%, 6.75% Exit Fee | $27,500 | 27,728 | 28,404 | (5)(10)(11) |
| X4 Pharmaceuticals, Inc. | Senior Secured | July 2027 | Prime + 3.15%, Floor rate 10.15%, 4.00% Exit Fee | $32,500 | 33,529 | 34,125 | (11)(12)(13) |
| Senior Secured | July 2027 | Prime + 3.15%, Floor rate 10.15%, 3.50% Exit Fee | $42,500 | 43,717 | 44,413 | (12)(13) | |
| Total X4 Pharmaceuticals, Inc. | $75,000 | 77,246 | 78,538 | ||||
| Subtotal: Drug Discovery & Development (42.52%)* | 972,336 | 988,403 | |||||
| Electronics & Computer Hardware | |||||||
| Locus Robotics Corp. | Senior Secured | December 2028 | Prime + 3.00%, Floor rate 9.50%, 4.00% Exit Fee | $65,000 | 65,694 | 65,831 | (6)(11)(12)(15) |
| Subtotal: Electronics & Computer Hardware (2.83%)* | 65,694 | 65,831 | |||||
| Energy Technologies(27) | |||||||
| Antares Nuclear, Inc. | Senior Secured | September 2030 | Prime + 2.75%, Floor rate 9.50%, 1.00% Exit Fee | $4,219 | 4,090 | 4,090 | (17) |
| Senior Secured | September 2030 | Prime + 2.75%, Floor rate 9.50%, 1.00% Exit Fee | $469 | 454 | 454 | (17)(29) | |
| Total Antares Nuclear, Inc. | $4,688 | 4,544 | 4,544 | ||||
| Electric Hydrogen Co. | Senior Secured | May 2028 | Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 5.75% Exit Fee | $12,891 | 13,088 | 12,971 | (14)(15)(19) |
| Senior Secured | May 2028 | Prime + 2.25%, Floor rate 10.75%, PIK Interest 1.25%, 7.45% Exit Fee | $17,777 | 18,179 | 18,015 | (14)(15)(19) | |
| Total Electric Hydrogen Co. | $30,668 | 31,267 | 30,986 | ||||
| Renew Home, LLC | Senior Secured | March 2030 | Prime + 3.00%, Floor rate 9.25%, 5.00% Exit Fee | $4,000 | 4,012 | 4,020 | (17)(19) |
| Valar Atomics Inc. | Senior Secured | August 2029 | Prime + 4.35%, Floor rate 11.10% | $19,444 | 19,218 | 19,218 | (29) |
| Subtotal: Energy Technologies (2.53%)* | 59,041 | 58,768 | |||||
| Financial Technologies(27) | |||||||
| Finix Payments, Inc. | Senior Secured | December 2029 | Prime + 2.50%, Floor rate 9.25%, 4.25% Exit Fee | $24,500 | 24,294 | 24,400 | (6)(17) |
| Subtotal: Financial Technologies (1.05%)* | 24,294 | 24,400 | |||||
| Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor(1) | PrincipalAmount | Cost(2) | Value | Footnotes |
|---|---|---|---|---|---|---|---|
| Healthcare Services, Other | |||||||
| Belong Health, Inc. | Senior Secured | November 2029 | Prime + 2.25%, Floor rate 9.75%, 5.45% Exit Fee | $11,250 | $11,097 | $11,094 | (6)(17) |
| Blue Sprig Pediatrics, Inc. | Senior Secured | May 2029 | 1-month SOFR + 7.75%, Floor rate 10.75%, 3.50% Exit Fee | $67,500 | 66,918 | 65,677 | (11)(12)(13) |
| ChenMed, LLC | Senior Secured | May 2030 | Prime + 2.45%, Floor rate 9.45%, 3.75% Exit Fee | $130,000 | 129,058 | 129,351 | (16)(17) |
| Connections Health Holdings, LLC | Senior Secured | May 2030 | Prime + 1.20%, Floor rate 7.95%, PIK Interest 1.00%, 6.95% Exit Fee | $7,521 | 7,391 | 7,391 | (6)(14)(17) |
| Consensus Intermediate Holdco, LLC | Senior Secured | June 2030 | Prime + 3.20%, Floor rate 9.95%, 3.95% Exit Fee | $14,000 | 13,883 | 13,883 | (6) |
| Curana Health Holdings, LLC | Senior Secured | October 2029 | Prime + 1.45%, Floor rate 9.20%, 7.45% Exit Fee | $60,750 | 61,810 | 62,210 | (13)(19) |
| Ennoble Care LLC | Senior Secured | February 2030 | Prime + 2.60%, Floor rate 10.35%, 7.95% Exit Fee | $60,000 | 59,985 | 60,573 | (6)(15) |
| Equality Health, LLC | Senior Secured | February 2028 | Prime + 5.85%, Floor rate 9.50%, PIK Interest 1.95% | $73,018 | 72,684 | 71,989 | (11)(12)(14) |
| Main Street Rural, Inc. | Senior Secured | July 2027 | Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | $73,500 | 76,682 | 76,682 | (12)(13)(15) |
| Marathon Health, LLC | Senior Secured | February 2029 | Prime + 0.25%, Floor rate 8.25%, PIK Interest 2.25%, 3.00% Exit Fee | $185,989 | 187,183 | 186,736 | (14)(16)(17) |
| NeueHealth, Inc. | Senior Secured | June 2028 | Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee | $89,376 | 87,784 | 87,191 | (12)(14) |
| Octave Health Group, Inc. | Senior Secured | October 2029 | Prime + 2.70%, Floor rate 9.95%, 5.35% Exit Fee | $12,500 | 12,365 | 12,397 | (6) |
| Strive Health Holdings, LLC | Senior Secured | August 2029 | Prime + 1.05%, Floor rate 9.55%, 5.95% Exit Fee | $36,000 | 36,234 | 36,407 | (12)(15) |
| The Good Health Group, LLC | Senior Secured | June 2030 | Prime + 3.45%, Floor rate 10.20%, 5.95% Exit Fee | $18,125 | 18,008 | 18,008 | |
| Tungsten Health Holdings, LLC | Senior Secured | December 2029 | Prime + 1.00%, Floor rate 8.50%, Cap rate 9.00%, PIK Interest 1.25%, 8.35% Exit Fee | $23,711 | 23,644 | 23,879 | (14) |
| WellBe Senior Medical, LLC | Senior Secured | May 2029 | Prime + 2.00%, Floor rate 9.00%, PIK Interest 1.40%, 6.75% Exit Fee | $33,722 | 34,277 | 33,869 | (14)(15) |
| Subtotal: Healthcare Services, Other (38.60%)* | 899,003 | 897,337 | |||||
