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Senior Secured, Maturity Date June 2026, Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee 2023-09-30 xbrli:pure 0001280784 Debt Investments Biotechnology Tools and PathAI, Inc., Senior Secured, Maturity Date January 2027, Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee 2023-09-30 0001280784 Debt Investments Biotechnology Tools (2.02%)2023-09-30 0001280784 Debt Investments Communications & Networking and Aryaka Networks, Inc. Senior Secured, Maturity Date July 2026, Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee 2023-09-30 0001280784 Debt Investments Communications & Networking and Cytracom Holdings LLC Senior Secured, Maturity Date February 2025, 3-month SOFR + 9.72%, Floor rate 10.62%2023-09-30 0001280784 Debt Investments Communications & Networking and Rocket Lab Global Services, LLC Senior Secured, Maturity Date June 2024, Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee 2023-09-30 0001280784 Debt Investments Communications & Networking (6.41%)2023-09-30 0001280784 Debt Investments Consumer & Business Services and AppDirect, Inc. Senior Secured, Maturity Date April 2026, Prime + 5.50%, Floor rate 8.75%, 7.12% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Carwow LTD Senior Secured, Maturity Date December 2024, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee 2023-09-30 iso4217:GBP 0001280784 Debt Investments Consumer & Business Services and Houzz, Inc. Convertible Debt, Maturity Date May 2028, PIK Interest 7.00%2023-09-30 0001280784 Debt Investments Consumer & Business Services and Jobandtalent USA, Inc. Senior Secured, Maturity Date February 2025, 1-month SOFR + 8.86, Floor rate 9.75%, 3.00% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Provi, Senior Secured, Maturity Date December 2026, Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Rhino Labs, Inc. Senior Secured, Maturity Date March 2024, Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%2023-09-30 0001280784 Debt Investments Consumer & Business Services and Riviera Partners LLC. Senior Secured, Maturity Date April 2027, 3-month SOFR + 7.53%, Floor rate 8.53%2023-09-30 0001280784 Debt Investments Consumer & Business Services and RVShare, LLC, Senior Secured, Maturity Date December 2026, 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%2023-09-30 0001280784 Debt Investments Consumer & Business Services and SeatGeek, Inc., Senior Secured, Maturity Date May 2026, Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.05%, 1.00% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and SeatGeek, Inc. Senior Secured, Maturity Date July 2025, Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%2023-09-30 0001280784 Debt Investments Consumer & Business Services and SeatGeek, Inc.2023-09-30 0001280784 Debt Investments Consumer & Business Services and Skyword, Inc. Senior Secured, Maturity Date November 2026, Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024 One, PIK Interest 5.00%2023-09-30 0001280784 Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024, FIXED 8.25%2023-09-30 0001280784 Debt Investments Consumer & Business Services, Tectura Corporation 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Thumbtack, Inc. Senior Secured, Maturity Date April 2026, Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Udacity, Inc. Senior Secured, Maturity Date September 2024, Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services, Veem, Inc.2023-09-30 0001280784 Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, Maturity Date February 2025, 3-month SOFR + 9.40%, Floor rate 10.25%, 3.20% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, Maturity Date February 2025, 1-month SOFR + 9.35%, Floor rate 10.25%, 3.20% Exit Fee 2023-09-30 0001280784 Debt Investments Consumer & Business Services and Worldremit Group Limited 2023-09-30 0001280784 Debt Investments Consumer & Business Services (29.37%)2023-09-30 0001280784 Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC), Unsecured, Maturity Date September 2026, FIXED 11.50%2023-09-30 0001280784 Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC), UnSecured, Maturity Date September 2026, Fixed + 11.95%2023-09-30 0001280784 Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC)2023-09-30 0001280784 Debt Investments Diversified Financial Services and Hercules Adviser LLC, Unsecured, Maturity Date June 2025, FIXED 5.00%2023-09-30 0001280784 Debt Investments Diversified Financial Services and Next Insurance, Inc, Senior Secured, Maturity Date February 2028, Prime + -1.50%, Floor rate 4.75%, PIK Interest 5.50%2023-09-30 0001280784 Debt Investments Diversified Financial Services (3.44%)2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Akero Therapeutics, Inc. Senior Secured, Maturity Date January 2027, Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Aldeyra Therapeutics, Inc. Senior Secured, Maturity Date October 2024, Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Alladapt Immunotherapeutics Inc. Senior Secured, Maturity Date September 2026, Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 5.30% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and AmplifyBio, LLC, Senior Secured, Maturity Date January 2027, Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and ATAI Life Sciences N.V. Senior Secured, Maturity Date August 2026, Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc. Senior Secured, Maturity Date January 2028 Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Senior Secured, Maturity Date July 2025, Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and BiomX, INC, Senior Secured, Maturity Date September 2025, Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Braeburn, Inc., Senior Secured, Maturity Date October2028, Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and BridgeBio Pharma, Inc. Senior Secured, Maturity Date November 2026, FIXED 9.00%, 2.00% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Cellarity, Inc. Senior Secured, Maturity Date June 2026, Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Compass Pathways plc Senior Secured, Maturity Date June 2026, Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Corium, Inc. Senior Secured, Maturity Date September 2026, Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Curevo, Inc. Senior Secured, Maturity Date June 2027 Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Eloxx Pharmaceuticals, Inc. Senior Secured, Maturity Date April 2025, Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and enGene, Inc. Senior Secured, Maturity Date July 2025, Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and G1 Therapeutics, Inc. Senior Secured, Maturity Date November 2026, Prime + 5.65%, Floor rate 9.15%, 11.41% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Geron Corporation, Senior Secured, Maturity Date April 2025, Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Gritstone Bio, Inc. Senior Secured, Maturity Date July 2027, Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Heron Therapeutics, Inc.. Senior Secured, Maturity Date February 2026, Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Hibercell, Inc. Senior Secured, Maturity Date May 2025, Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and HilleVax, Inc. Senior Secured, Maturity Date May 2027, Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Kura Oncology, Inc. Senior Secured, Maturity Date November 2027, Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Locus Biosciences, Inc. Senior Secured, Maturity Date July 2025, Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc. Senior Secured, Maturity Date May 2026, Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc. Senior Secured, Maturity Date October 2026, Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Redshift Bioanalytics, Inc. Senior Secured, Maturity Date January 2026, Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Replimune Group, Inc. Senior Secured, Maturity Date October 2027, Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc. Senior Secured, Maturity Date February 2027, Prime + 4.45%, Floor rate 8.45%, Cap rate 11.45%, 4.75% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and TG Therapeutics, Inc. Senior Secured, Maturity Date January 2026, Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and uniQure B.V. Senior Secured, Maturity Date December 2025, Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Valo Health, LLC, Senior Secured, Maturity Date May 2024, Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc. Senior Secured, Maturity Date April 2026, Prime + 3.15%, Floor rate 10.15%, 6.35% Exit Fee 2023-09-30 0001280784 Debt Investments Drug Discovery & Development (69.33%)2023-09-30 0001280784 Debt Investments Electronics & Computer Hardware and Locus Robotics Corp. Senior Secured, Maturity Date June 2026, Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee 2023-09-30 0001280784 Debt Investments Electronics & Computer Hardware (1.16%)2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Better Therapeutics, Inc. Senior Secured, Maturity Date August 2025, Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee 2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc. Senior Secured, Maturity Date November 2026, 1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45%2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc. Senior Secured, Maturity Date March 2025, Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee 2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Equality Health, LLC, Senior Secured, Maturity Date February 2026, Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Main Street Rural, Inc. Senior Secured, Maturity Date July 2027, Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee 2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Modern Life, Inc. Senior Secured, Maturity Date February 2027, Prime + 2.75%, Floor rate 8.75%, 3.00% Exit Fee 2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Recover Together, Inc. Senior Secured, Maturity Date July 2027 Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee 2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Strive Health Holdings, LLC Senior Secured, Maturity Date September 2027, Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee 2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Vida Health, Inc. Senior Secured, Maturity Date March 2026, 9.20% + Lower of (Prime - 3.25% or 1.00%), Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee 2023-09-30 0001280784 srt:MinimumMember Debt Investments Healthcare Services, Other and Vida Health, Inc. Senior Secured, Maturity Date March 2026, 9.20% + Lower of (Prime - 3.25% or 1.00%), Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee 2023-09-30 0001280784 Debt Investments Healthcare Services, Other and Vida Health, Inc. Senior Secured, Maturity Date March 2026, 9.20% + Lower of (Prime - 3.25% or 1.00%), Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee srt:MaximumMember 2023-09-30 0001280784 Debt Investments Healthcare Services, Other (16.72%)2023-09-30 0001280784 Debt Investments Information Services and Capella Space Corp. Senior Secured, Maturity Date November 2025, Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee 2023-09-30 0001280784 Debt Investments Information Services and Checkr Group, Inc. Senior Secured, Maturity Date August 2028, Prime + 1.45%, Floor rate 8.00%, PIK Interest 2.00%, 2.75% Exit Fee 2023-09-30 0001280784 Debt Investments Information Services and Saama Technologies, LLC Senior Secured, Maturity Date July 2027, Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee 2023-09-30 0001280784 Debt Investments Information Services and Signal Media Limited, Senior Secured, Maturity Date June 2025, Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee 2023-09-30 0001280784 Debt Investments Information Services and Yipit, LLC, Senior Secured, Maturity Date September 2026, 1-month SOFR + 8.47%, Floor rate 9.37%2023-09-30 0001280784 Debt Investments Information Services (7.03%)2023-09-30 0001280784 Debt Investments Manufacturing Technology and Bright Machines, Inc. Senior Secured, Maturity Date April 2025, Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee 2023-09-30 0001280784 Debt Investments Manufacturing Technology and Ouster, Inc. Senior Secured, Maturity Date May 2026, Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee 2023-09-30 0001280784 Debt Investments Manufacturing Technology (1.44%)2023-09-30 0001280784 Debt Investments Media/Content/Info and Fever Labs, Inc. Senior Secured, Maturity Date September 2026, Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee 2023-09-30 0001280784 Debt Investments Media/Content/Info and Fever Labs, Inc. Senior Secured, Maturity Date September 2025, Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee 2023-09-30 0001280784 Debt Investments Media/Content/Info and Fever Labs, Inc. Senior Secured, Maturity Date December 2025, Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee 2023-09-30 0001280784 Debt Investments Media/Content/Info and Fever Labs, Inc. Senior Secured, Maturity Date March 2026, Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee 2023-09-30 0001280784 Debt Investments Media/Content/Info and Fever Labs, Inc. , Maturity Date June 2026, Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee 2023-09-30 0001280784 Debt Investments Media/Content/Info and Fever Labs, Inc.2023-09-30 0001280784 Debt Investments Media/Content/Info (0.78%)2023-09-30 0001280784 Debt Investments Medical Devices & Equipment and Senseonics Holdings, Inc. Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee 2023-09-30 0001280784 Debt Investments Medical Devices & Equipment (1.30%) 2023-09-30 0001280784 Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 6-month SOFR + 9.70%, Floor rate 10.60%2023-09-30 0001280784 Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month SOFR + 6.88%, Floor rate 7.78%2023-09-30 0001280784 Debt Investments Software and 3GTMS, LLC 2023-09-30 0001280784 Debt Investments Software and Agilence, Inc. Senior Secured, Maturity Date October 2026, 1-month BSBY + 9.00%, Floor rate 10.00%2023-09-30 0001280784 Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 1-month SOFR + 8.14%, Floor rate 9.14%2023-09-30 0001280784 Debt Investments Software and Allvue Systems, LLC, Senior Secured, Maturity Date September 2029, 6-month SOFR + 7.25%, Floor rate 8.25%2023-09-30 0001280784 Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 1-month BSBY + 8.99%, Floor rate 9.99%2023-09-30 0001280784 Debt Investments Software and Automation Anywhere, Inc. Senior Secured, Maturity Date September 2027, Prime + 4.25%, Floor rate 9.00%, 3.50% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Babel Street, Senior Secured, Maturity Date December 2027, 3-month SOFR + 7.89%, Floor rate 8.89%2023-09-30 0001280784 Debt Investments Software and Brain Corporation, Senior Secured, Maturity Date April 2026, PRIME + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Campaign Monitor Limited, Senior Secured, Maturity Date November 2025, 3-month SOFR + 9.05%, Floor rate 9.90%2023-09-30 0001280784 Debt Investments Software and Catchpoint Systems, Inc., Senior Secured, Maturity Date November 2025, 3-month SOFR + 9.41%, Floor rate 11.81%2023-09-30 0001280784 Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 6-month LIBOR + 8.99%, Floor rate 9.89%2023-09-30 0001280784 Debt Investments Software and Ceros Inc, Senior Secured, Maturity Date September 2026,6-month SOFR + 8.89%, Floor rate 9.89%2023-09-30 0001280784 Debt Investments Software and Ceros, Inc 2023-09-30 0001280784 Debt Investments Software and Constructor Corporation, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.44%, Floor rate 9.44%2023-09-30 0001280784 Debt Investments Software and Convoy, Inc., Senior Secured, Maturity Date March 2026, Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Copper CRM, Inc, Senior Secured, Maturity Date March 2025, Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.14% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Cutover, Inc., Senior Secured, Maturity Date October 2025, Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 8.63%, Floor rate 9.38%2023-09-30 0001280784 Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 12.36%, Floor rate 13.11%2023-09-30 0001280784 Debt Investments Software and Cybermaxx Intermediate Holdings, Inc.2023-09-30 0001280784 Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date July 2025, Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 2.39% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Dispatch Technologies, Inc., Senior Secured, Maturity Date April 2028, 3-month SOFR + 8.01%, Floor rate 8.76%2023-09-30 0001280784 Debt Investments Software and DroneDeploy, Inc., Senior Secured, Maturity Date July 2026, Prime + 4.50%, Floor rate 8.75%, 4.00% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Eigen Technologies Ltd., Senior Secured, Maturity Date April 2025, Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Elation Health, Inc., Senior Secured, Maturity Date March 2026, Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Enmark Systems, Inc., Senior Secured, Maturity Date September 2026, 3-month SOFR + 6.88%, Floor rate 7.73%, PIK Interest 2.14%2023-09-30 0001280784 Debt Investments Software and Flight Schedule Pro, LLC, Senior Secured, Maturity Date October 2027, 1-month SOFR + 7.80%, Floor rate 8.70%2023-09-30 0001280784 Debt Investments Software and Fortified Health Security, Senior Secured, Maturity Date December 2027, 6-month SOFR + 7.79%, Floor rate 8.54%2023-09-30 0001280784 Debt Investments Software and Ikon Science Limited, Senior Secured, Maturity Date October 2024, 3-month SOFR + 9.26%, Floor rate 10.00%2023-09-30 0001280784 Debt Investments Software and Imperva, Inc., Senior Secured, Maturity Date January 2027, 3-month SOFR + 8.01%, Floor rate 8.75%2023-09-30 0001280784 Debt Investments Software and Khoros (p.k.a Lithium Technologies), Senior Secured, Maturity Date January 2025, 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50%2023-09-30 0001280784 Debt Investments Software and Kore.ai, Inc., Senior Secured, Maturity Date April 2027, Prime + 1.50%, Floor rate 9.25%, PIK Interest 2.20%, 2.27% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Leapwork ApS., Senior Secured, Maturity Date February 2026, Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee 2023-09-30 0001280784 Debt Investments Software and LinenMaster, LLC., Senior Secured, Maturity Date August 2028 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15%2023-09-30 0001280784 Debt Investments Software and Loftware, Inc., Senior Secured, Maturity Date March 2028, 3-month SOFR + 7.88%, Floor rate 8.88%2023-09-30 0001280784 Debt Investments Software and LogicSource, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.93%, Floor rate 9.93%2023-09-30 0001280784 Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date December 2025, 3-month SOFR + 9.21%, Floor rate 10.06%2023-09-30 0001280784 Debt Investments Software and Nuvolo Technologies Corporation, Senior Secured, Maturity Date July 2026, Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Omeda Holdings, LLC, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.05%, Floor rate 9.05%2023-09-30 0001280784 Debt Investments Software and Onna Technologies, Inc., Senior Secured, Maturity Date March 2026, Prime + 1.35%, Floor rate 8.85%, PIK Interest, 1.75%, 4.45% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Salary.com, LLC, Senior Secured, Maturity Date September 2027, 3-month SOFR + 8.00%, Floor rate 9.00%2023-09-30 0001280784 Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 6-month SOFR + 9.05%, Floor rate 9.95%2023-09-30 0001280784 Debt Investments Software and Simon Data, Inc., Senior Secured, Maturity Date March 2027, Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Sisense Ltd., Senior Secured, Maturity Date July 2027, Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 2.55% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Streamline Healthcare Solutions, Senior Secured, Maturity Date March 2028, 1-month SOFR + 7.25%, Floor rate 8.25%2023-09-30 0001280784 Debt Investments Software and Sumo Logic, Inc., Senior Secured, Maturity Date May 2030, 3-month SOFR + 6.50%, Floor rate 7.50%2023-09-30 0001280784 Debt Investments Software and Suzy, Inc.., Senior Secured, Maturity Date August 2027, Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Tact.ai Technologies, Inc., Senior Secured, Maturity Date February 2024, Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee 2023-09-30 0001280784 Debt Investments Software and ThreatConnect, Inc., Senior Secured, Maturity Date May 2026, 6-month SOFR + 9.25%, Floor rate 10.00%2023-09-30 0001280784 Debt Investments Software and Tipalti Solutions Ltd., Senior Secured, Maturity Date April 2027, Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee 2023-09-30 0001280784 Debt Investments Software and Zappi, Inc., Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.03%, Floor rate 9.03%2023-09-30 0001280784 Debt Investments Software and Zimperium, Inc., Senior Secured, Maturity Date May 2027, 3-month SOFR + 8.31%, Floor rate 9.31%2023-09-30 0001280784 Debt Investments Software (47.79%)2023-09-30 0001280784 Debt Investments Sustainable and Renewable Technology and Ampion, PBC, Senior Secured, Maturity Date May 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee 2023-09-30 0001280784 Debt Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Senior Secured, Maturity Date June 2027, FIXED 10.00%2023-09-30 0001280784 Debt Investments Sustainable and Renewable Technology (0.36%)2023-09-30 0001280784 Debt Investments (187.15%)2023-09-30 0001280784 Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Products and Equity, Acquisition Date 7/16/2013, Series Preferred Series B 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Products and Equity, Acquisition Date 7/16/2013, Series Preferred Series B 2023-09-30 0001280784 Equity Investments Consumer & Business Products and Fabletics, Inc.2023-09-30 0001280784 Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units 2023-09-30 0001280784 Equity Investments Consumer & Business Products and TFG Holding, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Products and TFG Holding, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Products (0.12%)2023-09-30 0001280784 Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-4 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-4 2023-09-30 0001280784 Equity Investments Consumer & Business Services and DoorDash, Inc., Equity, Acquisition Date 12/20/2018, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and DoorDash, Inc., Equity, Acquisition Date 12/20/2018, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A 2023-09-30 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-1 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-1 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Total OfferUp, Inc.2023-09-30 0001280784 Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Reischling Press, Inc., Acquisition Date 7/31/2020, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Reischling Press, Inc., Acquisition Date 7/31/2020, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Preferred Series B-2 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Preferred Series B-2 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB 2023-01-01 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB 2023-09-30 0001280784 Equity Investments Consumer & Business Services and Total Tectura Corporation 2023-09-30 0001280784 Equity Investments Consumer & Business Services (0.59%)2023-09-30 0001280784 Equity Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC), Equity, Acquisition Date 3/1/2018, Series Member Units 2023-01-01 2023-09-30 0001280784 Equity Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC), Equity, Acquisition Date 3/1/2018, Series Member Units 2023-09-30 0001280784 Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units 2023-01-01 2023-09-30 0001280784 Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units 2023-09-30 0001280784 Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-2 2023-01-01 2023-09-30 0001280784 Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-2 2023-09-30 0001280784 Equity Investments Diversified Financial Services (3.06%)2023-09-30 0001280784 Equity Investments Drug Delivery and AcelRx Pharmaceuticals, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Delivery and AcelRx Pharmaceuticals, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D 2023-09-30 0001280784 Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Delivery (0.00%)2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Applied Molecular Transport, Equity, Acquisition Date 4/6/2021, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Applied Molecular Transport, Equity, Acquisition Date 4/6/2021, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock 2023-09-30 0001280784 Equity Investments and Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments and Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Gritstone Bio, Inc., Equity, Acquisition Date 10/26/2022, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Gritstone Bio, Inc., Equity, Acquisition Date 10/26/2022, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Heron Therapeutics, Inc., Equity, Acquisition Date 7/25/2023, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Heron Therapeutics, Inc., Equity, Acquisition Date 7/25/2023, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Humanigen, Inc., Equity, Acquisition Date 3/31/2021, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Humanigen, Inc., Equity, Acquisition Date 3/31/2021, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Kura Oncology, Inc., Equity, Acquisition Date 6/16/2023, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Kura Oncology, Inc., Equity, Acquisition Date 6/16/2023, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Equity, Acquisition Date 9/29/2023, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Equity, Acquisition Date 9/29/2023, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Equity, Acquisition Date 6/9/2023, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Equity, Acquisition Date 6/9/2023, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Sio Gene Therapies, Inc., Equity, Acquisition Date 2/2/2017, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Sio Gene Therapies, Inc., Equity, Acquisition Date 2/2/2017, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Equity, Acquisition Date 5/5/2022, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Equity, Acquisition Date 5/5/2022, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C 2023-09-30 0001280784 Equity Investments Drug Discovery & Development, Valo Health LLC 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Verge Analytics, Inc., Equity, Acquisition Date 9/6/2023, Series Preferred Series C 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and Verge Analytics, Inc., Equity, Acquisition Date 9/6/2023, Series Preferred Series C 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock 2023-09-30 0001280784 Equity Investments Drug Discovery & Development (2.14%)2023-09-30 0001280784 Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F 2023-01-01 2023-09-30 0001280784 Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F 2023-09-30 0001280784 Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E 2023-01-01 2023-09-30 0001280784 Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E 2023-09-30 0001280784 Equity Investments Electronics & Computer Hardware (0.05%)2023-09-30 0001280784 Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock 2023-09-30 0001280784 Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C 2023-01-01 2023-09-30 0001280784 Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C 2023-09-30 0001280784 Equity Investments Healthcare Services, Other (0.08%)2023-09-30 0001280784 Equity Investments Information Services and Planet Labs, Inc., Equity, Acquisition Date 6/21/2019, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Information Services and Planet Labs, Inc., Equity, Acquisition Date 6/21/2019, Series Common Stock 2023-09-30 0001280784 Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E 2023-01-01 2023-09-30 0001280784 Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E 2023-09-30 0001280784 Equity Investments Information Services (0.36%)2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units 2023-01-01 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 2023-01-01 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment, Coronado Aesthetics, LLC 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and Gelesis, Inc., Equity, Acquisition Date 11/30/2009, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and Gelesis, Inc., Equity, Acquisition Date 11/30/2009, Series Common Stock 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and ViewRay, Inc., Equity, Acquisition Date 12/16/2013, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment and ViewRay, Inc., Equity, Acquisition Date 12/16/2013, Series Common Stock 2023-09-30 0001280784 Equity Investments Medical Devices & Equipment (0.02%)2023-09-30 0001280784 Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C 2023-01-01 2023-09-30 0001280784 Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C 2023-09-30 0001280784 Equity Investments Semiconductors (0.02%)2023-09-30 0001280784 Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock 2023-09-30 0001280784 Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note 2023-09-30 0001280784 Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-3 2023-01-01 2023-09-30 0001280784 Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-3 2023-09-30 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C 2023-09-30 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D 2023-09-30 0001280784 Equity Investments Software, Contentful Global, Inc.2023-09-30 0001280784 Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock 2023-09-30 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 2 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 2 2023-09-30 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 3 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 3 2023-09-30 0001280784 Equity Investments Software, Druva Holdings, Inc.2023-09-30 0001280784 Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock 2023-09-30 0001280784 Equity Investments Software and Leapwork ApS., Equity, Acquisition Date 8/25/2023, Series Preferred Series B2 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Leapwork ApS., Equity, Acquisition Date 8/25/2023, Series Preferred Series B2 2023-09-30 0001280784 Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock 2023-09-30 0001280784 Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock 2023-09-30 0001280784 Equity Investments Software and Palantir Technologies, Equity, Acquisition Date 9/23/2020, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Palantir Technologies, Equity, Acquisition Date 9/23/2020, Series Common Stock 2023-09-30 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E 2023-01-01 2023-09-30 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E 2023-09-30 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F 2023-01-01 2023-09-30 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F 2023-09-30 0001280784 Equity Investments Software, SingleStore, Inc.2023-09-30 0001280784 Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E 2023-01-01 2023-09-30 0001280784 Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E 2023-09-30 0001280784 Equity Investments Software and ZeroFox, Inc., Equity, Acquisition Date 5/7/2020, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Software and ZeroFox, Inc., Equity, Acquisition Date 5/7/2020, Series Common Stock 2023-09-30 0001280784 Equity Investments Software (1.57%)2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Equity, Acquisition Date 9/13/2012, Series Preferred Series C-1 2023-01-01 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Equity, Acquisition Date 9/13/2012, Series Preferred Series C-1 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-1 2023-01-01 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-1 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and NantEnergy, LLC, Equity, Acquisition Date 8/31/2013, Series Common Units 2023-01-01 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and NantEnergy, LLC, Equity, Acquisition Date 8/31/2013, Series Common Units 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Equity, Acquisition Date 12/10/2020, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Equity, Acquisition Date 12/10/2020, Series Common Stock 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D 2023-01-01 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Proterra, Inc., Equity, Acquisition Date 5/28/2015, Series Common Stock 2023-01-01 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology and Proterra, Inc., Equity, Acquisition Date 5/28/2015, Series Common Stock 2023-09-30 0001280784 Equity Investments Sustainable and Renewable Technology (0.27%)2023-09-30 0001280784 Equity Investments (8.29%)2023-09-30 0001280784 Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Preferred Series B 2023-01-01 2023-09-30 0001280784 Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Preferred Series B 2023-09-30 0001280784 Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Biotechnology Tools (0.02%)2023-09-30 0001280784 Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Communications & Networking (0.00%)2023-09-30 0001280784 Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Products and The Neat Company, Warrant, Acquisition Date 8/13/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Products and The Neat Company, Warrant, Acquisition Date 8/13/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Preferred Series C 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Preferred Series C 2023-09-30 0001280784 Warrant Investments and Consumer & Business Products (0.01%)2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Preferred Series D 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Preferred Series D 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and RumbleON, Inc., Warrant, Acquisition Date 10/30/2018, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and RumbleON, Inc., Warrant, Acquisition Date 10/30/2018, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Preferred Series B 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Preferred Series B 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc.2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Preferred Series A 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Preferred Series A 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Preferred Series B 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Preferred Series B 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc.2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Udacity, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Udacity, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Preferred Series D 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Preferred Series D 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Preferred Series E 2023-01-01 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Preferred Series E 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited 2023-09-30 0001280784 Warrant Investments and Consumer & Business Services (0.17%)2023-09-30 0001280784 Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Diversified Financial Services (0.01%)2023-09-30 0001280784 Warrant Investments and Drug Delivery and Aerami Therapeutics Holdings, Inc., Warrant, Acquisition Date 9/30/2015, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Delivery and Aerami Therapeutics Holdings, Inc., Warrant, Acquisition Date 9/30/2015, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Delivery and BioQ Pharma Incorporated, Warrant, Acquisition Date 10/27/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Delivery and BioQ Pharma Incorporated, Warrant, Acquisition Date 10/27/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Delivery and PDS Biotechnology Corporation, Warrant, Acquisition Date 8/28/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Delivery and PDS Biotechnology Corporation, Warrant, Acquisition Date 8/28/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Delivery (0.00%)2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and ADMA Biologics, Inc., Warrant, Acquisition Date 2/24/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and ADMA Biologics, Inc., Warrant, Acquisition Date 2/24/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Class A Units 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Class A Units 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Preferred Series B 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Preferred Series B 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and COMPASS Pathways plc, Warrant, Acquisition Date 6/30/2023, Ordinary Shares 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and COMPASS Pathways plc, Warrant, Acquisition Date 6/30/2023, Ordinary Shares 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Curevo, Inc., Warrant, Acquisition Date 6/9/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Curevo, Inc., Warrant, Acquisition Date 6/9/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Dermavant Sciences Ltd., Warrant, Acquisition Date 5/31/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Dermavant Sciences Ltd., Warrant, Acquisition Date 5/31/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/30/2021, Preferred Series 3 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/30/2021, Preferred Series 3 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Evofem Biosciences, Inc., Warrant, Acquisition Date 6/11/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Evofem Biosciences, Inc., Warrant, Acquisition Date 6/11/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.), Warrant, Acquisition Date 2/18/2016, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.), Warrant, Acquisition Date 2/18/2016, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Heron Therapeutics, Inc., Warrant, Acquisition Date 8/9/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Heron Therapeutics, Inc., Warrant, Acquisition Date 8/9/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Preferred Series E 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Preferred Series E 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 2/28/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 2/28/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Common Units 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Common Units 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/18/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/18/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Drug Discovery & Development (0.36%)2023-09-30 0001280784 Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Common Stock 2023-09-30 0001280784 Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Electronics & Computer Hardware (0.02%)2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Modern Life, Inc., Warrant, Acquisition Date 3/30/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Modern Life, Inc., Warrant, Acquisition Date 3/30/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Recover Together, Inc.., Warrant, Acquisition Date 7/3/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Recover Together, Inc.., Warrant, Acquisition Date 7/3/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Strive Health Holdings, LLC., Warrant, Acquisition Date 9/28/2023, Common Units 2023-01-01 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Strive Health Holdings, LLC., Warrant, Acquisition Date 9/28/2023, Common Units 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Healthcare Services, Other (0.03%)2023-09-30 0001280784 Warrant Investments and Information Services and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Information Services and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Information Services and INMOBI Inc., Warrant, Acquisition Date 11/19/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Information Services and INMOBI Inc., Warrant, Acquisition Date 11/19/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Information Services and NetBase Solutions, Inc., Warrant, Acquisition Date 8/22/2017, Preferred Series 1 2023-01-01 2023-09-30 0001280784 Warrant Investments and Information Services and NetBase Solutions, Inc., Warrant, Acquisition Date 8/22/2017, Preferred Series 1 2023-09-30 0001280784 Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Information Services (0.03%)2023-09-30 0001280784 Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Manufacturing Technology and Xometry, Inc., Warrant, Acquisition Date 5/9/2018, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Manufacturing Technology and Xometry, Inc., Warrant, Acquisition Date 5/9/2018, Common Stock 2023-09-30 0001280784 Warrant Investments and Manufacturing Technology (0.13%)2023-09-30 0001280784 Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Preferred Series E-1 2023-01-01 2023-09-30 0001280784 Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Preferred Series E-1 2023-09-30 0001280784 Warrant Investments and Media/Content/Info (0.01%)2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Intuity Medical, Inc., Warrant, Acquisition Date 12/29/2017, Preferred Series B-1 2023-01-01 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Intuity Medical, Inc., Warrant, Acquisition Date 12/29/2017, Preferred Series B-1 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Common Stock 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Senseonics Holdings, Inc., Warrant, Acquisition Date 9/8/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Senseonics Holdings, Inc., Warrant, Acquisition Date 9/8/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Common Stock 2023-09-30 0001280784 Warrant Investments and Medical Devices & Equipment (0.02%)2023-09-30 0001280784 Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Preferred Series D-2 2023-01-01 2023-09-30 0001280784 Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Preferred Series D-2 2023-09-30 0001280784 Warrant Investments and Semiconductors (0.05%)2023-09-30 0001280784 Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Preferred Series G 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Preferred Series G 2023-09-30 0001280784 Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Preferred Series B 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Preferred Series B 2023-09-30 0001280784 Warrant Investments and Software and Convoy, Inc., Warrant, Acquisition Date 3/30/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Convoy, Inc., Warrant, Acquisition Date 3/30/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Delphix Corp., Warrant, Acquisition Date 10/8/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Delphix Corp., Warrant, Acquisition Date 10/8/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and DNAnexus, Inc., Warrant, Acquisition Date 3/21/2014, Preferred Series C 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and DNAnexus, Inc., Warrant, Acquisition Date 3/21/2014, Preferred Series C 2023-09-30 0001280784 Warrant Investments and Software and Dragos, Inc., Warrant, Acquisition Date 6/28/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Dragos, Inc., Warrant, Acquisition Date 6/28/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Eigen Technologies Ltd., Warrant, Acquisition Date 4/13/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Eigen Technologies Ltd., Warrant, Acquisition Date 4/13/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Preferred Series B 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Preferred Series B 2023-09-30 0001280784 Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Kore.ai, Inc., Warrant, Acquisition Date 3/31/2023, Preferred Series C 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Kore.ai, Inc., Warrant, Acquisition Date 3/31/2023, Preferred Series C 2023-09-30 0001280784 Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Preferred Series D 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Preferred Series D 2023-09-30 0001280784 Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Nuvolo Technologies Corporation, Warrant, Acquisition Date 3/29/2019, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Nuvolo Technologies Corporation, Warrant, Acquisition Date 3/29/2019, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Onna Technologies, Inc.Warrant 7/5/2023 Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Onna Technologies, Inc.Warrant 7/5/2023 Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Poplicus, Inc., Warrant, Acquisition Date 5/28/2014, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Poplicus, Inc., Warrant, Acquisition Date 5/28/2014, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Preferred Series D 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Preferred Series D 2023-09-30 0001280784 Warrant Investments and Software and Sisense Ltd., Warrant, Acquisition Date 6/28/2023, Ordinary Shares 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Sisense Ltd., Warrant, Acquisition Date 6/28/2023, Ordinary Shares 2023-09-30 0001280784 Warrant Investments and Software and Suzy, Inc. Warrant 8/24/2023 Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Suzy, Inc. Warrant 8/24/2023 Common Stock 2023-09-30 0001280784 Warrant Investments and Software and Tact.ai Technologies, Inc., Warrant, Acquisition Date 2/13/2020, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Tact.ai Technologies, Inc., Warrant, Acquisition Date 2/13/2020, Common Stock 2023-09-30 0001280784 Warrant Investments and Software and The Faction Group LLC, Warrant, Acquisition Date 11/3/2014, Preferred Series AA 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and The Faction Group LLC, Warrant, Acquisition Date 11/3/2014, Preferred Series AA 2023-09-30 0001280784 Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Ordinary Shares 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Ordinary Shares 2023-09-30 0001280784 Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Software (0.79%)2023-09-30 0001280784 Warrant Investments and Surgical Devices and TransMedics Group, Inc., Warrant, Acquisition Date 9/11/2015, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Surgical Devices and TransMedics Group, Inc., Warrant, Acquisition Date 9/11/2015, Common Stock 2023-09-30 0001280784 Warrant Investments and Surgical Devices (0.03%)2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Common Stock 2023-01-01 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Common Stock 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/22/2014, Preferred Series A 2023-01-01 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/22/2014, Preferred Series A 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/7/2015, Preferred Series B 2023-01-01 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/7/2015, Preferred Series B 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Halio, Inc.2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Polyera Corporation, Warrant, Acquisition Date 3/24/2015, Preferred Series C 2023-01-01 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology and Polyera Corporation, Warrant, Acquisition Date 3/24/2015, Preferred Series C 2023-09-30 0001280784 Warrant Investments and Sustainable and Renewable Technology (0.00%)2023-09-30 0001280784 Warrant Investments (1.68%)2023-09-30 0001280784 Investments in Securities (197.13%)2023-09-30 0001280784 Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, Acquisition Date 11/16/2020 2023-01-01 2023-09-30 0001280784 Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, Acquisition Date 11/16/2020 2023-09-30 0001280784 Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund II C.V., Investment Funds & Vehicles, Acquisition Date 6/23/2022 2023-01-01 2023-09-30 0001280784 Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund II C.V., Investment Funds & Vehicles, Acquisition Date 6/23/2022 2023-09-30 0001280784 Investment Funds & Vehicles Investments and Drug Discovery & Development (0.26%)2023-09-30 0001280784 Investment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/2022 2023-01-01 2023-09-30 0001280784 Investment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/2022 2023-09-30 0001280784 Investment Funds & Vehicles Investments and Software (0.02%)2023-09-30 0001280784 Investment Funds & Vehicles Investments (0.28%)2023-09-30 0001280784 Investments (197.41%)2023-09-30 0001280784 Foreign Currency Exchange Contracts Counterparty Goldman Sachs Bank USA Settlement Date 6/3/2024 2023-01-01 2023-09-30 0001280784 Foreign Currency Exchange Contracts Counterparty Goldman Sachs Bank USA Settlement Date 6/3/2024 2023-09-30 0001280784 Total Foreign Currency Forward (0.01%*)2023-09-30 0001280784 htgc:OneMonthLIBORMember 2023-09-30 0001280784 htgc:ThreeMonthLIBORMember 2023-09-30 0001280784 htgc:SixMonthLIBORMember 2023-09-30 0001280784 htgc:OneMonthSofrRateMember 2023-09-30 0001280784 htgc:ThreeMonthSOFRMember 2023-09-30 0001280784 htgc:SixMonthSofrRateMember 2023-09-30 0001280784 htgc:BlackCrowAIIncMember htgc:PromissoryNotesMember 2023-09-30 0001280784 htgc:PhathomPharmaceuticalsIncMember htgc:RoyaltyContractMember 2023-09-30 0001280784 Debt Investments Biotechnology Tools and Alamar Biosciences, Inc. Senior Secured, Maturity Date June 2026, Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee 2022-12-31 0001280784 Debt Investments Biotechnology Tools and PathAI, Inc., Senior Secured, Maturity Date January 2027, Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee 2022-12-31 0001280784 Debt Investments Biotechnology Tools (2.31%)2022-12-31 0001280784 Debt Investments Communications & Networking and Aryaka Networks, Inc. Senior Secured, Maturity Date July 2026, Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee 2022-12-31 0001280784 Debt Investments Communications & Networking and Cytracom Holdings LLC Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.31%, Floor rate 10.31%2022-12-31 0001280784 Debt Investments Communications & Networking and Rocket Lab Global Services, LLC Senior Secured, Maturity Date June 2024, Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee 2022-12-31 0001280784 Debt Investments Communications & Networking (7.26%)2022-12-31 0001280784 Debt Investments Consumer & Business Services and AppDirect, Inc. Senior Secured, Maturity Date April 2026, Prime + 5.50%, Floor rate 8.75%, 8.29% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Carwow LTD Senior Secured, Maturity Date December 2024, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Houzz, Inc. Convertible Debt, Maturity Date May 2028, PIK Interest 5.50%2022-12-31 0001280784 Debt Investments Consumer & Business Services and Jobandtalent USA, Inc. Senior Secured, Maturity Date February 2025, 1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Provi, Senior Secured, Maturity Date December 2026, Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Rhino Labs, Inc. Senior Secured, Maturity Date March 2024, Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25%2022-12-31 0001280784 Debt Investments Consumer & Business Services and RVShare, LLC, Senior Secured, Maturity Date December 2026, 3-month LIBOR + 5.50%, Floor rate 6.50%, PIK Interest 4.00%2022-12-31 0001280784 Debt Investments Consumer & Business Services and SeatGeek, Inc. Senior Secured, Maturity Date June 2023, Prime + 5.00%, Floor rate 10.50%, PIK Interest 0.50%2022-12-31 0001280784 Debt Investments Consumer & Business Services and SeatGeek, Inc. Senior Secured, Maturity Date May 2026, Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%2022-12-31 0001280784 Debt Investments Consumer & Business Services, SeatGeek, Inc.2022-12-31 0001280784 Debt Investments Consumer & Business Services and Skyword, Inc. Senior Secured, Maturity Date November 2026, Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024 One, PIK Interest 5.00%2022-12-31 0001280784 Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024, FIXED 8.25%2022-12-31 0001280784 Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024 Two, PIK Interest 5.00%2022-12-31 0001280784 Debt Investments Consumer & Business Services, Tectura Corporation 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Thumbtack, Inc. Senior Secured, Maturity Date April 2026, Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Udacity, Inc. Senior Secured, Maturity Date September 2024, Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services, Veem, Inc.2022-12-31 0001280784 Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.25%, Floor rate 10.25%, 3.00% Exit Fee 2022-12-31 0001280784 Debt Investments Consumer & Business Services (30.59%)2022-12-31 0001280784 Debt Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Unsecured, Maturity Date September 2026, FIXED 14.50%2022-12-31 0001280784 Debt Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Unsecured, Maturity Date September 2026, FIXED 11.50%2022-12-31 0001280784 Debt Investments Diversified Financial Services, Gibraltar Business Capital, LLC, Unsecured 2022-12-31 0001280784 Debt Investments Diversified Financial Services and Hercules Adviser LLC, Unsecured, Maturity Date June 2025, FIXED 5.00%2022-12-31 0001280784 Debt Investments Diversified Financial Services (2.40%)2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Akero Therapeutics, Inc. Senior Secured, Maturity Date January 2027, Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Aldeyra Therapeutics, Inc. Senior Secured, Maturity Date October 2024, Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Alladapt Immunotherapeutics Inc. Senior Secured, Maturity Date September 2026, Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 10.60% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and AmplifyBio, LLC, Senior Secured, Maturity Date January 2027, Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and ATAI Life Sciences N.V. Senior Secured, Maturity Date August 2026, Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Aveo Pharmaceuticals, Inc. Senior Secured, Maturity Date September 2024, Prime + 6.40%, Floor rate 9.65%, Cap rate 15.00%, 6.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 5.70%, Floor rate 8.95%, Cap rate 10.70%, 5.31% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Senior Secured, Maturity Date July 2025, Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and BiomX, INC, Senior Secured, Maturity Date September 2025, Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and BridgeBio Pharma, Inc. Senior Secured, Maturity Date November 2026, FIXED 9.00%, 2.00% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Cellarity, Inc. Senior Secured, Maturity Date June 2026, Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Century Therapeutics, Inc. Senior Secured, Maturity Date April 2024, Prime + 6.30%, Floor rate 9.55%, 3.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Codiak Biosciences, Inc. Senior Secured, Maturity Date October 2025, Prime + 5.00%, Floor rate 8.25%, 5.50% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Corium, Inc. Senior Secured, Maturity Date September 2026, Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Eloxx Pharmaceuticals, Inc. Senior Secured, Maturity Date April 2025, Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and enGene, Inc. Senior Secured, Maturity Date July 2025, Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Finch Therapeutics Group, Inc. Senior Secured, Maturity Date November 2026, Prime + 4.05%, Floor rate 7.55%, Cap rate 8.80%, 5.50% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and G1 Therapeutics, Inc. Senior Secured, Maturity Date November 2026, Prime + 5.90%, Floor rate 9.15%, 9.86% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Geron Corporation, Senior Secured, Maturity Date October 2024, Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Gritstone Bio, Inc. Senior Secured, Maturity Date July 2027, Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Hibercell, Inc. Senior Secured, Maturity Date May 2025, Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and HilleVax, Inc. Senior Secured, Maturity Date May 2027, Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Iveric Bio, Inc. Senior Secured, Maturity Date August 2027, Prime + 4.00%, Floor rate 8.75%, Cap rate 10.25%, 4.25% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Kura Oncology, Inc. Senior Secured, Maturity Date November 2027, Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Locus Biosciences, Inc. Senior Secured, Maturity Date July 2025, Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc. Senior Secured, Maturity Date May 2026, Prime + 3.95%, Floor rate 7.45%, 5.35% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Nabriva Therapeutics, Senior Secured, Maturity Date June 2023, Prime + 4.30%, Floor rate 9.80%, 9.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc. Senior Secured, Maturity Date October 2026, Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Provention Bio, Inc. Senior Secured, Maturity Date September 2027, Prime + 2.70%, Floor rate 8.20%, 6.60% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Redshift Bioanalytics, Inc. Senior Secured, Maturity Date January 2026, Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Replimune Group, Inc. Senior Secured, Maturity Date October 2027, Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Scynexis, Inc. Senior Secured, Maturity Date March 2025, Prime + 5.80%, Floor rate 9.05%, 3.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Seres Therapeutics, Inc. Senior Secured, Maturity Date October 2024, Prime + 6.40%, Floor rate 9.65%, 4.98% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc. Senior Secured, Maturity Date February 2027, Prime + 5.20%, Floor rate 8.45%, 4.75% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and TG Therapeutics, Inc. Senior Secured, Maturity Date January 2026, Prime + 2.15%, Floor rate 5.40%, PIK Interest 3.45%, 5.95% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and uniQure B.V. Senior Secured, Maturity Date December 2025, Prime + 4.70%, Floor rate 7.95%, 7.28% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Unity Biotechnology, Inc. Senior Secured, Maturity Date August 2024, Prime + 6.10%, Floor rate 9.35%, 6.25% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Valo Health, LLC, Senior Secured, Maturity Date May 2024, Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 4.76% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc. Senior Secured, Maturity Date July 2024, Prime + 3.75%, Floor rate 8.75%, 8.80% Exit Fee 2022-12-31 0001280784 Debt Investments Drug Discovery & Development (78.59%)2022-12-31 0001280784 Debt Investments Electronics & Computer Hardware and Locus Robotics Corp. Senior Secured, Maturity Date June 2026, Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee 2022-12-31 0001280784 Debt Investments Electronics & Computer Hardware (1.34%)2022-12-31 0001280784 Debt Investments Healthcare Services, Other and Better Therapeutics, Inc. Senior Secured, Maturity Date August 2025, Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee 2022-12-31 0001280784 Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc. Senior Secured, Maturity Date November 2026, 1-month LIBOR + 5.00%, Floor rate 6.00%, PIK Interest 4.45%2022-12-31 0001280784 Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc. Senior Secured, Maturity Date March 2025, Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee 2022-12-31 0001280784 Debt Investments Healthcare Services, Other and Equality Health, LLC, Senior Secured, Maturity Date February 2026, Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55%2022-12-31 0001280784 Debt Investments Healthcare Services, Other and Oak Street Health, Inc. Senior Secured, Maturity Date October 2027, Prime + 2.45%, Floor rate 7.95%, Cap rate 9.45%, PIK Interest 1.00%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Healthcare Services, Other (13.98%)2022-12-31 0001280784 Debt Investments Information Services and Capella Space Corp. Senior Secured, Maturity Date November 2025, Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee 2022-12-31 0001280784 Debt Investments Information Services and Signal Media Limited, Senior Secured, Maturity Date June 2025, Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee 2022-12-31 0001280784 Debt Investments Information Services and Yipit, LLC, Senior Secured, Maturity Date September 2026, 1-month SOFR + 9.08%, Floor rate 10.08%2022-12-31 0001280784 Debt Investments Information Services (3.72%)2022-12-31 0001280784 Debt Investments Manufacturing Technology and Bright Machines, Inc. Senior Secured, Maturity Date April 2025, Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee 2022-12-31 0001280784 Debt Investments Manufacturing Technology and MacroFab, Inc. Senior Secured, Maturity Date March 2026, Prime + 4.35%, Floor rate 7.60%, PIK Interest 1.25%, 4.50% Exit Fee 2022-12-31 0001280784 Debt Investments Manufacturing Technology and Ouster, Inc. Senior Secured, Maturity Date May 2026, Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee 2022-12-31 0001280784 Debt Investments Manufacturing Technology (2.99%)2022-12-31 0001280784 Debt Investments Semiconductors and Fungible, Inc. Senior Secured, Maturity Date December 2024, Prime + 5.00%, Floor rate 8.25%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Semiconductors (1.51%)2022-12-31 0001280784 Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.28%, Floor rate 10.28%2022-12-31 0001280784 Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 6.57%, Floor rate 7.57%2022-12-31 0001280784 Debt Investments Software and 3GTMS, LLC 2022-12-31 0001280784 Debt Investments Software and Agilence, Inc. Senior Secured, Maturity Date October 2026, 1-month BSBY + 9.00%, Floor rate 10.00%2022-12-31 0001280784 Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 1-month SOFR + 7.89%, Floor rate 8.89%2022-12-31 0001280784 Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 1-month BSBY + 8.99%, Floor rate 10.00%2022-12-31 0001280784 Debt Investments Software and Automation Anywhere, Inc. Senior Secured, Maturity Date September 2027, Prime + 4.25%, Floor rate 9.00%, 2.50% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Babel Street, Senior Secured, Maturity Date December 2027, 3-month SOFR + 7.89%, Floor rate 8.89%2022-12-31 0001280784 Debt Investments Software and Brain Corporation, Senior Secured, Maturity Date April 2025, PRIME + 3.70%, Floor rate 6.95%, PIK Interest 1.00%, 3.95% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Campaign Monitor Limited, Senior Secured, Maturity Date November 2025, 6-month SOFR + 8.90%, Floor rate 9.90%2022-12-31 0001280784 Debt Investments Software and Catchpoint Systems, Inc., Senior Secured, Maturity Date June 2026, 3-month SOFR + 8.86%, Floor rate 9.76%2022-12-31 0001280784 Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 6-month LIBOR + 9.67%, Floor rate 10.67%2022-12-31 0001280784 Debt Investments Software and CloudBolt Software, Inc., Senior Secured, Maturity Date October 2024, Prime + 6.70%, Floor rate 9.95%, 3.45% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Constructor.io Corporation, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.44%, Floor rate 9.44%2022-12-31 0001280784 Debt Investments Software and Convoy, Inc., Senior Secured, Maturity Date March 2026, Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Copper CRM, Inc, Senior Secured, Maturity Date March 2025, Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Cutover, Inc., Senior Secured, Maturity Date October 2025, Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 9.53%, Floor rate 10.28%2022-12-31 0001280784 Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date July 2025, Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 4.95% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Demandbase, Inc., Senior Secured, Maturity Date August 2025, Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.00%, 5.00% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Dispatch Technologies, Inc., Senior Secured, Maturity Date April 2028, 3-month SOFR + 8.01%, Floor rate 8.76%2022-12-31 0001280784 Debt Investments Software and Eigen Technologies Ltd., Senior Secured, Maturity Date April 2025, Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Elation Health, Inc., Senior Secured, Maturity Date March 2026, Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Enmark Systems, Inc., Senior Secured, Maturity Date September 2026, 3-month LIBOR + 6.77%, Floor rate 7.77%, PIK Interest 2.16%2022-12-31 0001280784 Debt Investments Software and Esentire, Inc., Senior Secured, Maturity Date May 2024, 3-month LIBOR + 9.96%, Floor rate 10.96%2022-12-31 0001280784 Debt Investments Software and Esme Learning Solutions, Inc., Senior Secured, Maturity Date February 2025, Prime + 5.50%, Floor rate 8.75%, PIK Interest 1.50%, 3.00% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Fortified Health Security, Senior Secured, Maturity Date December 2027, 6-month SOFR + 7.79%, Floor rate 8.54%2022-12-31 0001280784 Debt Investments Software and Flight Schedule Pro, LLC, Senior Secured, Maturity Date October 2027, 1-month SOFR + 7.79%, Floor rate 8.70%2022-12-31 0001280784 Debt Investments Software and Ikon Science Limited, Senior Secured, Maturity Date October 2024, 3-month Eurodollar + 9.00%, Floor rate 10.00%2022-12-31 0001280784 Debt Investments Software and Imperva, Inc., Senior Secured, Maturity Date January 2027, 3-month LIBOR + 7.75%, Floor rate 8.75%2022-12-31 0001280784 Debt Investments Software and Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.), Senior Secured, Maturity Date July 2023, 3-month SOFR + 10.14%, Floor rate 11.14%2022-12-31 0001280784 Debt Investments Software and Khoros (p.k.a Lithium Technologies), Senior Secured, Maturity Date January 2024, 3-month SOFR + 8.00%, Floor rate 9.00%2022-12-31 0001280784 Debt Investments Software and LogicSource, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.93%, Floor rate 9.93%2022-12-31 0001280784 Debt Investments Software and Logicworks, Senior Secured, Maturity Date January 2024, Prime + 7.50%, Floor rate 10.75%2022-12-31 0001280784 Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date December 2025, 3-month LIBOR + 9.06%, Floor rate 10.06%2022-12-31 0001280784 Debt Investments Software and Nextroll, Inc., Senior Secured, Maturity Date July 2023, Prime + 3.75%, Floor rate 7.75%, PIK Interest 2.95%, 1.95% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Nuvolo Technologies Corporation, Senior Secured, Maturity Date July 2025, Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Omeda Holdings, LLC, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.05%, Floor rate 9.05%2022-12-31 0001280784 Debt Investments Software and Riviera Partners LLC, Senior Secured, Maturity Date April 2027, 6-month SOFR + 7.53%, Floor rate 8.53%2022-12-31 0001280784 Debt Investments Software and Salary.com, LLC, Senior Secured, Maturity Date September 2027, 6-month SOFR + 8.00%, Floor rate 9.00%2022-12-31 0001280784 Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 3-month LIBOR + 9.00%, Floor rate 10.00%2022-12-31 0001280784 Debt Investments Software and Tact.ai Technologies, Inc., Senior Secured, Maturity Date February 2024, Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee 2022-12-31 0001280784 Debt Investments Software and ThreatConnect, Inc., Senior Secured, Maturity Date May 2026, 6-month LIBOR + 9.00%, Floor rate 10.00%2022-12-31 0001280784 Debt Investments Software and VideoAmp, Inc., Senior Secured, Maturity Date February 2025, Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.25%, 5.25% Exit Fee 2022-12-31 0001280784 Debt Investments Software and Zappi, Inc., Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.03%, Floor rate 9.03%2022-12-31 0001280784 Debt Investments Software and Zimperium, Inc., Senior Secured, Maturity Date May 2027, 3-month SOFR + 8.31%, Floor rate 9.31%2022-12-31 0001280784 Debt Investments Software (54.28%)2022-12-31 0001280784 Debt Investments Sustainable and Renewable Technology and Ampion, PBC, Senior Secured, Maturity Date May 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee 2022-12-31 0001280784 Debt Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Senior Secured, Maturity Date December 2024, PIK Interest 10.00%2022-12-31 0001280784 Debt Investments Sustainable and Renewable Technology (0.50%)2022-12-31 0001280784 Debt Investments (199.47%)2022-12-31 0001280784 Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units 2022-12-31 0001280784 Equity Investments Consumer & Business Products and TechStyle, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Products and TechStyle, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Products and TFG Holding, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Products and TFG Holding, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Products (0.04%)2022-12-31 0001280784 Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-4 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-4 2022-12-31 0001280784 Equity Investments Consumer & Business Services and DoorDash, Inc., Equity, Acquisition Date 12/20/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and DoorDash, Inc., Equity, Acquisition Date 12/20/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A 2022-12-31 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-1 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-1 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Total OfferUp, Inc.2022-12-31 0001280784 Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Reischling Press, Inc., Acquisition Date 7/31/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Reischling Press, Inc., Acquisition Date 7/31/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Preferred Series B-2 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Preferred Series B-2 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Total Tectura Corporation 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Uber Technologies, Inc., Acquisition Date 12/1/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Consumer & Business Services and Uber Technologies, Inc., Acquisition Date 12/1/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments Consumer & Business Services (0.57%)2022-12-31 0001280784 Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Preferred Series A 2022-01-01 2022-12-31 0001280784 Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Preferred Series A 2022-12-31 0001280784 Equity Investments Diversified Financial Services, Gibraltar Business Capital, LLC 2022-12-31 0001280784 Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units 2022-01-01 2022-12-31 0001280784 Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units 2022-12-31 0001280784 Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-2 2022-01-01 2022-12-31 0001280784 Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-2 2022-12-31 0001280784 Equity Investments Diversified Financial Services (2.49%)2022-12-31 0001280784 Equity Investments Drug Delivery and AcelRx Pharmaceuticals, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Delivery and AcelRx Pharmaceuticals, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D 2022-12-31 0001280784 Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Delivery (0.01%)2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 9/19/2022, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 9/19/2022, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Albireo Pharma, Inc., Equity, Acquisition Date 9/14/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Albireo Pharma, Inc., Equity, Acquisition Date 9/14/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Applied Molecular Transport, Equity, Acquisition Date 4/6/2021, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Applied Molecular Transport, Equity, Acquisition Date 4/6/2021, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Aveo Pharmaceuticals, Inc., Equity, Acquisition Date 7/31/2011, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Aveo Pharmaceuticals, Inc., Equity, Acquisition Date 7/31/2011, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments and Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments and Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Concert Pharmaceuticals, Inc., Equity, Acquisition Date 2/13/2019, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Concert Pharmaceuticals, Inc., Equity, Acquisition Date 2/13/2019, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Gritstone Bio, Inc., Equity, Acquisition Date 10/26/2022, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Gritstone Bio, Inc., Equity, Acquisition Date 10/26/2022, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Humanigen, Inc., Equity, Acquisition Date 3/31/2021, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Humanigen, Inc., Equity, Acquisition Date 3/31/2021, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Equity, Acquisition Date 2/26/2007, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Equity, Acquisition Date 2/26/2007, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Sio Gene Therapies, Inc., Equity, Acquisition Date 2/2/2017, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Sio Gene Therapies, Inc., Equity, Acquisition Date 2/2/2017, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Equity, Acquisition Date 5/5/2022, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Equity, Acquisition Date 5/5/2022, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Tricida, Inc., Equity, Acquisition Date 2/28/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Tricida, Inc., Equity, Acquisition Date 2/28/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C 2022-12-31 0001280784 Equity Investments Drug Discovery & Development, Valo Health LLC 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock 2022-12-31 0001280784 Equity Investments Drug Discovery & Development (2.66%)2022-12-31 0001280784 Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F 2022-01-01 2022-12-31 0001280784 Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F 2022-12-31 0001280784 Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E 2022-01-01 2022-12-31 0001280784 Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E 2022-12-31 0001280784 Equity Investments Electronics & Computer Hardware (0.11%)2022-12-31 0001280784 Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock 2022-12-31 0001280784 Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C 2022-01-01 2022-12-31 0001280784 Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C 2022-12-31 0001280784 Equity Investments Healthcare Services, Other (0.21%)2022-12-31 0001280784 Equity Investments Information Services and Planet Labs, Inc., Equity, Acquisition Date 6/21/2019, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Information Services and Planet Labs, Inc., Equity, Acquisition Date 6/21/2019, Series Common Stock 2022-12-31 0001280784 Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E 2022-01-01 2022-12-31 0001280784 Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E 2022-12-31 0001280784 Equity Investments Information Services and Zeta Global Corp., Equity, Acquisition Date 11/20/2007, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Information Services and Zeta Global Corp., Equity, Acquisition Date 11/20/2007, Series Common Stock 2022-12-31 0001280784 Equity Investments Information Services (0.58%)2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units 2022-01-01 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units 2022-12-31 0001280784 Equity Investments and Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 2022-01-01 2022-12-31 0001280784 Equity Investments and Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment, Coronado Aesthetics, LLC 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and Flowonix Medical Incorporated, Equity, Acquisition Date 11/3/2014, Series Preferred Series AA 2022-01-01 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and Flowonix Medical Incorporated, Equity, Acquisition Date 11/3/2014, Series Preferred Series AA 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and Gelesis, Inc., Equity, Acquisition Date 11/30/2009, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and Gelesis, Inc., Equity, Acquisition Date 11/30/2009, Series Common Stock 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and ViewRay, Inc., Equity, Acquisition Date 12/16/2013, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment and ViewRay, Inc., Equity, Acquisition Date 12/16/2013, Series Common Stock 2022-12-31 0001280784 Equity Investments Medical Devices & Equipment (0.07%)2022-12-31 0001280784 Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C 2022-01-01 2022-12-31 0001280784 Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C 2022-12-31 0001280784 Equity Investments Semiconductors (0.01%)2022-12-31 0001280784 Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock 2022-12-31 0001280784 Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note 2022-12-31 0001280784 Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-3 2022-01-01 2022-12-31 0001280784 Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-3 2022-12-31 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C 2022-12-31 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D 2022-12-31 0001280784 Equity Investments Software, Contentful Global, Inc.2022-12-31 0001280784 Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 2 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 2 2022-12-31 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 3 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 3 2022-12-31 0001280784 Equity Investments Software, Druva Holdings, Inc.2022-12-31 0001280784 Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock 2022-12-31 0001280784 Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock 2022-12-31 0001280784 Equity Investments Software and Palantir Technologies, Equity, Acquisition Date 9/23/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Palantir Technologies, Equity, Acquisition Date 9/23/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E 2022-01-01 2022-12-31 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E 2022-12-31 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F 2022-01-01 2022-12-31 0001280784 Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F 2022-12-31 0001280784 Equity Investments Software, SingleStore, Inc.2022-12-31 0001280784 Equity Investments Software and Sprinklr, Inc., Equity, Acquisition Date 3/22/2017, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Sprinklr, Inc., Equity, Acquisition Date 3/22/2017, Series Common Stock 2022-12-31 0001280784 Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E 2022-01-01 2022-12-31 0001280784 Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E 2022-12-31 0001280784 Equity Investments Software and ZeroFox, Inc., Equity, Acquisition Date 5/7/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Software and ZeroFox, Inc., Equity, Acquisition Date 5/7/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments Software (2.07%)2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 1/18/2007, Series Preferred Series B 2022-01-01 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 1/18/2007, Series Preferred Series B 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 6/16/2010, Series Preferred Series C 2022-01-01 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 6/16/2010, Series Preferred Series C 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 2/8/2013, Series Preferred Series D 2022-01-01 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 2/8/2013, Series Preferred Series D 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 7/14/2015, Series Preferred Series E 2022-01-01 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 7/14/2015, Series Preferred Series E 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F 2022-01-01 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F-1 2022-01-01 2022-12-31 0001280784 Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F-1 2022-12-31 0001280784 Equity Investments Surgical Devices, Gynesonics, Inc.2022-12-31 0001280784 Equity Investments Surgical Devices and TransMedics Group, Inc., Equity, Acquisition Date 11/7/2012, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Surgical Devices and TransMedics Group, Inc., Equity, Acquisition Date 11/7/2012, Series Common Stock 2022-12-31 0001280784 Equity Investments Surgical Devices (0.18%)2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Equity, Acquisition Date 9/13/2012, Series Preferred Series C-1 2022-01-01 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Equity, Acquisition Date 9/13/2012, Series Preferred Series C-1 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-1 2022-01-01 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-1 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and NantEnergy, LLC, Equity, Acquisition Date 8/31/2013, Series Common Units 2022-01-01 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and NantEnergy, LLC, Equity, Acquisition Date 8/31/2013, Series Common Units 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Equity, Acquisition Date 12/10/2020, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Equity, Acquisition Date 12/10/2020, Series Common Stock 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D 2022-01-01 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Proterra, Inc., Equity, Acquisition Date 5/28/2015, Series Common Stock 2022-01-01 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology and Proterra, Inc., Equity, Acquisition Date 5/28/2015, Series Common Stock 2022-12-31 0001280784 Equity Investments Sustainable and Renewable Technology (0.57%)2022-12-31 0001280784 Equity Investments (9.56%)2022-12-31 0001280784 Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Preferred Series B 2022-01-01 2022-12-31 0001280784 Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Preferred Series B 2022-12-31 0001280784 Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Biotechnology Tools (0.03%)2022-12-31 0001280784 Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Communications & Networking and Spring Mobile Solutions, Inc., Warrant, Acquisition Date 4/19/2013, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Communications & Networking and Spring Mobile Solutions, Inc., Warrant, Acquisition Date 4/19/2013, Common Stock 2022-12-31 0001280784 Warrant Investments and Communications & Networking (0.01%)2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and Savage X Holding, LLC, Warrant, Acquisition Date 6/27/2014, Class A Units 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and Savage X Holding, LLC, Warrant, Acquisition Date 6/27/2014, Class A Units 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and TechStyle, Inc., Warrant, Acquisition Date 7/16/2013, Preferred Series B 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and TechStyle, Inc., Warrant, Acquisition Date 7/16/2013, Preferred Series B 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and TFG Holding, Inc., Warrant, Acquisition Date 6/27/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and TFG Holding, Inc., Warrant, Acquisition Date 6/27/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and The Neat Company, Warrant, Acquisition Date 8/13/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and The Neat Company, Warrant, Acquisition Date 8/13/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Preferred Series C 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Preferred Series C 2022-12-31 0001280784 Warrant Investments and Consumer & Business Products (0.17%)2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Preferred Series D 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Preferred Series D 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and RumbleON, Inc., Warrant, Acquisition Date 4/30/2018, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and RumbleON, Inc., Warrant, Acquisition Date 4/30/2018, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Preferred Series B 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Preferred Series B 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Skyword, Inc.2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Preferred Series A 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Preferred Series A 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Preferred Series B 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Preferred Series B 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Snagajob.com, Inc.2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Udacity, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Udacity, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Preferred Series D 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Preferred Series D 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Preferred Series E 2022-01-01 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Preferred Series E 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services and Worldremit Group Limited 2022-12-31 0001280784 Warrant Investments and Consumer & Business Services (0.19%)2022-12-31 0001280784 Warrant Investments and Drug Delivery and Aerami Therapeutics Holdings, Inc., Warrant, Acquisition Date 9/30/2015, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Delivery and Aerami Therapeutics Holdings, Inc., Warrant, Acquisition Date 9/30/2015, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Delivery and BioQ Pharma Incorporated, Warrant, Acquisition Date 10/27/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Delivery and BioQ Pharma Incorporated, Warrant, Acquisition Date 10/27/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Delivery and PDS Biotechnology Corporation, Warrant, Acquisition Date 8/28/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Delivery and PDS Biotechnology Corporation, Warrant, Acquisition Date 8/28/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Delivery (0.00%)2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Acacia Pharma Inc., Warrant, Acquisition Date 6/29/2018, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Acacia Pharma Inc., Warrant, Acquisition Date 6/29/2018, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and ADMA Biologics, Inc., Warrant, Acquisition Date 2/24/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and ADMA Biologics, Inc., Warrant, Acquisition Date 2/24/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Albireo Pharma, Inc., Warrant, Acquisition Date 6/8/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Albireo Pharma, Inc., Warrant, Acquisition Date 6/8/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Class A Units 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Class A Units 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Preferred Series B 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Preferred Series B 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Dermavant Sciences Ltd., Warrant, Acquisition Date 5/31/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Dermavant Sciences Ltd., Warrant, Acquisition Date 5/31/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/30/2021, Preferred Series 3 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/30/2021, Preferred Series 3 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Evofem Biosciences, Inc., Warrant, Acquisition Date 6/11/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Evofem Biosciences, Inc., Warrant, Acquisition Date 6/11/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.), Warrant, Acquisition Date 2/18/2016, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.), Warrant, Acquisition Date 2/18/2016, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Myovant Sciences, Ltd., Warrant, Acquisition Date 10/16/2017, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Myovant Sciences, Ltd., Warrant, Acquisition Date 10/16/2017, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Warrant, Acquisition Date 8/1/2018, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Warrant, Acquisition Date 8/1/2018, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Provention Bio, Inc., Warrant, Acquisition Date 9/15/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Provention Bio, Inc., Warrant, Acquisition Date 9/15/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Preferred Series E 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Preferred Series E 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 2/28/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 2/28/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Tricida, Inc., Warrant, Acquisition Date 3/27/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Tricida, Inc., Warrant, Acquisition Date 3/27/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Common Units 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Common Units 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 12/9/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 12/9/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Drug Discovery & Development (0.60%)2022-12-31 0001280784 Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Common Stock 2022-12-31 0001280784 Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Electronics & Computer Hardware (0.09%)2022-12-31 0001280784 Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Healthcare Services, Other (0.00%)2022-12-31 0001280784 Warrant Investments and Information Services and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Information Services and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Information Services and INMOBI Inc., Warrant, Acquisition Date 11/19/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Information Services and INMOBI Inc., Warrant, Acquisition Date 11/19/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Information Services and NetBase Solutions, Inc., Warrant, Acquisition Date 8/22/2017, Preferred Series 1 2022-01-01 2022-12-31 0001280784 Warrant Investments and Information Services and NetBase Solutions, Inc., Warrant, Acquisition Date 8/22/2017, Preferred Series 1 2022-12-31 0001280784 Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Information Services (0.04%)2022-12-31 0001280784 Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Manufacturing Technology and Xometry, Inc., Warrant, Acquisition Date 5/9/2018, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Manufacturing Technology and Xometry, Inc., Warrant, Acquisition Date 5/9/2018, Common Stock 2022-12-31 0001280784 Warrant Investments and Manufacturing Technology (0.30%)2022-12-31 0001280784 Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Preferred Series E-1 2022-01-01 2022-12-31 0001280784 Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Preferred Series E-1 2022-12-31 0001280784 Warrant Investments and Media/Content/Info (0.00%)2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Aspire Bariatrics, Inc., Warrant, Acquisition Date 1/28/2015, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Aspire Bariatrics, Inc., Warrant, Acquisition Date 1/28/2015, Common Stock 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 11/3/2014, Preferred Series AA 2022-01-01 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 11/3/2014, Preferred Series AA 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 9/21/2018, Preferred Series BB 2022-01-01 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 9/21/2018, Preferred Series BB 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Intuity Medical, Inc., Warrant, Acquisition Date 12/29/2017, Preferred Series B-1 2022-01-01 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Intuity Medical, Inc., Warrant, Acquisition Date 12/29/2017, Preferred Series B-1 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Lucira Health, Inc., Warrant, Acquisition Date 2/4/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Lucira Health, Inc., Warrant, Acquisition Date 2/4/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Common Stock 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Common Stock 2022-12-31 0001280784 Warrant Investments and Medical Devices & Equipment (0.07%)2022-12-31 0001280784 Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Preferred Series D-2 2022-01-01 2022-12-31 0001280784 Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Preferred Series D-2 2022-12-31 0001280784 Warrant Investments and Semiconductors and Fungible, Inc., Warrant, Acquisition Date 12/16/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Semiconductors and Fungible, Inc., Warrant, Acquisition Date 12/16/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Semiconductors (0.04%)2022-12-31 0001280784 Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Preferred Series G 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Preferred Series G 2022-12-31 0001280784 Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Preferred Series B 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Preferred Series B 2022-12-31 0001280784 Warrant Investments and Software and Convoy, Inc., Warrant, Acquisition Date 3/30/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Convoy, Inc., Warrant, Acquisition Date 3/30/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Delphix Corp., Warrant, Acquisition Date 10/8/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Delphix Corp., Warrant, Acquisition Date 10/8/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and DNAnexus, Inc., Warrant, Acquisition Date 3/21/2014, Preferred Series C 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and DNAnexus, Inc., Warrant, Acquisition Date 3/21/2014, Preferred Series C 2022-12-31 0001280784 Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Eigen Technologies Ltd., Warrant, Acquisition Date 4/13/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Eigen Technologies Ltd., Warrant, Acquisition Date 4/13/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Esme Learning Solutions, Inc., Warrant, Acquisition Date 1/27/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Esme Learning Solutions, Inc., Warrant, Acquisition Date 1/27/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Evernote Corporation, Warrant, Acquisition Date 9/30/2016, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Evernote Corporation, Warrant, Acquisition Date 9/30/2016, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Preferred Series B 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Preferred Series B 2022-12-31 0001280784 Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Preferred Series D 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Preferred Series D 2022-12-31 0001280784 Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Nuvolo Technologies Corporation, Warrant, Acquisition Date 3/29/2019, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Nuvolo Technologies Corporation, Warrant, Acquisition Date 3/29/2019, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Poplicus, Inc., Warrant, Acquisition Date 5/28/2014, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Poplicus, Inc., Warrant, Acquisition Date 5/28/2014, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and SignPost, Inc., Warrant, Acquisition Date 1/13/2016, Series Junior 1 Preferred 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and SignPost, Inc., Warrant, Acquisition Date 1/13/2016, Series Junior 1 Preferred 2022-12-31 0001280784 Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Preferred Series D 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Preferred Series D 2022-12-31 0001280784 Warrant Investments and Software and Tact.ai Technologies, Inc., Warrant, Acquisition Date 2/13/2020, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and Tact.ai Technologies, Inc., Warrant, Acquisition Date 2/13/2020, Common Stock 2022-12-31 0001280784 Warrant Investments and Software and The Faction Group LLC, Warrant, Acquisition Date 11/3/2014, Preferred Series AA 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and The Faction Group LLC, Warrant, Acquisition Date 11/3/2014, Preferred Series AA 2022-12-31 0001280784 Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Common Stock 2022-01-01 2022-12-31 0001280784 Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Common Stock 2022-12-31 0001280784 Warrant Investments and Software (0.59%)2022-12-31 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(p.k.a Agrivida, Inc.), Warrant, Acquisition Date 6/20/2013, Preferred Series D 2022-01-01 2022-12-31 0001280784 Warrant Investments and Sustainable and Renewable Technology and IngredientWerks Holdings, Inc. (p.k.a Agrivida, Inc.), Warrant, Acquisition Date 6/20/2013, Preferred Series D 2022-12-31 0001280784 Warrant Investments and Sustainable and Renewable Technology and Polyera Corporation, Warrant, Acquisition Date 3/24/2015, Preferred Series C 2022-01-01 2022-12-31 0001280784 Warrant Investments and Sustainable and Renewable Technology and Polyera Corporation, Warrant, Acquisition Date 3/24/2015, Preferred Series C 2022-12-31 0001280784 Warrant Investments and Sustainable and Renewable Technology (0.03%)2022-12-31 0001280784 Warrant Investments (2.19%)2022-12-31 0001280784 Investments in Securities (211.21%)2022-12-31 0001280784 Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, Acquisition Date 11/16/2020 2022-01-01 2022-12-31 0001280784 Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, 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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________________________________________
FORM 10-Q
_________________________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended September 30, 2023
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 814-00702
_________________________________________________
HERCULES CAPITAL, INC.
(Exact Name of Registrant as Specified in its Charter)
_________________________________________________