| Healthcare Technology & Digital Health(27) | |||||||
| CollectiveHealth, Inc. | Senior Secured | February 2030 | Prime + 3.50%, Floor rate 10.25%, 3.95% Exit Fee | $10,125 | 10,068 | 9,861 | (17) |
| Elation Health, Inc. | Senior Secured | April 2029 | Prime + 1.75%, Floor rate 9.25%, PIK Interest 1.30%, 3.95% Exit Fee | $21,257 | 21,062 | 21,240 | (11)(14)(17)(19) |
| Imagen Technologies, Inc. | Senior Secured | November 2028 | Prime + 1.55%, Floor rate 9.05%, PIK Interest 1.00%, 3.95% Exit Fee | $7,558 | 7,529 | 7,607 | (6)(14) |
| Modern Life, Inc. | Senior Secured | February 2029 | Prime + 2.75%, Floor rate 10.25%, 5.00% Exit Fee | $18,429 | 18,711 | 18,605 | (13) |
| Saama Technologies, LLC | Senior Secured | July 2027 | Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 3.45% Exit Fee | $24,408 | 24,850 | 24,850 | (12)(14) |
| SonderMind Inc. | Senior Secured | July 2030 | Prime + 2.75%, Floor rate 9.50%, 4.95% Exit Fee | $29,490 | 29,256 | 29,256 | (6)(11)(17) |
| Streamline Healthcare Solutions | Senior Secured | June 2030 | 3-month SOFR + 7.30%, Floor rate 8.30% | $22,260 | 21,743 | 21,914 | (6)(11)(13)(15)(17) (18) |
| Subtotal: Healthcare Technology & Digital Health (5.74%)* | 133,219 | 133,333 | |||||
| Manufacturing Technology | |||||||
| VulcanForms Inc. | Senior Secured | January 2028 | Prime + 4.25%, Floor rate 11.25%, 4.25% Exit Fee | $20,000 | 20,313 | 21,050 | (11)(19) |
| Senior Secured | February 2029 | Prime + 0.00%, Floor rate 6.75%, 9.00% Exit Fee | $16,240 | 16,230 | 17,702 | (29) | |
| Total VulcanForms Inc. | $36,240 | 36,543 | 38,752 | ||||
| Subtotal: Manufacturing Technology (1.67%)* | 36,543 | 38,752 | |||||
| Medical Devices & Equipment | |||||||
| Cognito Therapeutics Group, Inc. | Senior Secured | January 2030 | Prime + 2.70%, Floor rate 9.95%, 5.75% Exit Fee | $3,500 | 3,392 | 3,374 | (6) |
| Orchestra BioMed Holdings, Inc. | Senior Secured | November 2028 | Prime + 2.00%, Floor rate 9.50%, 6.35% Exit Fee | $15,000 | 15,274 | 15,408 | (6)(15) |
| restor3d, Inc. | Senior Secured | October 2031 | Prime + 2.65%, Floor rate 9.15%, 3.45% Exit Fee | $18,750 | 18,541 | 18,541 | (6) |
| Portfolio Company · Type of Investment · Maturity Date · Interest Rate and Floor(1) · PrincipalAmount · Cost(2) · Value · Footnotes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Senseonics Holdings, Inc. | Senior Secured | August 2029 | Prime + 2.40%, Floor rate 9.90%, 13.40% Exit Fee | $30,625 | $32,189 | $32,696 | (11)(12) | ||
| Senior Secured | August 2029 | Prime + 2.40%, Floor rate 9.90%, 6.45% Exit Fee | $15,500 | 15,382 | 15,592 | (10)(12) | |||
| Total Senseonics Holdings, Inc. | $46,125 | 47,571 | 48,288 | ||||||
| Sight Sciences, Inc. | Senior Secured | July 2028 | Prime + 2.35%, Floor rate 10.35%, 5.95% Exit Fee | $28,000 | 28,837 | 29,051 | (6)(12) | ||
| Subtotal: Medical Devices & Equipment (4.93%)* | 113,615 | 114,662 | |||||||
| Space Technologies | |||||||||
| LeoLabs, Inc. | Senior Secured | April 2030 | Prime + 2.90%, Floor rate 9.65%, PIK Interest 0.95%, 3.50% Exit Fee | $6,625 | 6,559 | 6,559 | (14)(17) | ||
| Loft Orbital Solutions Inc. | Senior Secured | December 2029 | Prime + 1.75%, Floor rate 8.75%, PIK Interest 1.00%, 3.45% Exit Fee | $9,657 | 9,493 | 9,609 | (14)(17)(19) | ||
| Stoke Space Technologies, Inc. | Senior Secured | May 2029 | Prime + 1.00%, Floor rate 7.50%, PIK Interest 2.00%, 5.25% Exit Fee | $28,720 | 28,514 | 29,095 | (6)(14)(15) | ||
| Subtotal: Space Technologies (1.95%)* | 44,566 | 45,263 | |||||||
| Sustainable and Renewable Technology | |||||||||
| Tidal Vision Products, Inc. | Senior Secured | October 2028 | Prime + 2.45%, Floor rate 9.70%, 3.45% Exit Fee | $7,500 | 7,240 | 7,332 | (6)(17) | ||
| Subtotal: Sustainable and Renewable Technology (0.32%)* | 7,240 | 7,332 | |||||||
| System Software | |||||||||
| ControlUp, Inc. | Senior Secured | January 2031 | Prime + 0.25%, Floor rate 6.75%, PIK Interest 2.00%, 3.00% Exit Fee | $10,135 | 10,069 | 10,129 | (14)(17) | ||
| CoreView USA, Inc. | Senior Secured | January 2029 | Prime + 2.75%, Floor rate 9.25%, 4.95% Exit Fee | $25,000 | 25,307 | 25,546 | (6) | ||
| Senior Secured | January 2029 | Prime + 2.50%, Floor rate 9.00%, 4.95% Exit Fee | $10,000 | 9,897 | 10,112 | ||||
| Total CoreView USA, Inc. | $35,000 | 35,204 | 35,658 | ||||||
| Neo4j, Inc. | Senior Secured | April 2030 | Prime + 2.60%, Floor rate 9.10%, 3.50% Exit Fee | $9,000 | 8,910 | 8,990 | (17) | ||
| New Relic, Inc. | Senior Secured | November 2030 | 3-month SOFR + 6.75%, Floor rate 7.75% | $21,890 | 21,517 | 21,633 | (17) | ||
| PayIt, LLC | Senior Secured | December 2028 | Prime + 1.45%, Floor rate 7.95%, PIK Interest 1.50%, 5.00% Exit Fee | $26,569 | 26,783 | 26,700 | (6)(14)(15)(17)(19) | ||