Maryland |  | 74-3113410
(State or Jurisdiction of Incorporation or Organization) |  | (IRS Employer Identification Number)
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices) |  | 94301 (Zip Code)

(650) 289-3060
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Common Shares, par value $0.001 per share |  | HTGC |  | New York Stock Exchange
6.25% Notes due 2033 |  | HCXY |  | New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | x |  | Accelerated filer | o |
Non-accelerated filer | o |  | Smaller reporting company | o |
Emerging growth company | o |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
On October 26, 2023, there were 151,139,477 shares outstanding of the Registrant’s common stock, $0.001 par value.

Table of Contents
HERCULES CAPITAL, INC.
FORM 10-Q TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION | 3
Item 1. | Consolidated Financial Statements | 3
| Consolidated Statements of Assets and Liabilities as of September 30, 2023 (unaudited) and December 31, 2022 | 3
| Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited) | 4
| Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2023 and 2022 (unaudited) | 5
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited) | 6
| Consolidated Schedule of Investments as of September 30, 2023 (unaudited) | 7
| Consolidated Schedule of Investments as of December 31, 2022 | 21
| Notes to Consolidated Financial Statements (unaudited) | 35
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 72
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 89
Item 4. | Controls and Procedures | 90
PART II. OTHER INFORMATION | 91
Item 1. | Legal Proceedings | 91
Item 1A. | Risk Factors | 91
Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 92
Item 3. | Defaults Upon Senior Securities | 92
Item 4. | Mine Safety Disclosures | 92
Item 5. | Other Information | 92
Item 6. | Exhibits and Financial Statement Schedules | 93
SIGNATURES | 98

Table of Contents
PART I: FINANCIAL INFORMATION
In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc., its wholly owned subsidiaries, and its affiliated securitization trust unless the context otherwise requires.
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data) | September 30, 2023 |  | December 31, 2022
| (unaudited) |  |
Assets |  |  |
Investments, at fair value: |  |  |
Non-control/Non-affiliate investments (cost of $3,207,251 and $2,918,425, respectively) | $ | 3,158,241 |  |  | $ | 2,887,497 |
Control investments (cost of $101,643 and $87,271, respectively) | 103,150 |  |  | 76,458 |
Total investments, at fair value (cost of $3,308,894 and $3,005,696, respectively; fair value amounts related to a VIE $265,647 and $236,585, respectively) | 3,261,391 |  |  | 2,963,955 |
Cash and cash equivalents | 31,979 |  |  | 15,797 |
Restricted cash (amounts related to a VIE $5,252 and $10,079, respectively) | 5,252 |  |  | 10,079 |
Interest receivable | 32,053 |  |  | 31,682 |
Right of use asset | 5,059 |  |  | 4,986 |
Other assets | 668 |  |  | 2,356 |
Total assets | $ | 3,336,402 |  |  | $ | 3,028,855 |
Liabilities |  |  |
Debt (net of debt issuance costs - Note 5; amounts related to a VIE $148,397 and $147,957, respectively) | $ | 1,632,738 |  |  | $ | 1,574,351 |
Accounts payable and accrued liabilities | 46,259 |  |  | 47,539 |
Operating lease liability | 5,348 |  |  | 5,506 |
Total liabilities | $ | 1,684,345 |  |  | $ | 1,627,396 |
Net assets consist of: |  |  |
Common stock, par value | $ | 152 |  |  | $ | 134 |
Capital in excess of par value | 1,579,377 |  |  | 1,341,416 |
Total distributable earnings | 72,528 |  |  | 59,909 |
Total net assets | $ | 1,652,057 |  |  | $ | 1,401,459 |
Total liabilities and net assets | $ | 3,336,402 |  |  | $ | 3,028,855 |
Shares of common stock outstanding ($0.001 par value and 200,000 authorized) | 151,179 |  | 133,045
Net asset value per share | $ | 10.93 |  |  | $ | 10.53 |

See notes to consolidated financial statements
3

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

(in thousands, except per share data) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Investment income: |  |  |  |  |  |  |
Interest and dividend income: |  |  |  |  |  |  |
Non-control/Non-affiliate investments | $ | 109,240 |  |  | 80,146 |  |  | $ | 315,952 |  |  | 207,747 |
Control investments | 1,099 |  |  | 1,181 |  |  | 3,270 |  |  | 3,440 |
Affiliate investments | — |  |  | 81 |  |  | — |  |  | 1,204 |
Total interest and dividend income | 110,339 |  |  | 81,408 |  |  | 319,222 |  |  | 212,391 |
Fee income: |  |  |  |  |  |  |
Non-control/Non-affiliate investments | 6,383 |  |  | 2,803 |  |  | 18,783 |  |  | 9,059 |
Control investments | 22 |  |  | 18 |  |  | 60 |  |  | 51 |
Total fee income | 6,405 |  |  | 2,821 |  |  | 18,843 |  |  | 9,110 |
Total investment income | 116,744 |  |  | 84,229 |  |  | 338,065 |  |  | 221,501 |
Operating expenses: |  |  |  |  |  |  |
Interest | 16,428 |  |  | 14,499 |  |  | 50,237 |  |  | 38,844 |
Loan fees | 2,524 |  |  | 2,183 |  |  | 7,317 |  |  | 5,517 |
General and administrative | 4,591 |  |  | 4,364 |  |  | 13,868 |  |  | 12,504 |
Tax expenses | 1,882 |  |  | 1,602 |  |  | 5,249 |  |  | 4,135 |
Employee compensation: |  |  |  |  |  |  |
Compensation and benefits | 13,604 |  |  | 10,968 |  |  | 41,062 |  |  | 30,357 |
Stock-based compensation | 3,337 |  |  | 2,474 |  |  | 9,848 |  |  | 10,559 |
Total employee compensation | 16,941 |  |  | 13,442 |  |  | 50,910 |  |  | 40,916 |
Total gross operating expenses | 42,366 |  |  | 36,090 |  |  | 127,581 |  |  | 101,916 |
Expenses allocated to the Adviser Subsidiary | (2,416) |  |  | (1,863) |  |  | (7,509) |  |  | (6,335) |
Total net operating expenses | 39,950 |  |  | 34,227 |  |  | 120,072 |  |  | 95,581 |
Net investment income | 76,794 |  |  | 50,002 |  |  | 217,993 |  |  | 125,920 |
Net realized gain (loss) and net change in unrealized appreciation (depreciation): |  |  |  |  |  |  |
Net realized gain (loss): |  |  |  |  |  |  |
Non-control/Non-affiliate investments | (2,587) |  |  | 7,303 |  |  | 5,590 |  |  | 2,703 |
Affiliate investments | — |  |  | (2,014) |  |  | — |  |  | 1,758 |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | (3,686) |
Total net realized gain (loss) | (2,587) |  |  | 5,289 |  |  | 5,590 |  |  | 775 |
Net change in unrealized appreciation (depreciation): |  |  |  |  |  |  |
Non-control/Non-affiliate investments | (45,141) |  |  | (4,149) |  |  | (18,597) |  |  | (94,847) |
Control investments | (1,099) |  |  | (2,571) |  |  | 12,320 |  |  | 3,611 |
Affiliate investments | — |  |  | 4,631 |  |  | — |  |  | 4,089 |
Total net change in unrealized appreciation (depreciation) | (46,240) |  |  | (2,089) |  |  | (6,277) |  |  | (87,147) |
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) | (48,827) |  |  | 3,200 |  |  | (687) |  |  | (86,372) |
Net increase (decrease) in net assets resulting from operations | $ | 27,967 |  |  | $ | 53,202 |  |  | $ | 217,306 |  |  | $ | 39,548 |
Net investment income before gains and losses per common share: |  |  |  |  |  |  |
Basic | $ | 0.52 |  |  | $ | 0.39 |  |  | $ | 1.53 |  |  | $ | 1.01 |
Change in net assets resulting from operations per common share: |  |  |  |  |  |  |
Basic | $ | 0.19 |  |  | $ | 0.41 |  |  | $ | 1.52 |  |  | $ | 0.31 |
Diluted | $ | 0.19 |  |  | $ | 0.41 |  |  | $ | 1.51 |  |  | $ | 0.30 |
Weighted average shares outstanding: |  |  |  |  |  |  |
Basic | 146,899 |  | 127,484 |  | 141,223 |  | 123,379
Diluted | 147,110 |  | 129,334 |  | 142,126 |  | 124,767
Distributions paid per common share: |  |  |  |  |  |  |
Basic | $ | 0.48 |  |  | $ | 0.50 |  |  | $ | 1.42 |  |  | $ | 1.46 |

See notes to consolidated financial statements
4

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)

(in thousands) | Common Stock |  | Capital in excess of par value |  | Distributable Earnings (loss) |  | Net Assets
For the Three Months Ended September 30, 2023 | Shares |  | Par Value |  |  |
Balance as of June 30, 2023 | 144,641 |  | $ | 145 |  |  | $ | 1,468,270 |  |  | $ | 117,095 |  |  | $ | 1,585,510 |
Net increase (decrease) in net assets resulting from operations | — |  | — |  |  | — |  |  | 27,967 |  |  | 27,967 |
Public offering, net of offering expenses | 6,500 |  | 7 |  |  | 107,555 |  |  | — |  |  | 107,562 |
Issuance of common stock under equity-based award plans | 21 |  | — |  |  | 163 |  |  | — |  |  | 163 |
Shares retired on vesting of equity-based awards | (48) |  | — |  |  | (675) |  |  | — |  |  | (675) |
Distributions reinvested in common stock | 65 |  | — |  |  | 1,057 |  |  | — |  |  | 1,057 |
Distributions | — |  | — |  |  | — |  |  | (72,534) |  |  | (72,534) |
Stock-based compensation (1) | — |  | — |  |  | 3,007 |  |  | — |  |  | 3,007 |
Balance as of September 30, 2023 | 151,179 |  | $ | 152 |  |  | $ | 1,579,377 |  |  | $ | 72,528 |  |  | $ | 1,652,057 |
For the Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Balance as of December 31, 2022 | 133,045 |  | $ | 134 |  |  | $ | 1,341,416 |  |  | $ | 59,909 |  |  | $ | 1,401,459 |
Net increase (decrease) in net assets resulting from operations | — |  | — |  |  | — |  |  | 217,306 |  |  | 217,306 |
Public offering, net of offering expenses | 16,221 |  | 16 |  |  | 238,294 |  |  | — |  |  | 238,310 |
Issuance of common stock under equity-based award plans | 1,923 |  | 2 |  |  | 376 |  |  | — |  |  | 378 |
Shares retired on vesting of equity-based awards | (208) |  | — |  |  | (12,503) |  |  | — |  |  | (12,503) |
Distributions reinvested in common stock | 198 |  | — |  |  | 2,936 |  |  | — |  |  | 2,936 |
Distributions | — |  | — |  |  | — |  |  | (204,687) |  |  | (204,687) |
Stock-based compensation (1) | — |  | — |  |  | 8,858 |  |  | — |  |  | 8,858 |
Balance as of September 30, 2023 | 151,179 |  | $ | 152 |  |  | $ | 1,579,377 |  |  | $ | 72,528 |  |  | $ | 1,652,057 |

(1)Stock-based compensation includes $31 thousand and $81 thousand of restricted stock and option expense related to director compensation for the three and nine months ended September 30, 2023, respectively.

(in thousands) | Common Stock |  | Capital in excess of par value |  | Distributable Earnings (loss) |  | Net Assets
For the Three Months Ended September 30, 2022 | Shares |  | Par Value |  |  |
Balance as of June 30, 2022 | 127,285 |  | $ | 128 |  |  | $ | 1,242,618 |  |  | $ | 84,994 |  |  | $ | 1,327,740 |
Net increase (decrease) in net assets resulting from operations | — |  | — |  |  | — |  |  | 53,202 |  |  | 53,202 |
Public offering, net of offering expenses | 2,866 |  | 3 |  |  | 42,851 |  |  | — |  |  | 42,854 |
Issuance of common stock under equity-based award plans | 45 |  | — |  |  | 266 |  |  | — |  |  | 266 |
Shares retired on vesting of equity-based awards | (68) |  | — |  |  | (838) |  |  | — |  |  | (838) |
Distributions reinvested in common stock | 63 |  | — |  |  | 949 |  |  | — |  |  | 949 |
Distributions | — |  | — |  |  | — |  |  | (63,950) |  |  | (63,950) |
Stock-based compensation (1) | — |  | — |  |  | 2,495 |  |  | — |  |  | 2,495 |
Balance as of September 30, 2022 | 130,191 |  | $ | 131 |  |  | $ | 1,288,341 |  |  | $ | 74,246 |  |  | $ | 1,362,718 |
For the Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Balance as of December 31, 2021 | 116,619 |  | $ | 117 |  |  | $ | 1,091,907 |  |  | $ | 216,523 |  |  | $ | 1,308,547 |
Net increase (decrease) in net assets resulting from operations | — |  | — |  |  | — |  |  | 39,548 |  |  | 39,548 |
Public offering, net of offering expenses | 11,787 |  | 12 |  |  | 189,946 |  |  | — |  |  | 189,958 |
Issuance of common stock under equity-based award plans | 870 |  | 1 |  |  | 719 |  |  | — |  |  | 720 |
Shares retired on vesting of equity-based awards | (250) |  | — |  |  | (5,458) |  |  | — |  |  | (5,458) |
Distributions reinvested in common stock | 184 |  | — |  |  | 2,895 |  |  | — |  |  | 2,895 |
Issuance of Convertible Notes | 981 |  | 1 |  |  | (1) |  |  | — |  |  | — |
Distributions | — |  | — |  |  | — |  |  | (181,825) |  |  | (181,825) |
Stock-based compensation (1) | — |  | — |  |  | 8,333 |  |  | — |  |  | 8,333 |
Balance as of September 30, 2022 | 130,191 |  | $ | 131 |  |  | $ | 1,288,341 |  |  | $ | 74,246 |  |  | $ | 1,362,718 |

(1)Stock-based compensation includes $36 thousand and $113 thousand of restricted stock and option expense related to director compensation for the three and nine months ended September 30, 2022, respectively.
See notes to consolidated financial statements
5

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

(in thousands) | For the Nine Months Ended September 30,
| 2023 |  | 2022
Cash flows provided by (used in) operating activities: |  |  |
Net increase (decrease) in net assets resulting from operations | $ | 217,306 |  |  | $ | 39,548 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
Purchases of investments | (1,291,627) |  |  | (1,097,812) |
Fundings assigned to Adviser Funds | 294,468 |  |  | 247,848 |
Principal and fee repayments received and proceeds from the sale of debt investments | 685,103 |  |  | 378,109 |
Proceeds from the sale of equity and warrant investments | 34,877 |  |  | 14,303 |
Net change in unrealized (appreciation) depreciation | 6,277 |  |  | 87,147 |
Net realized (gain) loss | (5,590) |  |  | (4,461) |
Accretion of paid-in-kind principal | (17,999) |  |  | (14,888) |
Accretion of loan discounts | (5,344) |  |  | (2,996) |
Accretion of loan discount on convertible notes | — |  |  | 112 |
Accretion of loan exit fees | (14,140) |  |  | (18,398) |
Change in loan income, net of collections | 15,349 |  |  | 19,412 |
Unearned fees related to unfunded commitments | (279) |  |  | 3,378 |
Realized loss on extinguishment of debt | — |  |  | 364 |
Amortization of debt fees and issuance costs | 5,227 |  |  | 4,051 |
Depreciation and amortization | 167 |  |  | 160 |
Stock-based compensation and amortization of restricted stock grants (1) | 8,858 |  |  | 8,333 |
Change in operating assets and liabilities: |  |  |
Interest receivable | (366) |  |  | (8,039) |
Other assets | 6,533 |  |  | (1,196) |
Accrued liabilities | (1,419) |  |  | (14,856) |
Net cash provided by (used in) operating activities | (62,599) |  |  | (359,881) |
Cash flows provided by (used in) investing activities: |  |  |
Purchases of capital equipment | (390) |  |  | (86) |
Net cash provided by (used in) investing activities | (390) |  |  | (86) |
Cash flows provided by (used in) financing activities: |  |  |
Issuance of common stock | 243,609 |  |  | 192,011 |
Offering expenses | (5,299) |  |  | (2,053) |
Retirement of employee shares, net | (12,125) |  |  | (4,738) |
Distributions paid | (201,751) |  |  | (178,930) |
Issuance of debt | 533,000 |  |  | 1,169,237 |
Repayment of debt | (478,000) |  |  | (878,198) |
Debt issuance costs | — |  |  | (6,581) |
Fees paid for credit facilities and debentures | (5,090) |  |  | (1,635) |
Net cash provided by (used in) financing activities | 74,344 |  |  | 289,113 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 11,355 |  |  | (70,854) |
Cash, cash equivalents, and restricted cash at beginning of period | 25,876 |  |  | 136,265 |
Cash, cash equivalents, and restricted cash at end of period | $ | 37,231 |  |  | $ | 65,411 |
Supplemental disclosures of cash flow information and non-cash investing and financing activities: |  |  |
Interest paid | $ | 57,410 |  |  | $ | 44,382 |
Income tax, including excise tax, paid | $ | 5,205 |  |  | $ | 7,341 |
Distributions reinvested | $ | 2,936 |  |  | $ | 2,895 |

(1)Stock-based compensation includes $81 thousand and $113 thousand of restricted stock and option expense related to director compensation for the nine months ended September 30, 2023 and 2022, respectively.
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

(in thousands) | For the Nine Months Ended September 30,
| 2023 |  | 2022
Cash and cash equivalents | $ | 31,979 |  |  | $ | 57,065 |
Restricted cash | 5,252 |  |  | 8,346 |
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows | $ | 37,231 |  |  | $ | 65,411 |

See “Note 2 – Summary of Significant Accounting Policies” for a description of cash, cash equivalents, and restricted cash.
See notes to consolidated financial statements
6