| Senior Secured | December 2028 | Prime + 3.00%, Floor rate 10.25%, PIK Interest 1.50%, 5.00% Exit Fee | $2,813 | 2,796 | 2,817 | (14)(15)(17)(19) | |||
| Total PayIt, LLC | $29,382 | 29,579 | 29,517 | ||||||
| Scylla DB Ltd. | Senior Secured | July 2029 | Prime + 3.00%, Floor rate 10.50%, 0.75% Exit Fee | $15,000 | 14,856 | 14,730 | (5)(10) | ||
| Subtotal: System Software (5.19%)* | 120,135 | 120,657 | |||||||
| Total: Debt Investments (199.85%)* | $4,644,453 | $4,645,977 | |||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Equity Investments | |||||||||
| Application Software | |||||||||
| Annex Cloud | Equity | 7/10/2026 | Common Units | 175,211 | $7,359 | $— | (28) | ||
| Black Crow AI, Inc. affiliates | Equity | 3/24/2021 | Preferred Note | 3 | 3,058 | 3,058 | (21) | ||
| CapLinked, Inc. | Equity | 10/26/2012 | Preferred Series A-3 | 53,614 | 51 | — | |||
| Khoros, LLC | Equity | 5/23/2025 | Earnout Interest | N/A | 5,242 | — | (24) | ||
| Leapwork ApS | Equity | 8/25/2023 | Preferred Series B2 | 183,073 | 250 | 90 | (5)(10) | ||
| micro1 Inc. | Equity | 6/26/2026 | SAFE | N/A | 1,813 | 1,813 | (25) | ||
| Nextdoor.com, Inc. | Equity | 8/1/2018 | Common Stock | 1,019,255 | 4,854 | 2,477 | (4) | ||
| Subtotal: Application Software (0.32%)* | 22,627 | 7,438 | |||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Biotechnology Tools | ||||||||||
| Alamar Biosciences, Inc. | Equity | 2/21/2024 | Common Stock | 208,344 | $1,500 | $7,098 | (4) | |||
| Subtotal: Biotechnology Tools (0.31%)* | 1,500 | 7,098 | ||||||||
| Consumer & Business Products | ||||||||||
| Fabletics, Inc. | Equity | 4/30/2010 | Common Stock | 42,989 | 128 | 11 | ||||
| Equity | 7/16/2013 | Preferred Series B | 130,191 | 1,101 | 115 | |||||
| Total Fabletics, Inc. | 173,180 | 1,229 | 126 | |||||||
| Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 12,260 | 433 | 13 | (4) | |||
| Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 172,328 | 13 | 176 | ||||
| Subtotal: Consumer & Business Products (0.01%)* | 1,675 | 315 | ||||||||
| Consumer & Business Services | ||||||||||
| Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 216,073 | 1,151 | 828 | (5)(10) | |||
| Jobandtalent USA, Inc. | Equity | 2/11/2025 | Preferred Series F | 47,754 | 563 | — | (5)(10) | |||
| Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100,738 | 5,263 | 1,512 | (4) | |||
| Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 6,666 | 1,000 | 54 | (4) | |||
| OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286,080 | 1,663 | 302 | ||||
| Equity | 10/25/2016 | Preferred Series A-1 | 108,710 | 632 | 115 | |||||
| Total OfferUp, Inc. | 394,790 | 2,295 | 417 | |||||||
| 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) | |||
| Equity | 6/6/2016 | Preferred Series BB | 1,000,000 | — | — | (7) | ||||
| Equity | 12/29/2023 | Preferred Series C | 3,235,298 | 13,263 | 1,522 | (7) | ||||
| Total Tectura Corporation | 419,230,161 | 14,163 | 1,522 | |||||||
| Subtotal: Consumer & Business Services (0.19%)* | 25,474 | 4,333 | ||||||||
| Cybersecurity(27) | ||||||||||
| Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458,841 | 1,000 | 4,077 | ||||
| Equity | 8/24/2017 | Preferred Series 3 | 93,620 | 300 | 850 | |||||
| Total Druva Holdings, Inc. | 552,461 | 1,300 | 4,927 | |||||||
| Subtotal: Cybersecurity (0.21%)* | 1,300 | 4,927 | ||||||||
| Defense Technologies | ||||||||||
| Saronic Technologies, Inc. | Equity | 3/27/2026 | Preferred Series D | 154,854 | 4,250 | 4,662 | (16) | |||
| Shield AI, Inc. | Equity | 2/7/2025 | Preferred Series F1 | 28,900 | 2,250 | 2,825 | (16) | |||
| Subtotal: Defense Technologies (0.32%)* | 6,500 | 7,487 | ||||||||
| Diversified Financial Services | ||||||||||
| Gibraltar Acquisition LLC | Equity | 3/1/2018 | Member Units | 1 | 31,456 | 23,779 | (7)(20) | |||
| Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 | 14,183 | 41,942 | (7)(23) | |||
| Subtotal: Diversified Financial Services (2.83%)* | 45,639 | 65,721 | ||||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| 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 | 2 | (4) | |
| Talphera, Inc. | Equity | 12/10/2018 | Common Stock | 8,836 | 1,329 | 10 | (4) | |
| Subtotal: Drug Delivery (0.00%)* | 3,638 | 14 | ||||||
| Drug Discovery & Development | ||||||||
| Arcus Biosciences, Inc. | Equity | 2/19/2025 | Common Stock | 204,545 | 2,250 | 5,283 | (4)(10) | |
| Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 42 | 1,000 | 1 | (4) | |
| Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98,100 | 1,871 | 361 | (4)(5)(10) | |
| Daré Bioscience, Inc. | Equity | 1/8/2015 | Common Stock | 1,129 | 1,000 | 1 | (4) | |
| Dyne Therapeutics, Inc. | Equity | 7/2/2025 | Common Stock | 169,697 | 1,400 | 2,734 | (4)(10)(16) | |
| Heron Therapeutics, Inc. | Equity | 7/25/2023 | Common Stock | 364,963 | 500 | 114 | (4) | |
| Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3,466,840 | 4,250 | 176 | (15) | |
| Kura Oncology, Inc. | Equity | 6/16/2023 | Common Stock | 47,826 | 550 | 512 | (4)(10) | |
| Maze Therapeutics, Inc. | Equity | 4/23/2026 | Common Stock | 87,500 | 2,056 | 2,378 | (4)(10) | |
| MoonLake Immunotherapeutics | Equity | 11/6/2025 | Common Stock | 95,500 | 1,002 | 1,117 | (4)(5)(10) | |
| NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 | 2,000 | 563 | (5)(10) | |
| Phathom Pharmaceuticals, Inc. | Equity | 6/9/2023 | Common Stock | 147,233 | 1,730 | 1,075 | (4)(10)(16) | |
| Rafael Holdings, Inc. | Equity | 4/6/2021 | Common Stock | 48 | 42 | — | (4)(10) | |
| Rocket Pharmaceuticals, Inc. | Equity | 8/22/2007 | Common Stock | 944 | 1,500 | 3 | (4) | |
| Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11,119 | 203 | 57 | (4) | |
| uniQure B.V. | Equity | 1/31/2019 | Common Stock | 34,208 | 1,107 | 827 | (4)(5)(10) | |
| Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510,308 | 3,000 | 1,740 | ||
| Equity | 10/31/2022 | Preferred Series C | 170,102 | 1,000 | 920 | |||
| Total Valo Health, LLC | 680,410 | 4,000 | 2,660 | |||||
| Verge Analytics, Inc. | Equity | 9/6/2023 | Preferred Series C | 208,588 | 1,500 | — | ||
| Equity | 7/2/2025 | SAFE | N/A | 103 | 103 | (25) | ||
| Total Verge Analytics, Inc. | 208,588 | 1,603 | 103 | |||||
| Viridian Therapeutics, Inc. | Equity | 11/6/2023 | Common Stock | 32,310 | 400 | 665 | (4)(10) | |
| X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 52,202 | 2,945 | 151 | (4) | |
| Subtotal: Drug Discovery & Development (0.81%)* | 31,409 | 18,781 | ||||||
| Electronics & Computer Hardware | ||||||||
| Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15,116 | 650 | 378 | ||
| Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248,900 | 1,500 | 811 | ||
| Subtotal: Electronics & Computer Hardware (0.05%)* | 2,150 | 1,189 | ||||||
| Financial Technologies(27) | ||||||||
| Hypercore Inc. | Equity | 1/22/2026 | Preferred Series A-II | 231,938 | 400 | 378 | ||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Oportun | Equity | 6/28/2013 | Common Stock | 48,365 | $577 | $394 | (4) | |
| Worldremit Group Limited | Equity | 6/24/2024 | Preferred Series X | 9,737 | 922 | 515 | (5)(10) | |
| Subtotal: Financial Technologies (0.06%)* | 1,899 | 1,287 | ||||||
| Healthcare Services, Other | ||||||||
| Curana Health Holdings, LLC | Equity | 5/13/2024 | Class B Voting Common Units | 1,114,380 | 2,500 | 3,335 | ||
| Equity | 3/26/2026 | Class C Non Voting Common Units | 59,697 | 197 | 241 | |||
| Total Curana Health Holdings, LLC | 1,174,077 | 2,697 | 3,576 | |||||
| Main Street Rural, Inc. | Equity | 10/28/2024 | Preferred Series D | 993 | 1,750 | 2,217 | ||
| NH Holdings 2025 SPV, L.P. | Equity | 6/21/2024 | Common Units | 669,494 | 2,551 | 546 | ||
| Strive Health Holdings, LLC | Equity | 6/27/2025 | Common Units | 82,043 | 599 | 962 | ||
| WellBe Senior Medical, LLC | Equity | 6/10/2024 | Common Units | 181,163 | 1,600 | 3,086 | ||
| Subtotal: Healthcare Services, Other (0.45%)* | 9,197 | 10,387 | ||||||
| Healthcare Technology & Digital Health(27) | ||||||||
| Click Therapeutics, Inc. | Equity | 5/20/2024 | Common Stock | 560,000 | 1,662 | 2,233 | (15) | |
| DNAnexus, Inc. | Equity | 3/21/2014 | Preferred Series C | 51,948 | 97 | 15 | ||
| Verana Health, Inc. | Equity | 7/8/2021 | Common Stock | 23,814 | 2,000 | — | ||
| Subtotal: Healthcare Technology & Digital Health (0.10%)* | 3,759 | 2,248 | ||||||
| Information Services | ||||||||
| Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41,021 | 3,825 | 3,759 | ||
| Subtotal: Information Services (0.16%)* | 3,825 | 3,759 | ||||||
| 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 | 180 | (7) | ||
| Total Coronado Aesthetics, LLC | 5,180,000 | 250 | 180 | |||||
| Orchestra BioMed Holdings, Inc. | Equity | 8/4/2025 | Common Stock | 363,636 | 1,000 | 2,262 | (4) | |
| Subtotal: Medical Devices & Equipment (0.11%)* | 1,250 | 2,442 | ||||||
| Semiconductors | ||||||||
| Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277,995 | 160 | 59 | ||
| Equity | 6/26/2015 | Preferred Series D-2 | 497,767 | 7 | 181 | |||
| Total Achronix Semiconductor Corporation | 775,762 | 167 | 240 | |||||
| Subtotal: Semiconductors (0.01%)* | 167 | 240 | ||||||
| Space Technologies | ||||||||
| Planet Labs PBC | Equity | 1/13/2026 | Common Stock | 60,496 | 1,527 | 992 | (4)(10) | |
| Stoke Space Technologies, Inc. | Equity | 9/23/2025 | Preferred Series D | 43,867 | 1,406 | 3,684 | ||
| Equity | 2/6/2026 | Preferred Series D-2 | 28,168 | 1,407 | 2,511 | |||
| Equity | 8/19/2026 | Preferred Series E | 11,779 | 1,406 | 1,365 | |||
| Total Stoke Space Technologies, Inc. | 83,814 | 4,219 | 7,560 | |||||
| Subtotal: Space Technologies (0.37%)* | 5,746 | 8,552 | ||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Sustainable and Renewable Technology | |||||||||
| Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188,611 | $2,000 | $89 | |||
| 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 | 377 | |||
| SUNation Energy, Inc. | Equity | 12/10/2020 | Common Stock | 3 | 3,153 | — | (4) | ||
| Subtotal: Sustainable and Renewable Technology (0.02%)* | 10,153 | 466 | |||||||
| System Software | |||||||||
| Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20,000 | 4,284 | 150 | |||
| Lightbend, Inc. | Equity | 12/4/2020 | Common Stock | 38,461 | 265 | — | |||
| Subtotal: System Software (0.01%)* | 4,549 | 150 | |||||||
| Total: Equity Investments (6.32%)* | $182,457 | $146,834 | |||||||
| Warrant Investments | |||||||||
| Application Software | |||||||||
| Annex Cloud | Warrant | 6/5/2025 | Common Units | 185,185 | $— | $— | (28) | ||
| Automation Anywhere, Inc. | Warrant | 9/23/2022 | Common Stock | 254,778 | 448 | 144 | |||
| Brain Corporation | Warrant | 10/4/2021 | Common Stock | 435,396 | 215 | 67 | |||
| Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102,898 | 26 | 35 | (5)(10) | ||
| Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 770,838 | 461 | 810 | |||
| Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727,047 | 545 | 19 | |||
| DevRev, Inc. | Warrant | 6/8/2026 | Preferred Series A | 314,825 | 47 | 78 | |||
| Distributed Creation Inc. | Warrant | 4/21/2025 | Common Stock | 104,622 | 180 | 242 | |||
| Earnix, Inc. | Warrant | 6/6/2024 | Common Stock | 20,762 | 220 | 334 | |||
| First Insight, Inc. | Warrant | 5/10/2018 | Preferred Series B | 75,917 | 96 | — | |||
| Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84,995 | 325 | 94 | |||
| Funnel Holding AB (publ) | Warrant | 10/24/2025 | Common Stock | 554,725 | 51 | 47 | (5)(10) | ||
| Kore.ai, Inc. | Warrant | 3/31/2023 | Preferred Series C | 64,293 | 208 | 46 | |||
| Leapwork ApS | Warrant | 1/23/2023 | Common Stock | 93,211 | 39 | 12 | (5)(10) | ||
| Mango Technologies, Inc. | Warrant | 8/15/2025 | Common Stock | 71,298 | 377 | 284 | (12) | ||
| micro1 Inc. | Warrant | 5/20/2026 | Common Stock | 37,299 | 369 | 441 | (6) | ||
| Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82,362 | 252 | 250 | |||
| Pindrop Security, Inc. | Warrant | 6/26/2024 | Common Stock | 134,542 | 494 | 370 | (15) | ||
| Sisense Ltd. | Warrant | 6/8/2023 | Ordinary Shares | 321,956 | 174 | 2 | (5)(10) | ||
| Suzy, Inc. | Warrant | 8/24/2023 | Common Stock | 292,936 | 367 | — | (6)(15) | ||
| Tipalti Solutions Ltd. | Warrant | 3/22/2023 | Ordinary Shares | 509,753 | 360 | 187 | (10)(16) | ||
| Warrant | 3/27/2025 | Ordinary Shares | 473,266 | 136 | 35 | (16) | |||
| Total Tipalti Solutions Ltd. | 983,019 | 496 | 222 | ||||||
| Ushur, Inc. | Warrant | 6/5/2025 | Common Stock | 1,603,911 | 265 | 71 | (6)(15) | ||
| Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98,428 | 126 | 2 | |||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152,048 | $1,275 | $— | (15) | |||
| ZeroEyes, Inc. | Warrant | 5/6/2025 | Common Stock | 33,750 | 140 | 29 | (6)(15) | |||
| Subtotal: Application Software (0.15%)* | 7,196 | 3,599 | ||||||||
| Biotechnology Tools | ||||||||||
| Alamar Biosciences, Inc. | Warrant | 6/21/2022 | Common Stock | 31,251 | 36 | 637 | (4) | |||
| Antheia, Inc. | Warrant | 8/29/2025 | Common Stock | 2,023,810 | 1,601 | 3,402 | ||||
| Subtotal: Biotechnology Tools (0.17%)* | 1,637 | 4,039 | ||||||||
| Communications & Networking | ||||||||||
| Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 486,097 | 242 | — | (12) | |||
| Tarana Wireless, Inc. | Warrant | 3/20/2026 | Common Stock | 827,622 | 43 | 19 | (6) | |||
| Subtotal: Communications & Networking (0.00%)* | 285 | 19 | ||||||||
| 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 | 2,024 | ||||
| Subtotal: Consumer & Business Products (0.09%)* | 245 | 2,024 | ||||||||
| Consumer & Business Services | ||||||||||
| Altumint, Inc. | Warrant | 10/31/2024 | Common Stock | 1,701 | 127 | 24 | (15) | |||
| AppDirect, Inc. | Warrant | 9/22/2025 | Common Stock | 104,173 | 254 | 82 | ||||
| Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174,163 | 164 | 134 | (5)(10) | |||
| Warrant | 2/13/2024 | Preferred Series D-4 | 109,257 | 20 | 34 | (5)(10) | ||||
| Total Carwow LTD | 283,420 | 184 | 168 | |||||||
| Houzz, Inc. | Warrant | 10/29/2019 | Common Stock | 529,661 | 20 | — | ||||
| Landing Holdings Inc. | Warrant | 3/12/2021 | Common Stock | 11,806 | 116 | 1 | (15) | |||
| Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127,032 | 39 | — | ||||
| Peek Travel, Inc. | Warrant | 10/28/2025 | Common Stock | 60,169 | 157 | 79 | ||||
| Perk Group Inc. | Warrant | 5/13/2026 | Common Stock | 17,372 | 207 | 207 | ||||
| Plentific Ltd | Warrant | 10/3/2023 | Ordinary Shares | 27,298 | 60 | 35 | (5)(10) | |||