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | 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 | $ | 5,036 |  |  | $ | 5,069 |  |  | $ | 5,135 |  |  | (13)(14)(17)
PathAI, Inc. | Senior Secured | January 2027 | Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee | $ | 28,000 |  |  | 27,858 |  |  | 28,314 |  |  | (12)(17)
Subtotal: Biotechnology Tools (2.02%)* |  |  |  | 32,927 |  |  | 33,449 |  |  |
Communications & Networking |  |  |  |  |  |  |  |  |  |
Aryaka Networks, Inc. | Senior Secured | July 2026 | Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee | $ | 15,113 |  |  | 15,009 |  |  | 15,536 |  |  | (12)(14)(17)(19)
Cytracom Holdings LLC | Senior Secured | February 2025 | 3-month SOFR + 9.72%, Floor rate 10.62% | $ | 3,275 |  |  | 3,242 |  |  | 3,274 |  |  | (11)(17)(18)
Rocket Lab Global Services, LLC | Senior Secured | June 2024 | Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee | $ | 85,375 |  |  | 87,142 |  |  | 87,142 |  |  | (11)(12)(13)(14)(16)
Subtotal: Communications & Networking (6.41%)* |  |  |  | 105,393 |  |  | 105,952 |  |  |
Consumer & Business Services |  |  |  |  |  |  |  |
AppDirect, Inc. | Senior Secured | April 2026 | Prime + 5.50%, Floor rate 8.75%, 7.12% Exit Fee | $ | 55,790 |  |  | 57,399 |  |  | 59,140 |  |  | (12)
Carwow LTD | Senior Secured | December 2024 | Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee | £ | 19,493 |  |  | 26,624 |  |  | 24,132 |  |  | (5)(10)(14)(17)
Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 7.00% | $ | 22,897 |  |  | 22,897 |  |  | 23,491 |  |  | (9)(14)
Jobandtalent USA, Inc. | Senior Secured | February 2025 | 1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee | $ | 14,000 |  |  | 14,030 |  |  | 14,180 |  |  | (5)(10)
Provi | Senior Secured | December 2026 | Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | $ | 15,000 |  |  | 14,860 |  |  | 14,938 |  |  | (15)
Rhino Labs, Inc. | Senior Secured | March 2024 | Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25% | $ | 9,069 |  |  | 9,039 |  |  | 9,039 |  |  | (14)(15)
Riviera Partners LLC | Senior Secured | April 2027 | 3-month SOFR + 7.53%, Floor rate 8.53% | $ | 25,922 |  |  | 25,438 |  |  | 25,060 |  |  | (17)(18)
RVShare, LLC | Senior Secured | December 2026 | 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | $ | 28,586 |  |  | 28,212 |  |  | 28,413 |  |  | (13)(14)(15)(17)
SeatGeek, Inc. | Senior Secured | May 2026 | Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 1.00% Exit Fee | $ | 25,167 |  |  | 25,067 |  |  | 25,282 |  |  | (11)(14)(16)
| Senior Secured | July 2025 | Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50% | $ | 77,551 |  |  | 77,019 |  |  | 77,019 |  |  | (12)(14)(16)
Total SeatGeek, Inc. |  |  |  | $ | 102,718 |  |  | 102,086 |  |  | 102,301 |  |  |
Skyword, Inc. | Senior Secured | November 2026 | Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | $ | 9,128 |  |  | 9,120 |  |  | 9,222 |  |  | (13)(14)
Tectura Corporation | Senior Secured | July 2024 | PIK Interest 5.00% | $ | 23,703 |  |  | 13,263 |  |  | — |  |  | (7)(8)(14)
| Senior Secured | July 2024 | FIXED 8.25% | $ | 8,250 |  |  | 8,250 |  |  | 6,243 |  |  | (7)
Total Tectura Corporation |  |  |  | $ | 31,953 |  |  | 21,513 |  |  | 6,243 |  |  |
Thumbtack, Inc. | Senior Secured | April 2026 | Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee | $ | 10,219 |  |  | 10,248 |  |  | 10,546 |  |  | (12)(14)(17)
Udacity, Inc. | Senior Secured | September 2024 | Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee | $ | 52,733 |  |  | 53,544 |  |  | 52,559 |  |  | (12)(14)
Veem, Inc. | Senior Secured | March 2025 | Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee | $ | 5,091 |  |  | 5,130 |  |  | 5,193 |  |  | (13)(14)
| Senior Secured | March 2025 | Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee | $ | 5,091 |  |  | 5,142 |  |  | 5,256 |  |  | (12)(14)
Total Veem, Inc. |  |  |  | $ | 10,182 |  |  | 10,272 |  |  | 10,449 |  |  |
Worldremit Group Limited | Senior Secured | February 2025 | 3-month SOFR + 9.40%, Floor rate 10.25%, 3.20% Exit Fee | $ | 88,250 |  |  | 88,965 |  |  | 89,162 |  |  | (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 |  |  | 6,279 |  |  | 6,304 |  |  | (5)(10)(16)(19)
Total Worldremit Group Limited |  |  |  | $ | 94,500 |  |  | 95,244 |  |  | 95,466 |  |  |
Subtotal: Consumer & Business Services (29.37%)* |  |  |  | 500,526 |  |  | 485,179 |  |  |
Diversified Financial Services |  |  |  |  |  |  |  |
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC) | Unsecured | September 2026 | FIXED 11.50% | $ | 25,000 |  |  | 24,638 |  |  | 24,638 |  |  | (7)(20)

See notes to consolidated financial statements
7

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | Cost (2) |  | Value |  | Footnotes
| Unsecured | September 2026 | FIXED 11.95% | $ | 10,000 |  |  | $ | 9,801 |  |  | $ | 9,801 |  |  | (7)(20)
Total Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC) |  |  |  | $ | 35,000 |  |  | 34,439 |  |  | 34,439 |  |  |
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% | $ | 10,325 |  |  | 10,134 |  |  | 10,433 |  |  | (14)(17)(19)
Subtotal: Diversified Financial Services (3.44%)* |  |  |  | 56,573 |  |  | 56,872 |  |  |
Drug Discovery & Development |  |  |  |  |  |  |  |  |  |
Akero Therapeutics, Inc. | Senior Secured | January 2027 | Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee | $ | 12,500 |  |  | 12,454 |  |  | 12,948 |  |  | (10)(13)(17)
Aldeyra Therapeutics, Inc. | Senior Secured | October 2024 | Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee | $ | 15,000 |  |  | 16,137 |  |  | 16,296 |  |  | (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 |  |  | 35,002 |  |  | 35,016 |  |  | (13)
AmplifyBio, LLC | Senior Secured | January 2027 | Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee | $ | 24,000 |  |  | 24,000 |  |  | 23,989 |  |  | (15)
ATAI Life Sciences N.V. | Senior Secured | August 2026 | Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee | $ | 10,500 |  |  | 10,643 |  |  | 10,783 |  |  | (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 |  |  | 143,226 |  |  | 147,815 |  |  | (10)(11)(12)(16)(17)
Bicycle Therapeutics PLC | Senior Secured | July 2025 | Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee | $ | 11,500 |  |  | 11,849 |  |  | 11,654 |  |  | (5)(10)(11)(12)
BiomX, INC | Senior Secured | September 2025 | Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee | $ | 7,242 |  |  | 7,557 |  |  | 7,567 |  |  | (5)(10)(11)
Braeburn, Inc. | Senior Secured | October 2028 | Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee | $ | 52,500 |  |  | 51,942 |  |  | 51,942 |  |  |
BridgeBio Pharma, Inc. | Senior Secured | November 2026 | FIXED 9.00%, 2.00% Exit Fee | $ | 38,167 |  |  | 38,064 |  |  | 34,821 |  |  | (12)(13)(14)
Cellarity, Inc. | Senior Secured | June 2026 | Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee | $ | 30,000 |  |  | 30,170 |  |  | 30,747 |  |  | (13)(15)
COMPASS Pathways plc | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee | $ | 24,059 |  |  | 23,605 |  |  | 23,605 |  |  | (5)(10)(14)
Corium, Inc. | Senior Secured | September 2026 | Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | $ | 132,675 |  |  | 135,071 |  |  | 137,809 |  |  | (13)(16)
Curevo, Inc. | Senior Secured | June 2027 | Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee | $ | 10,000 |  |  | 9,746 |  |  | 9,746 |  |  | (15)
Eloxx Pharmaceuticals, Inc. | Senior Secured | April 2025 | Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee | $ | 4,780 |  |  | 5,444 |  |  | 5,337 |  |  | (15)
enGene, Inc. | Senior Secured | July 2025 | Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee | $ | 9,842 |  |  | 10,151 |  |  | 10,222 |  |  | (5)(10)(12)(13)
G1 Therapeutics, Inc. | Senior Secured | November 2026 | Prime + 5.65%, Floor rate 9.15%, 11.41% Exit Fee | $ | 38,750 |  |  | 39,530 |  |  | 40,014 |  |  | (11)(12)(15)
Geron Corporation | Senior Secured | April 2025 | Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee | $ | 18,500 |  |  | 19,314 |  |  | 19,603 |  |  | (10)(12)(13)(17)
Gritstone Bio, Inc. | Senior Secured | July 2027 | Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee | $ | 22,916 |  |  | 23,062 |  |  | 23,118 |  |  | (13)(14)(17)
Heron Therapeutics, Inc. | Senior Secured | February 2026 | Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee | $ | 20,019 |  |  | 19,624 |  |  | 19,624 |  |  | (14)(15)
Hibercell, Inc. | Senior Secured | May 2025 | Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | $ | 14,495 |  |  | 15,014 |  |  | 15,047 |  |  | (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 | $ | 20,377 |  |  | 20,441 |  |  | 19,828 |  |  | (14)(15)
Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee | $ | 5,500 |  |  | 5,510 |  |  | 5,687 |  |  | (10)(15)
Locus Biosciences, Inc. | Senior Secured | July 2025 | Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee | $ | 6,140 |  |  | 6,361 |  |  | 6,394 |  |  | (15)
Madrigal Pharmaceutical, Inc. | Senior Secured | May 2026 | Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | $ | 78,200 |  |  | 78,324 |  |  | 80,521 |  |  | (10)
Phathom Pharmaceuticals, Inc. | Senior Secured | October 2026 | Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee | $ | 97,049 |  |  | 98,323 |  |  | 99,188 |  |  | (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 |  |  | 5,024 |  |  | 5,080 |  |  | (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 | $ | 20,986 |  |  | 21,035 |  |  | 21,536 |  |  | (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 |  |  | 12,452 |  |  | 12,701 |  |  | (10)(13)(17)

See notes to consolidated financial statements
8

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | Cost (2) |  | Value |  | Footnotes
TG Therapeutics, Inc. | Senior Secured | January 2026 | Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee | $ | 65,398 |  |  | $ | 65,737 |  |  | $ | 66,736 |  |  | (10)(11)(12)(14)
uniQure B.V. | Senior Secured | January 2027 | Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee | $ | 70,000 |  |  | 70,915 |  |  | 73,203 |  |  | (5)(10)(11)(12)
Valo Health, LLC | Senior Secured | May 2024 | Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee | $ | 3,833 |  |  | 4,217 |  |  | 4,217 |  |  | (11)(13)
Viridian Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | $ | 8,000 |  |  | 8,015 |  |  | 7,854 |  |  | (10)(13)(17)
X4 Pharmaceuticals, Inc. | Senior Secured | October 2026 | Prime + 3.15%, Floor rate 10.15%, 3.80% Exit Fee | $ | 55,000 |  |  | 54,444 |  |  | 54,762 |  |  | (11)(12)(13)
Subtotal: Drug Discovery & Development (69.33%)* |  |  |  | 1,132,403 |  |  | 1,145,410 |  |  |
Electronics & Computer Hardware |  |  |  |  |  |  |  |
Locus Robotics Corp. | Senior Secured | June 2026 | Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee | $ | 18,281 |  |  | 18,301 |  |  | 19,084 |  |  | (17)(19)
Subtotal: Electronics & Computer Hardware (1.16%)* |  |  |  | 18,301 |  |  | 19,084 |  |  |
Healthcare Services, Other |  |  |  |  |  |  |  |
Better Therapeutics, Inc. | Senior Secured | August 2025 | Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee | $ | 11,314 |  |  | 11,671 |  |  | 11,353 |  |  | (15)
Blue Sprig Pediatrics, Inc. | Senior Secured | November 2026 | 1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45% | $ | 58,316 |  |  | 57,667 |  |  | 57,926 |  |  | (11)(13)(14)
Carbon Health Technologies, Inc. | Senior Secured | March 2025 | Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee | $ | 46,125 |  |  | 47,023 |  |  | 47,342 |  |  | (11)(13)
Equality Health, LLC | Senior Secured | February 2026 | Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55% | $ | 54,213 |  |  | 53,893 |  |  | 54,483 |  |  | (11)(12)(14)
Main Street Rural, Inc. | Senior Secured | July 2027 | Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | $ | 24,500 |  |  | 24,350 |  |  | 24,350 |  |  | (15)(17)
Modern Life, Inc. | Senior Secured | February 2027 | Prime + 2.75%, Floor rate 8.75%, 3.00% Exit Fee | $ | 13,000 |  |  | 12,826 |  |  | 12,999 |  |  | (13)(17)
Recover Together, Inc. | Senior Secured | July 2027 | Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee | $ | 35,000 |  |  | 34,495 |  |  | 34,495 |  |  |
Strive Health Holdings, LLC | Senior Secured | September 2027 | Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee | $ | 12,000 |  |  | 11,822 |  |  | 11,822 |  |  | (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 | $ | 22,000 |  |  | 21,885 |  |  | 21,532 |  |  | (11)
Subtotal: Healthcare Services, Other (16.72%)* |  |  |  | 275,632 |  |  | 276,302 |  |  |
Information Services |  |  |  |  |  |  |  |
Capella Space Corp. | Senior Secured | November 2025 | Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee | $ | 20,420 |  |  | 20,994 |  |  | 21,154 |  |  | (14)(15)
Checkr Group, Inc. | Senior Secured | August 2028 | Prime + 1.45%, Floor rate 8.00%, PIK Interest 2.00%, 2.75% Exit Fee | $ | 47,381 |  |  | 47,164 |  |  | 47,164 |  |  | (14)(17)
Saama Technologies, LLC | Senior Secured | July 2027 | Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee | $ | 11,666 |  |  | 11,544 |  |  | 11,544 |  |  | (14)(17)
Signal Media Limited | Senior Secured | June 2025 | Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee | $ | 4,500 |  |  | 4,463 |  |  | 4,454 |  |  | (5)(10)(17)
Yipit, LLC | Senior Secured | September 2026 | 1-month SOFR + 8.47%, Floor rate 9.37% | $ | 31,875 |  |  | 31,452 |  |  | 31,757 |  |  | (17)(18)
Subtotal: Information Services (7.03%)* |  |  |  | 115,617 |  |  | 116,073 |  |  |
Manufacturing Technology |  |  |  |  |  |  |  |
Bright Machines, Inc. | Senior Secured | April 2025 | Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee | $ | 8,748 |  |  | 8,884 |  |  | 8,920 |  |  | (13)
Ouster, Inc. | Senior Secured | May 2026 | Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee | $ | 14,000 |  |  | 14,185 |  |  | 14,796 |  |  | (10)(13)
Subtotal: Manufacturing Technology (1.44%)* |  |  |  | 23,069 |  |  | 23,716 |  |  |
Media/Content/Info |  |  |  |  |  |  |  |
Fever Labs, Inc. | Senior Secured | September 2026 | Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee | $ | 6,667 |  |  | 6,645 |  |  | 6,726 |  |  | (19)
| Senior Secured | September 2025 | Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee | $ | 1,333 |  |  | 1,337 |  |  | 1,346 |  |  | (19)
| Senior Secured | December 2025 | Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee | $ | 1,500 |  |  | 1,499 |  |  | 1,508 |  |  | (19)
| Senior Secured | March 2026 | Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee | $ | 1,667 |  |  | 1,658 |  |  | 1,663 |  |  | (19)
| Senior Secured | June 2026 | Prime + 3.50%, Floor rate 9.00%, 1.00% Exit Fee | $ | 1,667 |  |  | 1,635 |  |  | 1,638 |  |  | (19)
Total Fever Labs, Inc. |  |  |  | $ | 12,834 |  |  | 12,774 |  |  | 12,881 |  |  |
Subtotal: Media/Content/Info (0.78%)* |  |  |  | 12,774 |  |  | 12,881 |  |  |

See notes to consolidated financial statements
9

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | 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 |  |  | $ | 21,461 |  |  | $ | 21,461 |  |  |
Subtotal: Medical Devices & Equipment (1.30%)* |  |  |  | 21,461 |  |  | 21,461 |  |  |
Software |  |  |  |  |  |  |  |  |
3GTMS, LLC | Senior Secured | February 2025 | 6-month SOFR + 9.70%, Floor rate 10.60% | $ | 12,605 |  |  | 12,508 |  |  | 12,548 |  |  | (11)(17)(18)
| Senior Secured | February 2025 | 3-month SOFR + 6.88%, Floor rate 7.78% | $ | 2,000 |  |  | 1,998 |  |  | 1,984 |  |  | (17)(18)
Total 3GTMS, LLC |  |  |  | $ | 14,605 |  |  | 14,506 |  |  | 14,532 |  |  |
Agilence, Inc. | Senior Secured | October 2026 | 1-month BSBY + 9.00%, Floor rate 10.00% | $ | 9,236 |  |  | 9,051 |  |  | 9,170 |  |  | (12)(17)(18)
Alchemer LLC | Senior Secured | May 2028 | 1-month SOFR + 8.14%, Floor rate 9.14% | $ | 20,908 |  |  | 20,491 |  |  | 21,126 |  |  | (13)(17)(18)
Allvue Systems, LLC | Senior Secured | September 2029 | 6-month SOFR + 7.25%, Floor rate 8.25% | $ | 36,410 |  |  | 35,505 |  |  | 35,505 |  |  | (17)
Annex Cloud | Senior Secured | February 2027 | 1-month BSBY + 8.99%, Floor rate 9.99% | $ | 8,844 |  |  | 8,666 |  |  | 8,737 |  |  | (13)
Automation Anywhere, Inc. | Senior Secured | September 2027 | Prime + 4.25%, Floor rate 9.00%, 3.50% Exit Fee | $ | 19,600 |  |  | 19,270 |  |  | 20,032 |  |  | (11)(17)(19)
Babel Street | Senior Secured | December 2027 | 3-month SOFR + 7.89%, Floor rate 8.89% | $ | 45,000 |  |  | 43,935 |  |  | 44,887 |  |  | (15)(17)(18)
Brain Corporation | Senior Secured | April 2026 | Prime + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee | $ | 30,338 |  |  | 30,490 |  |  | 30,694 |  |  | (13)(14)(15)(17)
Campaign Monitor Limited | Senior Secured | November 2025 | 3-month SOFR + 9.05%, Floor rate 9.90% | $ | 33,000 |  |  | 32,672 |  |  | 33,000 |  |  | (13)(19)
Catchpoint Systems, Inc. | Senior Secured | November 2025 | 3-month SOFR + 9.41%, Floor rate 11.81% | $ | 10,098 |  |  | 9,940 |  |  | 9,944 |  |  | (18)
Ceros, Inc. | Senior Secured | September 2026 | 6-month LIBOR + 8.99%, Floor rate 9.89% | $ | 21,298 |  |  | 20,923 |  |  | 21,492 |  |  | (17)(18)
| Senior Secured | September 2026 | 6-month SOFR + 8.89%, Floor rate 9.89% | $ | 1,622 |  |  | 1,599 |  |  | 1,614 |  |  | (17)(18)
Total Ceros, Inc. |  |  |  | $ | 22,920 |  |  | 22,522 |  |  | 23,106 |  |  |
Constructor.io Corporation | Senior Secured | July 2027 | 1-month SOFR + 8.44%, Floor rate 9.44% | $ | 4,688 |  |  | 4,587 |  |  | 4,758 |  |  | (13)(17)(18)
Convoy, Inc. | Senior Secured | March 2026 | Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee | $ | 75,092 |  |  | 74,861 |  |  | 24,555 |  |  | (8)(14)(19)
Copper CRM, Inc | Senior Secured | March 2025 | Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.14% Exit Fee | $ | 9,500 |  |  | 9,629 |  |  | 9,407 |  |  | (11)(14)
Cutover, Inc. | Senior Secured | October 2025 | Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | $ | 5,500 |  |  | 5,516 |  |  | 5,685 |  |  | (5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc. | Senior Secured | August 2026 | 6-month SOFR + 8.63%, Floor rate 9.38% | $ | 7,975 |  |  | 7,840 |  |  | 7,701 |  |  | (13)(17)
| Senior Secured | August 2026 | 6-month SOFR + 12.36%, Floor rate 13.11% | $ | 2,553 |  |  | 2,497 |  |  | 2,604 |  |  | (17)
Total Cybermaxx Intermediate Holdings, Inc. |  |  |  | $ | 10,528 |  |  | 10,337 |  |  | 10,305 |  |  |
Dashlane, Inc. | Senior Secured | July 2025 | Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 2.39% Exit Fee | $ | 42,729 |  |  | 42,897 |  |  | 43,211 |  |  | (11)(13)(14)(19)
Dispatch Technologies, Inc. | Senior Secured | April 2028 | 3-month SOFR + 8.01%, Floor rate 8.76% | $ | 8,000 |  |  | 7,816 |  |  | 7,925 |  |  | (17)(18)
DroneDeploy, Inc. | Senior Secured | July 2026 | Prime + 4.50%, Floor rate 8.75%, 4.00% Exit Fee | $ | 6,250 |  |  | 6,043 |  |  | 6,092 |  |  | (17)
Eigen Technologies Ltd. | Senior Secured | April 2025 | Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee | $ | 3,750 |  |  | 3,786 |  |  | 3,749 |  |  | (5)(10)
Elation Health, Inc. | Senior Secured | March 2026 | Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee | $ | 5,096 |  |  | 4,985 |  |  | 5,155 |  |  | (14)(17)(19)
Enmark Systems, Inc. | Senior Secured | September 2026 | 3-month SOFR + 6.88%, Floor rate 7.73%, PIK Interest 2.14% | $ | 8,338 |  |  | 8,195 |  |  | 8,338 |  |  | (11)(14)(17)(18)
Flight Schedule Pro, LLC | Senior Secured | October 2027 | 1-month SOFR + 7.80%, Floor rate 8.70% | $ | 6,268 |  |  | 6,107 |  |  | 6,202 |  |  | (17)(18)
Fortified Health Security | Senior Secured | December 2027 | 6-month SOFR + 7.79%, Floor rate 8.54% | $ | 7,000 |  |  | 6,844 |  |  | 6,845 |  |  | (11)(17)(18)
Ikon Science Limited | Senior Secured | October 2024 | 3-month SOFR + 9.26%, Floor rate 10.00% | $ | 6,300 |  |  | 6,215 |  |  | 6,300 |  |  | (5)(10)(17)(18)
Imperva, Inc. | Senior Secured | January 2027 | 3-month SOFR + 8.01%, Floor rate 8.75% | $ | 20,000 |  |  | 19,893 |  |  | 20,200 |  |  | (19)
Khoros (p.k.a Lithium Technologies) | Senior Secured | January 2025 | 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50% | $ | 57,113 |  |  | 57,065 |  |  | 57,113 |  |  |

See notes to consolidated financial statements
10

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | Cost (2) |  | Value |  | Footnotes
Kore.ai, Inc. | Senior Secured | April 2027 | Prime + 1.50%, Floor rate 9.25%, PIK Interest 2.20%, 2.27% Exit Fee | $ | 33,283 |  |  | $ | 32,886 |  |  | $ | 32,892 |  |  | (14)
Leapwork ApS | Senior Secured | February 2026 | Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee | $ | 3,795 |  |  | 3,780 |  |  | 3,867 |  |  | (5)(10)(12)(14)(17)
LinenMaster, LLC | Senior Secured | August 2028 | 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15% | $ | 15,000 |  |  | 14,706 |  |  | 14,706 |  |  | (17)
Loftware, Inc. | Senior Secured | March 2028 | 3-month SOFR + 7.88%, Floor rate 8.88% | $ | 25,900 |  |  | 25,303 |  |  | 25,820 |  |  | (17)(18)
LogicSource | Senior Secured | July 2027 | 3-month SOFR + 8.93%, Floor rate 9.93% | $ | 13,300 |  |  | 13,062 |  |  | 13,485 |  |  | (17)(18)
Mobile Solutions Services | Senior Secured | December 2025 | 3-month SOFR + 9.21%, Floor rate 10.06% | $ | 18,366 |  |  | 18,088 |  |  | 17,991 |  |  | (18)
Nuvolo Technologies Corporation | Senior Secured | July 2026 | Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee | $ | 22,500 |  |  | 22,680 |  |  | 23,494 |  |  | (12)(13)(17)(19)
Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $ | 7,613 |  |  | 7,403 |  |  | 7,551 |  |  | (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 | $ | 3,836 |  |  | 3,764 |  |  | 3,769 |  |  | (14)(17)
Salary.com, LLC | Senior Secured | September 2027 | 3-month SOFR + 8.00%, Floor rate 9.00% | $ | 17,865 |  |  | 17,561 |  |  | 17,708 |  |  | (18)
ShadowDragon, LLC | Senior Secured | December 2026 | 6-month SOFR + 9.05%, Floor rate 9.95% | $ | 6,000 |  |  | 5,875 |  |  | 5,776 |  |  | (17)(18)
Simon Data, Inc. | Senior Secured | March 2027 | Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.92% Exit Fee | $ | 14,991 |  |  | 14,871 |  |  | 15,097 |  |  | (12)(14)
Sisense Ltd. | Senior Secured | July 2027 | Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 2.55% Exit Fee | $ | 34,659 |  |  | 34,275 |  |  | 34,363 |  |  | (5)(10)(14)
Streamline Healthcare Solutions | Senior Secured | March 2028 | 1-month SOFR + 7.25%, Floor rate 8.25% | $ | 13,200 |  |  | 12,942 |  |  | 13,270 |  |  | (17)(18)
Sumo Logic, Inc. | Senior Secured | May 2030 | 3-month SOFR + 6.50%, Floor rate 7.50% | $ | 23,000 |  |  | 22,446 |  |  | 22,852 |  |  | (17)
Suzy, Inc. | Senior Secured | August 2027 | Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee | $ | 12,005 |  |  | 11,745 |  |  | 11,745 |  |  | (14)(15)(17)
Tact.ai Technologies, Inc. | Senior Secured | February 2024 | Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee | $ | 1,838 |  |  | 1,832 |  |  | 1,832 |  |  | (14)
ThreatConnect, Inc. | Senior Secured | May 2026 | 6-month SOFR + 9.25%, Floor rate 10.00% | $ | 10,948 |  |  | 10,741 |  |  | 10,797 |  |  | (17)(18)
Tipalti Solutions Ltd. | Senior Secured | April 2027 | Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee | $ | 10,595 |  |  | 10,497 |  |  | 10,692 |  |  | (5)(10)(14)(17)
Zappi, Inc. | Senior Secured | December 2027 | 3-month SOFR + 8.03%, Floor rate 9.03% | $ | 9,000 |  |  | 8,806 |  |  | 8,912 |  |  | (5)(10)(13)(17)(18)
Zimperium, Inc. | Senior Secured | May 2027 | 3-month SOFR + 8.31%, Floor rate 9.31% | $ | 16,313 |  |  | 16,042 |  |  | 16,394 |  |  | (17)(18)
Subtotal: Software (47.79%)* |  |  |  | 831,129 |  |  | 789,586 |  |  |
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 | $ | 4,082 |  |  | 4,088 |  |  | 4,147 |  |  | (13)(14)
Pineapple Energy LLC | Senior Secured | June 2027 | FIXED 10.00% | $ | 1,780 |  |  | 1,780 |  |  | 1,768 |  |  | (19)
Subtotal: Sustainable and Renewable Technology (0.36%)* |  |  |  | 5,868 |  |  | 5,915 |  |  |
Total: Debt Investments (187.15%)* |  |  |  | $ | 3,131,673 |  |  | $ | 3,091,880 |  |  |

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Equity Investments |  |  |  |  |  |  |  |  |  |
Consumer & Business Products |  |  |  |  |  |  |  |  |  |
Fabletics, Inc. | Equity | 4/30/2010 | Common Stock | 42,989 |  | $ | 128 |  |  | $ | 75 |  |  |
| Equity | 7/16/2013 | Preferred Series B | 130,191 |  | 1,101 |  |  | 553 |  |  |
Total Fabletics, Inc. |  |  |  | 173,180 |  | 1,229 |  |  | 628 |  |  |
Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 12,260 |  | 433 |  |  | 33 |  |  | (4)
Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 172,328 |  | 13 |  |  | 770 |  |  |

See notes to consolidated financial statements
11

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
TFG Holding, Inc. | Equity | 4/30/2010 | Common Stock | 173,180 |  | $ | 89 |  |  | $ | 503 |  |  |
Subtotal: Consumer & Business Products (0.12%)* |  |  |  |  | 1,764 |  |  | 1,934 |  |  |
Consumer & Business Services |  |  |  |  |  |  |  |  |  |
Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 199,742 |  | 1,151 |  |  | 531 |  |  | (5)(10)
DoorDash, Inc. | Equity | 12/20/2018 | Common Stock | 81,996 |  | 945 |  |  | 6,516 |  |  | (4)
Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100,738 |  | 5,263 |  |  | 1,062 |  |  | (4)
Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 100,000 |  | 1,000 |  |  | 370 |  |  | (4)
OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286,080 |  | 1,663 |  |  | 372 |  |  |
| Equity | 10/25/2016 | Preferred Series A-1 | 108,710 |  | 632 |  |  | 141 |  |  |
Total OfferUp, Inc. |  |  |  | 394,790 |  | 2,295 |  |  | 513 |  |  |
Oportun | Equity | 6/28/2013 | Common Stock | 48,365 |  | 577 |  |  | 349 |  |  | (4)
Reischling Press, Inc. | Equity | 7/31/2020 | Common Stock | 3,095 |  | 39 |  |  | — |  |  |
Rhino Labs, Inc. | Equity | 1/24/2022 | Preferred Series B-2 | 7,063 |  | 1,001 |  |  | 417 |  |  |
Tectura Corporation | Equity | 5/23/2018 | Common Stock | 414,994,863 |  | 900 |  |  | — |  |  | (7)
| Equity | 6/6/2016 | Preferred Series BB | 1,000,000 |  | — |  |  | — |  |  | (7)
Total Tectura Corporation |  |  |  | 415,994,863 |  | 900 |  |  | — |  |  |
Subtotal: Consumer & Business Services (0.59%)* |  |  |  |  | 13,171 |  |  | 9,758 |  |  |
Diversified Financial Services |  |  |  |  |  |  |  |  |  |
Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC) | Equity | 3/1/2018 | Member Units | 1 |  | 32,506 |  |  | 21,553 |  |  | (7)(20)
Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 |  | 35 |  |  | 28,668 |  |  | (7)(23)
Newfront Insurance Holdings, Inc. | Equity | 9/30/2021 | Preferred Series D-2 | 210,282 |  | 403 |  |  | 312 |  |  |
Subtotal: Diversified Financial Services (3.06%)* |  |  |  | 32,944 |  |  | 50,533 |  |  |
Drug Delivery |  |  |  |  |  |  |  |
AcelRx Pharmaceuticals, Inc. | Equity | 12/10/2018 | Common Stock | 8,836 |  | 1,329 |  |  | 5 |  |  | (4)
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 |  |  | 13 |  |  | (4)
Subtotal: Drug Delivery (0.00%)* |  |  |  | 3,638 |  |  | 20 |  |  |
Drug Discovery & Development |  |  |  |  |  |  |  |
Applied Molecular Transport | Equity | 4/6/2021 | Common Stock | 1,000 |  | 42 |  |  | — |  |  | (4)(10)
Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 9,923 |  | 1,000 |  |  | 1 |  |  | (4)
Axsome Therapeutics, Inc. | Equity | 5/9/2022 | Common Stock | 127,021 |  | 4,165 |  |  | 8,878 |  |  | (4)(10)(16)
Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98,100 |  | 1,871 |  |  | 1,971 |  |  | (4)(5)(10)
BridgeBio Pharma, Inc. | Equity | 6/21/2018 | Common Stock | 231,329 |  | 2,255 |  |  | 6,100 |  |  | (4)
Dare Biosciences, Inc. | Equity | 1/8/2015 | Common Stock | 13,550 |  | 1,000 |  |  | 6 |  |  | (4)
Dynavax Technologies | Equity | 7/22/2015 | Common Stock | 20,000 |  | 550 |  |  | 295 |  |  | (4)(10)
Gritstone Bio, Inc. | Equity | 10/26/2022 | Common Stock | 442,477 |  | 1,000 |  |  | 761 |  |  | (4)

See notes to consolidated financial statements
12

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Heron Therapeutics, Inc. | Equity | 7/25/2023 | Common Stock | 364,963 |  | $ | 500 |  |  | $ | 376 |  |  | (4)
Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3,466,840 |  | 4,250 |  |  | 1,420 |  |  | (15)
HilleVax, Inc. | Equity | 5/3/2022 | Common Stock | 235,295 |  | 4,000 |  |  | 3,165 |  |  | (4)
Humanigen, Inc. | Equity | 3/31/2021 | Common Stock | 43,243 |  | 800 |  |  | 1 |  |  | (4)(10)
Kura Oncology, Inc. | Equity | 6/16/2023 | Common Stock | 47,826 |  | 550 |  |  | 436 |  |  | (4)(10)
Madrigal Pharmaceutical, Inc. | Equity | 9/29/2023 | Common Stock | 5,100 |  | 773 |  |  | 745 |  |  | (4)(10)
NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 |  | 2,000 |  |  | 587 |  |  | (5)(10)
Phathom Pharmaceuticals, Inc. | Equity | 6/9/2023 | Common Stock | 147,233 |  | 1,730 |  |  | 1,527 |  |  | (4)(10)(16)
Rocket Pharmaceuticals, Ltd. | Equity | 8/22/2007 | Common Stock | 944 |  | 1,500 |  |  | 19 |  |  | (4)
Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11,119 |  | 203 |  |  | 42 |  |  | (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 |  |  | 2,764 |  |  | (4)(10)
uniQure B.V. | Equity | 1/31/2019 | Common Stock | 17,175 |  | 332 |  |  | 115 |  |  | (4)(5)(10)
Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510,308 |  | 3,000 |  |  | 2,001 |  |  |
| Equity | 10/31/2022 | Preferred Series C | 170,102 |  | 1,000 |  |  | 1,006 |  |  |
Total Valo Health, LLC |  |  |  | 680,410 |  | 4,000 |  |  | 3,007 |  |  |
Verge Analytics, Inc. | Equity | 9/6/2023 | Preferred Series C | 208,588 |  | 1,500 |  |  | 1,500 |  |  |
X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 1,566,064 |  | 2,945 |  |  | 1,707 |  |  | (4)
Subtotal: Drug Discovery & Development (2.14%)* |  |  |  | 40,335 |  |  | 35,429 |  |  |
Electronics & Computer Hardware |  |  |  |  |  |  |  |
Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15,116 |  | 650 |  |  | 408 |  |  |
Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248,900 |  | 1,500 |  |  | 447 |  |  |
Subtotal: Electronics & Computer Hardware (0.05%)* |  |  |  | 2,150 |  |  | 855 |  |  |
Healthcare Services, Other |  |  |  |  |  |  |  |
23andMe, Inc. | Equity | 3/11/2019 | Common Stock | 825,732 |  | 5,094 |  |  | 807 |  |  | (4)
Carbon Health Technologies, Inc. | Equity | 3/30/2021 | Preferred Series C | 217,880 |  | 1,687 |  |  | 564 |  |  |
Subtotal: Healthcare Services, Other (0.08%)* |  |  |  | 6,781 |  |  | 1,371 |  |  |
Information Services |  |  |  |  |  |  |  |  |  |
Planet Labs, Inc. | Equity | 6/21/2019 | Common Stock | 547,880 |  | 615 |  |  | 1,424 |  |  | (4)
Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41,021 |  | 3,825 |  |  | 4,540 |  |  |
Subtotal: Information Services (0.36%)* |  |  |  | 4,440 |  |  | 5,964 |  |  |
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 |  |  | 245 |  |  | (7)
Total Coronado Aesthetics, LLC |  |  |  | 5,180,000 |  | 250 |  |  | 247 |  |  |
Gelesis, Inc. | Equity | 11/30/2009 | Common Stock | 1,490,700 |  | 871 |  |  | 72 |  |  | (4)
ViewRay, Inc. | Equity | 12/16/2013 | Common Stock | 36,457 |  | 332 |  |  | — |  |  | (4)
Subtotal: Medical Devices & Equipment (0.02%)* |  |  |  | 1,453 |  |  | 319 |  |  |

See notes to consolidated financial statements
13

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Semiconductors |  |  |  |  |  |  |  |  |
Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277,995 |  | $ | 160 |  |  | $ | 377 |  |  |
Subtotal: Semiconductors (0.02%)* |  |  |  | 160 |  |  | 377 |  |  |
Software |  |  |  |  |  |  |  |
3GTMS, LLC | Equity | 8/9/2021 | Common Stock | 1,000,000 |  | 1,000 |  |  | 896 |  |  |
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 |  |  | 281 |  |  | (5)(10)
| Equity | 11/20/2018 | Preferred Series D | 108,500 |  | 500 |  |  | 788 |  |  | (5)(10)
Total Contentful Global, Inc. |  |  |  | 149,500 |  | 638 |  |  | 1,069 |  |  |
Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20,000 |  | 4,284 |  |  | 568 |  |  |
Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458,841 |  | 1,000 |  |  | 2,381 |  |  |
| Equity | 8/24/2017 | Preferred Series 3 | 93,620 |  | 300 |  |  | 513 |  |  |
Total Druva Holdings, Inc. |  |  |  | 552,461 |  | 1,300 |  |  | 2,894 |  |  |
HighRoads, Inc. | Equity | 1/18/2013 | Common Stock | 190 |  | 307 |  |  | — |  |  |
Leapwork ApS | Equity | 8/25/2023 | Preferred Series B2 | 183,073 |  | 250 |  |  | 230 |  |  | (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 |  |  | 1,855 |  |  | (4)
Palantir Technologies | Equity | 9/23/2020 | Common Stock | 818,337 |  | 5,002 |  |  | 13,093 |  |  | (4)
SingleStore, Inc. | Equity | 11/25/2020 | Preferred Series E | 580,983 |  | 2,000 |  |  | 1,923 |  |  |
| Equity | 8/12/2021 | Preferred Series F | 52,956 |  | 280 |  |  | 219 |  |  |
Total SingleStore, Inc. |  |  |  | 633,939 |  | 2,280 |  |  | 2,142 |  |  |
Verana Health, Inc. | Equity | 7/8/2021 | Preferred Series E | 952,562 |  | 2,000 |  |  | 471 |  |  |
ZeroFox, Inc. | Equity | 5/7/2020 | Common Stock | 289,992 |  | 101 |  |  | 255 |  |  | (4)
Subtotal: Software (1.57%)* |  |  |  | 24,738 |  |  | 25,902 |  |  |
Sustainable and Renewable Technology |  |  |  |  |  |  |  |  |
Fulcrum Bioenergy, Inc. | Equity | 9/13/2012 | Preferred Series C-1 | 187,265 |  | 711 |  |  | 1,142 |  |  |
Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188,611 |  | 2,000 |  |  | 766 |  |  |
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 |  |  | 259 |  |  | (4)
Pivot Bio, Inc. | Equity | 6/28/2021 | Preferred Series D | 593,080 |  | 4,500 |  |  | 2,341 |  |  |
Proterra, Inc. | Equity | 5/28/2015 | Common Stock | 457,841 |  | 542 |  |  | 25 |  |  | (4)
Subtotal: Sustainable and Renewable Technology (0.27%)* |  |  |  | 11,508 |  |  | 4,533 |  |  |
Total: Equity Investments (8.29%)* |  |  |  | $ | 143,082 |  |  | $ | 136,995 |  |  |
Warrant Investments |  |  |  |  |  |  |  |  |  |
Biotechnology Tools |  |  |  |  |  |  |  |  |  |
Alamar Biosciences, Inc. | Warrant | 6/21/2022 | Preferred Series B | 15,399 |  | $ | 24 |  |  | $ | 7 |  |  |

See notes to consolidated financial statements
14

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
PathAI, Inc. | Warrant | 12/23/2022 | Common Stock | 53,418 |  | $ | 461 |  |  | $ | 307 |  |  | (12)
Subtotal: Biotechnology Tools (0.02%)* |  |  |  | 485 |  |  | 314 |  |  |
Communications & Networking |  |  |  |  |  |  |  |
Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 229,611 |  | 123 |  |  | 80 |  |  | (12)
Subtotal: Communications & Networking (0.00%)* |  |  |  | 123 |  |  | 80 |  |  |
Consumer & Business Products |  |  |  |  |  |  |  |
Gadget Guard, LLC | Warrant | 6/3/2014 | Common Stock | 1,662,441 |  | 228 |  |  | — |  |  |
The Neat Company | Warrant | 8/13/2014 | Common Stock | 54,054 |  | 365 |  |  | — |  |  |
Whoop, Inc. | Warrant | 6/27/2018 | Preferred Series C | 686,270 |  | 18 |  |  | 225 |  |  |
Subtotal: Consumer & Business Products (0.01%)* |  |  |  | 611 |  |  | 225 |  |  |
Consumer & Business Services |  |  |  |  |  |  |  |
Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174,163 |  | 164 |  |  | 58 |  |  | (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 |  |  | 184 |  |  | (15)
Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127,032 |  | 39 |  |  | 16 |  |  |
Provi | Warrant | 12/22/2022 | Common Stock | 117,042 |  | 166 |  |  | 103 |  |  | (15)
Rhino Labs, Inc. | Warrant | 3/12/2021 | Common Stock | 13,106 |  | 471 |  |  | 1 |  |  | (15)
RumbleON, Inc. | Warrant | 10/30/2018 | Common Stock | 1,048 |  | 15 |  |  | — |  |  | (4)
SeatGeek, Inc. | Warrant | 6/12/2019 | Common Stock | 1,379,761 |  | 842 |  |  | 1,863 |  |  | (16)
Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1,607,143 |  | 57 |  |  | 66 |  |  |
| Warrant | 8/23/2019 | Preferred Series B | 444,444 |  | 83 |  |  | 5 |  |  |
Total Skyword, Inc. |  |  |  | 2,051,587 |  | 140 |  |  | 71 |  |  |
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 |  |  | 403 |  |  | (12)
Udacity, Inc. | Warrant | 9/25/2020 | Common Stock | 486,359 |  | 218 |  |  | — |  |  | (12)
Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98,428 |  | 126 |  |  | 10 |  |  | (12)
Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77,215 |  | 129 |  |  | 18 |  |  | (5)(10)(12)(16)
| Warrant | 8/27/2021 | Preferred Series E | 1,868 |  | 26 |  |  | — |  |  | (5)(10)(16)
Total Worldremit Group Limited |  |  |  | 79,083 |  | 155 |  |  | 18 |  |  |
Subtotal: Consumer & Business Services (0.17%)* |  |  |  | 4,176 |  |  | 2,727 |  |  |
Diversified Financial Services |  |  |  |  |  |  |  |
Next Insurance, Inc. | Warrant | 2/3/2023 | Common Stock | 522,930 |  | 214 |  |  | 149 |  |  |
Subtotal: Diversified Financial Services (0.01%)* |  |  |  | 214 |  |  | 149 |  |  |
Drug Delivery |  |  |  |  |  |  |  |  |
Aerami Therapeutics Holdings, Inc. | Warrant | 9/30/2015 | Common Stock | 110,882 |  | 74 |  |  | — |  |  |

See notes to consolidated financial statements
15

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
BioQ Pharma Incorporated | Warrant | 10/27/2014 | Common Stock | 459,183 |  | $ | 1 |  |  | $ | — |  |  |
PDS Biotechnology Corporation | Warrant | 8/28/2014 | Common Stock | 3,929 |  | 390 |  |  | — |  |  | (4)
Subtotal: Drug Delivery (0.00%)* |  |  |  | 465 |  |  | — |  |  |
Drug Discovery & Development |  |  |  |  |  |  |  |  |  |
ADMA Biologics, Inc. | Warrant | 2/24/2014 | Common Stock | 58,000 |  | 166 |  |  | 5 |  |  | (4)
Akero Therapeutics, Inc. | Warrant | 6/15/2022 | Common Stock | 22,949 |  | 175 |  |  | 764 |  |  | (4)(10)
AmplifyBio, LLC | Warrant | 12/27/2022 | Class A Units | 69,239 |  | 238 |  |  | 172 |  |  | (15)
Axsome Therapeutics, Inc. | Warrant | 9/25/2020 | Common Stock | 61,004 |  | 1,290 |  |  | 1,338 |  |  | (4)(10)(12)(16)
Cellarity, Inc. | Warrant | 12/8/2021 | Preferred Series B | 100,000 |  | 286 |  |  | 173 |  |  | (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 |  |  | 237 |  |  | (4)(5)(10)
Curevo, Inc. | Warrant | 6/9/2023 | Common Stock | 95,221 |  | 233 |  |  | 190 |  |  | (15)
Dermavant Sciences Ltd. | Warrant | 5/31/2019 | Common Stock | 223,642 |  | 101 |  |  | 56 |  |  | (5)(10)
enGene, Inc. | Warrant | 12/30/2021 | Preferred Series 3 | 133,692 |  | 72 |  |  | — |  |  | (5)(10)(12)
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 |  |  | 111 |  |  | (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 |  |  | 30 |  |  | (4)(10)(15)
Madrigal Pharmaceutical, Inc. | Warrant | 5/9/2022 | Common Stock | 13,229 |  | 570 |  |  | 1,102 |  |  | (4)(10)
Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64,687 |  | 848 |  |  | 109 |  |  | (4)(10)(12)(15)(16)
Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475,510 |  | 20 |  |  | 12 |  |  | (15)
Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 106,035 |  | 296 |  |  | 38 |  |  | (4)
TG Therapeutics, Inc. | Warrant | 2/28/2019 | Common Stock | 264,226 |  | 1,284 |  |  | 1,101 |  |  | (4)(10)(12)
Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102,216 |  | 256 |  |  | 121 |  |  |
X4 Pharmaceuticals, Inc. | Warrant | 3/18/2019 | Common Stock | 1,392,787 |  | 510 |  |  | 365 |  |  | (4)
Subtotal: Drug Discovery & Development (0.36%)* |  |  |  | 7,471 |  |  | 5,924 |  |  |
Electronics & Computer Hardware |  |  |  |  |  |  |  |  |
908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49,078 |  | 101 |  |  | 57 |  |  | (4)
Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8,503 |  | 34 |  |  | 119 |  |  |
Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622,255 |  | 557 |  |  | 170 |  |  |
Subtotal: Electronics & Computer Hardware (0.02%)* |  |  |  | 692 |  |  | 346 |  |  |
Healthcare Services, Other |  |  |  |  |  |  |  |
Modern Life, Inc. | Warrant | 3/30/2023 | Common Stock | 37,618 |  | 164 |  |  | 153 |  |  |
Recover Together, Inc. | Warrant | 7/3/2023 | Common Stock | 194,830 |  | 382 |  |  | 309 |  |  |
Strive Health Holdings, LLC | Warrant | 9/28/2023 | Common Units | 51,760 |  | 83 |  |  | 82 |  |  | (15)