| Provi | Warrant | 12/22/2022 | Common Stock | 117,042 | 166 | 3 | (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 | 5,505 | (12) | |||
| Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1,607,143 | 57 | 5 | ||||
| Warrant | 8/23/2019 | Preferred Series B | 444,444 | 83 | — | |||||
| Total Skyword, Inc. | 2,051,587 | 140 | 5 | |||||||
| Snagajob.com, Inc. | Warrant | 4/20/2020 | Common Stock | 600,000 | 16 | — | ||||
| Warrant | 8/1/2018 | Preferred Series B | 1,211,537 | 62 | — | |||||
| Total Snagajob.com, Inc. | 1,811,537 | 78 | — | |||||||
| Thumbtack, Inc. | Warrant | 5/1/2018 | Common Stock | 343,497 | 985 | 1,013 | ||||
| Subtotal: Consumer & Business Services (0.31%)* | 4,245 | 7,122 | ||||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Cybersecurity(27) | ||||||||
| Akeyless Security Ltd. | Warrant | 8/4/2025 | Ordinary Shares | 131,876 | $103 | $80 | (5)(10) | |
| Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29,691 | 284 | 470 | ||
| Coronet Cyber Security Ltd. | Warrant | 9/26/2024 | Ordinary Shares | 39,183 | 254 | 3 | ||
| Morphisec Information Security 2014 Ltd. | Warrant | 10/1/2024 | Ordinary Shares | 200,115 | 104 | 56 | (5)(10) | |
| Semperis Technologies Inc. | Warrant | 4/23/2024 | Common Stock | 193,264 | 446 | 985 | ||
| Subtotal: Cybersecurity (0.07%)* | 1,191 | 1,594 | ||||||
| Defense Technologies | ||||||||
| Allen Control Systems Inc. | Warrant | 9/16/2026 | Common Stock | 18,042 | 297 | 294 | ||
| Hermeus Corporation | Warrant | 3/20/2026 | Common Stock | 55,973 | 577 | 920 | ||
| Saronic Technologies, Inc. | Warrant | 6/9/2025 | Preferred Series C | 109,757 | 726 | 1,837 | (6)(15)(16) | |
| Warrant | 6/15/2026 | Preferred Series D | 70,546 | 1,283 | 763 | (15)(16) | ||
| Total Saronic Technologies, Inc. | 180,303 | 2,009 | 2,600 | |||||
| Subtotal: Defense Technologies (0.16%)* | 2,883 | 3,814 | ||||||
| Drug Discovery & Development | ||||||||
| Axsome Therapeutics, Inc. | Warrant | 1/9/2023 | Common Stock | 20,608 | 410 | 1,748 | (4)(10) | |
| Beren Therapeutics P.B.C. | Warrant | 10/8/2025 | Preferred Series A+ | 135,847 | 246 | 323 | (6) | |
| Cellarity, LLC (p.k.a. Cellarity, Inc.) | Warrant | 12/8/2021 | Preferred Series B Units | 100,000 | 287 | 86 | (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 | 348 | (4)(5)(10) | |
| enGene Therapeutics Inc. (p.k.a. enGene, Inc.) | Warrant | 12/22/2023 | Common Stock | 72,284 | 218 | 30 | (4)(5)(10) | |
| Heron Therapeutics, Inc. | Warrant | 8/9/2023 | Common Stock | 238,095 | 228 | 2 | (4)(15) | |
| Kura Oncology, Inc. | Warrant | 11/2/2022 | Common Stock | 14,342 | 88 | 19 | (4)(10)(15) | |
| Lexicon Pharmaceuticals, Inc. | Warrant | 5/4/2026 | Common Stock | 501,571 | 447 | 529 | (4)(6)(10)(12) | |
| Madrigal Pharmaceuticals, Inc. | Warrant | 5/9/2022 | Common Stock | 13,229 | 570 | 3,906 | (4)(10) | |
| Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64,687 | 848 | 25 | (4)(10)(15)(16) | |
| Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475,510 | 20 | 20 | (15) | |
| Rocket Pharmaceuticals, Inc. | Warrant | 9/30/2026 | Common Stock | 307,274 | 412 | 411 | (4)(6)(10) | |
| Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 13,253 | 296 | — | (4) | |
| SynOx Therapeutics Limited | Warrant | 4/18/2024 | Preferred Series B | 558,230 | 199 | 160 | (5)(10) | |
| Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102,216 | 256 | 87 | ||
| X4 Pharmaceuticals, Inc. | Warrant | 3/18/2019 | Common Stock | 46,424 | 510 | 2 | (4) | |
| Subtotal: Drug Discovery & Development (0.33%)* | 5,350 | 7,696 | ||||||
| Electronics & Computer Hardware | ||||||||
| 908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49,078 | 101 | 200 | (4) | |
| Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8,503 | 34 | 76 | ||
| Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622,255 | 557 | 651 | ||
| Subtotal: Electronics & Computer Hardware (0.04%)* | 692 | 927 | ||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Energy Technologies(27) | ||||||||
| Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18,472 | $52 | $1 | ||
| Antares Nuclear, Inc. | Warrant | 9/3/2026 | Common Stock | 12,861 | 486 | 441 | ||
| Electric Hydrogen Co. | Warrant | 3/27/2024 | Common Stock | 246,618 | 507 | 97 | (15) | |
| Subtotal: Energy Technologies (0.02%)* | 1,045 | 539 | ||||||
| Financial Technologies(27) | ||||||||
| Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6,763 | 54 | 706 | (5)(10) | |
| Finix Payments, Inc. | Warrant | 12/17/2025 | Preferred Series C | 1,839,547 | 122 | 171 | (6) | |
| Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77,215 | 129 | 12 | (5)(10) | |
| Warrant | 8/27/2021 | Preferred Series E | 1,868 | 26 | — | (5)(10) | ||
| Total Worldremit Group Limited | 79,083 | 155 | 12 | |||||
| Subtotal: Financial Technologies (0.04%)* | 331 | 889 | ||||||