See notes to consolidated financial statements
16

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Vida Health, Inc. | Warrant | 3/28/2022 | Common Stock | 155,957 |  | $ | 120 |  |  | $ | 4 |  |  |
Subtotal: Healthcare Services, Other (0.03%)* |  |  |  | 749 |  |  | 548 |  |  |
Information Services |  |  |  |  |  |  |  |  |
Capella Space Corp. | Warrant | 10/21/2021 | Common Stock | 176,200 |  | 207 |  |  | 56 |  |  | (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 |  |  | 351 |  |  |
Signal Media Limited | Warrant | 6/29/2022 | Common Stock | 94,857 |  | 35 |  |  | 41 |  |  | (5)(10)
Subtotal: Information Services (0.03%)* |  |  |  | 680 |  |  | 448 |  |  |
Manufacturing Technology |  |  |  |  |  |  |  |  |
Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392,308 |  | 537 |  |  | 442 |  |  |
MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1,111,111 |  | 528 |  |  | 912 |  |  |
Xometry, Inc. | Warrant | 5/9/2018 | Common Stock | 87,784 |  | 47 |  |  | 809 |  |  | (4)
Subtotal: Manufacturing Technology (0.13%)* |  |  |  | 1,112 |  |  | 2,163 |  |  |
Media/Content/Info |  |  |  |  |  |  |  |  |
Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 369,370 |  | 67 |  |  | 236 |  |  |
Subtotal: Media/Content/Info (0.01%)* |  |  |  | 67 |  |  | 236 |  |  |
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 |  |  | 205 |  |  | (4)
Senseonics Holdings, Inc. | Warrant | 9/8/2023 | Common Stock | 728,317 |  | 200 |  |  | 206 |  |  | (4)
Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15,712 |  | 61 |  |  | — |  |  | (4)
Subtotal: Medical Devices & Equipment (0.02%)* |  |  |  | 956 |  |  | 411 |  |  |
Semiconductors |  |  |  |  |  |  |  |  |  |
Achronix Semiconductor Corporation | Warrant | 6/26/2015 | Preferred Series D-2 | 750,000 |  | 99 |  |  | 802 |  |  |
Subtotal: Semiconductors (0.05%)* |  |  |  | 99 |  |  | 802 |  |  |
Software |  |  |  |  |  |  |  |  |
Aria Systems, Inc. | Warrant | 5/22/2015 | Preferred Series G | 231,535 |  | 74 |  |  | — |  |  |
Automation Anywhere, Inc. | Warrant | 9/23/2022 | Common Stock | 254,778 |  | 449 |  |  | 401 |  |  |
Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29,691 |  | 284 |  |  | 508 |  |  |
Brain Corporation | Warrant | 10/4/2021 | Common Stock | 194,629 |  | 165 |  |  | 53 |  |  | (15)
CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211,342 |  | 117 |  |  | 5 |  |  |
Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477,454 |  | 71 |  |  | 25 |  |  |
Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6,763 |  | 54 |  |  | 805 |  |  | (5)(10)
Convoy, Inc. | Warrant | 3/30/2022 | Common Stock | 165,456 |  | 974 |  |  | — |  |  |
Couchbase, Inc. | Warrant | 4/25/2019 | Common Stock | 105,350 |  | 462 |  |  | 821 |  |  | (4)
Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102,898 |  | 26 |  |  | 50 |  |  | (5)(10)(12)
Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 453,641 |  | 353 |  |  | 109 |  |  |
Delphix Corp. | Warrant | 10/8/2019 | Common Stock | 718,898 |  | 1,594 |  |  | 3,752 |  |  |

See notes to consolidated financial statements
17

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727,047 |  | $ | 545 |  |  | $ | 248 |  |  |
DNAnexus, Inc. | Warrant | 3/21/2014 | Preferred Series C | 909,091 |  | 97 |  |  | 146 |  |  |
Dragos, Inc. | Warrant | 6/28/2023 | Common Stock | 49,309 |  | 1,452 |  |  | 1,167 |  |  |
DroneDeploy, Inc. | Warrant | 6/30/2022 | Common Stock | 95,911 |  | 278 |  |  | 379 |  |  |
Eigen Technologies Ltd. | Warrant | 4/13/2022 | Common Stock | 522 |  | 8 |  |  | 3 |  |  | (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 |  |  | 45 |  |  |
Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84,995 |  | 325 |  |  | 394 |  |  |
Kore.ai, Inc. | Warrant | 3/31/2023 | Preferred Series C | 64,293 |  | 208 |  |  | 256 |  |  |
Leapwork ApS | Warrant | 1/23/2023 | Common Stock | 39,948 |  | 16 |  |  | 38 |  |  | (5)(10)(12)
Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series D | 89,685 |  | 131 |  |  | 54 |  |  |
Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82,362 |  | 252 |  |  | 236 |  |  |
Nuvolo Technologies Corporation | Warrant | 3/29/2019 | Common Stock | 70,000 |  | 172 |  |  | 640 |  |  | (12)
Onna Technologies, Inc. | Warrant | 7/5/2023 | Common Stock | 172,867 |  | 60 |  |  | 33 |  |  |
Poplicus, Inc. | Warrant | 5/28/2014 | Common Stock | 132,168 |  | — |  |  | — |  |  |
Reltio, Inc. | Warrant | 6/30/2020 | Common Stock | 69,120 |  | 215 |  |  | 386 |  |  |
Simon Data, Inc. | Warrant | 3/22/2023 | Common Stock | 77,934 |  | 96 |  |  | 61 |  |  | (12)
SingleStore, Inc. | Warrant | 4/28/2020 | Preferred Series D | 312,596 |  | 103 |  |  | 416 |  |  |
Sisense Ltd. | Warrant | 6/8/2023 | Ordinary Shares | 321,956 |  | 174 |  |  | 142 |  |  | (5)(10)
Suzy, Inc. | Warrant | 8/24/2023 | Common Stock | 292,936 |  | 367 |  |  | 334 |  |  | (15)
Tact.ai Technologies, Inc. | Warrant | 2/13/2020 | Common Stock | 1,041,667 |  | 206 |  |  | — |  |  |
The Faction Group LLC | Warrant | 11/3/2014 | Preferred Series AA | 8,076 |  | 234 |  |  | 958 |  |  |
Tipalti Solutions Ltd. | Warrant | 3/22/2023 | Ordinary Shares | 254,877 |  | 174 |  |  | 203 |  |  | (5)(10)
VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152,048 |  | 1,275 |  |  | 120 |  |  | (15)
Subtotal: Software (0.79%)* |  |  |  | 11,690 |  |  | 12,976 |  |  |
Surgical Devices |  |  |  |  |  |  |  |  |
TransMedics Group, Inc. | Warrant | 9/11/2015 | Common Stock | 14,440 |  | 39 |  |  | 418 |  |  | (4)
Subtotal: Surgical Devices (0.03%)* |  |  |  |  | 39 |  |  | 418 |  |  |
Sustainable and Renewable Technology |  |  |  |  |  |  |  |  |
Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18,472 |  | 52 |  |  | 37 |  |  |
Halio, Inc. | Warrant | 4/22/2014 | Preferred Series A | 325,000 |  | 155 |  |  | 22 |  |  |
| Warrant | 4/7/2015 | Preferred Series B | 131,883 |  | 63 |  |  | 7 |  |  |
Total Halio, Inc. |  |  |  | 456,883 |  | 218 |  |  | 29 |  |  |
Polyera Corporation | Warrant | 3/24/2015 | Preferred Series C | 150,036 |  | 269 |  |  | — |  |  |
Subtotal: Sustainable and Renewable Technology (0.00%)* |  |  |  | 539 |  |  | 66 |  |  |
Total: Warrant Investments (1.68%)* |  |  |  | $ | 30,168 |  |  | $ | 27,833 |  |  |
Total Investments in Securities (197.13%)* |  |  |  | $ | 3,304,923 |  |  | $ | 3,256,708 |  |  |

See notes to consolidated financial statements
18

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(6) | 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 |  |  |  | $ | 3,271 |  |  | $ | 3,311 |  |  | (5)(10)(17)
Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 |  |  |  | 319 |  |  | 987 |  |  | (5)(10)(17)
Subtotal: Drug Discovery & Development (0.26%)* |  |  |  | 3,590 |  |  | 4,298 |  |  |
Software |  |  |  |  |  |  |  |  |
Liberty Zim Co-Invest L.P. | Investment Funds & Vehicles | 7/21/2022 |  |  |  | 381 |  |  | 385 |  |  | (5)(10)
Subtotal: Software (0.02%)* |  |  |  | 381 |  |  | 385 |  |  |
Total: Investment Funds & Vehicles Investments (0.28%)* |  |  |  | $ | 3,971 |  |  | $ | 4,683 |  |  |
Total Investments (197.41%)* |  |  |  | $ | 3,308,894 |  |  | $ | 3,261,391 |  |  |

Foreign Currency Forward Contracts |  |  |  |  |  |  |  |
Foreign Currency | Settlement Date | Counterparty | Amount |  | Transaction | US $ Value at Settlement Date |  | Value
Great British Pound (GBP) | 6/3/2024 | Goldman Sachs Bank USA | £ | 19,288 |  |  | Sold | $ | 23,810 |  |  | $ | 230 |
Total Foreign Currency Forward (0.01%*) |  |  |  |  |  | $ | 23,810 |  |  | $ | 230 |

*Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.
(1)Interest rate PRIME represents 8.50% as of September 30, 2023. 1-month LIBOR, 3-month LIBOR and 6-month LIBOR represent 5.43%, 5.66%, and 5.90%, respectively, as of September 30, 2023. 1-month SOFR, 3-month SOFR and 6-month SOFR represent 5.32%, 5.27%, and 5.17%, respectively, as of September 30, 2023.
(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation for federal income tax purposes totaled $97.2 million, $143.1 million and $45.9 million, respectively. The tax cost of investments is $3.3 billion.
(3)Preferred and common stock, warrants, and equity interest are generally non-income producing.
(4)Denotes an investment in common stock or warrants of a publicly traded company. None of the publicly traded company securities are restricted securities as defined under the Securities Act of 1933 ("Securities Act") as of September 30, 2023.
(5)Non-U.S. company or the company’s principal place of business is outside the United States.
(6)Unless otherwise noted, all securities are restricted as of September 30, 2023 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the “Valuation Committee”) and approved by the board of directors (the “Board”).
(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 September 30, 2023, and is therefore considered non-income producing. Note that as of September 30, 2023, only the PIK, or payment-in-kind, portion is on non-accrual for the Company’s debt investment in Tectura Corporation.
(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 September 30, 2023.
See notes to consolidated financial statements
19

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2023 (unaudited)
(dollars in thousands)
(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of September 30, 2023 (Refer to “Note 11 - Commitments and Contingencies”).
(18)Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.
(19)Denotes second lien senior secured debt.
(20)Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC.
(21)Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of September 30, 2023, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 million.
(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $4.6 million and $3.2 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.
See notes to consolidated financial statements
20

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | 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 | $ | 5,000 |  |  | $ | 4,951 |  |  | $ | 4,951 |  |  | (17)
PathAI, Inc. | Senior Secured | January 2027 | Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee | $ | 28,000 |  |  | 27,388 |  |  | 27,388 |  |  | (17)
Subtotal: Biotechnology Tools (2.31%)* |  |  |  | 32,339 |  |  | 32,339 |  |  |
Communications & Networking |  |  |  |  |  |  |  |  |
Aryaka Networks, Inc. | Senior Secured | July 2026 | Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee | $ | 5,023 |  |  | 4,969 |  |  | 5,053 |  |  | (14)(17)(19)
Cytracom Holdings LLC | Senior Secured | February 2025 | 3-month LIBOR + 9.31%, Floor rate 10.31% | $ | 8,910 |  |  | 8,768 |  |  | 8,748 |  |  | (11)(17)(18)
Rocket Lab Global Services, LLC | Senior Secured | June 2024 | Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee | $ | 84,581 |  |  | 85,430 |  |  | 87,933 |  |  | (11)(12)(13)(14)(16)
Subtotal: Communications & Networking (7.26%)* |  |  |  | 99,167 |  |  | 101,734 |  |  |
Consumer & Business Services |  |  |  |  |  |  |  |  |
AppDirect, Inc. | Senior Secured | April 2026 | Prime + 5.50%, Floor rate 8.75%, 8.29% Exit Fee | $ | 40,790 |  |  | 41,856 |  |  | 42,426 |  |  | (12)(17)
Carwow LTD | Senior Secured | December 2024 | Prime +4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee | £ | 18,890 |  |  | 26,024 |  |  | 22,971 |  |  | (5)(10)(14)
Houzz, Inc. | Convertible Debt | May 2028 | PIK Interest 5.50% | $ | 21,853 |  |  | 21,853 |  |  | 20,356 |  |  | (9)(14)
Jobandtalent USA, Inc. | Senior Secured | February 2025 | 1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee | $ | 14,000 |  |  | 13,853 |  |  | 13,904 |  |  | (5)(10)
Provi | Senior Secured | December 2026 | Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | $ | 15,000 |  |  | 14,739 |  |  | 14,739 |  |  | (15)
Rhino Labs, Inc. | Senior Secured | March 2024 | Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25% | $ | 16,500 |  |  | 16,328 |  |  | 16,496 |  |  | (14)(15)
RVShare, LLC | Senior Secured | December 2026 | 3-month LIBOR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | $ | 27,730 |  |  | 27,265 |  |  | 27,256 |  |  | (13)(14)(15)(17)
SeatGeek, Inc. | Senior Secured | June 2023 | Prime + 5.00%, Floor rate 10.50%, PIK Interest 0.50% | $ | 60,915 |  |  | 60,721 |  |  | 60,721 |  |  | (12)(13)(14)(16)
| Senior Secured | May 2026 | Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50% | $ | 25,071 |  |  | 24,912 |  |  | 25,823 |  |  | (11)(14)(16)
Total SeatGeek, Inc. |  |  |  | $ | 85,986 |  |  | 85,633 |  |  | 86,544 |  |  |
Skyword, Inc. | Senior Secured | November 2026 | Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | $ | 9,007 |  |  | 8,918 |  |  | 8,870 |  |  | (13)(14)
Tectura Corporation | Senior Secured | July 2024 | PIK Interest 5.00% | $ | 10,680 |  |  | 240 |  |  | — |  |  | (7)(8)(14)
| Senior Secured | July 2024 | FIXED 8.25% | $ | 8,250 |  |  | 8,250 |  |  | 8,042 |  |  | (7)(8)(14)
| Senior Secured | July 2024 | PIK Interest 5.00% | $ | 13,023 |  |  | 13,023 |  |  | — |  |  | (7)(8)(14)
Total Tectura Corporation |  |  |  | $ | 31,953 |  |  | 21,513 |  |  | 8,042 |  |  |
Thumbtack, Inc. | Senior Secured | April 2026 | Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee | $ | 10,103 |  |  | 10,050 |  |  | 10,167 |  |  | (12)(14)(17)
Udacity, Inc. | Senior Secured | September 2024 | Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee | $ | 51,937 |  |  | 52,265 |  |  | 52,976 |  |  | (12)(14)
Veem, Inc. | Senior Secured | March 2025 | Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee | $ | 5,043 |  |  | 5,000 |  |  | 5,042 |  |  | (13)(14)
| Senior Secured | March 2025 | Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee | $ | 5,033 |  |  | 4,988 |  |  | 5,124 |  |  | (14)
Total Veem, Inc. |  |  |  | $ | 10,076 |  |  | 9,988 |  |  | 10,166 |  |  |
Worldremit Group Limited | Senior Secured | February 2025 | 3-month LIBOR + 9.25%, Floor rate 10.25%, 3.00% Exit Fee | $ | 94,500 |  |  | 94,418 |  |  | 93,837 |  |  | (5)(10)(11)(12)(16)(19)
Subtotal: Consumer & Business Services (30.59%)* |  |  |  | 444,703 |  |  | 428,750 |  |  |
Diversified Financial Services |  |  |  |  |  |  |  |  |
Gibraltar Business Capital, LLC | Unsecured | September 2026 | FIXED 14.50% | $ | 15,000 |  |  | 14,715 |  |  | 12,802 |  |  | (7)
| Unsecured | September 2026 | FIXED 11.50% | $ | 10,000 |  |  | 9,852 |  |  | 8,898 |  |  | (7)
Total Gibraltar Business Capital, LLC |  |  |  | $ | 25,000 |  |  | 24,567 |  |  | 21,700 |  |  |

See notes to consolidated financial statements
21

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | Cost (2) |  | Value |  | Footnotes
Hercules Adviser LLC | Unsecured | June 2025 | FIXED 5.00% | $ | 12,000 |  |  | $ | 12,000 |  |  | $ | 12,000 |  |  | (7)
Subtotal: Diversified Financial Services (2.40%)* |  |  |  | 36,567 |  |  | 33,700 |  |  |
Drug Discovery & Development |  |  |  |  |  |  |  |  |  |
Akero Therapeutics, Inc. | Senior Secured | January 2027 | Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee | $ | 5,000 |  |  | 4,986 |  |  | 5,039 |  |  | (10)(13)(17)
Aldeyra Therapeutics, Inc. | Senior Secured | October 2024 | Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee | $ | 15,000 |  |  | 15,879 |  |  | 15,974 |  |  | (11)
Alladapt Immunotherapeutics Inc. | Senior Secured | September 2026 | Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 10.60% Exit Fee | $ | 15,000 |  |  | 14,920 |  |  | 14,920 |  |  | (13)(17)
AmplifyBio, LLC | Senior Secured | January 2027 | Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee | $ | 24,000 |  |  | 23,663 |  |  | 23,663 |  |  | (15)
ATAI Life Sciences N.V. | Senior Secured | August 2026 | Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee | $ | 10,500 |  |  | 10,513 |  |  | 10,513 |  |  | (5)(10)
Aveo Pharmaceuticals, Inc. | Senior Secured | September 2024 | Prime + 6.40%, Floor rate 9.65%, Cap rate 15.00%, 6.95% Exit Fee | $ | 40,000 |  |  | 41,644 |  |  | 43,183 |  |  | (11)(15)
Axsome Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 5.70%, Floor rate 8.95%, Cap rate 10.70%, 5.31% Exit Fee | $ | 81,725 |  |  | 81,631 |  |  | 78,074 |  |  | (10)(11)(12)(16)(17)
Bicycle Therapeutics PLC | Senior Secured | July 2025 | Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee | $ | 11,500 |  |  | 11,757 |  |  | 11,435 |  |  | (5)(10)(11)(12)
BiomX, INC | Senior Secured | September 2025 | Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee | $ | 9,000 |  |  | 9,174 |  |  | 9,052 |  |  | (5)(10)(11)
BridgeBio Pharma, Inc. | Senior Secured | November 2026 | FIXED 9.00%, 2.00% Exit Fee | $ | 37,312 |  |  | 37,039 |  |  | 33,344 |  |  | (12)(13)(14)
Cellarity, Inc. | Senior Secured | June 2026 | Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee | $ | 30,000 |  |  | 29,841 |  |  | 30,097 |  |  | (13)(15)
Century Therapeutics, Inc. | Senior Secured | April 2024 | Prime + 6.30%, Floor rate 9.55%, 3.95% Exit Fee | $ | 10,000 |  |  | 10,235 |  |  | 10,292 |  |  | (11)
Codiak Biosciences, Inc. | Senior Secured | October 2025 | Prime + 5.00%, Floor rate 8.25%, 5.50% Exit Fee | $ | 25,000 |  |  | 25,759 |  |  | 25,177 |  |  | (11)
Corium, Inc. | Senior Secured | September 2026 | Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | $ | 132,675 |  |  | 133,557 |  |  | 135,619 |  |  | (13)(16)
Eloxx Pharmaceuticals, Inc. | Senior Secured | April 2025 | Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee | $ | 12,500 |  |  | 12,753 |  |  | 12,535 |  |  | (15)
enGene, Inc. | Senior Secured | July 2025 | Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee | $ | 11,000 |  |  | 11,072 |  |  | 11,067 |  |  | (5)(10)(12)(13)
Finch Therapeutics Group, Inc. | Senior Secured | November 2026 | Prime + 4.05%, Floor rate 7.55%, Cap rate 8.80%, 5.50% Exit Fee | $ | 15,000 |  |  | 15,012 |  |  | 13,940 |  |  |
G1 Therapeutics, Inc. | Senior Secured | November 2026 | Prime + 5.90%, Floor rate 9.15%, 9.86% Exit Fee | $ | 58,125 |  |  | 58,674 |  |  | 58,407 |  |  | (11)(12)(15)(17)
Geron Corporation | Senior Secured | October 2024 | Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee | $ | 18,500 |  |  | 19,109 |  |  | 19,174 |  |  | (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 | $ | 15,113 |  |  | 15,109 |  |  | 15,109 |  |  | (14)(17)
Hibercell, Inc. | Senior Secured | May 2025 | Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | $ | 17,000 |  |  | 17,313 |  |  | 17,265 |  |  | (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 | $ | 12,072 |  |  | 12,043 |  |  | 11,333 |  |  | (14)(15)(17)
Iveric Bio, Inc. | Senior Secured | August 2027 | Prime + 4.00%, Floor rate 8.75%, Cap rate 10.25%, 4.25% Exit Fee | $ | 49,500 |  |  | 49,090 |  |  | 49,090 |  |  | (10)(12)
Kura Oncology, Inc. | Senior Secured | November 2027 | Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee | $ | 5,500 |  |  | 5,448 |  |  | 5,448 |  |  | (10)(15)(17)
Locus Biosciences, Inc. | Senior Secured | July 2025 | Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee | $ | 8,000 |  |  | 8,120 |  |  | 8,085 |  |  | (15)
Madrigal Pharmaceutical, Inc. | Senior Secured | May 2026 | Prime + 3.95%, Floor rate 7.45%, 5.35% Exit Fee | $ | 34,000 |  |  | 33,945 |  |  | 33,987 |  |  | (10)(17)
Nabriva Therapeutics | Senior Secured | June 2023 | Prime + 4.30%, Floor rate 9.80%, 9.95% Exit Fee | $ | 2,079 |  |  | 2,734 |  |  | 2,804 |  |  | (5)(10)(13)
Phathom Pharmaceuticals, Inc. | Senior Secured | October 2026 | Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee | $ | 94,737 |  |  | 95,032 |  |  | 93,916 |  |  | (10)(12)(14)(15)(16) (17)(22)
Provention Bio, Inc. | Senior Secured | September 2027 | Prime + 2.70%, Floor rate 8.20%, 6.60% Exit Fee | $ | 25,000 |  |  | 24,670 |  |  | 24,670 |  |  | (17)
Redshift Bioanalytics, Inc. | Senior Secured | January 2026 | Prime + 4.25%, Floor rate 7.50% 3.80% Exit Fee | $ | 5,000 |  |  | 4,957 |  |  | 4,946 |  |  | (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 | $ | 20,754 |  |  | 20,656 |  |  | 20,656 |  |  | (10)(14)(17)
Scynexis, Inc. | Senior Secured | March 2025 | Prime + 5.80%, Floor rate 9.05%, 3.95% Exit Fee | $ | 18,667 |  |  | 18,675 |  |  | 18,698 |  |  | (12)(13)

See notes to consolidated financial statements
22

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | Cost (2) |  | Value |  | Footnotes
Seres Therapeutics, Inc. | Senior Secured | October 2024 | Prime + 6.40%, Floor rate 9.65%, 4.98% Exit Fee | $ | 37,500 |  |  | $ | 38,638 |  |  | $ | 38,816 |  |  | (12)(13)
Tarsus Pharmaceuticals, Inc. | Senior Secured | February 2027 | Prime + 5.20%, Floor rate 8.45%, 4.75% Exit Fee | $ | 8,250 |  |  | 8,274 |  |  | 8,423 |  |  | (10)(13)(17)
TG Therapeutics, Inc. | Senior Secured | January 2026 | Prime + 2.15%, Floor rate 5.40%, PIK Interest 3.45%, 5.95% Exit Fee | $ | 47,983 |  |  | 47,889 |  |  | 48,649 |  |  | (10)(11)(12)(14)
uniQure B.V. | Senior Secured | December 2025 | Prime + 4.70%, Floor rate 7.95%, 7.28% Exit Fee | $ | 70,000 |  |  | 72,329 |  |  | 73,019 |  |  | (5)(10)(11)(12)(16)
Unity Biotechnology, Inc. | Senior Secured | August 2024 | Prime + 6.10%, Floor rate 9.35%, 6.25% Exit Fee | $ | 20,000 |  |  | 21,079 |  |  | 20,967 |  |  | (13)
Valo Health, LLC | Senior Secured | May 2024 | Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee | $ | 8,146 |  |  | 8,416 |  |  | 8,410 |  |  | (11)(13)
Viridian Therapeutics, Inc. | Senior Secured | October 2026 | Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 4.76% Exit Fee | $ | 2,000 |  |  | 2,012 |  |  | 1,934 |  |  | (10)(13)(17)
X4 Pharmaceuticals, Inc. | Senior Secured | July 2024 | Prime + 3.75%, Floor rate 8.75%, 8.80% Exit Fee | $ | 32,500 |  |  | 33,705 |  |  | 33,700 |  |  | (11)(12)(13)
Subtotal: Drug Discovery & Development (78.59%)* |  |  |  | 1,107,352 |  |  | 1,101,430 |  |  |
Electronics & Computer Hardware |  |  |  |  |  |  |  |  |
Locus Robotics Corp. | Senior Secured | June 2026 | Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee | $ | 18,281 |  |  | 18,171 |  |  | 18,723 |  |  | (19)
Subtotal: Electronics & Computer Hardware (1.34%)* |  |  |  | 18,171 |  |  | 18,723 |  |  |
Healthcare Services, Other |  |  |  |  |  |  |  |  |
Better Therapeutics, Inc. | Senior Secured | August 2025 | Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee | $ | 12,000 |  |  | 12,162 |  |  | 12,053 |  |  | (15)
Blue Sprig Pediatrics, Inc. | Senior Secured | November 2026 | 1-month LIBOR + 5.00%, Floor rate 6.00%, PIK Interest 4.45% | $ | 51,480 |  |  | 50,813 |  |  | 49,732 |  |  | (11)(13)(14)
Carbon Health Technologies, Inc. | Senior Secured | March 2025 | Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee | $ | 46,125 |  |  | 46,552 |  |  | 46,548 |  |  | (11)(13)(19)
Equality Health, LLC | Senior Secured | February 2026 | Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55% | $ | 53,587 |  |  | 53,164 |  |  | 53,871 |  |  | (12)(14)
Oak Street Health, Inc. | Senior Secured | October 2027 | Prime + 2.45%, Floor rate 7.95%, Cap rate 9.45%, PIK Interest 1.00%, 4.95% Exit Fee | $ | 33,808 |  |  | 33,651 |  |  | 33,651 |  |  | (10)(14)(17)
Subtotal: Healthcare Services, Other (13.98%)* |  |  |  | 196,342 |  |  | 195,855 |  |  |
Information Services |  |  |  |  |  |  |  |  |
Capella Space Corp. | Senior Secured | November 2025 | Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee | $ | 20,250 |  |  | 20,506 |  |  | 20,574 |  |  | (14)(15)(19)
Signal Media Limited | Senior Secured | June 2025 | Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee | $ | 750 |  |  | 742 |  |  | 738 |  |  | (5)(10)(17)
Yipit, LLC | Senior Secured | September 2026 | 1-month SOFR + 9.08%, Floor rate 10.08% | $ | 31,875 |  |  | 31,371 |  |  | 30,763 |  |  | (17)(18)
Subtotal: Information Services (3.72%)* |  |  |  | 52,619 |  |  | 52,075 |  |  |
Manufacturing Technology |  |  |  |  |  |  |  |  |
Bright Machines, Inc. | Senior Secured | April 2025 | Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee | $ | 11,050 |  |  | 10,832 |  |  | 10,832 |  |  | (13)
MacroFab, Inc. | Senior Secured | March 2026 | Prime +4.35%, Floor rate 7.60%, PIK Interest 1.25%, 4.50% Exit Fee | $ | 17,137 |  |  | 16,766 |  |  | 16,917 |  |  | (14)(17)
Ouster, Inc. | Senior Secured | May 2026 | Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee | $ | 14,000 |  |  | 13,970 |  |  | 14,204 |  |  | (10)(13)
Subtotal: Manufacturing Technology (2.99%)* |  |  |  | 41,568 |  |  | 41,953 |  |  |
Semiconductors |  |  |  |  |  |  |  |  |
Fungible, Inc. | Senior Secured | December 2024 | Prime + 5.00%, Floor rate 8.25%, 4.95% Exit Fee | $ | 20,000 |  |  | 19,639 |  |  | 21,192 |  |  | (15)(19)
Subtotal: Semiconductors (1.51%)* |  |  |  | 19,639 |  |  | 21,192 |  |  |
Software |  |  |  |  |  |  |  |  |
3GTMS, LLC | Senior Secured | February 2025 | 3-month LIBOR + 9.28%, Floor rate 10.28% | $ | 10,426 |  |  | 10,291 |  |  | 10,317 |  |  | (11)(18)
| Senior Secured | February 2025 | 3-month LIBOR + 6.57%, Floor rate 7.57% | $ | 2,750 |  |  | 2,744 |  |  | 2,681 |  |  | (18)
Total 3GTMS, LLC |  |  |  | $ | 13,176 |  |  | 13,035 |  |  | 12,998 |  |  |

See notes to consolidated financial statements
23

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | Cost (2) |  | Value |  | Footnotes
Agilence, Inc. | Senior Secured | October 2026 | 1-month BSBY + 9.00%, Floor rate 10.00% | $ | 9,306 |  |  | $ | 9,088 |  |  | $ | 8,977 |  |  | (12)(17)(18)
Alchemer LLC | Senior Secured | May 2028 | 1-month SOFR + 7.89%, Floor rate 8.89% | $ | 20,463 |  |  | 19,999 |  |  | 20,123 |  |  | (17)(18)
Annex Cloud | Senior Secured | February 2027 | 1-month BSBY + 8.99%, Floor rate 10.00% | $ | 8,500 |  |  | 8,292 |  |  | 8,176 |  |  | (13)(17)
Automation Anywhere, Inc. | Senior Secured | September 2027 | Prime + 4.25%, Floor rate 9.00%, 2.50% Exit Fee | $ | 19,600 |  |  | 19,059 |  |  | 19,059 |  |  | (11)(17)(19)
Babel Street | Senior Secured | December 2027 | 3-month SOFR + 7.89%, Floor rate 8.89% | $ | 45,000 |  |  | 43,801 |  |  | 43,801 |  |  | (15)(17)(18)
Brain Corporation | Senior Secured | April 2025 | Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.00%, 3.95% Exit Fee | $ | 20,166 |  |  | 20,242 |  |  | 20,138 |  |  | (13)(14)(15)(17)
Campaign Monitor Limited | Senior Secured | November 2025 | 6-month SOFR + 8.90%, Floor rate 9.90% | $ | 33,000 |  |  | 32,578 |  |  | 33,000 |  |  | (13)(19)
Catchpoint Systems, Inc. | Senior Secured | June 2026 | 3-month SOFR + 8.86%, Floor rate 9.76% | $ | 10,175 |  |  | 9,980 |  |  | 9,996 |  |  | (18)
Ceros, Inc. | Senior Secured | September 2026 | 6-month LIBOR + 9.67%, Floor rate 10.67% | $ | 21,445 |  |  | 21,003 |  |  | 21,050 |  |  | (17)(18)
CloudBolt Software, Inc. | Senior Secured | October 2024 | Prime + 6.70%, Floor rate 9.95%, 3.45% Exit Fee | $ | 10,000 |  |  | 10,069 |  |  | 10,498 |  |  | (11)(19)
Constructor.io Corporation | Senior Secured | July 2027 | 1-month SOFR + 8.44%, Floor rate 9.44% | $ | 4,688 |  |  | 4,573 |  |  | 4,573 |  |  | (17)(18)
Convoy, Inc. | Senior Secured | March 2026 | Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee | $ | 73,987 |  |  | 73,060 |  |  | 73,498 |  |  | (14)(16)(19)
Copper CRM, Inc | Senior Secured | March 2025 | Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee | $ | 10,144 |  |  | 10,150 |  |  | 9,820 |  |  | (11)(14)
Cutover, Inc. | Senior Secured | October 2025 | Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | $ | 5,000 |  |  | 4,949 |  |  | 4,949 |  |  | (5)(10)(12)(17)
Cybermaxx Intermediate Holdings, Inc. | Senior Secured | August 2026 | 6-month SOFR + 9.53%, Floor rate 10.28% | $ | 10,528 |  |  | 10,298 |  |  | 10,114 |  |  | (13)(17)
Dashlane, Inc. | Senior Secured | July 2025 | Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%,4.95% Exit Fee | $ | 31,930 |  |  | 32,346 |  |  | 32,012 |  |  | (11)(13)(14)(17)(19)
Demandbase, Inc. | Senior Secured | August 2025 | Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.00%, 5.00% Exit Fee | $ | 28,503 |  |  | 28,442 |  |  | 28,664 |  |  | (13)(14)(17)(19)
Dispatch Technologies, Inc. | Senior Secured | April 2028 | 3-month SOFR + 8.01%, Floor rate 8.76% | $ | 7,500 |  |  | 7,295 |  |  | 7,339 |  |  | (17)(18)
Eigen Technologies Ltd. | Senior Secured | April 2025 | Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee | $ | 3,750 |  |  | 3,744 |  |  | 3,746 |  |  | (5)(10)
Elation Health, Inc. | Senior Secured | March 2026 | Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee | $ | 5,021 |  |  | 4,839 |  |  | 4,839 |  |  | (14)(17)(19)
Enmark Systems, Inc. | Senior Secured | September 2026 | 3-month LIBOR + 6.77%, Floor rate 7.77%, PIK Interest 2.16% | $ | 8,223 |  |  | 8,054 |  |  | 8,043 |  |  | (11)(14)(17)(18)
Esentire, Inc. | Senior Secured | May 2024 | 3-month LIBOR + 9.96%, Floor rate 10.96% | $ | 8,436 |  |  | 8,361 |  |  | 8,376 |  |  | (5)(10)(11)(18)
Esme Learning Solutions, Inc. | Senior Secured | February 2025 | Prime + 5.50%, Floor rate 8.75%, PIK Interest 1.50%, 3.00% Exit Fee | $ | 4,892 |  |  | 4,737 |  |  | 1,671 |  |  | (8)(14)
Fortified Health Security | Senior Secured | December 2027 | 6-month SOFR + 7.79%, Floor rate 8.54% | $ | 7,000 |  |  | 6,824 |  |  | 6,824 |  |  | (17)(18)
Flight Schedule Pro, LLC | Senior Secured | October 2027 | 1-month SOFR + 7.79%, Floor rate 8.70% | $ | 5,948 |  |  | 5,771 |  |  | 5,771 |  |  | (17)(18)
Ikon Science Limited | Senior Secured | October 2024 | 3-month Eurodollar + 9.00%, Floor rate 10.00% | $ | 6,563 |  |  | 6,422 |  |  | 6,484 |  |  | (5)(10)(17)(18)
Imperva, Inc. | Senior Secured | January 2027 | 3-month LIBOR + 7.75%, Floor rate 8.75% | $ | 20,000 |  |  | 19,875 |  |  | 20,200 |  |  | (19)
Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.) | Senior Secured | July 2023 | 3-month SOFR + 10.14%, Floor rate 11.14% | $ | 10,681 |  |  | 10,593 |  |  | 10,593 |  |  | (18)
Khoros (p.k.a Lithium Technologies) | Senior Secured | January 2024 | 3-month SOFR + 8.00%, Floor rate 9.00% | $ | 56,208 |  |  | 56,062 |  |  | 55,520 |  |  | (17)
LogicSource | Senior Secured | July 2027 | 3-month SOFR + 8.93%, Floor rate 9.93% | $ | 13,300 |  |  | 13,028 |  |  | 13,028 |  |  | (17)
Logicworks | Senior Secured | January 2024 | Prime + 7.50%, Floor rate 10.75% | $ | 14,500 |  |  | 14,398 |  |  | 14,473 |  |  | (12)
Mobile Solutions Services | Senior Secured | December 2025 | 3-month LIBOR + 9.06%, Floor rate 10.06% | $ | 17,915 |  |  | 17,556 |  |  | 17,474 |  |  | (17)(18)
Nextroll, Inc. | Senior Secured | July 2023 | Prime + 3.75%, Floor rate 7.75%, PIK Interest 2.95%, 1.95% Exit Fee | $ | 22,211 |  |  | 22,284 |  |  | 22,284 |  |  | (12)(14)
Nuvolo Technologies Corporation | Senior Secured | July 2025 | Prime + 5.25% ,Floor rate 8.50%, 2.42% Exit Fee | $ | 22,500 |  |  | 22,508 |  |  | 22,817 |  |  | (12)(13)(17)(19)
Omeda Holdings, LLC | Senior Secured | July 2027 | 3-month SOFR + 8.05%, Floor rate 9.05% | $ | 7,500 |  |  | 7,261 |  |  | 7,261 |  |  | (17)(18)
Riviera Partners LLC | Senior Secured | April 2027 | 6-month SOFR + 7.53%, Floor rate 8.53% | $ | 26,184 |  |  | 25,622 |  |  | 25,487 |  |  | (17)(18)
Salary.com, LLC | Senior Secured | September 2027 | 6-month SOFR + 8.00%, Floor rate 9.00% | $ | 18,000 |  |  | 17,654 |  |  | 17,654 |  |  | (18)

See notes to consolidated financial statements
24

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Maturity Date | Interest Rate and Floor (1) | Principal Amount |  | Cost (2) |  | Value |  | Footnotes
ShadowDragon, LLC | Senior Secured | December 2026 | 3-month LIBOR + 9.00%, Floor rate 10.00% | $ | 5,985 |  |  | $ | 5,841 |  |  | $ | 5,830 |  |  | (17)(18)
Tact.ai Technologies, Inc. | Senior Secured | February 2024 | Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee | $ | 4,250 |  |  | 4,481 |  |  | 4,446 |  |  | (14)
ThreatConnect, Inc. | Senior Secured | May 2026 | 6-month LIBOR + 9.00%, Floor rate 10.00% | $ | 11,032 |  |  | 10,778 |  |  | 10,793 |  |  | (17)(18)
VideoAmp, Inc. | Senior Secured | February 2025 | Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.25%, 5.25% Exit Fee | $ | 63,187 |  |  | 62,640 |  |  | 63,429 |  |  | (14)(15)(19)
Zappi, Inc. | Senior Secured | December 2027 | 3-month SOFR + 8.03%, Floor rate 9.03% | $ | 9,000 |  |  | 8,779 |  |  | 8,779 |  |  | (5)(10)(17)(18)
Zimperium, Inc. | Senior Secured | May 2027 | 3-month SOFR + 8.31%, Floor rate 9.31% | $ | 16,313 |  |  | 16,000 |  |  | 16,072 |  |  | (17)(18)
Subtotal: Software (54.28%)* |  |  |  | 762,371 |  |  | 760,679 |  |  |
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 | $ | 4,037 |  |  | 3,985 |  |  | 4,008 |  |  | (13)(14)
Pineapple Energy LLC | Senior Secured | December 2024 | PIK Interest 10.00% | $ | 3,237 |  |  | 3,237 |  |  | 3,006 |  |  | (14)
Subtotal: Sustainable and Renewable Technology (0.50%)* |  |  |  | 7,222 |  |  | 7,014 |  |  |
Total: Debt Investments (199.47%)* |  |  |  | $ | 2,818,060 |  |  | $ | 2,795,444 |  |  |

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Equity Investments |  |  |  |  |  |  |  |  |  |
Consumer & Business Products |  |  |  |  |  |  |  |  |  |
Grove Collaborative, Inc. | Equity | 4/30/2021 | Common Stock | 61,300 |  | $ | 433 |  |  | $ | 24 |  |  | (4)
Savage X Holding, LLC | Equity | 4/30/2010 | Class A Units | 42,137 |  | 13 |  |  | 226 |  |  |
TechStyle, Inc. | Equity | 4/30/2010 | Common Stock | 42,989 |  | 128 |  |  | 132 |  |  |
TFG Holding, Inc. | Equity | 4/30/2010 | Common Stock | 42,989 |  | 89 |  |  | 116 |  |  |
Subtotal: Consumer & Business Products (0.04%)* |  |  |  | 663 |  |  | 498 |  |  |
Consumer & Business Services |  |  |  |  |  |  |  |  |
Carwow LTD | Equity | 12/15/2021 | Preferred Series D-4 | 199,742 |  | 1,151 |  |  | 257 |  |  | (5)(10)
DoorDash, Inc. | Equity | 12/20/2018 | Common Stock | 81,996 |  | 945 |  |  | 4,003 |  |  | (4)
Lyft, Inc. | Equity | 12/26/2018 | Common Stock | 100,738 |  | 5,263 |  |  | 1,110 |  |  | (4)
Nerdy Inc. | Equity | 9/17/2021 | Common Stock | 100,000 |  | 1,000 |  |  | 225 |  |  | (4)
OfferUp, Inc. | Equity | 10/25/2016 | Preferred Series A | 286,080 |  | 1,663 |  |  | 372 |  |  |
| Equity | 10/25/2016 | Preferred Series A-1 | 108,710 |  | 632 |  |  | 141 |  |  |
Total OfferUp, Inc. |  |  |  | 394,790 |  | 2,295 |  |  | 513 |  |  |
Oportun | Equity | 6/28/2013 | Common Stock | 48,365 |  | 577 |  |  | 266 |  |  | (4)
Reischling Press, Inc. | Equity | 7/31/2020 | Common Stock | 3,095 |  | 39 |  |  | — |  |  |
Rhino Labs, Inc. | Equity | 1/24/2022 | Preferred Series B-2 | 7,063 |  | 1,000 |  |  | 805 |  |  |
Tectura Corporation | Equity | 5/23/2018 | Common Stock | 414,994,863 |  | 900 |  |  | — |  |  | (7)
| Equity | 6/6/2016 | Preferred Series BB | 1,000,000 |  | — |  |  | — |  |  | (7)
Total Tectura Corporation |  |  |  | 415,994,863 |  | 900 |  |  | — |  |  |
Uber Technologies, Inc. | Equity | 12/1/2020 | Common Stock | 32,991 |  | 318 |  |  | 816 |  |  | (4)
Subtotal: Consumer & Business Services (0.57%)* |  |  |  | 13,488 |  |  | 7,995 |  |  |

See notes to consolidated financial statements
25

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Diversified Financial Services |  |  |  |  |  |  |  |  |  |
Gibraltar Business Capital, LLC | Equity | 3/1/2018 | Common Stock | 830,000 |  | $ | 1,884 |  |  | $ | 1,107 |  |  | (7)
| Equity | 3/1/2018 | Preferred Series A | 10,602,752 |  | 26,122 |  |  | 14,137 |  |  | (7)
Total Gibraltar Business Capital, LLC |  |  |  | 11,432,752 |  | 28,006 |  |  | 15,244 |  |  |
Hercules Adviser LLC | Equity | 3/26/2021 | Member Units | 1 |  | 35 |  |  | 19,153 |  |  | (7)
Newfront Insurance Holdings, Inc. | Equity | 9/30/2021 | Preferred Series D-2 | 210,282 |  | 403 |  |  | 472 |  |  |
Subtotal: Diversified Financial Services (2.49%)* |  |  |  | 28,444 |  |  | 34,869 |  |  |
Drug Delivery |  |  |  |  |  |  |  |  |
AcelRx Pharmaceuticals, Inc. | Equity | 12/10/2018 | Common Stock | 8,836 |  | 1,329 |  |  | 20 |  |  | (4)
Aytu BioScience, Inc. | Equity | 3/28/2014 | Common Stock | 13,600 |  | 1,500 |  |  | 3 |  |  | (4)
BioQ Pharma Incorporated | Equity | 12/8/2015 | Preferred Series D | 165,000 |  | 500 |  |  | 33 |  |  |
PDS Biotechnology Corporation | Equity | 4/6/2015 | Common Stock | 2,498 |  | 309 |  |  | 33 |  |  | (4)
Subtotal: Drug Delivery (0.01%)* |  |  |  | 3,638 |  |  | 89 |  |  |
Drug Discovery & Development |  |  |  |  |  |  |  |  |
Akero Therapeutics, Inc. | Equity | 9/19/2022 | Common Stock | 38,461 |  | 1,000 |  |  | 2,108 |  |  | (4)(10)
Albireo Pharma, Inc. | Equity | 9/14/2020 | Common Stock | 25,000 |  | 1,000 |  |  | 540 |  |  | (4)(10)
Applied Molecular Transport | Equity | 4/6/2021 | Common Stock | 1,000 |  | 42 |  |  | — |  |  | (4)(10)
Avalo Therapeutics, Inc. | Equity | 8/19/2014 | Common Stock | 9,924 |  | 1,000 |  |  | 50 |  |  | (4)
Aveo Pharmaceuticals, Inc. | Equity | 7/31/2011 | Common Stock | 190,179 |  | 1,715 |  |  | 2,843 |  |  | (4)
Axsome Therapeutics, Inc. | Equity | 5/9/2022 | Common Stock | 127,021 |  | 4,165 |  |  | 9,797 |  |  | (4)(10)(16)
Bicycle Therapeutics PLC | Equity | 10/5/2020 | Common Stock | 98,100 |  | 1,871 |  |  | 2,904 |  |  | (4)(5)(10)
BridgeBio Pharma, Inc. | Equity | 6/21/2018 | Common Stock | 231,329 |  | 2,255 |  |  | 1,763 |  |  | (4)
Concert Pharmaceuticals, Inc. | Equity | 2/13/2019 | Common Stock | 70,796 |  | 1,367 |  |  | 413 |  |  | (4)(10)
Dare Biosciences, Inc. | Equity | 1/8/2015 | Common Stock | 13,550 |  | 1,000 |  |  | 11 |  |  | (4)
Dynavax Technologies | Equity | 7/22/2015 | Common Stock | 20,000 |  | 550 |  |  | 213 |  |  | (4)(10)
Gritstone Bio, Inc. | Equity | 10/26/2022 | Common Stock | 442,477 |  | 1,000 |  |  | 1,527 |  |  | (4)
Hibercell, Inc. | Equity | 5/7/2021 | Preferred Series B | 3,466,840 |  | 4,250 |  |  | 2,233 |  |  | (15)
HilleVax, Inc. | Equity | 5/3/2022 | Common Stock | 235,295 |  | 4,000 |  |  | 3,937 |  |  | (4)
Humanigen, Inc. | Equity | 3/31/2021 | Common Stock | 43,243 |  | 800 |  |  | 5 |  |  | (4)(10)
NorthSea Therapeutics | Equity | 12/15/2021 | Preferred Series C | 983 |  | 2,000 |  |  | 1,476 |  |  | (5)(10)
Paratek Pharmaceuticals, Inc. | Equity | 2/26/2007 | Common Stock | 76,362 |  | 2,744 |  |  | 143 |  |  | (4)
Rocket Pharmaceuticals, Ltd. | Equity | 8/22/2007 | Common Stock | 944 |  | 1,500 |  |  | 18 |  |  | (4)
Savara, Inc. | Equity | 8/11/2015 | Common Stock | 11,119 |  | 203 |  |  | 17 |  |  | (4)
Sio Gene Therapies, Inc. | Equity | 2/2/2017 | Common Stock | 16,228 |  | 1,269 |  |  | 7 |  |  | (4)
Tarsus Pharmaceuticals, Inc. | Equity | 5/5/2022 | Common Stock | 155,555 |  | 2,100 |  |  | 2,280 |  |  | (4)(10)
Tricida, Inc. | Equity | 2/28/2018 | Common Stock | 68,816 |  | 863 |  |  | 11 |  |  | (4)
uniQure B.V. | Equity | 1/31/2019 | Common Stock | 17,175 |  | 332 |  |  | 389 |  |  | (4)(5)(10)(16)
Valo Health, LLC | Equity | 12/11/2020 | Preferred Series B | 510,308 |  | 3,000 |  |  | 2,063 |  |  |

See notes to consolidated financial statements
26

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
| Equity | 10/31/2022 | Preferred Series C | 170,102 |  | $ | 1,000 |  |  | $ | 1,012 |  |  |
Total Valo Health, LLC |  |  |  | 680,410 |  | 4,000 |  |  | 3,075 |  |  |
X4 Pharmaceuticals, Inc. | Equity | 11/26/2019 | Common Stock | 1,566,064 |  | 2,945 |  |  | 1,555 |  |  | (4)
Subtotal: Drug Discovery & Development (2.66%)* |  |  |  | 43,971 |  |  | 37,315 |  |  |
Electronics & Computer Hardware |  |  |  |  |  |  |  |  |  |
Locus Robotics Corp. | Equity | 11/17/2022 | Preferred Series F | 15,116 |  | 650 |  |  | 606 |  |  |
Skydio, Inc. | Equity | 3/8/2022 | Preferred Series E | 248,900 |  | 1,500 |  |  | 915 |  |  |
Subtotal: Electronics & Computer Hardware (0.11%)* |  |  |  | 2,150 |  |  | 1,521 |  |  |
Healthcare Services, Other |  |  |  |  |  |  |  |  |
23andMe, Inc. | Equity | 3/11/2019 | Common Stock | 825,732 |  | 5,094 |  |  | 1,784 |  |  | (4)
Carbon Health Technologies, Inc. | Equity | 3/30/2021 | Preferred Series C | 217,880 |  | 1,687 |  |  | 1,110 |  |  |
Subtotal: Healthcare Services, Other (0.21%)* |  |  |  | 6,781 |  |  | 2,894 |  |  |
Information Services |  |  |  |  |  |  |  |  |  |
Planet Labs, Inc. | Equity | 6/21/2019 | Common Stock | 547,880 |  | 615 |  |  | 2,383 |  |  | (4)
Yipit, LLC | Equity | 12/30/2021 | Preferred Series E | 41,021 |  | 3,825 |  |  | 3,375 |  |  |
Zeta Global Corp. | Equity | 11/20/2007 | Common Stock | 295,861 |  | — |  |  | 2,417 |  |  | (4)
Subtotal: Information Services (0.58%)* |  |  |  | 4,440 |  |  | 8,175 |  |  |
Medical Devices & Equipment |  |  |  |  |  |  |  |  |
Coronado Aesthetics, LLC | Equity | 10/15/2021 | Common Units | 180,000 |  | — |  |  | 6 |  |  | (7)
|  | 10/15/2021 | Preferred Series A-2 | 5,000,000 |  | 250 |  |  | 313 |  |  | (7)
Total Coronado Aesthetics, LLC |  |  |  | 5,180,000 |  | 250 |  |  | 319 |  |  |
Flowonix Medical Incorporated | Equity | 11/3/2014 | Preferred Series AA | 221,893 |  | 1,499 |  |  | — |  |  |
Gelesis, Inc. | Equity | 11/30/2009 | Common Stock | 1,490,700 |  | 871 |  |  | 433 |  |  | (4)
ViewRay, Inc. | Equity | 12/16/2013 | Common Stock | 36,457 |  | 333 |  |  | 163 |  |  | (4)
Subtotal: Medical Devices & Equipment (0.07%)* |  |  |  |  | 2,953 |  |  | 915 |  |  |
Semiconductors |  |  |  |  |  |  |  |  |
Achronix Semiconductor Corporation | Equity | 7/1/2011 | Preferred Series C | 277,995 |  | 160 |  |  | 205 |  |  |
Subtotal: Semiconductors (0.01%)* |  |  |  | 160 |  |  | 205 |  |  |
Software |  |  |  |  |  |  |  |  |
3GTMS, LLC | Equity | 8/9/2021 | Common Stock | 1,000,000 |  | 1,000 |  |  | 793 |  |  |
Black Crow AI, Inc. affiliates | Equity | 3/24/2021 | Preferred Note | 3 |  | 3,000 |  |  | 3,000 |  |  | (21)
CapLinked, Inc. | Equity | 10/26/2012 | Preferred Series A-3 | 53,614 |  | 51 |  |  | 6 |  |  |
Contentful Global, Inc. | Equity | 12/22/2020 | Preferred Series C | 41,000 |  | 138 |  |  | 258 |  |  | (5)(10)
| Equity | 11/20/2018 | Preferred Series D | 108,500 |  | 500 |  |  | 732 |  |  | (5)(10)
Total Contentful Global, Inc. |  |  |  | 149,500 |  | 638 |  |  | 990 |  |  |
Docker, Inc. | Equity | 11/29/2018 | Common Stock | 20,000 |  | 4,284 |  |  | 503 |  |  |
Druva Holdings, Inc. | Equity | 10/22/2015 | Preferred Series 2 | 458,841 |  | 1,000 |  |  | 1,764 |  |  |

See notes to consolidated financial statements
27

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
| Equity | 8/24/2017 | Preferred Series 3 | 93,620 |  | $ | 300 |  |  | $ | 395 |  |  |
Total Druva Holdings, Inc. |  |  |  | 552,461 |  | 1,300 |  |  | 2,159 |  |  |
HighRoads, Inc. | Equity | 1/18/2013 | Common Stock | 190 |  | 307 |  |  | — |  |  |
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 |  |  | 2,100 |  |  | (4)
Palantir Technologies | Equity | 9/23/2020 | Common Stock | 1,418,337 |  | 8,670 |  |  | 9,106 |  |  | (4)
SingleStore, Inc. | Equity | 11/25/2020 | Preferred Series E | 580,983 |  | 2,000 |  |  | 1,940 |  |  |
| Equity | 8/12/2021 | Preferred Series F | 52,956 |  | 280 |  |  | 221 |  |  |
Total SingleStore, Inc. |  |  |  | 633,939 |  | 2,280 |  |  | 2,161 |  |  |
Sprinklr, Inc. | Equity | 3/22/2017 | Common Stock | 700,000 |  | 3,748 |  |  | 5,719 |  |  | (4)
Verana Health, Inc. | Equity | 7/8/2021 | Preferred Series E | 952,562 |  | 2,000 |  |  | 1,023 |  |  |
ZeroFox, Inc. | Equity | 5/7/2020 | Common Stock | 289,992 |  | 101 |  |  | 1,382 |  |  | (4)(20)
Subtotal: Software (2.07%)* |  |  |  | 32,498 |  |  | 28,966 |  |  |
Surgical Devices |  |  |  |  |  |  |  |  |
Gynesonics, Inc. | Equity | 1/18/2007 | Preferred Series B | 219,298 |  | 250 |  |  | — |  |  |
| Equity | 6/16/2010 | Preferred Series C | 656,538 |  | 282 |  |  | — |  |  |
| Equity | 2/8/2013 | Preferred Series D | 1,991,157 |  | 712 |  |  | — |  |  |
| Equity | 7/14/2015 | Preferred Series E | 2,786,367 |  | 429 |  |  | — |  |  |
| Equity | 12/18/2018 | Preferred Series F | 1,523,693 |  | 118 |  |  | — |  |  |
| Equity | 12/18/2018 | Preferred Series F-1 | 2,418,125 |  | 150 |  |  | — |  |  |
Total Gynesonics, Inc. |  |  |  | 9,595,178 |  | 1,941 |  |  | — |  |  |
TransMedics Group, Inc. |  | 11/7/2012 | Common Stock | 50,000 |  | 538 |  |  | 2,546 |  |  | (4)
Subtotal: Surgical Devices (0.18%)* |  |  |  | 2,479 |  |  | 2,546 |  |  |
Sustainable and Renewable Technology |  |  |  |  |  |  |  |  |
Fulcrum Bioenergy, Inc. | Equity | 9/13/2012 | Preferred Series C-1 | 187,265 |  | 711 |  |  | 995 |  |  |
Impossible Foods, Inc. | Equity | 5/10/2019 | Preferred Series E-1 | 188,611 |  | 2,000 |  |  | 2,173 |  |  |
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 | 304,486 |  | 3,153 |  |  | 634 |  |  | (4)(20)
Pivot Bio, Inc. | Equity | 6/28/2021 | Preferred Series D | 593,080 |  | 4,500 |  |  | 2,456 |  |  |
Proterra, Inc. | Equity | 5/28/2015 | Common Stock | 457,841 |  | 542 |  |  | 1,726 |  |  | (4)
Subtotal: Sustainable and Renewable Technology (0.57%)* |  |  |  | 11,508 |  |  | 7,984 |  |  |
Total: Equity Investments (9.56%)* |  |  |  | $ | 153,173 |  |  | $ | 133,972 |  |  |
Warrant Investments |  |  |  |  |  |  |  |  |  |
Biotechnology Tools |  |  |  |  |  |  |  |  |  |
Alamar Biosciences, Inc. | Warrant | 6/21/2022 | Preferred Series B | 15,399 |  | $ | 24 |  |  | $ | 23 |  |  |
PathAI, Inc. | Warrant | 12/23/2022 | Common Stock | 53,418 |  | 461 |  |  | 463 |  |  |
Subtotal: Biotechnology Tools (0.03%)* |  |  |  |  | 485 |  |  | 486 |  |  |

See notes to consolidated financial statements
28

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Communications & Networking |  |  |  |  |  |  |  |  |  |
Aryaka Networks, Inc. | Warrant | 6/28/2022 | Common Stock | 229,611 |  | $ | 123 |  |  | $ | 99 |  |  |
Spring Mobile Solutions, Inc. | Warrant | 4/19/2013 | Common Stock | 2,834,375 |  | 418 |  |  | — |  |  |
Subtotal: Communications & Networking (0.01%)* |  |  |  |  | 541 |  |  | 99 |  |  |
Consumer & Business Products |  |  |  |  |  |  |  |  |  |
Gadget Guard, LLC | Warrant | 6/3/2014 | Common Stock | 1,662,441 |  | 228 |  |  | — |  |  |
Savage X Holding, LLC | Warrant | 6/27/2014 | Class A Units | 206,185 |  | — |  |  | 1,103 |  |  |
TechStyle, Inc. | Warrant | 7/16/2013 | Preferred Series B | 206,185 |  | 1,101 |  |  | 745 |  |  |
TFG Holding, Inc. | Warrant | 6/27/2014 | Common Stock | 206,185 |  | — |  |  | — |  |  |
The Neat Company | Warrant | 8/13/2014 | Common Stock | 54,054 |  | 365 |  |  | — |  |  |
Whoop, Inc. | Warrant | 6/27/2018 | Preferred Series C | 686,270 |  | 18 |  |  | 475 |  |  |
Subtotal: Consumer & Business Products (0.17%)* |  |  |  |  | 1,712 |  |  | 2,323 |  |  |
Consumer & Business Services |  |  |  |  |  |  |  |  |  |
Carwow LTD | Warrant | 12/14/2021 | Common Stock | 174,163 |  | 164 |  |  | 34 |  |  | (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 |  |  | 127 |  |  | (15)
Lendio, Inc. | Warrant | 3/29/2019 | Preferred Series D | 127,032 |  | 39 |  |  | 19 |  |  |
Provi | Warrant | 12/22/2022 | Common Stock | 117,042 |  | 166 |  |  | 155 |  |  | (15)
Rhino Labs, Inc. | Warrant | 3/12/2021 | Common Stock | 13,106 |  | 470 |  |  | 308 |  |  | (15)
RumbleON, Inc. | Warrant | 4/30/2018 | Common Stock | 5,139 |  | 88 |  |  | — |  |  | (4)
SeatGeek, Inc. | Warrant | 6/12/2019 | Common Stock | 1,379,761 |  | 842 |  |  | 1,332 |  |  | (12)(16)
Skyword, Inc. | Warrant | 11/14/2022 | Common Stock | 1,607,143 |  | 57 |  |  | 43 |  |  |
| Warrant | 8/23/2019 | Preferred Series B | 444,444 |  | 83 |  |  | — |  |  |
Total Skyword, Inc. |  |  |  | 2,051,587 |  | 140 |  |  | 43 |  |  |
Snagajob.com, Inc. | Warrant | 4/20/2020 | Common Stock | 600,000 |  | 16 |  |  | 43 |  |  |
| Warrant | 6/30/2016 | Preferred Series A | 1,800,000 |  | 782 |  |  | 50 |  |  |
| Warrant | 8/1/2018 | Preferred Series B | 1,211,537 |  | 62 |  |  | 25 |  |  |
Total Snagajob.com, Inc. |  |  |  | 3,611,537 |  | 860 |  |  | 118 |  |  |
Thumbtack, Inc. | Warrant | 5/1/2018 | Common Stock | 267,225 |  | 844 |  |  | 280 |  |  | (12)
Udacity, Inc. | Warrant | 9/25/2020 | Common Stock | 486,359 |  | 218 |  |  | 4 |  |  | (12)
Veem, Inc. | Warrant | 3/31/2022 | Common Stock | 98,428 |  | 126 |  |  | 25 |  |  |
Worldremit Group Limited | Warrant | 2/11/2021 | Preferred Series D | 77,215 |  | 129 |  |  | 192 |  |  | (5)(10)(12)(16)
| Warrant | 8/27/2021 | Preferred Series E | 1,868 |  | 26 |  |  | 2 |  |  | (5)(10)(16)
Total Worldremit Group Limited |  |  |  | 79,083 |  | 155 |  |  | 194 |  |  |
Subtotal: Consumer & Business Services (0.19%)* |  |  |  |  | 4,248 |  |  | 2,639 |  |  |
Drug Delivery |  |  |  |  |  |  |  |  |  |
Aerami Therapeutics Holdings, Inc. | Warrant | 9/30/2015 | Common Stock | 110,882 |  | 74 |  |  | — |  |  |
BioQ Pharma Incorporated | Warrant | 10/27/2014 | Common Stock | 459,183 |  | 1 |  |  | — |  |  |

See notes to consolidated financial statements
29

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
PDS Biotechnology Corporation | Warrant | 8/28/2014 | Common Stock | 3,929 |  | $ | 390 |  |  | $ | 1 |  |  | (4)
Subtotal: Drug Delivery (0.00%)* |  |  |  |  | 465 |  |  | 1 |  |  |
Drug Discovery & Development |  |  |  |  |  |  |  |  |  |
Acacia Pharma Inc. | Warrant | 6/29/2018 | Common Stock | 201,330 |  | 304 |  |  | — |  |  | (5)(10)
ADMA Biologics, Inc. | Warrant | 2/24/2014 | Common Stock | 58,000 |  | 166 |  |  | 10 |  |  | (4)
Akero Therapeutics, Inc. | Warrant | 6/15/2022 | Common Stock | 18,360 |  | 56 |  |  | 674 |  |  | (4)(10)
Albireo Pharma, Inc. | Warrant | 6/8/2020 | Common Stock | 5,311 |  | 61 |  |  | 31 |  |  | (4)(10)
AmplifyBio, LLC | Warrant | 12/27/2022 | Class A Units | 69,239 |  | 238 |  |  | 256 |  |  | (15)
Axsome Therapeutics, Inc. | Warrant | 9/25/2020 | Common Stock | 40,396 |  | 880 |  |  | 1,590 |  |  | (4)(10)(12)(16)
Cellarity, Inc. | Warrant | 12/8/2021 | Preferred Series B | 100,000 |  | 287 |  |  | 318 |  |  | (15)
Century Therapeutics, Inc. | Warrant | 9/14/2020 | Common Stock | 16,112 |  | 37 |  |  | 3 |  |  | (4)
Dermavant Sciences Ltd. | Warrant | 5/31/2019 | Common Stock | 223,642 |  | 101 |  |  | 199 |  |  | (5)(10)
enGene, Inc. | Warrant | 12/30/2021 | Preferred Series 3 | 133,692 |  | 72 |  |  | 28 |  |  | (5)(10)(12)
Evofem Biosciences, Inc. | Warrant | 6/11/2014 | Common Stock | 520 |  | 266 |  |  | — |  |  | (4)
Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.) | Warrant | 2/18/2016 | Common Stock | 200 |  | 119 |  |  | — |  |  | (4)
Kineta, Inc. | Warrant | 12/20/2019 | Common Stock | 2,202 |  | 110 |  |  | — |  |  | (4)
Kura Oncology, Inc. | Warrant | 11/2/2022 | Common Stock | 14,342 |  | 88 |  |  | 59 |  |  | (4)(10)(15)
Madrigal Pharmaceutical, Inc. | Warrant | 5/9/2022 | Common Stock | 10,131 |  | 177 |  |  | 1,977 |  |  | (4)(10)
Myovant Sciences, Ltd. | Warrant | 10/16/2017 | Common Stock | 73,710 |  | 460 |  |  | 958 |  |  | (4)(5)(10)
Paratek Pharmaceuticals, Inc. | Warrant | 8/1/2018 | Common Stock | 426,866 |  | 520 |  |  | 34 |  |  | (4)
Phathom Pharmaceuticals, Inc. | Warrant | 9/17/2021 | Common Stock | 64,687 |  | 848 |  |  | 101 |  |  | (4)(10)(12)(15)(16)
Provention Bio, Inc. | Warrant | 9/15/2022 | Common Stock | 111,934 |  | 281 |  |  | 677 |  |  | (4)
Redshift Bioanalytics, Inc. | Warrant | 3/23/2022 | Preferred Series E | 475,510 |  | 20 |  |  | 21 |  |  | (15)
Scynexis, Inc. | Warrant | 5/14/2021 | Common Stock | 106,035 |  | 296 |  |  | 15 |  |  | (4)(12)
TG Therapeutics, Inc. | Warrant | 2/28/2019 | Common Stock | 231,613 |  | 1,033 |  |  | 1,084 |  |  | (4)(10)(12)
Tricida, Inc. | Warrant | 3/27/2019 | Common Stock | 31,352 |  | 280 |  |  | 1 |  |  | (4)
Valo Health, LLC | Warrant | 6/15/2020 | Common Units | 102,216 |  | 256 |  |  | 127 |  |  |
X4 Pharmaceuticals, Inc. | Warrant | 12/9/2022 | Common Stock | 1,392,787 |  | 510 |  |  | 281 |  |  | (4)
Subtotal: Drug Discovery & Development (0.60%)* |  |  |  | 7,466 |  |  | 8,444 |  |  |
Electronics & Computer Hardware |  |  |  |  |  |  |  |  |  |
908 Devices, Inc. | Warrant | 3/15/2017 | Common Stock | 49,078 |  | 101 |  |  | 86 |  |  | (4)
Locus Robotics Corp. | Warrant | 6/21/2022 | Common Stock | 8,511 |  | 34 |  |  | 212 |  |  |
Skydio, Inc. | Warrant | 11/8/2021 | Common Stock | 622,255 |  | 557 |  |  | 975 |  |  |
Subtotal: Electronics & Computer Hardware (0.09%)* |  |  |  | 692 |  |  | 1,273 |  |  |
Healthcare Services, Other |  |  |  |  |  |  |  |  |  |
Vida Health, Inc. | Warrant | 3/28/2022 | Common Stock | 100,618 |  | 114 |  |  | 14 |  |  |
Subtotal: Healthcare Services, Other (0.00%)* |  |  |  | 114 |  |  | 14 |  |  |

See notes to consolidated financial statements
30

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Information Services |  |  |  |  |  |  |  |  |  |
Capella Space Corp. | Warrant | 10/21/2021 | Common Stock | 176,200 |  | $ | 207 |  |  | $ | 114 |  |  | (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 |  |  | 380 |  |  |
Signal Media Limited | Warrant | 6/29/2022 | Common Stock | 94,857 |  | 35 |  |  | 15 |  |  | (5)(10)
Subtotal: Information Services (0.04%)* |  |  |  | 680 |  |  | 509 |  |  |
Manufacturing Technology |  |  |  |  |  |  |  |  |  |
Bright Machines, Inc. | Warrant | 3/31/2022 | Common Stock | 392,308 |  | 537 |  |  | 1,154 |  |  |
MacroFab, Inc. | Warrant | 3/23/2022 | Common Stock | 1,111,111 |  | 528 |  |  | 1,202 |  |  |
Xometry, Inc. | Warrant | 5/9/2018 | Common Stock | 87,784 |  | 47 |  |  | 1,800 |  |  | (4)
Subtotal: Manufacturing Technology (0.30%)* |  |  |  | 1,112 |  |  | 4,156 |  |  |
Media/Content/Info |  |  |  |  |  |  |  |  |  |
Fever Labs, Inc. | Warrant | 12/30/2022 | Preferred Series E-1 | 221,622 |  | 35 |  |  | 35 |  |  |
Subtotal: Media/Content/Info (0.00%)* |  |  |  | 35 |  |  | 35 |  |  |
Medical Devices & Equipment |  |  |  |  |  |  |  |  |  |
Aspire Bariatrics, Inc. | Warrant | 1/28/2015 | Common Stock | 22,572 |  | 455 |  |  | — |  |  |
Flowonix Medical Incorporated | Warrant | 11/3/2014 | Preferred Series AA | 110,946 |  | 362 |  |  | — |  |  |
| Warrant | 9/21/2018 | Preferred Series BB | 725,806 |  | 351 |  |  | — |  |  |
Total Flowonix Medical Incorporated |  |  |  | 836,752 |  | 713 |  |  | — |  |  |
Intuity Medical, Inc. | Warrant | 12/29/2017 | Preferred Series B-1 | 3,076,323 |  | 294 |  |  | 54 |  |  |
Lucira Health, Inc. | Warrant | 2/4/2022 | Common Stock | 59,642 |  | 110 |  |  | — |  |  | (4)
Outset Medical, Inc. | Warrant | 9/27/2013 | Common Stock | 62,794 |  | 401 |  |  | 864 |  |  | (4)
Tela Bio, Inc. | Warrant | 3/31/2017 | Common Stock | 15,712 |  | 61 |  |  | 1 |  |  | (4)
Subtotal: Medical Devices & Equipment (0.07%)* |  |  |  | 2,034 |  |  | 919 |  |  |
Semiconductors |  |  |  |  |  |  |  |  |  |
Achronix Semiconductor Corporation | Warrant | 6/26/2015 | Preferred Series D-2 | 750,000 |  | 99 |  |  | 524 |  |  |
Fungible, Inc. | Warrant | 12/16/2021 | Common Stock | 800,000 |  | 751 |  |  | — |  |  | (15)
Subtotal: Semiconductors (0.04%)* |  |  |  | 850 |  |  | 524 |  |  |
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 |  |  | 365 |  |  |
Bitsight Technologies, Inc. | Warrant | 11/18/2020 | Common Stock | 29,691 |  | 284 |  |  | 398 |  |  |
Brain Corporation | Warrant | 10/4/2021 | Common Stock | 194,629 |  | 165 |  |  | 61 |  |  | (15)
CloudBolt Software, Inc. | Warrant | 9/30/2020 | Common Stock | 211,342 |  | 117 |  |  | 1 |  |  |
Cloudian, Inc. | Warrant | 11/6/2018 | Common Stock | 477,454 |  | 71 |  |  | 14 |  |  |
Cloudpay, Inc. | Warrant | 4/10/2018 | Preferred Series B | 6,763 |  | 54 |  |  | 400 |  |  | (5)(10)
Convoy, Inc. | Warrant | 3/30/2022 | Common Stock | 165,456 |  | 974 |  |  | 364 |  |  | (16)
Couchbase, Inc. | Warrant | 4/25/2019 | Common Stock | 105,350 |  | 462 |  |  | 488 |  |  | (4)

See notes to consolidated financial statements
31

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Cutover, Inc. | Warrant | 9/21/2022 | Common Stock | 102,898 |  | $ | 26 |  |  | $ | 19 |  |  | (5)(10)(12)
Dashlane, Inc. | Warrant | 3/11/2019 | Common Stock | 453,641 |  | 353 |  |  | 168 |  |  |
Delphix Corp. | Warrant | 10/8/2019 | Common Stock | 718,898 |  | 1,594 |  |  | 2,657 |  |  |
Demandbase, Inc. | Warrant | 8/2/2021 | Common Stock | 727,047 |  | 545 |  |  | 180 |  |  |
DNAnexus, Inc. | Warrant | 3/21/2014 | Preferred Series C | 909,091 |  | 97 |  |  | 131 |  |  |
DroneDeploy, Inc. | Warrant | 6/30/2022 | Common Stock | 95,911 |  | 278 |  |  | 300 |  |  |
Eigen Technologies Ltd. | Warrant | 4/13/2022 | Common Stock | 522 |  | 8 |  |  | 6 |  |  | (5)(10)
Elation Health, Inc. | Warrant | 9/12/2022 | Common Stock | 362,837 |  | 583 |  |  | 382 |  |  |
Esme Learning Solutions, Inc. | Warrant | 1/27/2022 | Common Stock | 56,765 |  | 198 |  |  | — |  |  |
Evernote Corporation | Warrant | 9/30/2016 | Common Stock | 62,500 |  | 107 |  |  | 6 |  |  |
First Insight, Inc. | Warrant | 5/10/2018 | Preferred Series B | 75,917 |  | 96 |  |  | 39 |  |  |
Fulfil Solutions, Inc. | Warrant | 7/29/2022 | Common Stock | 84,995 |  | 325 |  |  | 314 |  |  |
Lightbend, Inc. | Warrant | 2/14/2018 | Preferred Series D | 89,685 |  | 131 |  |  | 1 |  |  |
Mixpanel, Inc. | Warrant | 9/30/2020 | Common Stock | 82,362 |  | 252 |  |  | 225 |  |  |
Nuvolo Technologies Corporation | Warrant | 3/29/2019 | Common Stock | 70,000 |  | 172 |  |  | 175 |  |  | (12)
Poplicus, Inc. | Warrant | 5/28/2014 | Common Stock | 132,168 |  | — |  |  | — |  |  |
Reltio, Inc. | Warrant | 6/30/2020 | Common Stock | 69,120 |  | 215 |  |  | 298 |  |  |
SignPost, Inc. | Warrant | 1/13/2016 | Series Junior 1 Preferred | 474,019 |  | 314 |  |  | — |  |  |
SingleStore, Inc. | Warrant | 4/28/2020 | Preferred Series D | 312,596 |  | 103 |  |  | 426 |  |  |
Tact.ai Technologies, Inc. | Warrant | 2/13/2020 | Common Stock | 1,041,667 |  | 206 |  |  | 69 |  |  |
The Faction Group LLC | Warrant | 11/3/2014 | Preferred Series AA | 8,076 |  | 234 |  |  | 436 |  |  |
VideoAmp, Inc. | Warrant | 1/21/2022 | Common Stock | 152,048 |  | 1,275 |  |  | 321 |  |  | (15)
Subtotal: Software (0.59%)* |  |  |  | 9,761 |  |  | 8,244 |  |  |
Surgical Devices |  |  |  |  |  |  |  |  |  |
Gynesonics, Inc. | Warrant | 1/16/2013 | Preferred Series C | 16,835 |  | 7 |  |  | — |  |  |
TransMedics Group, Inc. | Warrant | 9/11/2015 | Common Stock | 14,440 |  | 39 |  |  | 492 |  |  | (4)
Subtotal: Surgical Devices (0.04%)* |  |  |  | 46 |  |  | 492 |  |  |
Sustainable and Renewable Technology |  |  |  |  |  |  |  |  |  |
Ampion, PBC | Warrant | 4/15/2022 | Common Stock | 18,472 |  | 52 |  |  | 44 |  |  |
Fulcrum Bioenergy, Inc. | Warrant | 4/30/2013 | Preferred Series C-1 | 93,632 |  | 64 |  |  | 275 |  |  |
Halio, Inc. | Warrant | 4/22/2014 | Preferred Series A | 325,000 |  | 155 |  |  | 126 |  |  |
| Warrant | 4/7/2015 | Preferred Series B | 131,883 |  | 63 |  |  | 43 |  |  |
Total Halio, Inc. |  |  |  | 456,883 |  | 218 |  |  | 169 |  |  |
IngredientWerks Holdings, Inc. (p.k.a Agrivida, Inc.) | Warrant | 6/20/2013 | Preferred Series D | 471,327 |  | 120 |  |  | — |  |  |
Polyera Corporation | Warrant | 3/24/2015 | Preferred Series C | 150,036 |  | 269 |  |  | — |  |  |
Subtotal: Sustainable and Renewable Technology (0.03%)* |  |  |  | 723 |  |  | 488 |  |  |
Total: Warrant Investments (2.19%)* |  |  |  | $ | 30,964 |  |  | $ | 30,646 |  |  |

See notes to consolidated financial statements
32

Table of Contents
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)

Portfolio Company | Type of Investment | Acquisition Date(4) | Series (3) | Shares |  | Cost (2) |  | Value |  | Footnotes
Total Investments in Securities (211.21%)* |  |  |  | $ | 3,002,197 |  |  | $ | 2,960,062 |  |  |
Investment Funds & Vehicles Investments |  |  |  |  |  |  |  |
Drug Discovery & Development |  |  |  |  |  |  |  |  |  |
Forbion Growth Opportunities Fund I C.V. | Investment Funds & Vehicles | 11/16/2020 |  |  |  | $ | 2,699 |  |  | $ | 3,080 |  |  | (5)(10)(17)
Forbion Growth Opportunities Fund II C.V. | Investment Funds & Vehicles | 6/23/2022 |  |  |  | 419 |  |  | 438 |  |  | (5)(10)(17)
Subtotal: Drug Discovery & Development (0.25%)* |  |  |  | 3,118 |  |  | 3,518 |  |  |
Software |  |  |  |  |  |  |  |  |  |
Liberty Zim Co-Invest L.P. | Investment Funds & Vehicles | 7/21/2022 |  |  |  | 381 |  |  | 375 |  |  | (5)(10)
Subtotal: Software (0.03%)* |  |  |  | 381 |  |  | 375 |  |  |
Total: Investment Funds & Vehicles Investments (0.28%)* |  |  |  | $ | 3,499 |  |  | $ | 3,893 |  |  |
Total Investments (211.49%)* |  |  |  | $ | 3,005,696 |  |  | $ | 2,963,955 |  |  |

*Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.
(1)Interest rate PRIME represents 7.50% as of December 31, 2022. 1-month LIBOR, 3-month LIBOR, and 6-month LIBOR represent 4.40%, 4.77%, and 5.14%, respectively, as of December 31, 2022.
(2)Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $72.2 million, $112.0 million, and $39.8 million, respectively. The tax cost of investments is $3.0 billion.
(3)Preferred and common stock, warrants, and equity interests are generally non-income producing.
(4)Except for warrants in 27 publicly traded companies and common stock in 43 publicly traded companies, all investments are restricted as of December 31, 2022 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the “Valuation Committee”) and approved by the board of directors (the “Board”).
(5)Non-U.S. company or the company’s principal place of business is outside the United States.
(6)[Reserved]
(7)Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board.
(8)Debt is on non-accrual status as of December 31, 2022, and is therefore considered non-income producing. Note that as of December 31, 2022, only the PIK, or payment-in-kind, portion is on non-accrual for the Company’s debt investment in Tectura Corporation.
(9)Denotes that all or a portion of the debt investment is convertible debt.
(10)Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.
(11)Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).
(12)Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”).
(13)Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”).
(14)Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.
(15)Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.
(16)Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of December 31, 2022.
(17)Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2022 (Refer to “Note 11 — Commitments and Contingencies”).
(18)Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.
(19)Denotes second lien senior secured debt.
(20)Denotes all or a portion of the public equity or warrant investment was acquired in a transaction exempt from registration under the Securities Act of 1933 (“Securities Act”) and may be deemed to be “restricted securities” under the Securities Act.
See notes to consolidated financial statements
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HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollars in thousands)
(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, 2022, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $3.0 million.
(22)Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $4.6 million and $3.4 million, respectively.
See notes to consolidated financial statements
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HERCULES CAPITAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Description of Business
Hercules Capital, Inc. (the “Company”) is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology, life sciences, and sustainable and renewable technology industries. The Company sources its investments through its principal office located in Palo Alto, CA, as well as through its additional offices in Boston, MA, New York, NY, Bethesda, MD, San Diego, CA, Denver, CO, and London, United Kingdom. The Company was incorporated under the General Corporation Law of the State of Maryland in December 2003.
The Company is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). From incorporation through December 31, 2005, the Company was subject to tax as a corporation under Subchapter C of the Internal Revenue Code of 1986, as amended (the “Code”). Effective January 1, 2006, the Company elected to be treated for tax purposes as a Regulated Investment Company (“RIC”) under Subchapter M of the Code (see “Note 6 - Income Taxes”).
The Company is not registered with the Commodity Futures Trading Commission (“CFTC”). The Company has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”), pursuant to Rule 4.5 under the CEA. The Company is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA.
Hercules Capital IV, L.P. (“HC IV”) is our wholly owned Delaware limited partnership that was formed in December 2010. HC IV received a license to operate as a small business investment company (“SBIC”) under the authority of the Small Business Administration (“SBA”) on October 27, 2020. SBICs are subject to a variety of regulations concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments. Hercules Technology SBIC Management, LLC (“HTM”), is a wholly owned limited liability company subsidiary of the Company, which was formed in November 2003 and serves as the general partner of HC IV.
The Company has also established certain wholly owned subsidiaries, all of which are structured as Delaware corporations or Limited Liability Companies (“LLCs”), to hold portfolio companies organized as LLCs (or other forms of pass-through entities). These subsidiaries are consolidated for financial reporting purposes and in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Certain of the subsidiaries are taxable and not consolidated with Hercules for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments.
The Company formed Hercules Capital Management LLC and Hercules Adviser LLC in 2020 as wholly owned Delaware limited liability subsidiaries. The Company was granted no-action relief by the staff of the Securities and Exchange Commission (“SEC”) to allow Hercules Adviser LLC (the “Adviser Subsidiary”) to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The Adviser Subsidiary provides investment advisory and related services to investment vehicles (“Adviser Funds”) owned by one or more unrelated third-party investors (“External Parties”). The Adviser Subsidiary is owned by Hercules Capital Management LLC and collectively held and presented with Hercules Partner Holdings, LLC, which separately wholly owns the general partnership vehicles to each of the Adviser Funds.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated interim financial statements have been prepared in conformity with U.S. GAAP for interim financial information, and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments consisting solely of normal recurring accruals considered necessary for the fair statement of consolidated financial statements for the interim periods have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Therefore, the interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. The year-end Consolidated Statements of Assets and Liabilities data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency.
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As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated.
Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE.
To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE.
The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework.
The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The assets of the Company's securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit.
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Fair Value Measurements
The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value.
The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows:
Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets.
Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company.
Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. It includes prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Generally, assets carried at fair value and included in this category are the debt investments and warrants and equities held in a private company.
Valuation of Investments
The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.
As of September 30, 2023, approximately 97.8% of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the valuation designee of the Board. The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with ASC Topic 820. The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to a consistent valuation policy established by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments determined in good faith by the Company's Valuation Committee and approved by the Board may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material.
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In accordance with procedures established by its Board, the Company values investments on a quarterly basis following a multistep valuation process. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board has designated the Company’s Valuation Committee as the “valuation designee”. The quarterly Board approved multi-step valuation process is described below:
(1)The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment;
(2)Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary;
(3)The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board;
(4)The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and
(5)The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio.
Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee and approved by the Board.
As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation.
Debt Investments
The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e. broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820.
In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below.
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The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date.
The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. For syndicated debt investments, for which sufficient market data is available and liquidity, the Company values debt securities using broker quotes and bond indices amongst other factors. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis.
The Company records unrealized depreciation on investments when it believes that an investment has decreased in value, including where collection of a debt investment is doubtful or, if under the in-exchange premise, when the value of a debt investment is less than amortized cost of the investment. Conversely, where appropriate, the Company records unrealized appreciation if it believes that the underlying portfolio company has appreciated in value and, therefore, that its investment has also appreciated in value or, if under the in-exchange premise, the value of a debt investment is greater than amortized cost.
When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recording warrant or other equity instruments is accreted into interest income over the life of the debt investment.
Equity Securities and Warrants
Securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date.
At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes OPM. For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors.
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Investment Funds & Vehicles
The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.
Derivative Instruments
The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on non-control/non-affiliate investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on non-control/non-affiliate investments in the Consolidated Statements of Operations.
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2023, the Company held $201 thousand (Cost basis $265 thousand) of foreign cash. As of December 31, 2022, the Company held $1,178 thousand (Cost basis $1,168 thousand) of foreign cash. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions, including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”).
Other Assets
Other assets generally consist of prepaid expenses, debt issuance costs on our Credit Facilities net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow and other investment related receivables.
Escrow Receivables
Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date.
Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”.
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Investment Income Recognition
The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID. The OID received upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term.
The Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest method. One-off fees for transaction and management services are generally recognized as income in the period when the services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected.
From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding.
Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal.
Realized Gains or Losses
Realized gains or losses are measured by the difference between the net proceeds from the sale or other realization event and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries.
Secured Borrowings
The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value.
Equity Offering Expenses
The Company’s offering expenses are charged against the proceeds from equity offerings when received as a reduction of capital upon completion of an offering of registered securities.
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Debt
The debt of the Company is carried at amortized cost which is comprised of the principal amount borrowed net of any unamortized discount and debt issuance costs. Discounts and issuance costs are accreted to interest expense and loan fees, respectively, using the straight-line method, which closely approximates the effective yield method, over the remaining life of the underlying debt obligations (see “Note 5 – Debt”). Accrued but unpaid interest is included within Accounts payable and accrued liabilities on the Consolidated Statements of Assets and Liabilities. In the event that the debt is extinguished, either partially or in full, before maturity, the Company recognizes the gain or loss in the Consolidated Statements of Operations within net realized gains (losses) as a “Loss on extinguishment of debt”.
Debt Issuance Costs
Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest, debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements.
Stock-Based Compensation
The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock-based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment. This includes certain assumptions such as stock price volatility, forfeiture rate, expected outcome probability, and expected option life, as applicable to each award. In accordance with ASC Topic 480, certain stock awards are classified as a liability. The compensation expense associated with these awards is recognized in the same manner as all other stock-based compensation. The award liability is recorded as deferred compensation and included in Accounts payable and accrued liabilities.
Income Taxes
The Company accounts for income taxes in accordance with the provisions of ASC Topic 740 Income Taxes, under which income taxes are provided for amounts currently payable and for amounts deferred based upon the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provisions of the enacted tax law. Valuation allowances may be used to reduce deferred tax assets to the amount likely to be realized.
The Company has elected to be treated as a RIC under Subchapter M of the Code. As such, the Company generally will not be subject to U.S. federal income tax on the portion of taxable income (including gains) distributed as dividends for U.S. federal income tax purposes to stockholders. Taxable income includes the Company’s taxable interest, dividend and fee income, reduced by certain deductions, as well as taxable net realized securities gains.
Because taxable income as determined in accordance with U.S. federal tax regulations differ from U.S. GAAP, taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from the change in the classification of certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gains or losses are recognized at some time in the future for tax or U.S. GAAP purposes.
As a RIC, the Company will be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains).
Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions treated as dividends for U.S. federal income tax purposes from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions treated as dividends for U.S. federal income tax purposes paid in the following taxable year,
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subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or return of capital. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, it may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.
Earnings Per Share (“EPS”)
Basic EPS is calculated by dividing net earnings applicable to common stockholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and restricted stock for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable pursuant to stock options and to restricted stock for which future service is required as a condition to the delivery of the underlying common stock. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS, if applicable.
Comprehensive Income
The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have other comprehensive income for the three and nine months ended September 30, 2023 or 2022. The Company’s comprehensive income is equal to its net increase in net assets resulting from operations.
Distributions
Distributions to common stockholders are approved by the Board on a quarterly basis and the distribution payable is recorded on the ex-dividend date. The Company maintains an “opt out” dividend reinvestment plan that provides for reinvestment of the Company’s distribution on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company declares a distribution, cash distributions will be automatically reinvested in additional shares of its common stock unless the stockholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions.
Segments
The Company lends to and invests in portfolio companies in various technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single reportable segment.
Recent Accounting Pronouncements
In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.
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3. Fair Value of Financial Instruments
Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of September 30, 2023 and December 31, 2022.

(in thousands) |  | Balance as of September 30, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Description |  |  |  |
Other assets |  |  |  |  |  |  |  |
Escrow Receivables |  | $ | 748 |  |  | $ | — |  |  | $ | — |  |  | $ | 748 |
Investments |  |  |  |  |  |  |  |
Senior Secured Debt |  | $ | 3,021,950 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,021,950 |
Unsecured Debt |  | 69,930 |  |  | — |  |  | — |  |  | 69,930 |
Preferred Stock |  | 42,290 |  |  | — |  |  | — |  |  | 42,290 |
Common Stock (1) |  | 94,705 |  |  | 55,056 |  |  | — |  |  | 39,649 |
Warrants |  | 27,833 |  |  | — |  |  | 7,715 |  |  | 20,118 |
|  | $ | 3,256,708 |  |  | $ | 55,056 |  |  | $ | 7,715 |  |  | $ | 3,193,937 |
Investment Funds & Vehicles measured at Net Asset Value (2) |  | 4,683 |  |  |  |  |  |  |
Total Investments, at fair value |  | $ | 3,261,391 |  |  |  |  |  |  |
Derivative Instruments (3) |  | 230 |  |  |  |  |  |  |
Total Investments, at fair value including derivative instruments |  | $ | 3,261,621 |  |  |  |  |  |  |

(in thousands) |  | Balance as of December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Description |  |  |  |
Other assets |  |  |  |  |  |  |  |
Escrow Receivables |  | $ | 875 |  |  | $ | — |  |  | $ | — |  |  | $ | 875 |
Investments |  |  |  |  |  |  |  |
Senior Secured Debt |  | $ | 2,741,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,741,388 |
Unsecured Debt |  | 54,056 |  |  | — |  |  | — |  |  | 54,056 |
Preferred Stock |  | 41,488 |  |  | — |  |  | — |  |  | 41,488 |
Common Stock (1) |  | 92,484 |  |  | 66,027 |  |  | 1,398 |  |  | 25,059 |
Warrants |  | 30,646 |  |  | — |  |  | 11,227 |  |  | 19,419 |
|  | $ | 2,960,062 |  |  | $ | 66,027 |  |  | $ | 12,625 |  |  | $ | 2,881,410 |
Investment Funds & Vehicles measured at Net Asset Value(2) |  | 3,893 |  |  |  |  |  |  |
Total Investments, at fair value |  | $ | 2,963,955 |  |  |  |  |  |  |

(1)Common Stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's Common Stock.
(2)In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statement of Assets and Liabilities.
(3)Derivative Instruments are carried at fair value and a level 2 security within the Company's fair value hierarchy.
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The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the nine months ended September 30, 2023 and 2022.