| Healthcare Services, Other | ||||||||
| Belong Health, Inc. | Warrant | 11/13/2025 | Common Stock | 1,933,102 | 400 | 141 | (6) | |
| Connections Health Holdings, LLC | Warrant | 5/27/2026 | Class B Preferred Units | 68,029 | 94 | 133 | (6) | |
| Curana Health Holdings, LLC | Warrant | 1/4/2024 | Common Units | 447,410 | 156 | 548 | ||
| Octave Health Group, Inc. | Warrant | 11/28/2025 | Common Stock | 225,310 | 168 | 176 | (6) | |
| Strive Health Holdings, LLC | Warrant | 9/28/2023 | Common Units | 129,400 | 278 | 738 | (15) | |
| The Recovery Company, Inc. (p.k.a. Recover Together, Inc.) | Warrant | 7/3/2023 | Common Stock | 194,830 | 382 | 18 | ||
| Subtotal: Healthcare Services, Other (0.08%)* | 1,478 | 1,754 | ||||||
| Healthcare Technology & Digital Health(27) | ||||||||
| CollectiveHealth, Inc. | Warrant | 1/26/2026 | Common Stock | 577,252 | 21 | 12 | ||
| Elation Health, Inc. | Warrant | 9/12/2022 | Common Stock | 612,166 | 739 | 187 | ||
| Imagen Technologies, Inc. | Warrant | 11/26/2025 | Preferred Series C-3-VI | 311,570 | 110 | 380 | (6) | |
| Modern Life, Inc. | Warrant | 3/30/2023 | Common Stock | 63,202 | 229 | 138 | ||
| Vida Health, Inc. | Warrant | 3/28/2022 | Preferred Series E | 192,431 | 120 | 110 | ||
| Subtotal: Healthcare Technology & Digital Health (0.04%)* | 1,219 | 827 | ||||||
| Information Services | ||||||||
| NetBase Quid, Inc. | Warrant | 8/22/2017 | Preferred Series 1 | 60,000 | 356 | — | ||
| Subtotal: Information Services (0.00%)* | 356 | — | ||||||
| Manufacturing Technology | ||||||||
| Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392,308 | 537 | 258 | ||
| MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1,111,111 | 528 | — | ||
| VulcanForms Inc. | Warrant | 1/30/2025 | Common Stock | 99,923 | 74 | 340 | ||
| Subtotal: Manufacturing Technology (0.03%)* | 1,139 | 598 | ||||||
| Media/Content/Info | ||||||||
| Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 369,370 | 67 | 44 | ||
| Subtotal: Media/Content/Info (0.00%)* | 67 | 44 | ||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Medical Devices & Equipment | ||||||||
| Cognito Therapeutics Group, Inc. | Warrant | 1/23/2026 | Common Stock | 76,529 | $149 | $177 | (6) | |
| Orchestra BioMed Holdings, Inc. | Warrant | 11/6/2024 | Common Stock | 167,831 | 216 | 470 | (4)(6)(15) | |
| Senseonics Holdings, Inc. | Warrant | 9/8/2023 | Common Stock | 51,635 | 277 | 168 | (4)(12) | |
| Warrant | 5/6/2026 | Common Stock | 61,793 | 110 | 287 | (4)(10)(12) | ||
| Total Senseonics Holdings, Inc. | 113,428 | 387 | 455 | |||||
| Sight Sciences, Inc. | Warrant | 1/22/2024 | Common Stock | 113,247 | 363 | 468 | (4)(6)(12) | |
| Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15,712 | 61 | — | (4) | |
| Subtotal: Medical Devices & Equipment (0.07%)* | 1,176 | 1,570 | ||||||
| Semiconductors | ||||||||
| Achronix Semiconductor Corporation | Warrant | 1/11/2017 | Preferred Series D-2 | 250,000 | 92 | 89 | ||
| Subtotal: Semiconductors (0.00%)* | 92 | 89 | ||||||
| Space Technologies | ||||||||
| HawkEye 360, Inc. | Warrant | 12/18/2025 | Common Stock | 40,912 | 227 | 230 | (4) | |
| LeoLabs, Inc. | Warrant | 4/8/2026 | Common Stock | 106,289 | 118 | 117 | ||
| Loft Orbital Solutions Inc. | Warrant | 9/10/2025 | Common Stock | 22,688 | 185 | 208 | ||
| Stoke Space Technologies, Inc. | Warrant | 6/16/2025 | Common Stock | 99,497 | 990 | 7,372 | (6)(15) | |
| Subtotal: Space Technologies (0.34%)* | 1,520 | 7,927 | ||||||
| Sustainable and Renewable Technology | ||||||||
| Tidal Vision Products, Inc. | Warrant | 10/10/2025 | Common Stock | 72,736 | 304 | 202 | (6) | |
| Subtotal: Sustainable and Renewable Technology (0.01%)* | 304 | 202 | ||||||
| System Software | ||||||||
| CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211,342 | 117 | — | ||
| Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477,454 | 71 | — | ||
| ControlUp Technologies Ltd. | Warrant | 1/2/2026 | Common Stock | 62,045 | 33 | 40 | (5)(10) | |
| Harness, Inc. | Warrant | 3/12/2024 | Common Stock | 193,618 | 534 | 856 | ||
| Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series LB-2 | 86,984 | 131 | — | ||
| Neo4j, Inc. | Warrant | 3/31/2026 | Common Stock | 18,395 | 42 | 87 | ||
| Scylla DB Ltd. | Warrant | 7/24/2025 | Ordinary Shares | 159,684 | 52 | 34 | (5)(10) | |
| Subtotal: System Software (0.04%)* | 980 | 1,017 | ||||||
| Total: Warrant Investments (1.99%)* | $33,431 | $46,290 | ||||||
| Total Investments in Securities (208.16%)* | $4,860,341 | $4,839,101 | ||||||
| Investment Funds & Vehicles Investments | ||||||||
| Cybersecurity(27) | ||||||||
| Liberty Zim Co-Invest L.P. | Investment Funds & Vehicles | 7/21/2022 | $385 | $365 | (5)(10) | |||
| Subtotal: Cybersecurity (0.02%)* | 385 | 365 | ||||||