(in thousands) | Balance as of January 1, 2023 |  | Net Realized Gains (Losses) (1) |  | Net Change in Unrealized Appreciation (Depreciation) (2) |  | Purchases (5) |  | Sales |  | Repayments(6) |  | Gross Transfers into Level 3 (3) |  | Gross Transfers out of Level 3 (3) |  | Balance as of September 30, 2023
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Debt | $ | 2,741,388 |  |  | $ | (5,400) |  |  | $ | (22,135) |  |  | $ | 1,003,953 |  |  | $ | — |  |  | $ | (695,856) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,021,950 |
Unsecured Debt | 54,056 |  |  | — |  |  | 4,958 |  |  | 10,916 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 69,930 |
Preferred Stock | 41,488 |  |  | (3,441) |  |  | 1,392 |  |  | 2,851 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,290 |
Common Stock | 25,059 |  |  | — |  |  | 10,684 |  |  | 4,500 |  |  | (594) |  |  | — |  |  | — |  |  | — |  |  | 39,649 |
Warrants | 19,419 |  |  | (3,443) |  |  | 1,539 |  |  | 3,711 |  |  | (1,108) |  |  | — |  |  | — |  |  | — |  |  | 20,118 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Escrow Receivable | 875 |  |  | 80 |  |  | — |  |  | — |  |  | (207) |  |  | — |  |  | — |  |  | — |  |  | 748 |
Total | $ | 2,882,285 |  |  | $ | (12,204) |  |  | $ | (3,562) |  |  | $ | 1,025,931 |  |  | $ | (1,909) |  |  | $ | (695,856) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,194,685 |

(in thousands) | Balance as of January 1, 2022 |  | Net Realized Gains (Losses) (1) |  | Net Change in Unrealized Appreciation (Depreciation) (2) |  | Purchases (5) |  | Sales |  | Repayments(6) |  | Gross Transfers into Level 3 (4) |  | Gross Transfers out of Level 3 (4) |  | Balance as of September 30, 2022
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Debt | $ | 2,156,709 |  |  | $ | (1,883) |  |  | $ | (11,377) |  |  | $ | 854,978 |  |  | $ | (73,500) |  |  | $ | (314,417) |  |  | $ | — |  |  | $ | (3,504) |  |  | $ | 2,607,006 |
Unsecured Debt | 52,890 |  |  | — |  |  | (1,880) |  |  | 3,383 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54,393 |
Preferred Stock | 69,439 |  |  | 7,966 |  |  | (22,458) |  |  | 3,614 |  |  | (11,101) |  |  | — |  |  | — |  |  | (6,422) |  |  | 41,038 |
Common Stock | 21,968 |  |  | (74) |  |  | 9,462 |  |  | — |  |  | (19) |  |  | — |  |  | 207 |  |  | (3,942) |  |  | 27,602 |
Warrants | 27,477 |  |  | 992 |  |  | (13,795) |  |  | 6,127 |  |  | (3,162) |  |  | — |  |  | — |  |  | — |  |  | 17,639 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Escrow Receivable | 561 |  |  | 401 |  |  | (328) |  |  | 1,148 |  |  | (500) |  |  | — |  |  | — |  |  | — |  |  | 1,282 |
Total | $ | 2,329,044 |  |  | $ | 7,402 |  |  | $ | (40,376) |  |  | $ | 869,250 |  |  | $ | (88,282) |  |  | $ | (314,417) |  |  | $ | 207 |  |  | $ | (13,868) |  |  | $ | 2,748,960 |

(1)Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations.
(2)Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations.
(3)There were no transfers into or out of Level 3 during the nine months ended September 30, 2023.
(4)Transfers out of Level 3 during the nine months ended September 30, 2022, related to the initial public offerings of Gelesis, Inc., Pineapple Energy, LLC, and the conversion of Level 3 debt investments into common stock investments. Transfers into Level 3 during the nine months ended September 30, 2022 related to the decline of liquidity of Kaleido Biosciences, Inc. shares.
(5)Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds.
(6)Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization.
For the nine months ended September 30, 2023, approximately $2.0 million in net unrealized depreciation and $10.7 million in net unrealized appreciation relating to assets still held at the reporting date were recorded for preferred stock and common stock Level 3 investments, respectively. For the same period, approximately $16.9 million and $0.9 million in net unrealized depreciation was recorded for debt and warrant Level 3 investments, respectively, relating to assets still held at the reporting date.
For the nine months ended September 30, 2022, approximately $23.2 million in net unrealized depreciation and $9.5 million in net unrealized appreciation relating to assets still held at the reporting date were recorded for preferred stock and common stock Level 3 investments, respectively. For the same period, approximately $12.2 million and $13.4 million in net unrealized depreciation was recorded for debt and warrant Level 3 investments, respectively, relating to assets still held at the reporting date.
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The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of September 30, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable.

Investment Type - Level 3 Debt Investments |  | Fair Value as of September 30, 2023 (in thousands) |  | Valuation Techniques/ Methodologies |  | Unobservable Input(1) |  | Range |  | Weighted Average(2)
Pharmaceuticals |  | $ | 1,086,232 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 11.42% - 20.74% |  | 14.09%
|  |  |  |  | Premium/(Discount) |  | (1.00)% - 3.50% |  | 0.02%
Technology |  | 1,151,128 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 11.56% - 20.25% |  | 15.38%
|  |  |  |  | Premium/(Discount) |  | (0.75)% - 3.25% |  | 0.38%
|  | 23,491 |  |  | Convertible Note Analysis |  | Probability weighting of alternative outcomes |  | 1.00% - 50.00% |  | 35.26%
|  | 24,555 |  |  | Liquidation (3) |  | Probability weighting of alternative outcomes |  | 50.00% - 50.00% |  | 50.00%
Sustainable and Renewable Technology |  | 1,768 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 11.03% - 11.03% |  | 11.03%
|  |  |  |  | Premium/(Discount) |  | 0.75% - 0.75% |  | 0.75%
Lower Middle Market |  | 278,012 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 13.25% - 17.37% |  | 13.29%
|  |  |  |  | Premium/(Discount) |  | (0.75)% - 1.75% |  | 0.14%
|  | 6,243 |  |  | Liquidation (3) |  | Probability weighting of alternative outcomes |  | 20.00% - 80.00% |  | 80.00%
Debt Investments for which Cost Approximates Fair Value
|  | 394,728 |  |  | Debt Investments originated within 6 months |  |  |  |
|  | 23,494 |  |  | Imminent Payoffs(4) |  |  |  |
|  | 102,229 |  |  | Debt Investments Maturing in Less than One Year |  |  |  |
|  | $ | 3,091,880 |  |  | Total Level 3 Debt Investments |  |  |  |

(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes.
(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
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Investment Type - Level 3 Debt Investments |  | Fair Value as of December 31, 2022 (in thousands) |  | Valuation Techniques/ Methodologies |  | Unobservable Input(1) |  | Range |  | Weighted Average(2)
Pharmaceuticals |  | $ | 903,427 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 11.74% - 19.04% |  | 15.17%
|  |  |  |  | Premium/(Discount) |  | (0.75)% - 1.75% |  | 0.01%
Technology |  | 967,108 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 12.05% - 18.53% |  | 15.21%
|  |  |  |  | Premium/(Discount) |  | (1.00)% - 1.50% |  | 0.20%
|  | 20,356 |  |  | Convertible Note Analysis |  | Probability weighting of alternative outcomes |  | 1.00% - 50.00% |  | 35.79%
|  | 1,671 |  |  | Liquidation(3) |  | Probability weighting of alternative outcomes |  | 5.00% - 80.00% |  | 48.29%
Sustainable and Renewable Technology |  | 3,006 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 14.71% - 14.71% |  | 14.71%
|  |  |  |  |  | Premium/(Discount) |  | 0.75% - 0.75% |  | 0.75%
Lower Middle Market |  | 328,393 |  |  | Market Comparable Companies |  | Hypothetical Market Yield |  | 13.68% -18.49% |  | 14.82%
|  |  |  |  |  | Premium/(Discount) |  | (2.00)% - 0.75% |  | (0.43)%
|  | 8,042 |  |  | Liquidation(3) |  | Probability weighting of alternative outcomes |  | 20.00% - 80.00% |  | 80.00%
Debt Investments for which Cost Approximates Fair Value
|  | 392,168 |  |  | Debt Investments originated within 6 months |  |  |  |
|  | 77,676 |  |  | Imminent Payoffs(4) |  |  |  |
|  | 93,597 |  |  | Debt Investments Maturing in Less than One Year
|  | $ | 2,795,444 |  |  | Total Level 3 Debt Investments

(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes.
(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
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Investment Type - Level 3 Equity and Warrant Investments |  | Fair Value as of September 30, 2023 (in thousands) |  | Valuation Techniques/ Methodologies |  | Unobservable Input(1) |  | Range |  | Weighted Average(5)
Equity Investments |  | $ | 41,339 |  |  | Market Comparable Companies |  | EBITDA Multiple(2) |  | 11.1x - 11.1x |  | 11.1x
|  |  |  |  | Revenue Multiple(2) |  | 0.9x - 18.9x |  | 7.5x
|  |  |  |  | Tangible Book Value Multiple(2) |  | 1.5x - 1.5x |  | 1.5x
|  |  |  |  | Discount for Lack of Marketability(3) |  | 4.53% - 28.69% |  | 20.66%
|  | 7,513 |  |  | Market Adjusted OPM Backsolve |  | Market Equity Adjustment(4) |  | (86.81)% - 25.91% |  | (10.07)%
|  | 28,668 |  |  | Discounted Cash Flow |  | Discount Rate(7) |  | 19.83% - 32.14% |  | 30.56%
|  | — |  |  | Liquidation |  | Revenue Multiple(2) |  | 1.7x - 1.7x |  | 1.7x
|  |  |  |  | Discount for Lack of Marketability(3) |  | 85.00% - 85.00% |  | 85.00%
|  | 4,419 |  |  | Other(6) |  |  |  |  |  |
Warrant Investments |  | 16,640 |  |  | Market Comparable Companies |  | EBITDA Multiple(2) |  | 11.1x - 11.1x |  | 11.1x
|  |  |  |  | Revenue Multiple(2) |  | 0.8x - 14.0x |  | 4.1x
|  |  |  |  | Discount for Lack of Marketability(3) |  | 5.61% - 30.50% |  | 19.65%
|  | 2,838 |  |  | Market Adjusted OPM Backsolve |  | Market Equity Adjustment(4) |  | (72.80)%- 18.71% |  | (3.58)%
|  | 640 |  |  | Other(6) |  |  |  |  |  |
Total Level 3 Equity and Warrant Investments |  | $ | 102,057 |  |  |  |  |  |  |  |  |

(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
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Investment Type - Level 3 Equity and Warrant Investments |  | Fair Value as of December 31, 2022 (in thousands) |  | Valuation Techniques/ Methodologies |  | Unobservable Input(1) |  | Range |  | Weighted Average(5)
Equity Investments |  | $ | 30,086 |  |  | Market Comparable Companies |  | EBITDA Multiple(2) |  | 12.4x - 12.4x |  | 12.4x
|  |  |  |  | Revenue Multiple(2) |  | 0.7x - 16.1x |  | 7.4x
|  |  |  |  | Tangible Book Value Multiple(2) |  | 1.6x - 1.6x |  | 1.6x
|  |  |  |  | Discount for Lack of Marketability(3) |  | 8.11% - 28.90% |  | 19.79%
|  | 13,795 |  |  | Market Adjusted OPM Backsolve |  | Market Equity Adjustment(4) |  | (97.82)% - 16.34% |  | (16.69)%
|  | 19,153 |  |  | Discounted Cash Flow |  | Discount Rate(7) |  | 17.72% - 30.13% |  | 24.46%
|  | — |  |  | Liquidation |  | Revenue Multiple(2) |  | 2.1x - 2.1x |  | 2.1x
|  |  |  |  |  | Discount for Lack of Marketability(3) |  | 85.00% - 85.00% |  | 85.00%
|  | 3,513 |  |  | Other(6) |  |  |  |  |  |
Warrant Investments |  | 12,479 |  |  | Market Comparable Companies |  | EBITDA Multiple(2) |  | 12.4x -12.4x |  | 12.4x
|  |  |  |  | Revenue Multiple(2) |  | 0.6x - 8.8x |  | 3.4x
|  |  |  |  | Discount for Lack of Marketability(3) |  | 8.11% - 32.70% |  | 18.97%
|  | 6,934 |  |  | Market Adjusted OPM Backsolve |  | Market Equity Adjustment(4) |  | (97.82)% - 66.43% |  | (8.86)%
|  | — |  |  | Liquidation |  | Revenue Multiple(2) |  | 6.2x - 6.2x |  | 6.2x
|  |  |  |  | Discount for Lack of Marketability(3) |  | 90.00% - 90.00% |  | 90.00%
|  | 6 |  |  | Other(6) |  |  |  |  |  |
Total Level 3 Equity and Warrant Investments |  | $ | 85,966 |  |  |  |  |  |  |  |  |

(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent market transactions.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
The Company believes that the carrying amounts of its financial instruments, other than investments and debt, which consist of cash and cash equivalents, receivables including escrow receivables, accounts payable and accrued liabilities, approximate the fair values of such items due to the short maturity of such instruments. The debt obligations of the Company are recorded at amortized cost and not at fair value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s outstanding debt obligations are based on observable market trading prices or quotations and unobservable market rates as applicable for each instrument.
As of September 30, 2023 and December 31, 2022, the 2033 Notes were trading on the New York Stock Exchange (“NYSE”) at $24.05 and $24.59 per unit at par value. The par value at underwriting for the 2033 Notes was $25.00 per unit. Based on market quotations on or around September 30, 2023 and December 31, 2022, the 2031 Asset-Backed Notes were quoted for 0.930 and 0.951. The fair values of the SBA debentures, July 2024 Notes, February 2025 Notes, June 2025 Notes, June 2025 3-Year Notes, March 2026 A Notes, March 2026 B Notes, September 2026, and January 2027 Notes are calculated based on the net present value of payments over the term of the notes using estimated market rates for similar notes and remaining terms. The fair values of the outstanding debt under the MUFG Bank Facility and the SMBC Facility are equal to their outstanding principal balances as of September 30, 2023 and December 31, 2022.
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The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of September 30, 2023 and December 31, 2022:

(in thousands) |  | September 30, 2023
Description |  | Carrying Value |  | Approximate Fair Value |  | Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
SBA Debentures |  | $ | 170,175 |  |  | $ | 148,274 |  |  | $ | — |  |  | $ | — |  |  | $ | 148,274 |
July 2024 Notes |  | 104,754 |  |  | 102,783 |  |  | — |  |  | — |  |  | 102,783 |
February 2025 Notes |  | 49,837 |  |  | 47,443 |  |  | — |  |  | — |  |  | 47,443 |
June 2025 Notes |  | 69,717 |  |  | 66,096 |  |  | — |  |  | — |  |  | 66,096 |
June 2025 3-Year Notes |  | 49,732 |  |  | 48,541 |  |  | — |  |  | — |  |  | 48,541 |
March 2026 A Notes |  | 49,771 |  |  | 45,482 |  |  | — |  |  | — |  |  | 45,482 |
March 2026 B Notes |  | 49,751 |  |  | 45,537 |  |  | — |  |  | — |  |  | 45,537 |
September 2026 Notes |  | 322,094 |  |  | 273,407 |  |  | — |  |  | — |  |  | 273,407 |
January 2027 Notes |  | 345,602 |  |  | 298,106 |  |  | — |  |  | — |  |  | 298,106 |
2031 Asset-Backed Notes |  | 148,397 |  |  | 139,500 |  |  | — |  |  | 139,500 |  |  | — |
2033 Notes |  | 38,908 |  |  | 38,480 |  |  | — |  |  | 38,480 |  |  | — |
MUFG Bank Facility(1) |  | 61,000 |  |  | 61,000 |  |  | — |  |  | — |  |  | 61,000 |
SMBC Facility |  | 173,000 |  |  | 173,000 |  |  | — |  |  | — |  |  | 173,000 |
Total |  | $ | 1,632,738 |  |  | $ | 1,487,649 |  |  | $ | — |  |  | $ | 177,980 |  |  | $ | 1,309,669 |

(in thousands) |  | December 31, 2022
Description |  | Carrying Value |  | Approximate Fair Value |  | Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
SBA Debentures |  | $ | 169,738 |  |  | $ | 155,257 |  |  | $ | — |  |  | $ | — |  |  | $ | 155,257 |
July 2024 Notes |  | 104,533 |  |  | 102,019 |  |  | — |  |  | — |  |  | 102,019 |
February 2025 Notes |  | 49,751 |  |  | 47,044 |  |  | — |  |  | — |  |  | 47,044 |
June 2025 Notes |  | 69,595 |  |  | 64,198 |  |  | — |  |  | — |  |  | 64,198 |
June 2025 3-Year Notes |  | 49,616 |  |  | 47,528 |  |  | — |  |  | — |  |  | 47,528 |
March 2026 A Notes |  | 49,700 |  |  | 45,512 |  |  | — |  |  | — |  |  | 45,512 |
March 2026 B Notes |  | 49,673 |  |  | 45,588 |  |  | — |  |  | — |  |  | 45,588 |
September 2026 Notes |  | 321,358 |  |  | 269,509 |  |  | — |  |  | — |  |  | 269,509 |
January 2027 Notes |  | 344,604 |  |  | 296,826 |  |  | — |  |  | — |  |  | 296,826 |
2031 Asset-Backed Notes |  | 147,957 |  |  | 142,620 |  |  | — |  |  | 142,620 |  |  | — |
2033 Notes |  | 38,826 |  |  | 39,344 |  |  | — |  |  | 39,344 |  |  | — |
MUFG Bank Facility(1) |  | 107,000 |  |  | 107,000 |  |  | — |  |  | — |  |  | 107,000 |
SMBC Facility |  | 72,000 |  |  | 72,000 |  |  | — |  |  | — |  |  | 72,000 |
Total |  | $ | 1,574,351 |  |  | $ | 1,434,445 |  |  | $ | — |  |  | $ | 181,964 |  |  | $ | 1,252,481 |

(1)In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
4. Investments
Control and Affiliate Investments
As required by the 1940 Act, the Company classifies its investments by level of control. “Control investments” are defined in the 1940 Act as investments in those companies that the Company is deemed to “control”. Under the 1940 Act, the Company is generally deemed to “control” a company in which it has invested if it owns 25% or more of the voting securities of such company or has greater than 50% representation on its board. “Affiliate investments” are investments in those companies that are “affiliated companies” of the Company, as defined in the 1940 Act, which are not control investments. The Company is deemed to be an “affiliate” of a company in which it has invested if it owns 5% or more, but generally less than 25%, of the voting securities of such company. “Non-control/non-affiliate investments” are investments that are neither control investments nor affiliate investments. For purposes of determining the classification of its investments, the Company has included consideration of any voting securities or board appointment rights held by the Adviser Funds.
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The following table summarizes the Company’s realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the three and nine months ended September 30, 2023 and 2022.

(in thousands) |  |  |  |  |  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Portfolio Company(1) |  | Type |  | Fair Value as of September 30, 2023 |  | Interest Income |  | Fee Income |  | Net Change in Unrealized Appreciation (Depreciation) |  | Realized Gain (Loss) |  | Interest Income |  | Fee Income |  | Net Change in Unrealized Appreciation (Depreciation) |  | Realized Gain (Loss)
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coronado Aesthetics, LLC |  | Control |  | $ | 247 |  |  | $ | — |  |  | $ | — |  |  | $ | (50) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (72) |  |  | $ | — |
Gibraltar Acquisition LLC (3) |  | Control |  | 55,992 |  |  | 772 |  |  | 22 |  |  | (1,726) |  |  | — |  |  | 2,299 |  |  | 60 |  |  | 4,676 |  |  | — |
Hercules Adviser LLC(4) |  | Control |  | 40,668 |  |  | 153 |  |  | — |  |  | 1,507 |  |  | — |  |  | 455 |  |  | — |  |  | 9,515 |  |  | — |
Tectura Corporation |  | Control |  | 6,243 |  |  | 174 |  |  | — |  |  | (830) |  |  | — |  |  | 516 |  |  | — |  |  | (1,799) |  |  | — |
Total Control Investments |  | $ | 103,150 |  |  | $ | 1,099 |  |  | $ | 22 |  |  | $ | (1,099) |  |  | $ | — |  |  | $ | 3,270 |  |  | $ | 60 |  |  | $ | 12,320 |  |  | $ | — |

(in thousands) |  |  |  |  |  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
Portfolio Company(1) |  | Type |  | Fair Value as of September 30, 2022 |  | Interest Income |  | Fee Income |  | Net Change in Unrealized Appreciation (Depreciation) |  | Realized Gain (Loss) |  | Interest Income |  | Fee Income |  | Net Change in Unrealized Appreciation (Depreciation) |  | Realized Gain (Loss)
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coronado Aesthetics, LLC |  | Control |  | $ | 400 |  |  | $ | — |  |  | $ | — |  |  | $ | (22) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (165) |  |  | $ | — |
Gibraltar Business Capital, LLC |  | Control |  | 37,662 |  |  | 853 |  |  | 18 |  |  | (1,423) |  |  | — |  |  | 2,531 |  |  | 51 |  |  | (6,228) |  |  | — |
Hercules Adviser LLC |  | Control |  | 33,945 |  |  | 154 |  |  | — |  |  | (1,236) |  |  | — |  |  | 393 |  |  | — |  |  | 9,955 |  |  | — |
Tectura Corporation |  | Control |  | 8,318 |  |  | 174 |  |  | — |  |  | 110 |  |  | — |  |  | 516 |  |  | — |  |  | 49 |  |  | — |
Total Control Investments |  | $ | 80,325 |  |  | $ | 1,181 |  |  | $ | 18 |  |  | $ | (2,571) |  |  | $ | — |  |  | $ | 3,440 |  |  | $ | 51 |  |  | $ | 3,611 |  |  | $ | — |
Affiliate Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Black Crow AI, Inc.(2) |  | Affiliate |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (120) |  |  | $ | 3,772 |
Pineapple Energy LLC(2) |  | Affiliate |  | — |  |  | 81 |  |  | — |  |  | 4,631 |  |  | (2,014) |  |  | 1,204 |  |  | — |  |  | 4,209 |  |  | (2,014) |
Total Affiliate Investments |  | $ | — |  |  | $ | 81 |  |  | $ | — |  |  | $ | 4,631 |  |  | $ | (2,014) |  |  | $ | 1,204 |  |  | $ | — |  |  | $ | 4,089 |  |  | $ | 1,758 |
Total Control & Affiliate Investments |  | $ | 80,325 |  |  | $ | 1,262 |  |  | $ | 18 |  |  | $ | 2,060 |  |  | $ | (2,014) |  |  | $ | 4,644 |  |  | $ | 51 |  |  | $ | 7,700 |  |  | $ | 1,758 |

(1)In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of September 30, 2023 and September 30, 2022, there were no unconsolidated subsidiaries that are considered “significant subsidiaries”.
(2)As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC were no longer affiliates as defined under the 1940 Act.
(3)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. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(4)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.
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Portfolio Composition
The following table shows the fair value of the Company’s portfolio of investments by asset class as of September 30, 2023 and December 31, 2022:

(in thousands) | September 30, 2023 |  | December 31, 2022
| Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Senior Secured Debt | $ | 3,021,950 |  |  | 92.7 | % |  | $ | 2,741,388 |  |  | 92.5 | %
Unsecured Debt | 69,930 |  |  | 2.1 | % |  | 54,056 |  |  | 1.8 | %
Preferred Stock | 42,290 |  |  | 1.3 | % |  | 41,488 |  |  | 1.4 | %
Common Stock | 94,705 |  |  | 2.9 | % |  | 92,484 |  |  | 3.1 | %
Warrants | 27,833 |  |  | 0.9 | % |  | 30,646 |  |  | 1.1 | %
Investment Funds & Vehicles | 4,683 |  |  | 0.1 | % |  | 3,893 |  |  | 0.1 | %
Total | $ | 3,261,391 |  |  | 100.0 | % |  | $ | 2,963,955 |  |  | 100.0 | %

A summary of the Company’s investment portfolio, at value, by geographic location as of September 30, 2023 and December 31, 2022 is shown as follows:

(in thousands) | September 30, 2023 |  | December 31, 2022
| Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
United States | $ | 2,901,718 |  |  | 89.0 | % |  | $ | 2,670,520 |  |  | 90.1 | %
United Kingdom | 201,853 |  |  | 6.3 | % |  | 171,629 |  |  | 5.8 | %
Netherlands | 88,986 |  |  | 2.7 | % |  | 88,915 |  |  | 3.0 | %
Israel | 52,967 |  |  | 1.6 | % |  | 9,052 |  |  | 0.3 | %
Canada | 10,222 |  |  | 0.3 | % |  | 19,472 |  |  | 0.7 | %
Denmark | 4,135 |  |  | 0.1 | % |  | — |  |  | 0.0 | %
Germany | 1,069 |  |  | 0.0 | % |  | 990 |  |  | 0.0 | %
Other | 441 |  |  | 0.0 | % |  | 573 |  |  | 0.0 | %
Ireland | — |  |  | 0.0 | % |  | 2,804 |  |  | 0.1 | %
Total | $ | 3,261,391 |  |  | 100.0 | % |  | $ | 2,963,955 |  |  | 100.0 | %

The following table shows the fair value of the Company’s portfolio by industry sector as of September 30, 2023 and December 31, 2022:

(in thousands) | September 30, 2023 |  | December 31, 2022
| Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Drug Discovery & Development | $ | 1,191,061 |  |  | 36.5 | % |  | $ | 1,150,707 |  |  | 38.8 | %
Software | 828,849 |  |  | 25.4 | % |  | 798,264 |  |  | 26.9 | %
Consumer & Business Services | 497,664 |  |  | 15.3 | % |  | 439,384 |  |  | 14.8 | %
Healthcare Services, Other | 278,221 |  |  | 8.5 | % |  | 198,763 |  |  | 6.7 | %
Information Services | 122,485 |  |  | 3.8 | % |  | 60,759 |  |  | 2.0 | %
Diversified Financial Services | 107,554 |  |  | 3.3 | % |  | 68,569 |  |  | 2.3 | %
Communications & Networking | 106,032 |  |  | 3.3 | % |  | 101,833 |  |  | 3.4 | %
Biotechnology Tools | 33,763 |  |  | 1.0 | % |  | 32,825 |  |  | 1.1 | %
Manufacturing Technology | 25,879 |  |  | 0.8 | % |  | 46,109 |  |  | 1.6 | %
Medical Devices & Equipment | 22,191 |  |  | 0.7 | % |  | 1,834 |  |  | 0.1 | %
Electronics & Computer Hardware | 20,285 |  |  | 0.6 | % |  | 21,517 |  |  | 0.7 | %
Media/Content/Info | 13,117 |  |  | 0.4 | % |  | 35 |  |  | 0.0 | %
Sustainable and Renewable Technology | 10,514 |  |  | 0.3 | % |  | 15,486 |  |  | 0.5 | %
Consumer & Business Products | 2,159 |  |  | 0.1 | % |  | 2,821 |  |  | 0.1 | %
Semiconductors | 1,179 |  |  | 0.0 | % |  | 21,921 |  |  | 0.7 | %
Surgical Devices | 418 |  |  | 0.0 | % |  | 3,038 |  |  | 0.1 | %
Drug Delivery | 20 |  |  | 0.0 | % |  | 90 |  |  | 0.0 | %
Total | $ | 3,261,391 |  |  | 100.0 | % |  | $ | 2,963,955 |  |  | 100.0 | %

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No single portfolio investment represents more than 10% of the fair value of the Company’s total investments as of September 30, 2023 or December 31, 2022.
Concentrations of Credit Risk
The Company’s customers are primarily privately held companies and public companies which are active in the “Drug Discovery & Development", "Software”, “Consumer & Business Services”, “Healthcare Services, Other”, and “Communications & Networking" sectors. These sectors are characterized by high margins, high growth rates, consolidation and product and market extension opportunities. Value for companies in these sectors is often vested in intangible assets and intellectual property.
Industry and sector concentrations vary as new loans are recorded and loans are paid off. Loan revenue, consisting of interest, fees, and recognition of gains on equity and warrant or other equity interests, can fluctuate materially when a loan is paid off or a related warrant or equity interest is sold. Revenue recognition in any given year can be highly concentrated among several portfolio companies.
As of September 30, 2023 and December 31, 2022, the Company’s ten largest portfolio companies represented approximately 29.6% and 29.0% of the total fair value of the Company’s investments in portfolio companies, respectively. As of September 30, 2023 and December 31, 2022, the Company had six and eight portfolio companies, respectively, that represented 5% or more of the Company’s net assets. As of September 30, 2023, the Company had four equity investments representing approximately 52.7% of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of the Company’s equity investments. As of December 31, 2022, the Company had four equity investments which represented approximately 39.8% of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of such investments.
Investment Collateral
In the majority of cases, the Company collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property. In other cases, the Company may obtain a negative pledge covering a company’s intellectual property. The Company's investments were collateralized as follows as of September 30, 2023 and December 31, 2022:

| Percentage of debt investments (at fair value), as of
| September 30, 2023 |  | December 31, 2022
Senior Secured First Lien |  |  |
All assets including intellectual property | 53.8 | % |  | 42.0 | %
All assets with negative pledge on intellectual property | 21.8 | % |  | 26.1 | %
“Last-out” with security interest in all of the assets | 11.7 | % |  | 11.6 | %
Total senior secured first lien position | 87.3 | % |  | 79.7 | %
Second lien | 10.4 | % |  | 18.4 | %
Unsecured | 2.3 | % |  | 1.9 | %
Total debt investments at fair value | 100.0 | % |  | 100.0 | %

Derivative Instruments
The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The following is a summary of the fair value and location of the Company’s derivative instruments in the Consolidated Statements of Assets and Liabilities held as of September 30, 2023 and December 31, 2022:

(in thousands) |  | Fair Value
Derivative Instrument | Statement Location |  | September 30, 2023 |  | December 31, 2022
Foreign currency forward contract | Other assets |  | $ | 230 |  |  | $ | — |
| Total |  | $ | 230 |  |  | $ | — |

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Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the three and nine months ended September 30, 2023 and 2022 are in the following locations in the Consolidated Statements of Operations:

(in thousands) |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivative Instrument | Statement Location |  | 2023 |  | 2022 |  | 2023 |  | 2022
Foreign currency forward contract | Net realized gain (loss) - Non-control / Non-affiliate investments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Foreign currency forward contract | Net change in unrealized appreciation (depreciation) - Non-control / Non-affiliate investments |  | 784 |  |  | — |  |  | 230 |  |  | — |
| Total |  | $ | 784 |  |  | $ | — |  |  | $ | 230 |  |  | $ | — |

Investment Income
The Company’s investment portfolio generates interest, fee, and dividend income. The composition of the Company’s interest income and fee income is as follows:

(in thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Contractual interest income | $ | 89,747 |  |  | $ | 66,451 |  |  | $ | 258,685 |  |  | $ | 172,057 |
Exit fee interest income | 10,904 |  |  | 8,696 |  |  | 34,340 |  |  | 22,077 |
PIK interest income | 6,652 |  |  | 4,944 |  |  | 17,999 |  |  | 14,888 |
Other investment income (1) | 3,036 |  |  | 1,317 |  |  | 8,198 |  |  | 3,369 |
Total interest and dividend income | $ | 110,339 |  |  | $ | 81,408 |  |  | $ | 319,222 |  |  | $ | 212,391 |

(in thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Recurring fee income | $ | 2,243 |  |  | $ | 2,076 |  |  | $ | 6,418 |  |  | $ | 5,762 |
Fee income - expired commitments | 300 |  |  | 29 |  |  | 651 |  |  | 550 |
Accelerated fee income - early repayments | 3,862 |  |  | 716 |  |  | 11,774 |  |  | 2,798 |
Total fee income | $ | 6,405 |  |  | $ | 2,821 |  |  | $ | 18,843 |  |  | $ | 9,110 |

(1)Other investment income includes OID interest income and interest recorded on other assets.
As of September 30, 2023 and December 31, 2022, unamortized capitalized fee income was recorded as follows:

(in millions) | September 30, 2023 |  | December 31, 2022
Offset against debt investment cost | $ | 44.6 |  |  | $ | 43.1 |
Deferred obligation contingent on funding or other milestone | 12.1 |  |  | 10.9 |
Total Unamortized Fee Income | $ | 56.7 |  |  | $ | 54.0 |

As of September 30, 2023 and December 31, 2022, loan exit fees receivable were recorded as follows:

(in millions) | September 30, 2023 |  | December 31, 2022
Included within debt investment cost | $ | 34.7 |  |  | $ | 32.5 |
Deferred receivable related to expired commitments | 2.9 |  |  | 5.0 |
Total Exit Fees Receivable | $ | 37.6 |  |  | $ | 37.5 |

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5. Debt
As of September 30, 2023 and December 31, 2022, the Company had the following available and outstanding debt:

(in thousands) | September 30, 2023 |  | December 31, 2022
| Total Available |  | Principal |  | Carrying Value (1) |  | Total Available |  | Principal |  | Carrying Value (1)
SBA Debentures (2) | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 170,175 |  |  | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 169,738 |
July 2024 Notes | 105,000 |  |  | 105,000 |  |  | 104,754 |  |  | 105,000 |  |  | 105,000 |  |  | 104,533 |
February 2025 Notes | 50,000 |  |  | 50,000 |  |  | 49,837 |  |  | 50,000 |  |  | 50,000 |  |  | 49,751 |
June 2025 Notes | 70,000 |  |  | 70,000 |  |  | 69,717 |  |  | 70,000 |  |  | 70,000 |  |  | 69,595 |
June 2025 3-Year Notes | 50,000 |  |  | 50,000 |  |  | 49,732 |  |  | 50,000 |  |  | 50,000 |  |  | 49,616 |
March 2026 A Notes | 50,000 |  |  | 50,000 |  |  | 49,771 |  |  | 50,000 |  |  | 50,000 |  |  | 49,700 |
March 2026 B Notes | 50,000 |  |  | 50,000 |  |  | 49,751 |  |  | 50,000 |  |  | 50,000 |  |  | 49,673 |
September 2026 Notes | 325,000 |  |  | 325,000 |  |  | 322,094 |  |  | 325,000 |  |  | 325,000 |  |  | 321,358 |
January 2027 Notes | 350,000 |  |  | 350,000 |  |  | 345,602 |  |  | 350,000 |  |  | 350,000 |  |  | 344,604 |
2031 Asset-Backed Notes | 150,000 |  |  | 150,000 |  |  | 148,397 |  |  | 150,000 |  |  | 150,000 |  |  | 147,957 |
2033 Notes | 40,000 |  |  | 40,000 |  |  | 38,908 |  |  | 40,000 |  |  | 40,000 |  |  | 38,826 |
MUFG Bank Facility (2)(3) | 400,000 |  |  | 61,000 |  |  | 61,000 |  |  | 545,000 |  |  | 107,000 |  |  | 107,000 |
SMBC Facility (2)(4) | 400,000 |  |  | 173,000 |  |  | 173,000 |  |  | 225,000 |  |  | 72,000 |  |  | 72,000 |
Total | $ | 2,215,000 |  |  | $ | 1,649,000 |  |  | $ | 1,632,738 |  |  | $ | 2,185,000 |  |  | $ | 1,594,000 |  |  | $ | 1,574,351 |

(1)Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date.
(2)Availability subject to the Company meeting the borrowing base requirements.
(3)In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
(4)Includes $175.0 million of available commitment through the letter of credit facility as of September 30, 2023.
Debt issuance costs, net of accumulated amortization, were as follows as of September 30, 2023 and December 31, 2022:

(in thousands) |  | September 30, 2023 |  | December 31, 2022
SBA Debentures |  | $ | 4,825 |  |  | $ | 5,262 |
July 2024 Notes |  | 246 |  |  | 467 |
February 2025 Notes |  | 163 |  |  | 249 |
June 2025 Notes |  | 283 |  |  | 405 |
June 2025 3-Year Notes |  | 268 |  |  | 384 |
March 2026 A Notes |  | 229 |  |  | 300 |
March 2026 B Notes |  | 249 |  |  | 327 |
September 2026 Notes |  | 2,906 |  |  | 3,642 |
January 2027 Notes |  | 4,398 |  |  | 5,396 |
2031 Asset-Backed Notes |  | 1,603 |  |  | 2,043 |
2033 Notes |  | 1,092 |  |  | 1,174 |
MUFG Bank Facility(1) |  | 3,982 |  |  | 1,292 |
SMBC Facility (1) |  | 1,955 |  |  | 1,701 |
Total |  | $ | 22,199 |  |  | $ | 22,642 |

(1)The MUFG Bank Facility (f.k.a. Union Bank Facility) and SMBC Facility, are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30.
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For the three and nine months ended September 30, 2023, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows:

(in thousands) |  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Description |  | Interest expense(1) |  | Amortization of debt issuance cost (loan fees) |  | Unused facility and other fees (loan fees) |  | Total interest expense and fees |  | Cash paid for interest expense |  | Interest expense(1) |  | Amortization of debt issuance cost (loan fees) |  | Unused facility and other fees (loan fees) |  | Total interest expense and fees |  | Cash paid for interest expense
SBA Debentures |  | $ | 1,150 |  |  | $ | 146 |  |  | $ | — |  |  | $ | 1,296 |  |  | $ | 2,300 |  |  | $ | 3,412 |  |  | $ | 436 |  |  | $ | — |  |  | $ | 3,848 |  |  | $ | 4,562 |
July 2024 Notes |  | 1,252 |  |  | 74 |  |  | — |  |  | 1,326 |  |  | 2,505 |  |  | 3,756 |  |  | 222 |  |  | — |  |  | 3,978 |  |  | 5,009 |
February 2025 Notes |  | 535 |  |  | 29 |  |  | — |  |  | 564 |  |  | 1,070 |  |  | 1,605 |  |  | 86 |  |  | — |  |  | 1,691 |  |  | 2,140 |
June 2025 Notes |  | 754 |  |  | 40 |  |  | — |  |  | 794 |  |  | — |  |  | 2,263 |  |  | 121 |  |  | — |  |  | 2,384 |  |  | 1,509 |
June 2025 3-Year Notes |  | 750 |  |  | 39 |  |  | — |  |  | 789 |  |  | — |  |  | 2,250 |  |  | 117 |  |  | — |  |  | 2,367 |  |  | 1,500 |
March 2026 A Notes |  | 563 |  |  | 24 |  |  | — |  |  | 587 |  |  | 1,125 |  |  | 1,688 |  |  | 71 |  |  | — |  |  | 1,759 |  |  | 2,250 |
March 2026 B Notes |  | 569 |  |  | 26 |  |  | — |  |  | 595 |  |  | 1,138 |  |  | 1,706 |  |  | 78 |  |  | — |  |  | 1,784 |  |  | 2,275 |
September 2026 Notes |  | 2,174 |  |  | 203 |  |  | — |  |  | 2,377 |  |  | 4,266 |  |  | 6,523 |  |  | 611 |  |  | — |  |  | 7,134 |  |  | 8,532 |
January 2027 Notes |  | 3,079 |  |  | 207 |  |  | — |  |  | 3,286 |  |  | 5,906 |  |  | 9,236 |  |  | 621 |  |  | — |  |  | 9,857 |  |  | 11,812 |
2031 Asset-Backed Notes |  | 1,902 |  |  | 101 |  |  | — |  |  | 2,003 |  |  | 1,857 |  |  | 5,709 |  |  | 301 |  |  | — |  |  | 6,010 |  |  | 5,570 |
2033 Notes |  | 625 |  |  | 27 |  |  | — |  |  | 652 |  |  | 625 |  |  | 1,875 |  |  | 81 |  |  | — |  |  | 1,956 |  |  | 1,875 |
MUFG Bank Facility(2) |  | 1,247 |  |  | 443 |  |  | 709 |  |  | 2,399 |  |  | 1,240 |  |  | 4,323 |  |  | 1,327 |  |  | 2,017 |  |  | 7,667 |  |  | 4,673 |
SMBC Facility |  | 1,828 |  |  | 180 |  |  | 276 |  |  | 2,284 |  |  | 1,715 |  |  | 5,891 |  |  | 513 |  |  | 715 |  |  | 7,119 |  |  | 5,703 |
Total |  | $ | 16,428 |  |  | $ | 1,539 |  |  | $ | 985 |  |  | $ | 18,952 |  |  | $ | 23,747 |  |  | $ | 50,237 |  |  | $ | 4,585 |  |  | $ | 2,732 |  |  | $ | 57,554 |  |  | $ | 57,410 |

(1)Interest expense includes amortization of original issue discounts for the three months ended September 30, 2023 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. For the nine months ended September 30, 2023, $125 thousand, $377 thousand, and $141 thousand, related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
(2)The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
For the three and nine months ended September 30, 2022, the components of interest expense and related fees and cash paid for interest expense for debt were as follows:

(in thousands) |  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
Description |  | Interest expense(1) |  | Amortization of debt issuance cost (loan fees) |  | Unused facility and other fees (loan fees) |  | Total interest expense and fees |  | Cash paid for interest expense |  | Interest expense(1) |  | Amortization of debt issuance cost (loan fees) |  | Unused facility and other fees (loan fees) |  | Total interest expense and fees |  | Cash paid for interest expense
SBA Debentures |  | $ | 1,160 |  |  | $ | 148 |  |  | $ | — |  |  | $ | 1,308 |  |  | $ | 2,086 |  |  | $ | 2,848 |  |  | $ | 434 |  |  | $ | — |  |  | $ | 3,282 |  |  | $ | 2,835 |
2022 Notes(2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,011 |  |  | 50 |  |  | — |  |  | 1,061 |  |  | 2,293 |
July 2024 Notes |  | 1,252 |  |  | 74 |  |  | — |  |  | 1,326 |  |  | 2,504 |  |  | 3,756 |  |  | 222 |  |  | — |  |  | 3,978 |  |  | 5,008 |
February 2025 Notes |  | 535 |  |  | 29 |  |  | — |  |  | 564 |  |  | 1,070 |  |  | 1,605 |  |  | 86 |  |  | — |  |  | 1,691 |  |  | 2,140 |
June 2025 Notes |  | 754 |  |  | 40 |  |  | — |  |  | 794 |  |  | — |  |  | 2,263 |  |  | 121 |  |  | — |  |  | 2,384 |  |  | 1,509 |
June 2025 3-Year Notes |  | 750 |  |  | 38 |  |  | — |  |  | 788 |  |  | — |  |  | 817 |  |  | 42 |  |  | — |  |  | 859 |  |  | — |
March 2026 A Notes |  | 563 |  |  | 24 |  |  | — |  |  | 587 |  |  | 1,125 |  |  | 1,688 |  |  | 72 |  |  | — |  |  | 1,760 |  |  | 2,250 |
March 2026 B Notes |  | 569 |  |  | 26 |  |  | — |  |  | 595 |  |  | 1,137 |  |  | 1,706 |  |  | 78 |  |  | — |  |  | 1,784 |  |  | 2,275 |
September 2026 Notes |  | 2,174 |  |  | 204 |  |  | — |  |  | 2,378 |  |  | 4,266 |  |  | 6,523 |  |  | 612 |  |  | — |  |  | 7,135 |  |  | 8,532 |
January 2027 Notes |  | 3,079 |  |  | 207 |  |  | — |  |  | 3,286 |  |  | 5,906 |  |  | 8,552 |  |  | 575 |  |  | — |  |  | 9,127 |  |  | 5,906 |
2031 Asset-Backed Notes |  | 1,903 |  |  | 100 |  |  | — |  |  | 2,003 |  |  | 1,815 |  |  | 2,072 |  |  | 109 |  |  | — |  |  | 2,181 |  |  | 1,815 |
2033 Notes |  | 625 |  |  | 27 |  |  | — |  |  | 652 |  |  | 625 |  |  | 1,875 |  |  | 81 |  |  | — |  |  | 1,956 |  |  | 1,875 |
2022 Convertible Notes(2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 923 |  |  | 149 |  |  | — |  |  | 1,072 |  |  | 5,004 |
MUFG Bank Facility(3) |  | 1,000 |  |  | 253 |  |  | 720 |  |  | 1,973 |  |  | 1,025 |  |  | 2,483 |  |  | 665 |  |  | 1,682 |  |  | 4,830 |  |  | 2,240 |
SMBC Facility |  | 135 |  |  | 98 |  |  | 195 |  |  | 428 |  |  | 181 |  |  | 722 |  |  | 211 |  |  | 328 |  |  | 1,261 |  |  | 700 |
Total |  | $ | 14,499 |  |  | $ | 1,268 |  |  | $ | 915 |  |  | $ | 16,682 |  |  | $ | 21,740 |  |  | $ | 38,844 |  |  | $ | 3,507 |  |  | $ | 2,010 |  |  | $ | 44,361 |  |  | $ | 44,382 |

(1)Interest expense includes amortization of original issue discounts for the three months ended September 30, 2022 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. For the nine months ended September 30, 2022, $23 thousand, $112 thousand, $125 thousand, $349 thousand, and $51 thousand, related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
(2)In February 2022, the Company has fully repaid the aggregate outstanding principal balances and retired 2022 Notes and 2022 Convertible Notes.
(3)The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
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As of September 30, 2023 and December 31, 2022, the Company was in compliance with the terms of all borrowing arrangements. There are no sinking fund requirements for any of the Company’s debt.
SBA Debentures
The Company held the following SBA debentures outstanding principal balances as of September 30, 2023 and December 31, 2022:

(in thousands) Issuance/Pooling Date |  | Maturity Date |  | Interest Rate (1) |  | September 30, 2023 |  | December 31, 2022
March 26, 2021 |  | September 1, 2031 |  | 1.58% |  | $ | 37,500 |  |  | $ | 37,500 |
June 25, 2021 |  | September 1, 2031 |  | 1.58% |  | 16,200 |  |  | 16,200 |
July 28, 2021 |  | September 1, 2031 |  | 1.58% |  | 5,400 |  |  | 5,400 |
August 20, 2021 |  | September 1, 2031 |  | 1.58% |  | 5,400 |  |  | 5,400 |
October 21, 2021 |  | March 1, 2032 |  | 3.21% |  | 14,000 |  |  | 14,000 |
November 1, 2021 |  | March 1, 2032 |  | 3.21% |  | 21,000 |  |  | 21,000 |
November 15, 2021 |  | March 1, 2032 |  | 3.21% |  | 5,200 |  |  | 5,200 |
November 30, 2021 |  | March 1, 2032 |  | 3.21% |  | 20,800 |  |  | 20,800 |
December 20, 2021 |  | March 1, 2032 |  | 3.21% |  | 10,000 |  |  | 10,000 |
December 23, 2021 |  | March 1, 2032 |  | 3.21% |  | 10,000 |  |  | 10,000 |
December 28, 2021 |  | March 1, 2032 |  | 3.21% |  | 5,000 |  |  | 5,000 |
January 14, 2022 |  | March 1, 2032 |  | 3.21% |  | 4,500 |  |  | 4,500 |
January 21, 2022 |  | March 1, 2032 |  | 3.21% |  | 20,000 |  |  | 20,000 |
Total SBA Debentures |  |  |  |  |  | $ | 175,000 |  |  | $ | 175,000 |