| Portfolio Company · Type ofInvestment · Acquisition Date(4) · Series (3) · Shares · Cost (2) · Value · Footnotes | ||||||||
|---|---|---|---|---|---|---|---|---|
| Drug Discovery & Development | ||||||||
| Forbion Growth Opportunities Fund I C.V. | Investment Funds & Vehicles | 11/16/2020 | $3,070 | $4,781 | (5)(10)(17) | |||
| Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 | 1,716 | 1,497 | (5)(10)(17) | |||
| Forbion Ventures Fund VIII Coöperatief U.A. | Investment Funds & Vehicles | 7/23/2026 | 158 | 159 | (5)(10)(17) | |||
| Subtotal: Drug Discovery & Development (0.28%)* | 4,944 | 6,437 | ||||||
| Total: Investment Funds & Vehicles Investments (0.29%)* | $5,329 | $6,802 | ||||||
| Total Investments before Cash & Cash Equivalents (208.45%)* | $4,865,670 | $4,845,903 | ||||||
| Cash & Cash Equivalents | ||||||||
| GS Financial Square Government Fund | Cash & Cash Equivalents | FGTXX/38141W273 | $68 | $68 | ||||
| Total: Investments in Cash & Cash Equivalents (0.00%)* | $68 | $68 | ||||||
| Total: Investments after Cash & Cash Equivalents (208.45%)* | $4,865,738 | $4,845,971 | ||||||
| Foreign Currency Forward Contracts | |||||||
|---|---|---|---|---|---|---|---|
| Foreign Currency · Settlement Date · Counterparty · Amount · Transaction · US $ Value at Settlement Date · Value | |||||||
| Great British Pound (GBP) | 12/7/2026 | Goldman Sachs Bank USA | £20,968 | Sold | $28,157 | $338 | |
| Total Foreign Currency Forward (0.01%)* | $28,157 | $338 | |||||
*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 7.00% as of September 30, 2026. 1-month SOFR, 3-month SOFR and 6-month SOFR represent 3.91%,4.08%, and 4.27%, respectively, as of September 30, 2026.
(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $120.1 million, $141.2 million and $21.1 million, respectively. The tax cost of investments is $4.9 billion.
(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.
(4)Except for warrants in 19 publicly traded companies and common stock in 28 publicly traded companies, all investments are restricted as of September 30, 2026 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s Valuation Committee (as defined in “Note 2 - Summary of Significant Accounting Policies - Valuation of Investments”) 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 Investment Company Act of 1940, as amended (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 September 30, 2026, 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, including in certain cases where PIK is no longer a component of the interest rate as of September 30, 2026.
(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 represents greater than 5% of the Company’s total net assets as of September 30, 2026.
(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of September 30, 2026 (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 September 30, 2026, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $3.1 million.
(22)Denotes that a portion of this investment 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 $11.2 million and $12.7 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 – Description of Business” for additional disclosure.
(24)Denotes investment in a non-voting security in the form of an earnout interest. The terms of the security provide the Company with contractual rights to receive approximately 12.48% of contingent earnout payments from the portfolio company to the earnout holders. As of September 30, 2026, the approximate cost and fair value of the earnout interest is $5.2 million andzero, respectively.
(25)Denotes investment in a SAFE (Simple Agreement for Future Equity). The terms of the SAFE provide the Company with preferred stock in the event of an equity financing before the termination of the SAFE. As of September 30, 2026, the aggregate cost and fair value of the SAFE investments is $1.9 million.
(26)Denotes that the debt investment remains outstanding beyond its stated maturity date as it is subject to an ongoing workout process.
(27)Effective September 30, 2026, the Company added the “Cybersecurity”, “Energy Technologies”, “Financial Technologies” and “Healthcare Technology & Digital Health” industry categories, which include investments previously classified within “Application Software”, “Consumer & Business Services”, “Healthcare Services, Other”, “Information Services”, “Sustainable and Renewable Technology” and “System Software”.
(28)In accordance with the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns at least 5% but not more than 25% of the portfolio company’s outstanding voting securities and does not otherwise control.
(29)Denotes equipment financing secured by a first lien on the financed equipment. As of September 30, 2026, the aggregate cost and fair value of the equipment financings are $35.9 million and $37.4 million, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.