(1)Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges.
SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they may invest as well as the structures of those investments. The SBA as part of its oversight periodically examines and audits to determine SBICs compliance with SBA regulations. Our SBIC was in compliance with all SBIC terms, including those pertaining to the SBA Debentures as of September 30, 2023 and December 31, 2022.
HC IV received its license to operate as a SBIC on October 27, 2020. The license has a 10-year term. Through the license, HC IV has access to $175.0 million of capital through the SBA debenture program, that is in addition to the Company’s regulatory capital commitment of $87.5 million to HC IV. As of September 30, 2023 and December 31, 2022, HC IV has issued a total of $175.0 million in SBA guaranteed debentures.
As of September 30, 2023, the Company held investments in HC IV in 24 companies with a fair value of approximately $329.0 million, accounting for approximately 10.1% of the Company’s total investment portfolio. Further, HC IV held approximately $333.6 million in tangible assets which accounted for approximately 10.0% of the Company’s total assets as of September 30, 2023.
As of December 31, 2022, the Company held investments in HC IV in 21 companies with a fair value of approximately $343.7 million, accounting for approximately 11.6% of the Company’s total investment portfolio. Further, HC IV held approximately $348.6 million in tangible assets which accounted for approximately 11.5% of the Company’s total assets as of December 31, 2022.
July 2024 Notes
On July 16, 2019, the Company issued $105.0 million in aggregate principal amount of 4.77% interest-bearing unsecured notes due on July 16, 2024 (the “July 2024 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the July 2024 Notes is due semiannually. The July 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
February 2025 Notes
On February 5, 2020, the Company issued $50.0 million in aggregate principal amount of 4.28% interest-bearing unsecured notes due February 5, 2025 (the “February 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the February 2025 Notes is due
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semiannually. The February 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
June 2025 Notes
On June 3, 2020, the Company issued $70.0 million in aggregate principal amount of 4.31% interest-bearing unsecured notes due June 3, 2025 (the “June 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the June 2025 Notes is due semiannually. The June 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
June 2025 3-Year Notes
On June 23, 2022, the Company issued $50.0 million in aggregate principal amount of 6.00% interest-bearing unsecured notes due June 23, 2025 (the “June 2025 3-Year Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the June 2025 3-Year Notes is due semiannually. The June 2025 3-Year Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
March 2026 A Notes
On November 4, 2020, the Company issued $50.0 million in aggregate principal amount of 4.50% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 A Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the March 2026 A Notes is due semiannually. The March 2026 A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
March 2026 B Notes
On March 4, 2021, the Company issued $50.0 million in aggregate principal amount of 4.55% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 B Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement pursuant note offering. Interest on the March 2026 B Notes is due semiannually. The March 2026 B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
September 2026 Notes
On September 16, 2021, the Company issued $325.0 million in aggregate principal amount of 2.625% interest-bearing unsecured notes due September 16, 2026 (the “September 2026 Notes”), unless repurchased in accordance with the terms of the Seventh Supplemental Indenture, dated September 16, 2021. Interest on the September 2026 Notes is payable semi-annually in arrears on March 16 and September 16 of each year, commencing on March 16, 2022. The September 2026 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the September 2026 Notes at any time, or from time to time, at the redemption price set forth under the terms of the September 2026 Notes Indenture.
January 2027 Notes
On January 20, 2022, the Company issued $350.0 million in aggregate principal amount of 3.375% interest-bearing unsecured notes due January 20, 2027 (the “January 2027 Notes”), unless repurchased in accordance with the terms of the Eight Supplemental Indenture, dated January 20, 2022. Interest on the January 2027 Notes is payable semi-annually in arrears on January 20 and July 20 of each year, commencing on July 20, 2022. The January 2027 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the January 2027 Notes at any time, or from time to time, at the redemption price set forth under the terms of the January 2027 Notes Indenture.
2031 Asset-Backed Notes
On June 22, 2022, the Company completed a term debt securitization in connection with which an affiliate of the Company issued $150.0 million in aggregate principal amount of 4.95% interest-bearing asset-backed notes due on July 20, 2031 (the “2031 Asset-Backed Notes”). The 2031 Asset-Backed Notes were issued by Hercules Capital Funding Trust 2022-1 LLC (the “2022 Securitization Issuer”) pursuant to a note purchase agreement, dated as of June 22, 2022, by and among the Company, Hercules Capital Funding 2022-1 LLC, as trust depositor, the 2022 Securitization Issuer, and U.S. Bank Trust Company, N. A., as trustee, and are backed by a pool of senior loans made to certain portfolio companies of the
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Company and secured by certain assets of those portfolio companies and are to be serviced by the Company. Interest on the 2031 Asset-Backed Notes will be paid, to the extent of funds available.
Under the terms of the 2031 Asset-Backed Notes, the Company is required to maintain a reserve cash balance, funded through proceeds from the sale of the 2031 Asset-Backed Notes and through interest and principal collections from the underlying securitized debt portfolio, which may be used to pay monthly interest and principal payments on the 2031 Asset-Backed Notes. The Company has segregated these funds and classified them as restricted cash. As of September 30, 2023 and December 31, 2022, there was approximately $5.3 million and $10.1 million, respectively, of funds segregated as restricted cash related to the 2031 Asset-Backed Notes.
2033 Notes
On September 24, 2018, the Company issued $40.0 million in aggregate principal amount of 6.25% interest-bearing unsecured notes due October 30, 2033 (the “2033 Notes”), unless repurchased in accordance with the terms of the Sixth Supplemental Indenture to the Base Indenture, dated September 24, 2018. Interest on the 2033 Notes is payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year. The 2033 Notes trade on the NYSE under the symbol “HCXY.” The 2033 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the 2033 Notes at any time, or from time to time, at the redemption price set forth under the terms of the 2033 Notes indenture after October 30, 2023.
Credit Facilities
As of September 30, 2023 and December 31, 2022, the Company has two available credit facilities, the MUFG Bank Facility and the SMBC Facility (together, the “Credit Facilities”). For the nine months ended September 30, 2023 and year ended December 31, 2022, the weighted average interest rate was 7.30% and 4.51%, respectively, and the average debt outstanding under the Credit Facilities was $186.6 million and $127.7 million, respectively.
MUFG Bank Facility
On January 13, 2023, the Company entered into a third amended credit facility agreement, which amends the agreement dated as of June 10, 2022. The Company, through a special purpose wholly owned subsidiary, Hercules Funding IV LLC (“Hercules Funding IV”), as borrower, entered into the credit facility (the “MUFG Bank Facility”) with MUFG Bank Ltd. (formerly MUFG Union Bank and known as the “Union Bank Facility”) as the arranger and administrative agent, and the lenders party to the MUFG Bank Facility from time to time.
Under the MUFG Bank Facility, the lenders have made commitments of $400.0 million, which may be further increased via an accordion feature up to an aggregate $600.0 million, funded by existing or additional lenders and with the agreement of MUFG Bank and subject to other customary conditions. There can be no assurances that additional lenders will join the MUFG Bank Facility to increase available borrowings. Debt under the MUFG Bank Facility generally bears interest at a rate per annum equal to SOFR plus 2.75% for SOFR loans. The MUFG Bank Facility matures on January 13, 2026, plus a 12-month amortization period, unless sooner terminated in accordance with its terms. The MUFG Bank Facility is secured by all of the assets of Hercules Funding IV. The MUFG Bank Facility requires payment of a non-use fee during the revolving credit availability period.
The MUFG Bank Facility also includes financial and other covenants applicable to the Company and the Company’s subsidiaries, in addition to those applicable to Hercules Funding IV, including covenants relating to certain changes of control of Hercules Funding IV. Among other things, these covenants require the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a minimum tangible net worth with respect to Hercules Funding IV. The MUFG Bank Facility provides for customary events of default, including with respect to payment defaults, breach of representations and covenants, servicer defaults, certain key person provisions, cross default provisions to certain other debt, lien and judgment limitations, and bankruptcy.
SMBC Facility
On June 14, 2022, the Company entered into a second amendment to a revolving credit agreement, which amends the revolving credit agreement, dated as of November 9, 2021, with Sumitomo Mitsui Banking Corporation (the “SMBC Facility”), as administrative agent, and the lenders and issuing banks to the SMBC Facility. As of September 30, 2023, the SMBC Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies of up to $225.0 million, from which the Company may access subject to certain conditions. The SMBC Facility contains an accordion feature, in which the Company can increase the credit line up to an aggregate of $500.0 million, funded by existing or additional lenders and with the agreement of SMBC Bank and subject to other customary conditions. Availability under the SMBC Facility will terminate on November 7, 2025, and the outstanding loans under the SMBC Facility will mature on November 9, 2026. Borrowings under the SMBC Facility are subject to compliance with a borrowing base and an
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aggregate portfolio balance. The Company’s obligations under the SMBC Facility may in the future be guaranteed by certain of the Company’s subsidiaries and primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and the subsidiary guarantors thereunder.
Additionally in January 2023, the Company entered into a Letter of Credit Facility Agreement (the “SMBC LC Facility”) with Sumitomo Mitsui Banking Corporation that provides for a letter of credit facility with a final maturity date ending on January 13, 2026 and a commitment amount of $175.0 million as amended. Further, the SMBC LC Facility includes an accordion provision to increase the commitment up to $400 million, subject to certain conditions. The Company’s obligations under the SMBC LC Facility may in the future be guaranteed by certain of the Company’s subsidiaries and is primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and any subsidiary guarantors thereunder.
Interest under the SMBC Facility is determined by the nature and denomination of the borrowing. Interest rates are determined by the appropriate benchmark rate (SOFR, EURIBOR, Prime, CDOR, or TIBOR) as applicable for the type of borrowing plus an applicable margin adjustment which can range from 0.875% to 2.0% per annum subject to certain conditions. In addition to interest, the SMBC Facility is subject to a non-usage fee of 0.375% per annum (based on the immediately preceding period’s average usage) on the unused portion of the commitment under the SMBC Facility during the revolving period. The Company is required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the SMBC Facility.
The SMBC Facility contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default and cross-acceleration to other indebtedness and bankruptcy. The SMBC Facility also includes financial and other covenants applicable to the Company and the Company’s subsidiaries, including covenants relating to minimum stockholders' equity, asset coverage ratios, and our status as a RIC.
6. Income Taxes
To qualify as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. The amount to be paid out as a distribution is determined by the Board each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders.
As previously noted, the determination of taxable income pursuant to U.S. federal income tax regulations differs from U.S. GAAP. As a result, permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. During the year ended December 31, 2022, the Company reclassified $3.0 million from accumulated net realized gains (losses) to additional paid-in capital for book purposes primarily related to net realized gains from portfolio companies which are held in taxable subsidiaries and are not consolidated with the Company for income tax purposes.
Taxable income and taxable net realized gains (losses) for the three and nine months ended September 30, 2023 and 2022 appears as follows:

(in millions, except share data) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Description |  | 2023 | 2022 |  | 2023 | 2022
Taxable income |  | $ | 72.7 |  | $ | 49.1 |  |  | $ | 197.7 |  | $ | 122.2 |
Taxable income per share |  | $ | 0.50 |  | $ | 0.39 |  |  | $ | 1.40 |  | $ | 0.99 |
Taxable net realized gains (losses) |  | $ | 6.8 |  | $ | (2.0) |  |  | $ | 34.2 |  | $ | (0.1) |
Taxable net realized gains (losses) per share |  | $ | 0.04 |  | $ | (0.02) |  |  | $ | 0.24 |  | $ (0.00)
Weighted average shares outstanding |  | 146,898,936 |  | 127,484,391 |  |  | 141,222,973 |  | 123,378,699 |

The aggregate gross unrealized appreciation of the Company’s investments over cost for U.S. federal income tax purposes was $97.2 million and $72.2 million, as of September 30, 2023 and December 31, 2022, respectively. The aggregate gross unrealized depreciation of the Company’s investments under cost for U.S. federal income tax purposes was $143.1 million and $112.0 million, as of September 30, 2023 and December 31, 2022, respectively. The net unrealized depreciation over cost for U.S. federal income tax purposes was $45.9 million as of September 30, 2023 and the net unrealized depreciation over cost for U.S. federal income tax purposes was $39.8 million as of December 31, 2022. The
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aggregate cost of securities for U.S. federal income tax purposes was $3.3 billion and $3.0 billion as of September 30, 2023 and December 31, 2022, respectively.
As a RIC, the Company is subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and capital gain net income realized, but not distributed, in preceding calendar years (the "Excise Tax Avoidance Requirement"). The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains).
Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year or returns of capital.
For the three and nine months ended September 30, 2023, the Company paid approximately $0.1 million and $5.2 million of income tax, including excise tax, and had $5.3 million of accrued, but unpaid tax expense as of September 30, 2023. For the three and nine months ended September 30, 2022, the Company paid approximately $0.1 million and $7.3 million of income tax, including excise tax, and had $4.0 million of accrued, but unpaid tax expense as of September 30, 2022.
Additionally, the Company has taxable subsidiaries which hold certain portfolio investments in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the Code. These taxable subsidiaries are consolidated for U.S. GAAP and the portfolio investments held by the taxable subsidiaries are included in the Company’s consolidated financial statements and are recorded at fair value. These taxable subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. Any income generated by these taxable subsidiaries generally would be subject to tax at normal U.S. federal tax rates based on its taxable income.
In accordance with ASC 740, the Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes. Based on an analysis of the Company’s tax position, there are no uncertain tax positions that met the recognition or measurement criteria. The Company is currently not undergoing any tax examinations. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. The 2019 - 2022 federal tax years for the Company remain subject to examination by the Internal Revenue Service. The 2018 – 2022 state tax years for the Company remain subject to examination by the state taxing authorities.
7. Stockholders’ Equity and Distributions
The Company has issued and outstanding 151,178,738 and 133,044,602 shares of common stock as of September 30, 2023 and December 31, 2022, respectively. We currently sell shares through our equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jefferies”) (the “2023 Equity Distribution Agreement”) entered into on May 5, 2023. The 2023 Equity Distribution Agreement provides that we may offer and sell up to 25.0 million shares of our common stock from time to time through JMP or Jefferies, as our sales agents. Sales of our common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2023 Equity Distribution Agreement replaced the ATM equity distribution agreement between us, JMP and Jefferies executed on May 9, 2022. Additionally, on August 7, 2023, we entered into an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers to sell 6.5 million shares of our common stock through an upsized public offering.
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The Company issued and sold the following shares of common stock during the nine months ended September 30, 2023 and 2022:

(in millions, except per share data)
Nine Months Ended September 30, | Number of Shares Issued | Gross Proceeds |  | Underwriting Fees/Offering Expenses |  | Net Proceeds |  | Average Price/Share
2022 | 11.8 | $ | 192.1 |  |  | $ | 2.1 |  |  | $ | 190.0 |  |  | $ | 16.1 |
2023 | 16.2 | $ | 243.6 |  |  | $ | 5.3 |  |  | $ | 238.3 |  |  | $ | 14.7 |

The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of September 30, 2023, approximately 23.8 million shares remain available for issuance and sale under the current equity distribution agreement.
The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the nine months ended September 30, 2023 and year ended December 31, 2022:

(in thousands, except per share data)
Distribution Type | Declared Date | Record Date | Payment Date | Per Share Amount |  | Total Amount
Base | February 16, 2022 | March 9, 2022 | March 16, 2022 | $ | 0.33 |  |  | $ | 39,794 |
Supplemental | February 16, 2022 | March 9, 2022 | March 16, 2022 | $ | 0.15 |  |  | $ | 18,088 |
Base | April 27, 2022 | May 17, 2022 | May 24, 2022 | $ | 0.33 |  |  | $ | 41,245 |
Supplemental | April 27, 2022 | May 17, 2022 | May 24, 2022 | $ | 0.15 |  |  | $ | 18,748 |
Base | July 20, 2022 | August 9, 2022 | August 16, 2022 | $ | 0.35 |  |  | $ | 44,765 |
Supplemental | July 20, 2022 | August 9, 2022 | August 16, 2022 | $ | 0.15 |  |  | $ | 19,185 |
Base | October 13, 2022 | November 10, 2022 | November 17, 2022 | $ | 0.36 |  |  | $ | 47,472 |
Supplemental | October 13, 2022 | November 10, 2022 | November 17, 2022 | $ | 0.15 |  |  | $ | 19,780 |
Total distributions declared during the year ended December 31, 2022 | $ | 1.97 |  |  | $ | 249,077 |
Base | February 9, 2023 | March 2, 2023 | March 9, 2023 | $ | 0.39 |  |  | $ | 53,749 |
Supplemental | February 9, 2023 | March 2, 2023 | March 9, 2023 | $ | 0.08 |  |  | $ | 11,025 |
Base | April 27, 2023 | May 16, 2023 | May 23, 2023 | $ | 0.39 |  |  | $ | 55,910 |
Supplemental | April 27, 2023 | May 16, 2023 | May 23, 2023 | $ | 0.08 |  |  | $ | 11,469 |
Base | July 28, 2023 | August 18, 2023 | August 25, 2023 | $ | 0.40 |  |  | $ | 60,445 |
Supplemental | July 28, 2023 | August 18, 2023 | August 25, 2023 | $ | 0.08 |  |  | $ | 12,089 |
Total distributions declared during the nine months ended September 30, 2023 | $ | 1.42 |  |  | $ | 204,687 |

During the nine months ended September 30, 2023, for income tax purposes, the distributions paid of $1.42 per share were comprised of ordinary income. As of September 30, 2023, the Company estimates that it has generated undistributed taxable earnings “spillover” of $1.03 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements.
The Company has a distribution reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend record date. During the nine months ended September 30, 2023 and 2022, the Company issued 197,592 and 184,197 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.
8. Equity Incentive Plans
The Company grants equity-based awards to employees and non-employee directors for the purpose of attracting and retaining the services of its executive officers, key employees, and members of the Board. The Company’s equity-based awards are granted under the 2018 Equity Incentive Plan (the “2018 Plan”) for employees and 2018 Non-Employee Director Plan (the “Director Plan”) for non-employee directors. The 2018 Plan and the Director Plan were approved by stockholders on June 28, 2018 and, unless earlier terminated by the Board, terminate on May 12, 2028. Subject to certain adjustments and permitted reversions of shares, the maximum aggregate number of shares that may be authorized for issuance under awards granted under the 2018 Plan and Director Plan is 9,261,229 shares and 300,000 shares, respectively. In connection with the issuance of shares under the 2018 Plan and Director Plan, the Company has registered, in aggregate, 18.7 million and 300,000 shares of common stock, respectively. Outstanding awards issued under plans that precede the 2018 Plan and Director Plan remain outstanding, unchanged and subject to the terms of such plans and their respective award agreements, until the vesting, expiration or lapse of such awards in accordance with their terms.
The Company has received exemptive relief from the SEC that permits it to issue restricted stock to non-employee directors under the Director Plan and restricted stock and restricted stock units to certain of its employees, officers, and
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directors (excluding non-employee directors) under the 2018 Plan. The exemptive order also allows participants in the Director Plan and the 2018 Plan to (i) elect to have the Company withhold shares of its common stock to pay for the exercise price and applicable taxes with respect to an option exercise (“net issuance exercise”) and/or (ii) permit the holders of restricted stock to elect to have the Company withhold shares of its stock to pay the applicable taxes due on restricted stock at the time of vesting. Each individual employee would be able to make a cash payment to satisfy applicable tax withholding at the time of option exercise or vesting on restricted stock.
The Company has granted equity-based awards that have service and performance conditions. Certain of the Company’s equity-based awards are classified as liability awards in accordance with ASC Topic 718, Compensation – Stock Compensation. All of the Company’s equity-based awards require future service, and are expensed over the relevant service period. The Company does not estimate forfeitures, and reverses all unvested costs associated with equity-awards in the period they are forfeited. For the three months ended September 30, 2023, and 2022, the Company recognized $3.3 million and $2.5 million of stock-based compensation expense in the Consolidated Statements of Operations, respectively. For the nine months ended September 30, 2023, and 2022, the Company recognized $9.8 million and $10.6 million of stock-based compensation expense in the Consolidated Statements of Operations, respectively. As of September 30, 2023, and 2022, approximately $21.3 million and $16.0 million of total unrecognized compensation costs expected to be recognized over the next 2.8 and 1.8 years, respectively.
Service-Vesting Awards
The Company grants equity-based awards which have service conditions, which generally begin to vest one-third after one year after the date of grant and ratably over the succeeding 2 years in accordance with the individual award terms. Certain awards have service conditions of longer duration and may begin to vest up to seven years after the date of grant. These equity-based awards which vest upon achievement of service conditions are collectively referred to as the “Service Vesting Awards”. The grant date fair value of Service Vesting Awards granted during the nine months ended September 30, 2023, and 2022, were approximately $18.3 million, and $11.1 million, respectively.
The Company has granted restricted stock equity awards in the form of restricted stock awards and restricted stock units. The Company determines the grant date fair values of restricted stock equity awards using the grant date stock close price. The activities for the Company's unvested restricted stock equity awards for each of the nine months ended September 30, 2023, and 2022, are summarized below:

| Nine Months Ended September 30,
| 2023 |  | 2022
| Shares |  | Weighted Average Grant Date Fair Value per Share |  | Shares |  | Weighted Average Grant Date Fair Value per Share
Unvested Shares Beginning of Period | 958,985 |  | $ | 16.35 |  |  | 1,037,848 |  | $ | 14.51 |
Granted | 1,314,268 |  | $ | 13.83 |  |  | 632,831 |  | $ | 17.24 |
Vested (1) | (526,292) |  | $ | 16.18 |  |  | (578,579) |  | $ | 14.39 |
Forfeited | (11,572) |  | $ | 15.42 |  |  | (25,407) |  | $ | 15.99 |
Unvested Shares End of Period | 1,735,389 |  | $ | 14.50 |  |  | 1,066,693 |  | $ | 16.16 |

(1)With respect to certain restricted stock equity awards granted prior to January 1, 2019, receipt of the shares of the Company’s common stock underlying vested restricted stock equity awards will be deferred for four years from grant date unless certain conditions are met. Accordingly, such vested restricted stock equity awards will not be issued as common stock upon vesting until the completion of the deferral period.
In addition to the restricted stock equity-based awards, the Company has also issued stock options to certain employees. The fair value of options granted during the nine months ended September 30, 2023 and 2022, was approximately $134,000 and $143,000, respectively. During the nine months ended September 30, 2023 and 2022, approximately $73,000, and $52,000, of share-based cost due to stock option grants was expensed, respectively.
Performance-Vesting Awards
The Company has granted equity-based awards, which have market and performance conditions in addition to a service condition (“Performance Awards”). The value of these awards may increase dependent on increases to the Company’s total stockholder return (“TSR”). The total compensation will be determined by the Company’s TSR relative to specified BDCs during a specified performance period. Depending on the results achieved during the specified performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the target shares granted. The Performance Awards typically vest after four years, and generally may not be disposed until one year post vesting. The Company determines the fair values of the Performance Awards at the grant date using a Monte-Carlo simulation multiplied by the target payout level and is recognized over the service period. For certain
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Performance Awards, distribution equivalent units (“Performance DEUs”) will accrue in the form of additional shares, but will not be paid unless the Performance Awards to which such Performance DEUs relate actually vest.
During the nine months ended September 30, 2023, no Performance Awards were granted or vested. During the nine months ended September 30, 2022, a total of 487,409 Performance Award shares vested. During the nine months ended September 30, 2023, 54,858 shares Performance DEUs were issued and vested immediately with an aggregate fair value of $0.7 million. During the nine months ended September 30, 2022, 241,770 Performance DEUs were issued with a grant date fair value of $4.0 million. As of September 30, 2023 and 2022, there were no unvested Performance Awards.
Liability Classified Awards
The Company has granted equity-based awards which are subject to both service and performance conditions. These awards are settled either in cash or a fixed dollar value of shares, subject to the terms of each individual award, and therefore classified as liability awards (the “Liability Awards”). The remaining maximum total potential value of the Liability Awards granted is $3.1 million, which assumes all performance conditions are met for each Liability award. If the performance conditions are not met, the total compensation expense related to the Liability Awards may be less than the maximum granted value of the awards. The awards are recorded as deferred compensation within Accounts Payable and Accrued Liabilities included on the Consolidated Statement of Assets and Liabilities.
Certain Liability Awards are structured similar to the Performance Awards, and increase in value with corresponding increases to the Company’s TSR and vest after four years. The Company remeasures the value of these awards each period based on the Company’s TSR achieved to date. Certain other Liability Awards are linked to attainment of investment funding goals. The Company determines the fair value of these Liability Awards based on the expected probability of the performance conditions being met and recognized over the service period. As of September 30, 2023, the Company determined that the weighted average expected probability of the performance conditions being met within each Liability Award was 100%. The expected probability is re-evaluated each period, and may be adjusted to reflect changes in this assumption. These other Liability Awards vest over three-year service term.
As of September 30, 2023, all Liability Awards are unvested and there was approximately $0.9 million of total unrecognized compensation costs expected to be recognized over a weighted average period of 0.6 years. For the nine months ended September 30, 2023, there was approximately $1.1 million of compensation expense related to the Liability Awards recognized in the Consolidated Statement of Operations and $2.2 million accrued within Accounts Payable and Accrued Liabilities in the Consolidated Statements of Assets and Liabilities. During the nine months ended September 30, 2023 and 2022, no and $6.0 million, respectively of the Liability Awards vested.
As of September 30, 2022, all Liability Awards are unvested and there was approximately $2.3 million of total unrecognized compensation costs expected to be recognized over a weighted average period of 1.6 years. For the nine months ended September 30, 2022, there was approximately $2.3 million of compensation expense related to the Liability Awards recognized in the Consolidated Statement of Operations and $2.0 million accrued within Accounts Payable and Accrued Liabilities in the Consolidated Statements of Assets and Liabilities.
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9. Earnings Per Share
Shares used in the computation of the Company’s basic and diluted earnings per share are as follows:

(in thousands, except per share data) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 27,967 |  |  | $ | 53,202 |  |  | $ | 217,306 |  |  | $ | 39,548 |
Less: Total distributions declared |  | (72,534) |  |  | (63,950) |  |  | (204,687) |  |  | (181,825) |
Total Earnings (loss), net of total distributions |  | (44,567) |  |  | (10,748) |  |  | 12,619 |  |  | (142,277) |
Earnings (loss), net of distributions attributable to common shares |  | (44,567) |  |  | (10,748) |  |  | 12,486 |  |  | (142,277) |
Add: Distributions declared attributable to common shares |  | 71,860 |  |  | 63,421 |  |  | 202,556 |  |  | 180,114 |
Numerator for basic and diluted change in net assets per common share |  | $ | 27,293 |  |  | $ | 52,673 |  |  | $ | 215,042 |  |  | $ | 37,837 |
Denominator |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding |  | 146,899 |  | 127,484 |  | 141,223 |  | 123,379
Common shares issuable |  | 211 |  | 1,850 |  | 903 |  | 1,388
Weighted average common shares outstanding assuming dilution |  | 147,110 |  | 129,334 |  | 142,126 |  | 124,767
Change in net assets per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.19 |  |  | $ | 0.41 |  |  | $ | 1.52 |  |  | $ | 0.31 |
Diluted |  | $ | 0.19 |  |  | $ | 0.41 |  |  | $ | 1.51 |  |  | $ | 0.30 |

In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share.
The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three and nine months ended September 30, 2023, and 2022, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Anti-dilutive Securities |  | 2023 |  | 2022 |  | 2023 |  | 2022
Unvested common stock options |  | 347 |  | 865 |  | 1,782 |  | 1,725
Restricted stock units |  | — |  | — |  | 5,810 |  | —
Unvested restricted stock awards |  | 395 |  | 3,982 |  | 40,034 |  | 1,611

As of September 30, 2023 and December 31, 2022, the Company was authorized to issue 200.0 million shares of common stock with a par value of $0.001. Each share of common stock entitles the holder to one vote.
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10. Financial Highlights
Following is a schedule of financial highlights for the nine months ended September 30, 2023 and 2022:

(in thousands, except per share data and ratios) | Nine Months Ended September 30,
| 2023 |  | 2022
Per share data (1): |  |  |
Net asset value at beginning of period | $ | 10.53 |  |  | $ | 11.22 |
Net investment income | 1.54 |  |  | 1.01 |
Net realized gain (loss) | 0.04 |  |  | 0.01 |
Net unrealized appreciation (depreciation) | (0.04) |  |  | (0.71) |
Total from investment operations | 1.54 |  |  | 0.31 |
Net increase (decrease) in net assets from capital share transactions (1) | 0.25 |  |  | 0.31 |
Distributions of net investment income (6) | (1.45) |  |  | (1.11) |
Distributions of capital gains (6) | — |  |  | (0.35) |
Stock-based compensation expense included in net investment income and other movements(2) | 0.06 |  |  | 0.09 |
Net asset value at end of period | $ | 10.93 |  |  | $ | 10.47 |
Ratios and supplemental data: |  |  |
Per share market value at end of period | $ | 16.42 |  |  | $ | 11.58 |
Total return (3) | 36.09 | % |  | (24.34) | %
Shares outstanding at end of period | 151,179 |  | 130,191
Weighted average number of common shares outstanding | 141,223 |  | 123,379
Net assets at end of period | $ | 1,652,057 |  |  | $ | 1,362,718 |
Ratio of total expense to average net assets (4) | 10.38 | % |  | 9.51 | %
Ratio of net investment income before investment gains and losses to average net assets (4) | 18.85 | % |  | 12.53 | %
Portfolio turnover rate(5) | 22.20 | % |  | 14.12 | %
Weighted average debt outstanding | $ | 1,601,552 |  |  | $ | 1,430,814 |
Weighted average debt per common share | $ | 11.34 |  |  | $ | 11.60 |

(1)All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.
(2)Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, the expense is offset by a corresponding increase in paid-in capital. Additionally, adjusts for other items attributed to the difference between certain per share data based on the weighted-average basic shares outstanding and those calculated using the shares outstanding as of a period end or transaction date.
(3)The total return for the nine months ended September 30, 2023, and 2022 equals the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors.
(4)The ratios are calculated based on weighted average net assets for the relevant period and are annualized.
(5)The portfolio turnover rate for the nine months ended September 30, 2023, and 2022 equals the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized.
(6)Includes distributions on unvested restricted stock awards.
11. Commitments and Contingencies
The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. As of September 30, 2023, a portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions which allow the Company relief from funding obligations for previously made unfunded commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the portfolio company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by future or unachieved milestones.
As of September 30, 2023, and December 31, 2022, the Company had approximately $400.6 million and $628.9 million, respectively, of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding request that complies with the applicable advance notice and other operational requirements. The amounts disclosed
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exclude unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) related to the portion of portfolio company investments assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. The fair value of the Company’s unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations embedded in the borrowing agreements.
As of September 30, 2023, and December 31, 2022, the Company’s unfunded contractual commitments available at the request of the portfolio company, including undrawn revolving facilities, and unencumbered by milestones were as follows:

(in thousands) |  | Unfunded Commitments (1) as of
Portfolio Company |  | September 30, 2023 |  | December 31, 2022
Debt Investments: |  |  |  |
Thumbtack, Inc. |  | $ | 40,000 |  |  | $ | 40,000 |
Automation Anywhere, Inc. |  | 29,400 |  |  | 29,400 |
Axsome Therapeutics, Inc. |  | 25,375 |  |  | 21,000 |
Checkr Group, Inc. |  | 23,625 |  |  | — |
Skydio, Inc. |  | 22,500 |  |  | 22,500 |
Tarsus Pharmaceuticals, Inc. |  | 20,625 |  |  | 10,313 |
Phathom Pharmaceuticals, Inc. |  | 16,625 |  |  | 66,500 |
Carwow LTD |  | 14,365 |  |  | — |
Dragos |  | 13,000 |  |  | — |
Locus Robotics Corp. |  | 12,391 |  |  | — |
PathAI, Inc. |  | 12,000 |  |  | 12,000 |
Suzy, Inc. |  | 12,000 |  |  | — |
Main Street Rural, Inc. |  | 10,500 |  |  | — |
Tipalti Solutions Ltd. |  | 10,500 |  |  | — |
Alamar Biosciences, Inc. |  | 10,000 |  |  | 10,000 |
Aryaka Networks, Inc. |  | 10,000 |  |  | 20,000 |
Next Insurance, Inc. |  | 10,000 |  |  | — |
Elation Health, Inc. |  | 7,500 |  |  | 7,500 |
Gritstone Bio, Inc. |  | 7,500 |  |  | 7,500 |
Nuvolo Technologies Corporation |  | 6,800 |  |  | 5,970 |
Dronedeploy, Inc. |  | 6,250 |  |  | 12,500 |
Akero Therapeutics, Inc. |  | 5,000 |  |  | 5,000 |
Brain Corporation |  | 5,000 |  |  | 20,700 |
Leapwork ApS |  | 4,100 |  |  | — |
Geron Corporation |  | 3,900 |  |  | — |
Saama Technologies, LLC |  | 3,875 |  |  | — |
Zimperium, Inc. |  | 3,727 |  |  | 1,088 |
Allvue Systems, LLC |  | 3,590 |  |  | — |
Riviera Partners LLC |  | 3,500 |  |  | 3,500 |
Babel Street |  | 3,375 |  |  | 3,375 |
Modern Life, Inc. |  | 3,250 |  |  | — |
Loftware, Inc. |  | 2,846 |  |  | — |
Cutover, Inc. |  | 2,650 |  |  | 1,000 |
Zappi, Inc. |  | 2,571 |  |  | 2,571 |
Yipit, LLC |  | 2,250 |  |  | 2,250 |
Streamline Healthcare Solutions |  | 2,200 |  |  | — |
Sumo Logic, Inc. |  | 2,000 |  |  | — |
Viridian Therapeutics, Inc. |  | 2,000 |  |  | 12,000 |
3GTMS, LLC |  | 1,759 |  |  | — |

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(in thousands) |  | Unfunded Commitments (1) as of
Portfolio Company |  | September 30, 2023 |  | December 31, 2022
Debt Investments: |  |  |  |
Ceros, Inc. |  | $ | 1,707 |  |  | $ | 1,707 |
ThreatConnect, Inc. |  | 1,600 |  |  | 1,600 |
RVShare, LLC |  | 1,500 |  |  | 1,500 |
Signal Media Limited |  | 1,500 |  |  | 5,250 |
Onna Technologies, Inc. |  | 1,275 |  |  | — |
LogicSource |  | 1,209 |  |  | 1,209 |
Ikon Science Limited |  | 1,050 |  |  | 1,050 |
LinenMaster, LLC |  | 1,000 |  |  | — |
Fortified Health Security |  | 840 |  |  | 840 |
Omeda Holdings, LLC |  | 825 |  |  | 938 |
Agilence, Inc. |  | 800 |  |  | 800 |
Dispatch Technologies, Inc. |  | 750 |  |  | 1,250 |
Flight Schedule Pro, LLC |  | 639 |  |  | 639 |
Constructor.io Corporation |  | 625 |  |  | 625 |
Enmark Systems, Inc. |  | 457 |  |  | 457 |
Alchemer LLC |  | 445 |  |  | 890 |
Cybermaxx Intermediate Holdings, Inc. |  | 390 |  |  | 390 |
ShadowDragon, LLC |  | 333 |  |  | 333 |
Cytracom Holdings LLC |  | 72 |  |  | 225 |
Provention Bio, Inc. |  | — |  |  | 40,000 |
Vida Health, Inc. |  | — |  |  | 40,000 |
Madrigal Pharmaceutical, Inc. |  | — |  |  | 34,000 |
Oak Street Health, Inc. |  | — |  |  | 33,750 |
HilleVax, Inc. |  | — |  |  | 28,000 |
Replimune Group, Inc. |  | — |  |  | 20,700 |
G1 Therapeutics, Inc. |  | — |  |  | 19,375 |
Alladapt Immunotherapeutics Inc. |  | — |  |  | 15,000 |
AppDirect, Inc. |  | — |  |  | 15,000 |
Dashlane, Inc. |  | — |  |  | 10,000 |
Fever Labs, Inc. |  | — |  |  | 8,333 |
Kura Oncology, Inc. |  | — |  |  | 8,250 |
Fulfil Solutions, Inc. |  | — |  |  | 5,000 |
Demandbase, Inc. |  | — |  |  | 3,750 |
MacroFab, Inc. |  | — |  |  | 3,000 |
Khoros (p.k.a Lithium Technologies) |  | — |  |  | 1,812 |
Mobile Solutions Services |  | — |  |  | 495 |
Annex Cloud |  | — |  |  | 386 |
Total Unfunded Debt Commitments: |  | 395,566 |  |  | 623,221 |
Investment Funds & Vehicles:(2) |  |  |  |
Forbion Growth Opportunities Fund I C.V. |  | 2,269 |  |  | 2,842 |
Forbion Growth Opportunities Fund II C.V. |  | 2,748 |  |  | 2,811 |
Total Unfunded Commitments in Investment Funds & Vehicles: |  | 5,017 |  |  | 5,653 |
Total Unfunded Commitments |  | $ | 400,583 |  |  | $ | 628,874 |

(1)For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $135.7 million and $173.5 million of unfunded commitments as of September 30, 2023, and December 31, 2022, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”.
(2)For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds.
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The following table provides additional information on the Company’s unencumbered unfunded commitments regarding milestones, expirations and type:

(in thousands) |  | September 30, 2023 |  | December 31, 2022
Unfunded Debt Commitments: |  |  |  |
Expiring during: |  |  |  |
2023 |  | $ | 123,031 |  |  | $ | 461,296 |
2024 |  | 234,164 |  |  | 134,856 |
2025 |  | 1,831 |  |  | 720 |
2026 |  | 9,037 |  |  | 9,038 |
2027 |  | 14,672 |  |  | 15,171 |
2028 |  | 7,241 |  |  | 2,140 |
2029 |  | 3,590 |  |  | — |
2030 |  | 2,000 |  |  | — |
Total Unfunded Debt Commitments |  | 395,566 |  |  | 623,221 |
Unfunded Commitments in Investment Funds & Vehicles: |  |  |  |
Expiring during: |  |  |  |
2030 |  | 2,269 |  |  | 2,842 |
2032 |  | 2,748 |  |  | 2,811 |
Total Unfunded Commitments in Investment Funds & Vehicles |  | 5,017 |  |  | 5,653 |
Total Unfunded Commitments |  | $ | 400,583 |  |  | $ | 628,874 |

The following tables provide the Company’s contractual obligations as of September 30, 2023 and December 31, 2022:

As of September 30, 2023: |  | Payments due by period (in thousands)
Contractual Obligations (1) |  | Total |  | Less than 1 year |  | 1 - 3 years |  | 3 - 5 years |  | After 5 years
Debt (2)(3) |  | $ | 1,649,000 |  |  | $ | 105,000 |  |  | $ | 595,000 |  |  | $ | 584,000 |  |  | $ | 365,000 |
Lease and License Obligations (4) |  | 27,693 |  |  | 3,054 |  |  | 6,606 |  |  | 6,218 |  |  | 11,815 |
Total |  | $ | 1,676,693 |  |  | $ | 108,054 |  |  | $ | 601,606 |  |  | $ | 590,218 |  |  | $ | 376,815 |
As of December 31, 2022: |  | Payments due by period (in thousands)
Contractual Obligations (1) |  | Total |  | Less than 1 year |  | 1 - 3 years |  | 3 - 5 years |  | After 5 years
Debt (5)(3) |  | $ | 1,594,000 |  |  | $ | — |  |  | $ | 382,000 |  |  | $ | 847,000 |  |  | $ | 365,000 |
Lease and License Obligations (4) |  | 8,641 |  |  | 2,723 |  |  | 2,259 |  |  | 2,452 |  |  | 1,207 |
Total |  | $ | 1,602,641 |  |  | $ | 2,723 |  |  | $ | 384,259 |  |  | $ | 849,452 |  |  | $ | 366,207 |

(1)Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds.
(2)Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes and $350.0 million of the January 2027 Notes as of September 30, 2023. There was also $173.0 million outstanding under the SMBC Facility and $61.0 million outstanding under the MUFG Bank Facility as of September 30, 2023.
(3)Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”.
(4)Facility leases and licenses including short-term leases.
(5)Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes and $350.0 million of the January 2027 Notes as of December 31, 2022. There was also $72.0 million outstanding under the SMBC Facility and $107.0 million outstanding under the MUFG Bank Facility as of December 31, 2022.
Certain premises are leased or licensed under agreements which expire at various dates through March 2034. For the three and nine months ended September 30, 2023, total rent expense, including short-term leases, amounted to approximately $0.9 million and $2.5 million, respectively. For the three and nine months ended September 30, 2022, total rent expense, including short-term leases, amounted to approximately $0.8 million and $2.4 million, respectively. The Company recognizes an operating lease liability and a ROU asset for all leases, with the exception of short-term leases. The lease payments on short-term leases are recognized as rent expense on a straight-line basis. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental weighted average cost of debt. The Company considers the general economic environment and its credit rating and factors in various financing and asset specific adjustments to ensure the discount rate applied is appropriate to the intended use of the underlying lease. While some of the leases contained options to extend and terminate, it is not reasonably certain that either option will be utilized and therefore, only the payments in the initial term of the leases were included in the lease liability and ROU asset.
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The following table sets forth information related to the measurement of the Company’s operating lease liabilities and supplemental cash flow information related to operating leases as of September 30, 2023, and 2022:

(in thousands) | Three Months Ended September 30, 2023 |  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2022
Total operating lease cost | $ | 691 |  |  | $ | 744 |  |  | $ | 1,995 |  |  | $ | 2,185 |
Cash paid for amounts included in the measurement of lease liabilities | $ | 495 |  |  | $ | 642 |  |  | $ | 2,231 |  |  | $ | 2,411 |

| As of September 30, 2023 |  | As of December 31, 2022
Weighted-average remaining lease term (in years) | 8.61 |  | 5.48
Weighted-average discount rate | 6.79 | % |  | 5.37 | %

The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of September 30, 2023:

(in thousands) | As of September 30, 2023
2023 | $ | 367 |
2024 | 2,597 |
2025 | 3,269 |
2026 | 3,364 |
Thereafter | 17,412 |
Total lease payments | 27,009 |
Less: imputed interest & other items | (21,661) |
Total operating lease liability | $ | 5,348 |

The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect the Company’s financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
12. Related Party Transactions
As disclosed in “Note 2 – Summary of Significant Accounting Policies”, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value. Refer to “Note 4 – Investments” for information related to income, gains and losses recognized related to the Company’s investment. The Adviser Subsidiary has entered into investment management agreements with its privately offered Adviser Funds, and it receives management fees based on the assets under management of the Adviser Funds. In addition, the general partner interests (the “GP Interests”) held by Hercules Partner Holdings, LLC may receive incentive fees based on the performance of the Adviser Funds. The Adviser Subsidiary and Hercules Partner Holdings, LLC are owned by Hercules Capital Management LLC.
The Company has a shared services agreement (“Sharing Agreement”) with the Adviser Subsidiary, through which the Adviser Subsidiary has access to the Company's human capital resources (including administrative functions) and other resources and infrastructure (including office space and technology). Under the terms of the Sharing Agreement, the Company allocates the related expenses of shared services to the Adviser Subsidiary based on direct time spent, investment activity, and proportion of assets under management depending on the nature of the expense. The Company’s total expenses for the three months ended September 30, 2023 and 2022, are net of expenses allocated to the Adviser Subsidiary of $2.4 million and $1.9 million, respectively. The Company’s total expenses for the nine months ended September 30, 2023 and 2022, are net of expenses allocated to the Adviser Subsidiary of $7.5 million and $6.3 million, respectively. As of September 30, 2023 and December 31, 2022, there was less than $0.1 million payable and $0.1 million receivable, respectively, from the Adviser Subsidiary.
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In addition, the Company may from time-to-time make investments alongside the Adviser Funds or assign a portion of investments to the Adviser Funds in accordance with the Company’s allocation policy. During the nine months ended September 30, 2023, $491.4 million of all investment commitments of the Company and the Adviser Subsidiary were assigned to or directly committed by the Adviser Funds. During the nine months ended September 30, 2023, fundings of $294.4 million were assigned to, directly originated, or funded by the Adviser Funds. The Company received $12.1 million from the Adviser Funds relating to the assigned investments during the nine months ended September 30, 2023.
During the nine months ended September 30, 2022, $610.9 million of all investment commitments of the Company and the Adviser Subsidiary were assigned to or directly committed by the Adviser Funds, respectively. During the nine months ended September 30, 2022, fundings of $247.8 million were assigned to, directly originated, or funded by the Adviser Funds. The Company received $114.9 million from the Adviser Funds relating to the assigned investments during the nine months ended September 30, 2022. Additionally, in May 2022, the Company sold $73.5 million of assets to the Adviser Funds and realized a $0.1 million gain.
13. Subsequent Events
Dividend Distribution Declaration
On October 26, 2023, the Board declared a cash distribution of $0.40 per share to be paid on November 22, 2023 to stockholders of record as of November 15, 2023. In addition to the cash distribution, and as part of the supplemental cash distribution of $0.32 per share to be paid in four quarterly distributions of $0.08 per share, the Board declared a supplemental cash distribution of $0.08 per share to be paid on November 22, 2023 to stockholders of record as of November 15, 2023. Including the $0.08 per share supplemental cash distributions paid to stockholders of record as of March 9, 2023, May 16, 2023, and August 18, 2023, the Board has declared the full $0.32 per share supplemental cash distribution declared on February 9, 2023.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements
The matters discussed in this report, as well as in future oral and written statements by management of Hercules Capital, Inc., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include statements as to:
•our current and future management structure;
•our future operating results;
•our business prospects and the prospects of our prospective portfolio companies;
•the impact of investments that we expect to make;
•our informal relationships with third parties including in the venture capital industry;
•the expected market for venture capital investments and our addressable market;
•the dependence of our future success on the general economy and its impact on the industries in which we invest;
•our ability to access debt markets and equity markets;
•the occurrence and impact of macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war) on us and our portfolio companies;
•the ability of our portfolio companies to achieve their objectives;
•our expected financings and investments;
•our regulatory structure and tax status as a RIC;
•our ability to operate as a BDC and a SBIC;
•the adequacy of our cash resources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the timing, form and amount of any distributions;
•the impact of fluctuations in interest rates on our business;
•the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
•our ability to recover unrealized depreciation on investments.
You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this report.
The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this report. In addition to historical information, the following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Item 1A— “Risk Factors” of Part II of this quarterly report on Form 10-Q, Item 1A— “Risk Factors” of our annual report on Form 10-K filed with the SEC on February 16, 2023 and under “Forward-Looking Statements” of this Item 2.
Use of Non-GAAP Measures
Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “Non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for “generally accepted accounting principles” in the United States. The Non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.
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Overview
We are a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology, life sciences, and sustainable and renewable technology industries. Our goal is to be the leading Structured Debt financing provider for venture capital-backed and institutional-backed companies in a variety of technology-related industries requiring sophisticated and customized financing solutions. We use the term “Structured Debt” to refer to a debt investment that is structured with an equity, warrant, option, or other right to purchase or convert into common or preferred stock. Our strategy is to evaluate and invest in a broad range of technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology and to offer a full suite of growth capital products.
We are structured as an internally managed, non-diversified, closed-end investment company that has elected to be regulated as a BDC under the 1940 Act. As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” which includes securities of private U.S. companies, cash, cash equivalents, and high-quality debt investments that mature in one year or less. Consistent with requirements under the 1940 Act, we invest primarily in United States based companies and to a lesser extent in foreign companies. We source our investments through our principal office located in Palo Alto, CA, as well as through our additional offices in Boston, MA, New York, NY, Bethesda, MD, San Diego, CA, Denver, CO, and London, United Kingdom.
We have elected to be treated for tax purposes as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, among other requirements, we must maintain certain source-of-income and asset diversification requirements. In addition, we must make timely distributions of at least 90% of annual taxable income to our stockholders. As a RIC, we generally will not be subject to U.S. federal income tax on the income that we distribute (or are deemed to distribute) to our stockholders provided that we maintain our RIC status for a given year.
Our primary business objectives are to increase our net income, net investment income, and NAV by investing in Structured Debt and senior secured debt instruments of venture capital-backed and institutional-backed companies in a variety of technology-related industries at attractive current yields and the potential for equity appreciation and realized gains. Our Structured Debt and senior secured debt investments are typically secured by some or all of the assets of the applicable portfolio company. We also invest in “unitranche” loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position. In addition to our debt investments, we regularly engage in discussions with third parties with respect to various potential transactions to explore alternative investment structures. Through such alternative structures we may acquire an investment, a portfolio of investments, an entire company, or sell portions of our portfolio on an opportunistic basis. Through our investment strategy, we aim to achieve our business objectives by maximizing our portfolio total return from generation of investment income from our debt investments and capital appreciation from our warrant and equity investments.
Our equity ownership in our portfolio companies may exceed 25% of the voting securities of such companies, which represents a controlling interest under the 1940 Act. In some cases, we receive the right to make additional equity investments in our portfolio companies in connection with future equity financing rounds. Capital that we provide is generally used for growth and general working capital purposes as well as in select cases for acquisitions or recapitalizations. We invest primarily in private companies but also have investments in public companies.
We, our subsidiaries or our affiliates, may also agree to manage certain other funds that invest in debt, equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services. We may also invest in the equity of these funds, along with other third parties, from which we would seek to earn a return and/or future incentive allocations. Some of these transactions could be material to our business. Consummation of any such transaction will be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions which may include, depending on the transaction and without limitation, the approval of our Board, required regulatory or third-party consents, and/or the approval of our stockholders. Accordingly, there can be no assurance that any such transaction would be consummated. Any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction.
Hercules Adviser LLC is our wholly owned registered investment adviser subsidiary, which began providing investment advisory and related services to the Adviser Funds in 2021. The Adviser Subsidiary is not consolidated for reporting purposes as noted in “Note 1 - Description of Business”. In addition to the Adviser Subsidiary, we have established other wholly owned subsidiaries which are consolidated for reporting. However, certain of these subsidiaries are not consolidated for federal tax purposes and may generate income tax expense or benefit, as well as tax assets and liabilities as a result of their ownership of certain portfolio investments.
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Macroeconomic Market Developments
Our investment portfolio continues to be focused on industries and sectors that are generally expected to be more resilient to economic cycles. However, the U.S and global capital markets continue to evolve as a result of the market volatility caused by the ongoing rise of inflation, rising interest rates, geopolitical events, the continuing impacts of COVID-19 pandemic, supply chain issues, and disruptions in the banking sector. We are continuing to closely monitor the impact of these macroeconomic market developments on all aspects of our business, including impacts to our portfolio companies, employees, due diligence and underwriting processes, and financial markets. As a result, pressure on liquidity and financial results of certain of our portfolio companies have persisted, and our portfolio companies may draw on most, if not all, of the unfunded portion of any revolving or delayed draw term loans made by us, subject to availability under the terms of such loans. The extent to which the ongoing macroeconomic market events will continue to affect the financial condition and liquidity of our portfolio companies’ results of operations are highly uncertain and cannot be predicted.
The extent of the impact that macroeconomic developments will have on our own operational and financial performance, including our ability to execute our business strategies and initiatives in the expected time frame is uncertain. Inflation historically has not had a significant effect on our results of operations in any of the reporting periods presented herein. However, the impact that these macroeconomic events have on our portfolio companies could have a negative impact on the fair value of our investments in these portfolio companies. Further, an extended period of global supply chain and economic disruption, including inflation, could materially affect our business, results of operations, access to sources of liquidity and financial condition. Given the fluidity of these market events, neither our management nor our Board is able to predict the full impact of the current macroeconomic events on our business, future results of operations, financial position, or cash flows at this time.
Portfolio and Investment Activity
The total fair value of our investment portfolio as of September 30, 2023 and December 31, 2022 was as follows:

(in millions) | Fair Value
| September 30, 2023 |  | December 31, 2022
Debt | $ | 3,091.9 |  |  | $ | 2,795.4 |
Equity | 137.0 |  |  | 134.0 |
Warrants | 27.8 |  |  | 30.6 |
Investment Funds & Vehicles | 4.7 |  |  | 3.9 |
Total Investment Portfolio | $ | 3,261.4 |  |  | $ | 2,963.9 |

Portfolio Activity
Our investments in portfolio companies take a variety of forms, including unfunded contractual commitments and funded investments. Not all debt commitments represent future cash requirements. Unfunded contractual commitments depend upon a portfolio company reaching certain milestones before the debt commitment is available to the portfolio company, which is expected to affect our funding levels. These commitments are subject to the same underwriting and ongoing portfolio maintenance as the on-balance sheet financial instruments that we hold. Debt commitments generally fund over the two succeeding quarters from close. From time to time, unfunded contractual commitments may expire without being drawn and thus do not represent future cash requirements.
Prior to entering into a contractual commitment, we generally issue a non-binding term sheet to a prospective portfolio company. Non-binding term sheets are subject to completion of our due diligence and final investment committee approval process, as well as the negotiation of definitive documentation with the prospective portfolio companies. These non-binding term sheets generally convert to contractual commitments in approximately 90 days from signing and some portion may be assigned or allocated to or directly originated by the Adviser Funds prior to or after closing. Not all non-binding term sheets are expected to close and do not necessarily represent future cash requirements.
During the nine months ended September 30, 2023, Hercules and the Adviser Funds directly committed or originated an aggregate total of $1,760.2 million of investment commitments and funded $1,291.6 million of investment fundings. Of the aggregated total directly committed or originated by Hercules and the Adviser Funds, $491.4 million of investment commitments were directly committed or originated by the Adviser Funds. Of the aggregate total direct fundings or originations, $294.4 million of debt, equity, and warrant fundings during the period, were assigned to, directly funded or originated by the Adviser Funds.
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During the nine months ended September 30, 2022, Hercules and the Adviser Funds directly committed or originated an aggregate total of $2,476.4 million of investment commitments and funded $1,097.8 million of investment fundings. Of the aggregated total directly committed or originated by Hercules and the Adviser Funds, $610.9 million of investment commitments were directly committed or originated by the Adviser Funds. Of the aggregate total direct fundings or originations, $247.8 million of debt, equity, and warrant fundings during the period, were assigned to, directly funded or originated by the Adviser Funds.
Our portfolio activity for the nine months ended September 30, 2023 and September 30, 2022 was comprised of the following:

(in millions) | September 30, 2023 |  | September 30, 2022
Gross Debt Commitments Originated by Hercules Capital and the Adviser Funds (1) |  |  |
New portfolio company | $ | 1,355.9 |  |  | $ | 2,083.5 |
Existing portfolio company | 393.2 |  |  | 369.7 |
Sub-total | $ | 1,749.1 |  |  | $ | 2,453.2 |
Less: Debt commitments assigned to or directly committed by the Adviser Funds (3) | (490.1) |  |  | (606.5) |
Net Total Debt Commitments | $ | 1,259.0 |  |  | $ | 1,846.7 |
Gross Debt Fundings by Hercules Capital and the Adviser Funds (2) |  |  |
New portfolio company | $ | 682.4 |  |  | $ | 758.4 |
Existing portfolio company | 597.5 |  |  | 318.3 |
Sub-total | $ | 1,279.9 |  |  | $ | 1,076.7 |
Less: Debt fundings assigned to or directly funded by the Adviser Funds(3) | (293.1) |  |  | (243.4) |
Net Total Debt Fundings | $ | 986.8 |  |  | $ | 833.3 |
Equity Investments and Investment Funds and Vehicles Fundings by Hercules Capital and the Adviser Funds |  |  |
New portfolio company | $ | 2.0 |  |  | $ | 5.0 |
Existing portfolio company | 9.7 |  |  | 16.1 |
Sub-total | $ | 11.7 |  |  | $ | 21.1 |
Less: Equity fundings assigned to or directly funded by the Adviser Funds (3) | (1.3) |  |  | (4.4) |
Net Total Equity and Investment Funds and Vehicle Fundings | $ | 10.4 |  |  | $ | 16.7 |
Total Unfunded Contractual Commitments (4) | $ | 400.6 |  |  | $ | 659.0 |
Non-Binding Term Sheets |  |  |
New portfolio company | $ | 40.0 |  |  | $ | 208.0 |
Existing portfolio company | 50.0 |  |  | 2.1 |
Total | $ | 90.0 |  |  | $ | 210.1 |

(1)Includes restructured loans and renewals in addition to new commitments.
(2)Funded amounts include borrowings on revolving facilities.
(3)Commitments and fundings include amounts assigned to, directly committed or originated, funded by the Adviser Funds, as applicable.
(4)Amount represents unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. This excludes $135.7 million and $203.2 million of unfunded commitments as of September 30, 2023, and 2022, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds.
We receive principal payments on our debt investment portfolio based on scheduled amortization of the outstanding balances. In addition, we receive principal repayments for some of our loans prior to their scheduled maturity date. The frequency or volume of these early principal repayments may fluctuate significantly from period to period. During the nine months ended September 30, 2023, we received approximately $685.2 million in aggregate principal repayments. Approximately $37.8 million of the aggregate principal repayments related to scheduled principal payments and approximately $647.4 million were early principal repayments related to 32 portfolio companies. Additionally, we may hold investments in debt, warrant, or equity positions of portfolio companies that have filed a registration statement with the SEC in contemplation of a potential initial public offering. There can be no assurance that companies that have yet to complete their initial public offerings will do so in a timely manner or at all.
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Total portfolio investment activity (inclusive of unearned income and excluding activity related to taxes payable and escrow receivables) as of and for the nine months ended September 30, 2023 and September 30, 2022 was as follows:

(in millions) |  | September 30, 2023 |  | September 30, 2022
Beginning portfolio |  | $ | 2,963.9 |  |  | $ | 2,434.5 |
New fundings and restructures |  | 1,291.6 |  |  | 1,097.8 |
Fundings assigned to or directly funded by the Adviser Funds(1) |  | (294.4) |  |  | (247.8) |
Warrants not related to current period fundings |  | 1.6 |  |  | 1.5 |
Principal repayments received on investments |  | (37.8) |  |  | (58.7) |
Early payoffs |  | (647.4) |  |  | (242.4) |
Proceeds from sale of debt investments |  | — |  |  | (73.5) |
Proceeds from sale of equity and warrant investments |  | (34.9) |  |  | (16.7) |
Accretion of loan discounts and paid-in-kind principal |  | 43.5 |  |  | 40.2 |
Net acceleration of loan discounts and loan fees due to early payoffs or restructures |  | (10.2) |  |  | (13.3) |
New loan fees |  | (11.0) |  |  | (10.0) |
Gain (loss) on investments due to sales or write offs |  | 2.2 |  |  | 1.5 |
Net change in unrealized appreciation (depreciation) |  | (5.7) |  |  | (87.4) |
Ending portfolio |  | $ | 3,261.4 |  |  | $ | 2,825.7 |

(1)Funded amounts include $282.4 million and $132.9 million direct fundings of investments made by the Adviser Funds, for the nine months ended September 30, 2023 and September 30, 2022, respectively.
The following table presents certain selected information regarding our debt investment portfolio as of September 30, 2023 and December 31, 2022:

| September 30, 2023 |  | December 31, 2022
Number of portfolio companies with debt outstanding | 126 |  | 120
Percentage of debt bearing a floating rate | 95.5 | % |  | 95.3 | %
Percentage of debt bearing a fixed rate | 4.5 | % |  | 4.7 | %
Weighted average core yield (1)(3) | 14.2 | % |  | 13.8 | %
Weighted average effective yield (2)(3) | 15.5 | % |  | 14.7 | %
Prime rate at the end of the period | 8.50 | % |  | 7.50 | %

(1)The core yield is a Non-GAAP financial measure. The core yield on our debt investments excludes the effects of fee and income accelerations attributed to early payoffs, restructuring, loan modifications, other one-time events, and includes income from expired commitments. Please refer to the "Portfolio Yield" section below for further discussion of this measure.
(2)The effective yield on our debt investments includes the effects of fee and income accelerations attributed to early payoffs, restructuring, loan modifications, and other one-time events. The effective yield is derived by dividing total investment income by the weighted average earning investment portfolio assets outstanding during the year, excluding non-interest earning assets such as warrants and equity investments.
(3)The core and effective yields represent the weighted average yields for the three-month periods ended September 30, 2023 and December 31, 2022. The weighted average core and effective yields for the annual period ended December 31, 2022 were 12.3% and 12.7%, respectively.
Income from Portfolio
We generate revenue in the form of interest income, primarily from our investments in debt securities, and fee income, which is primarily comprised of commitment and facility fees. Interest income is recognized in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Fees generated in connection with our debt investments are recognized over the life of the loan or, in some cases, recognized as earned. In addition, we generate revenue in the form of capital gains, if any, on warrants or other equity securities that we acquire from our portfolio companies. Our investments generally range from $15.0 million to $40.0 million, although we may make investments in amounts above or below that range. As of September 30, 2023, our debt investments generally have a term of between two and five years and typically bear interest at a rate ranging from approximately 8.3% to approximately 17.7%. In addition to the cash yields received on our debt investments, in some instances, our debt investments may also include any of the following: exit fees, balloon payment fees, commitment fees, success fees, PIK provisions or prepayment fees which may be required to be included in income prior to receipt.
Interest on debt securities is generally payable monthly, with amortization of principal typically occurring over the term of the investment. In addition, our loans may include an interest-only period ranging from three to eighteen months or longer. In limited instances in which we choose to defer amortization of the loan for a period of time from the date of the initial investment, the principal amount of the debt securities and any accrued but unpaid interest become due at the maturity date.
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Loan origination and commitment fees are generally received in full at the inception of a loan are deferred and amortized into fee income as an enhancement to the related loan’s yield over the contractual life of the loan. We recognize nonrecurring fees amortized over the remaining term of the loan commencing in the quarter relating to specific loan modifications. As of September 30, 2023 and December 31, 2022, unamortized capitalized fee income was recorded as follows:

(in millions) | September 30, 2023 |  | December 31, 2022
Offset against debt investment cost | $ | 44.6 |  |  | $ | 43.1 |
Deferred obligation contingent on funding or other milestone | 12.1 |  |  | 10.9 |
Total Unamortized Fee Income | $ | 56.7 |  |  | $ | 54.0 |

Loan exit fees to be paid at the termination of the loan are accreted into interest income over the contractual life of the loan. As of September 30, 2023 and December 31, 2022, loan exit fees receivable were recorded as follows:

(in millions) | September 30, 2023 |  | December 31, 2022
Included within debt investment cost | $ | 34.7 |  |  | $ | 32.5 |
Deferred receivable related to expired commitments | 2.9 |  |  | 5.0 |
Total Exit Fees Receivable | $ | 37.6 |  |  | $ | 37.5 |

Additionally, we have debt investments in our portfolio that earn PIK interest. The PIK interest, computed at the contractual rate specified in each loan agreement, is recorded as interest income and added to the principal balance of the loan on specified capitalization dates. To maintain our status as a RIC, the non-cash PIK income must be distributed to stockholders with other sources of income in the form of dividend distributions even though we have not yet collected any cash from the borrower. Amounts necessary to pay these distributions may come from available cash or the liquidation of certain investments. During the three months ended September 30, 2023 and 2022, we recorded approximately $6.7 million and $4.9 million in PIK income, respectively. During the nine months ended September 30, 2023 and 2022, we recorded approximately $18.0 million and $14.9 million in PIK income, respectively.
Portfolio Yield
We report our financial results on a GAAP basis. We monitor the performance of our total investment portfolio and total debt portfolio using both GAAP and Non-GAAP financial measures. In particular, we evaluate performance through monitoring the portfolio yields as we consider them to be effective indicators, for both management and stockholders, of the financial performance of our total investment portfolio and total debt portfolio. The key metrics that we monitor with respect to yields are as described below:
•“Total Yield” - The total yield is derived by dividing GAAP basis 'Total investment income' by the weighted average GAAP basis value of investment portfolio assets outstanding during the year, including non-interest earning assets such as warrants and equity investments at amortized cost.
•“Effective Yield” on total debt investments - The effective yield is derived by dividing GAAP basis 'Total investment income' by the weighted average GAAP basis value of debt investment portfolio assets at amortized cost outstanding during the year.
•“Core Yield” on total debt investments – The core yield is a Non-GAAP financial measure. The core yield is derived by dividing “Core investment income” by the weighted average GAAP basis value of debt investment portfolio assets at amortized cost outstanding during the year. “Core investment income” adjusts GAAP basis 'Total investment income' to exclude fee and other income accelerations attributed to early payoffs, deal restructuring, loan modifications, and other one-time income events, but includes income from expired commitments.

| Three months ended
| September 30, 2023 |  | September 30, 2022
Total Yield | 14.7 | % |  | 12.0 | %
Effective Yield(1) | 15.5 | % |  | 12.9 | %
Core Yield (Non-GAAP)(1) | 14.2 | % |  | 12.4 | %

(1)Yield excludes bank and interest income from other assets for the three months ended September 30, 2023.
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We believe that these measures are useful for our stockholders as it provides further insight into the yield of our portfolio to allow a more meaningful comparison with our competitors. As noted above, Core Yield, a Non-GAAP financial measure, is derived by dividing Core investment income, as defined above, by the weighted average GAAP basis value of debt investment portfolio assets at amortized cost outstanding. The reconciliation to calculate “Core investment income” from GAAP basis 'Total investment income' are as follows:

(in thousands) |  | Three months ended
| September 30, 2023 |  | September 30, 2022
GAAP Basis: Total investment income |  | $ | 116,744 |  |  | $ | 84,229 |
Less: fee and income accelerations attributed to early payoffs, restructuring, loan modifications, and other one-time events except income from expired commitments |  | (9,378) |  |  | (3,140) |
Non-GAAP Basis: Core investment income |  | $ | 107,366 |  |  | $ | 81,089 |

We believe the Core Yield is useful for our investors as it provides the yield at which our debt investments are originated and eliminates one-off items that can fluctuate significantly from period to period, thereby allowing for a more meaningful comparison over time.
Although the Core Yield, a Non-GAAP financial measure, is intended to enhance our stockholders’ understanding of our performance, the Core Yield should not be considered in isolation from or as an alternative to the GAAP financial metrics presented. The aforementioned Non-GAAP financial measure may not be comparable to similar Non-GAAP financial measures used by other companies.
Another financial measure that we monitor is the total return for our investors, which was approximately 36.1% and (24.3)% during the nine months ended September 30, 2023 and 2022, respectively. The total return equals the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. The total return does not reflect any sales load that may be paid by investors. See “Note 10 – Financial Highlights” included in the notes to our consolidated financial statements appearing elsewhere in this report.
Portfolio Composition
Our portfolio companies are primarily privately held companies and public companies which are active in sectors characterized by high margins, high growth rates, consolidation and product and market extension opportunities.
The following table presents the fair value of the Company’s portfolio by industry sector as of September 30, 2023 and December 31, 2022:

| September 30, 2023 |  | December 31, 2022
(in thousands) | Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Drug Discovery & Development | $ | 1,191,061 |  |  | 36.5 | % |  | $ | 1,150,707 |  |  | 38.8 | %
Software | 828,849 |  |  | 25.4 | % |  | 798,264 |  |  | 26.9 | %
Consumer & Business Services | 497,664 |  |  | 15.3 | % |  | 439,384 |  |  | 14.8 | %
Healthcare Services, Other | 278,221 |  |  | 8.5 | % |  | 198,763 |  |  | 6.7 | %
All other industries (1) | 465,596 |  |  | 14.3 | % |  | 376,837 |  |  | 12.8 | %
Total | $ | 3,261,391 |  |  | 100.0 | % |  | $ | 2,963,955 |  |  | 100.0 | %

(1)See “Note 4 – Investments” for complete list of industry sectors and corresponding amounts of investments at fair value as a percentage of the total portfolio. As of September 30, 2023, the fair value as a percentage of total portfolio does not exceed 5.0% for any individual industry sector other than “Drug Discovery & Development”, “Software”, “Consumer & Business Services”, or "Healthcare Services, Other".
Industry and sector concentrations vary as new loans are recorded and loans are paid off. Loan revenue, consisting of interest, fees, and recognition of gains on equity and warrants or other equity interests, can fluctuate materially when a loan is paid off or a warrant or equity interest is sold. Revenue recognition in any given year can be highly concentrated in several portfolio companies.
For the nine months ended September 30, 2023 and the year ended December 31, 2022, our ten largest portfolio companies represented approximately 29.6% and 29.0% of the total fair value of our investments in portfolio companies, respectively. As of September 30, 2023 and December 31, 2022, we had six and eight investments that represented 5% or more of our net assets, respectively. As of September 30, 2023 and December 31, 2022, we had four and four equity investments representing approximately 52.7% and 39.8%, respectively, of the total fair value of our equity investments,
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and each represented 5% or more of the total fair value of our equity investments. No single portfolio investment represented more than 10% of the fair value of our total investments as of September 30, 2023 and December 31, 2022.
As of September 30, 2023 and December 31, 2022, approximately 95.5% and 95.3% of the debt investment portfolio was priced at floating interest rates or floating interest rates with a Prime, LIBOR, SOFR, Eurodollar, or BSBY-based interest rate floor, respectively. Changes in interest rates, including Prime, LIBOR, SOFR, Eurodollar, or BSBY rates, may affect the interest income and the value of our investment portfolio for portfolio investments with floating rates.
Our investments in Structured Debt generally have detachable equity enhancement features in the form of warrants or other equity securities designed to provide us with an opportunity for capital appreciation. These features are treated as OID and are accreted into interest income over the term of the loan as a yield enhancement. Our warrant coverage generally ranges from 3% to 20% of the principal amount invested in a portfolio company, with a strike price generally equal to the most recent equity financing round. As of September 30, 2023, we held warrants in 106 portfolio companies, with a fair value of approximately $27.8 million. The fair value of our warrant portfolio decreased by approximately $2.8 million, as compared to a fair value of $30.6 million as of December 31, 2022, primarily related to the decrease in fair value of the portfolio companies.
Our existing warrant holdings would require us to invest approximately $62.7 million to exercise such warrants as of September 30, 2023. Warrants may appreciate or depreciate in value depending largely upon the underlying portfolio company’s performance and overall market conditions. As attractive investment opportunities arise, we may exercise certain of our warrants to purchase stock, and could ultimately monetize our investments. Of the warrants that we have monetized since inception, we have realized multiples in the range of approximately 1.02x to 42.71x based on the historical rate of return on our investments. We may also experience losses from our warrant portfolio in the event that warrants are terminated or expire unexercised.
Portfolio Grading
We use an investment grading system, which grades each debt investment on a scale of 1 to 5 to characterize and monitor our expected level of risk on the debt investments in our portfolio with 1 being the highest quality. The following table shows the distribution of our outstanding debt investments on the 1 to 5 investment grading scale at fair value as of September 30, 2023 and December 31, 2022, respectively:

(in thousands) |  | September 30, 2023 |  | December 31, 2022
Investment Grading |  | Number of Companies |  | Debt Investments at Fair Value |  | Percentage of Total Portfolio |  | Number of Companies |  | Debt Investments at Fair Value |  | Percentage of Total Portfolio
1 |  | 18 |  | $ | 607,446 |  |  | 19.7 | % |  | 20 |  | $ | 549,135 |  |  | 19.6 | %
2 |  | 55 |  | 1,312,014 |  |  | 42.4 | % |  | 55 |  | 1,171,632 |  |  | 41.9 | %
3 |  | 46 |  | 1,066,792 |  |  | 34.5 | % |  | 40 |  | 1,015,199 |  |  | 36.3 | %
4 |  | 6 |  | 81,073 |  |  | 2.6 | % |  | 4 |  | 57,807 |  |  | 2.1 | %
5 |  | 1 |  | 24,555 |  |  | 0.8 | % |  | 1 |  | 1,671 |  |  | 0.1 | %
|  | 126 |  | $ | 3,091,880 |  |  | 100.0 | % |  | 120 |  | $ | 2,795,444 |  |  | 100.0 | %

As of September 30, 2023, our debt investments had a weighted average investment grading of 2.28 on a cost basis, as compared to 2.23 as of December 31, 2022. Changes in a portfolio company's investment grading may be a result of changes in portfolio company's performance and/or timing of expected liquidity events. For instance, we may downgrade a portfolio company if it is not meeting our financing criteria or are underperforming relative to their respective business plans. We may also downgrade a portfolio company as it approaches a point in time when it will require additional equity capital to continue operations. Conversely, we may upgrade a portfolio company's investment grading when it is exceeding our financial performance expectations and/or is expected to mature/repay in full due to a liquidity event. The overall downgrade of the portfolio's weighted average investment grading is reflective of the impact of current macroeconomic environment.
As macroeconomic events evolve and cause disruption in the capital markets and to businesses, we are continuing to monitor and work with the management teams and stakeholders of our portfolio companies to navigate the significant market, operational, and economic challenges created by these events. This includes remaining proactive in our assessments of credit performance to manage potential risks across our investment portfolio.
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Non-accrual Investments
The following table shows the amortized cost of our performing and non-accrual investments as of September 30, 2023 and December 31, 2022:

(in millions) | As of September 30, |  | As of December 31,
| 2023 |  | 2022
| Amortized Cost |  | Percentage of Total Portfolio at Amortized Cost |  | Amortized Cost |  | Percentage of Total Portfolio at Amortized Cost
Performing | 3,221 |  |  | 97.3 | % |  | 2,988 |  |  | 99.4 | %
Non-accrual | 88 |  |  | 2.7 | % |  | 18 |  |  | 0.6 | %
Total Investments | 3,309 |  |  | 100.0 | % |  | 3,006 |  |  | 100.0 | %

Debt investments are placed on non-accrual status when it is probable that principal, interest, or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, we cease to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay our current and future contractual obligations. We may not apply the non-accrual status to a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal. Convoy, Inc. was downgraded to a credit rating 5 and placed on non-accrual during the three months ended September 30, 2023. Convoy, Inc. has a cost basis of $74.9 million and a fair value of $24.6 million as at the end of September 30, 2023.
Results of Operations
Our operating results for the three and nine months ended September 30, 2023 and 2022, were as follows:

(in thousands, except per share data) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Total investment income |  | $ | 116,744 |  |  | $ | 84,229 |  |  | $ | 338,065 |  |  | $ | 221,501 |
Total expenses |  | 39,950 |  |  | 34,227 |  |  | 120,072 |  |  | 95,581 |
Net investment income |  | 76,794 |  |  | 50,002 |  |  | 217,993 |  |  | 125,920 |
Net realized gain (loss): |  | (2,587) |  |  | 5,289 |  |  | 5,590 |  |  | 775 |
Net change in unrealized appreciation (depreciation): |  | (46,240) |  |  | (2,089) |  |  | (6,277) |  |  | (87,147) |
Net increase (decrease) in net assets resulting from operations |  | $ | 27,967 |  |  | $ | 53,202 |  |  | $ | 217,306 |  |  | $ | 39,548 |
Net investment income before gains and losses per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.52 |  |  | $ | 0.39 |  |  | $ | 1.53 |  |  | $ | 1.01 |
Change in net assets resulting from operations per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.19 |  |  | $ | 0.41 |  |  | $ | 1.52 |  |  | $ | 0.31 |
Diluted |  | $ | 0.19 |  |  | $ | 0.41 |  |  | $ | 1.51 |  |  | $ | 0.30 |

Our operating results can vary substantially from period to period due to various factors, including changes in the level of investments held, changes in our investment yields, recognition of realized gains and losses, and changes in net unrealized appreciation and depreciation, among other factors. As a result, comparison of the net increase (decrease) in net assets resulting from operations may not be meaningful.
Investment Income
Total investment income for the three and nine months ended September 30, 2023 was approximately $116.7 million and $338.1 million, respectively as compared to approximately $84.2 million and $221.5 million, respectively for the three and nine months ended September 30, 2022. Investment income is primarily composed of interest income earned on our debt investments and fee income from commitments, facilities, and other loan related fees.
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Interest Income
The following table summarizes the components of interest income for the three and nine months ended September 30, 2023 and 2022:

(in thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Contractual interest income | $ | 89,747 |  |  | $ | 66,451 |  |  | $ | 258,685 |  |  | $ | 172,057 |
Exit fee interest income | 10,904 |  |  | 8,696 |  |  | 34,340 |  |  | 22,077 |
PIK interest income | 6,652 |  |  | 4,944 |  |  | 17,999 |  |  | 14,888 |
Other investment income (1) | 3,036 |  |  | 1,317 |  |  | 8,198 |  |  | 3,369 |
Total interest and dividend income | $ | 110,339 |  |  | $ | 81,408 |  |  | $ | 319,222 |  |  | $ | 212,391 |

(1)Other investment income includes OID interest income and interest recorded on other assets.
Interest income for the three and nine months ended September 30, 2023 totaled approximately $110.3 million and $319.2 million as compared to approximately $81.4 million $212.4 million for the three and nine months ended September 30, 2022. The increase in interest income for the three and nine months ended September 30, 2023 as compared to the period ended September 30, 2022 is primarily attributable to an increase in the weighted average principal and an increase in core yield due to increases in the benchmark rates of our debt investment portfolio outstanding between the periods.
Interest income is comprised of recurring interest income from the contractual servicing of loans and non-recurring interest income that is related to the acceleration of income due to early loan repayments and other one-time events during the period. The following table summarizes recurring and non-recurring interest income for the three and nine months ended September 30, 2023 and 2022:

(in thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Recurring interest income | $ | 104,823 |  |  | $ | 78,984 |  |  | $ | 300,810 |  |  | $ | 208,479 |
Non-recurring interest income | 5,516 |  |  | 2,424 |  |  | 18,412 |  |  | 3,912 |
Total interest income | $ | 110,339 |  |  | $ | 81,408 |  |  | $ | 319,222 |  |  | $ | 212,391 |

The following table shows the PIK-related activity for the nine months ended September 30, 2023 and 2022, at cost:

(in thousands) | Nine Months Ended September 30,
| 2023 |  | 2022
Beginning PIK interest receivable balance | $ | 25,713 |  |  | $ | 11,801 |
PIK interest income during the period | 17,999 |  |  | 14,888 |
PIK accrued (capitalized) to principal but not recorded as income during the period | (375) |  |  | — |
Payments received from PIK loans | (4,023) |  |  | (4,482) |
Realized gain (loss) | (52) |  |  | (367) |
Ending PIK interest receivable balance | $ | 39,262 |  |  | $ | 21,840 |

The increase in PIK interest income during the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022 is due to an increase in the weighted average principal outstanding for debt investments which earn PIK interest. Payments on PIK loans are normally received only in the event of payoffs. The PIK receivable for September 30, 2023 and September 30, 2022 was approximately 1% and less than 1% of total debt investments, respectively.
Fee Income
Fee income from commitment, facility and loan related fees for the three and nine months ended September 30, 2023 totaled approximately $6.4 million and $18.9 million, respectively as compared to approximately $2.8 million and $9.1 million, respectively for the three and nine months ended September 30, 2022. The increase in fee income for the three and nine months ended September 30, 2023 is primarily due to an increase in the acceleration of unamortized fees, and one-time fees as a result of a higher volume of early repayments on our loan portfolio.
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Fee income is comprised or recurring fee income from commitment, facility, and loan related fees, fee income due to expired commitments, and acceleration of fee income due to early loan repayments during the period. The following table summarizes the components of fee income for the three and nine months ended September 30, 2023 and 2022:

(in thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Recurring fee income | $ | 2,243 |  |  | $ | 2,076 |  |  | $ | 6,418 |  |  | $ | 5,762 |
Fee income - expired commitments | 300 |  |  | 29 |  |  | 651 |  |  | 550 |
Accelerated fee income - early repayments | 3,862 |  |  | 716 |  |  | 11,774 |  |  | 2,798 |
Total fee income | $ | 6,405 |  |  | $ | 2,821 |  |  | $ | 18,843 |  |  | $ | 9,110 |

In certain investment transactions, we may earn income from advisory services; however, we had no income from advisory services in the three and nine months ended September 30, 2023 or 2022.
Operating Expenses
Our operating expenses are comprised of interest and fees on our debt borrowings, general and administrative expenses, taxes, and employee compensation and benefits. During the three and nine months ended September 30, 2023 and 2022, our net operating expenses totaled approximately $40.0 million and $34.2 million, respectively for the three-month periods, and approximately $120.1 million and $95.6 million, respectively for the nine-month periods.
Interest and Fees on our Debt
Interest and fees on our debt totaled approximately $19.0 million and $16.7 million for the three months ended September 30, 2023 and 2022, respectively. Interest and fee expense during the three months ended September 30, 2023, as compared to the three months ended September 30, 2022, increased due to higher weighted average borrowing costs and debt outstanding. Interest and fees on our debt totaled approximately $57.6 million and $44.4 million for the nine months ended September 30, 2023 and 2022, respectively. Our higher weighted average borrowing costs during the nine months ended September 30, 2023, resulted in an increase of interest and fee expenses as compared to the nine months ended September 30, 2022.
We had a weighted average cost of debt of approximately 4.8% and 4.4% for the three months ended September 30, 2023 and 2022, respectively and 4.8% and 4.1%, for the nine months ended September 30, 2023 and 2022, respectively. The weighted average cost of debt includes interest and fees on our debt, but excludes the impact of fee accelerations due to the extinguishment of debt. The increase in the weighted average cost of debt during 2023 as compared to 2022, was attributable to increased usage of our Credit Facilities which are floating rate instruments and thus, have a higher cost of debt.
General and Administrative Expenses and Tax Expenses
General and administrative expenses include legal fees, consulting fees, accounting fees, printer fees, insurance premiums, rent, expenses associated with the workout of underperforming investments, and various other expenses. Our general and administrative expenses increased to $4.6 million from $4.4 million for the three months ended September 30, 2023 and 2022, respectively and increased to $13.9 million from $12.5 million for the nine months ended. The increase in general and administrative expenses for the three and nine months ended September 30, 2023 is primarily attributable to an increase in costs of office and travel expenses and certain professional fees. Tax expenses primarily relate to excise tax accruals. Tax expenses were $1.9 million and $1.6 million during the three months ended September 30, 2023 and 2022, respectively and $5.2 million and $4.1 million for the nine months ended September 30, 2023 and 2022, respectively.
Employee Compensation
Employee compensation and benefits totaled approximately $13.6 million and $41.1 million, for the three and nine months ended September 30, 2023 as compared to approximately $11.0 million and $30.4 million respectively, for the three and nine months ended September 30, 2022. The increase between the three and nine months ended September 30, 2023 and 2022 was primarily due to an increase in variable compensation.
Employee stock-based compensation totaled approximately $3.3 million and $9.8 million, for the three and nine months ended September 30, 2023 as compared to approximately $2.5 million and $10.6 million respectively, for the three and nine months ended September 30, 2022. The decrease between comparative periods was primarily attributable to a decrease in compensation expense related to Performance Awards which vested in 2022.
Expenses allocated to the Adviser Subsidiary
The shared services agreement with the Adviser Subsidiary (the “Sharing Agreement”), provides the Adviser Subsidiary access to our human capital resources, including deal professional, finance, and administrative functions, as
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well as other resources including infrastructure assets such as office space and technology. Under the terms of the Sharing Agreement, we allocate the related expenses of shared services to the Adviser Subsidiary. Our total net operating expenses for the three months ended September 30, 2023 and 2022, are net of expenses allocated to the Adviser Subsidiary of $2.4 million and $1.9 million, respectively and $7.5 million and $6.3 million for the nine months ended September 30, 2023 and 2022, respectively. The increase in expenses allocated to the Adviser Subsidiary for the three months ended September 30, 2023 compared to 2022 is due to a result of higher average assets under management and higher allocations to the Adviser Funds. For the nine months ended September 30, 2023, the increase over 2022 in expenses allocated to the Adviser Subsidiary is a result of higher average assets under management held by the Adviser Funds. As of September 30, 2023 and December 31, 2022, there was less than $0.1 million payable and $0.1 million receivable, respectively, from the Adviser Subsidiary.
Net Realized Gains and Losses and Net Change in Unrealized Appreciation and Depreciation
Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of an investment without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period, net of recoveries. Realized loss on debt extinguishment relates to additional fees, costs, and accelerated recognition of remaining debt issuance costs, which are recognized in the event debt is extinguished before its stated maturity. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.
A summary of net realized gains and losses for the three and nine months ended September 30, 2023 and 2022 is as follows:

(in thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Realized gains | $ | 3,693 |  |  | $ | 6,050 |  |  | $ | 23,533 |  |  | $ | 12,264 |
Realized losses | (6,280) |  |  | (3,091) |  |  | (17,956) |  |  | (10,079) |
Realized foreign exchange gains (losses) | — |  |  | 2,330 |  |  | 13 |  |  | 2,276 |
Realized loss on debt extinguishment | — |  |  | — |  |  | — |  |  | (3,686) |
Net realized gains (losses) | $ | (2,587) |  |  | $ | 5,289 |  |  | $ | 5,590 |  |  | $ | 775 |

During the three and nine months ended September 30, 2023, we recognized a net realized loss of $2.6 million and a net realized gain of $5.5 million, respectively. The net realized gains (losses) were generated from gross realized gains of $3.7 million and $23.5 million, respectively, for the three and nine month periods, primarily from the sale of our equity and warrant positions in Palantir Technologies, Provention Bio, Inc., TransMedics Group, Inc., Sprinklr, Inc., and Zeta Global Corp. Our gains were offset by gross realized losses of $6.3 million and $18.0 million, respectively, for the three and nine month periods, from the write-off of equity and warrant investments in Concert Pharmaceuticals, Inc. and Fungible, Inc. which had no value after the respective portfolio companies were acquired, the write-off of our equity investments in Gynesonics, Inc., Paratek Pharmaceuticals, Inc. and Flowonix Medical Inc. as a result of capital markets transactions. Additionally, we realized a net $5.4 million from write-off of our debt investments relating to Codiak Biosciences, Inc. and Esme Learning Solutions, Inc, net of recovered collections of $17.5 million.
During the three and nine months ended September 30, 2022, we recognized net realized gains of $5.3 million and $0.8 million, respectively. During the three and nine months ended September 30, 2022, we recorded gross realized gains of $6.1 million and $12.3 million, respectively, primarily from the sale of our equity positions in Black Crow AI, Inc. and Peerless Network Holdings, Inc. Our gains were offset by gross realized losses of $3.1 million and $10.1 million primarily from the write-off of our investments in Regent Education, Medrobotics Corporation, Genocea Biosciences, Inc., Kaleido Biosciences, Inc., and Pineapple Energy LLC during the period. During the three months ended September 30, 2022, we repaid £19.4 million of principal borrowings under our SMBC Facility and realized a $2.3 million foreign exchange gain. In addition, as part of the retirement of the 2022 Notes in Q1 2022, we incurred a $3.7 million loss on debt extinguishment. The realized loss on debt extinguishment was related to fees, accrued interest, and the acceleration of debt issuance costs amortization, and is included as a realized loss within the “Loss on extinguishment of debt” on the Consolidated Statements of Operations for the three and nine months ended September 30, 2022.
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The net change in unrealized appreciation and depreciation of our investments is derived from the changes in fair value of each investment determined in good faith by our Valuation Committee and approved by the Board. The following table summarizes the change in net unrealized appreciation or depreciation of investments for the three and nine months ended September 30, 2023 and 2022:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Gross unrealized appreciation on portfolio investments | $ | 34,458 |  |  | $ | 30,010 |  |  | $ | 130,577 |  |  | $ | 68,824 |
Gross unrealized depreciation on portfolio investments | (75,113) |  |  | (27,483) |  |  | (115,661) |  |  | (154,939) |
Reversal of prior period net changes in unrealized appreciation (depreciation) upon a realization event | (4,396) |  |  | 373 |  |  | (20,904) |  |  | 4,267 |
Net change in unrealized appreciation (depreciation) on portfolio investments | (45,051) |  |  | 2,900 |  |  | (5,988) |  |  | (81,848) |
Other net changes in unrealized appreciation (depreciation) (1) | (1,189) |  |  | (4,989) |  |  | (289) |  |  | (5,299) |
Total net change in unrealized appreciation (depreciation) | $ | (46,240) |  |  | $ | (2,089) |  |  | $ | (6,277) |  |  | $ | (87,147) |

(1)Includes the net change in unrealized appreciation (depreciation) related to derivative instruments.
During the three months ended September 30, 2023 and 2022, we recorded approximately $46.2 million and $2.1 million of net unrealized depreciation, respectively, on our investments. During the nine months ended September 30, 2023 and 2022, we recorded approximately $6.3 million and $87.1 million of net unrealized depreciation on our investments, respectively. The increase in unrealized depreciation during the quarter was primarily related to the downgrade of Convoy, Inc. to a credit rating 5, resulting in $50.8 million change in unrealized depreciation on debt investments during the three months ended September 30, 2023. The following table summarizes the key drivers of change in net unrealized appreciation (depreciation) of investments for the three and nine months ended September 30, 2023 and 2022:

| For the Three Months Ended September 30, 2023 |  | For the Nine Months Ended September 30, 2023
(in thousands) | Debt |  | Equity, Warrants and Investment Funds(1) |  | Total |  | Debt |  | Equity, Warrants and Investment Funds(1) |  | Total
Investment valuation appreciation (depreciation) | $ | (30,528) |  |  | $ | (10,127) |  |  | $ | (40,655) |  |  | $ | 264 |  |  | $ | 14,652 |  |  | $ | 14,916 |
Reversal of prior period net changes in unrealized appreciation (depreciation) upon a realization event | (9,271) |  |  | 4,875 |  |  | (4,396) |  |  | (17,696) |  |  | (3,208) |  |  | (20,904) |
Other net changes in unrealized appreciation (depreciation) | (1,053) |  |  | (136) |  |  | (1,189) |  |  | 267 |  |  | (556) |  |  | (289) |
Net change in unrealized appreciation (depreciation) | $ | (40,852) |  |  | $ | (5,388) |  |  | $ | (46,240) |  |  | $ | (17,165) |  |  | $ | 10,888 |  |  | $ | (6,277) |

| For the Three Months Ended September 30, 2022 |  | For the Nine Months Ended September 30, 2022
(in thousands) | Debt |  | Equity, Warrants and Investment Funds(1) |  | Total |  | Debt |  | Equity, Warrants and Investment Funds(1) |  | Total
Investment valuation appreciation (depreciation) | $ | 3,690 |  |  | $ | (1,163) |  |  | $ | 2,527 |  |  | $ | (11,817) |  |  | $ | (74,298) |  |  | $ | (86,115) |
Reversal of prior period net changes in unrealized appreciation (depreciation) upon a realization event | 3,558 |  |  | (3,185) |  |  | 373 |  |  | 3,394 |  |  | 873 |  |  | 4,267 |
Other net changes in unrealized appreciation (depreciation) | (4,418) |  |  | (571) |  |  | (4,989) |  |  | (4,383) |  |  | (916) |  |  | (5,299) |
Net change in unrealized appreciation (depreciation) | $ | 2,830 |  |  | $ | (4,919) |  |  | $ | (2,089) |  |  | $ | (12,806) |  |  | $ | (74,341) |  |  | $ | (87,147) |

(1)Includes the net change in unrealized appreciation (depreciation) related to derivative instruments.
Income and Excise Taxes
We account for income taxes in accordance with the provisions of ASC Topic 740 Income Taxes, under which income taxes are provided for amounts currently payable and for amounts deferred based upon the estimated future tax effects of
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differences between the financial statements and tax basis of assets and liabilities given the provisions of the enacted tax law. Valuation allowances may be used to reduce deferred tax assets to the amount likely to be realized. We intend to timely distribute to our stockholders substantially all of our annual taxable income for each year, except that we may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, we may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax.
Because federal income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from the classification of certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.
Hercules Adviser LLC
Hercules Capital Management LLC through the Adviser Subsidiary has entered into investment management agreements (the “IMAs”) with the Adviser Funds. Pursuant to the IMAs, the Adviser Subsidiary provides investment advisory and management services to the Adviser Funds in exchange for an asset-based fee, in addition Hercules Capital Management LLC through its control of the GP Interests for each of the Adviser Funds may receive certain incentive fee allocations. The Adviser Funds are privately offered investment funds exempt from registration under the 1940 Act that invest in debt and equity investments in venture or institutionally backed technology related and life sciences companies.
Hercules Adviser LLC, the Adviser Subsidiary, receives fee income for the services provided to the Adviser Funds. The Adviser Subsidiary’s contribution to our net investment income is derived from dividend income declared by the Adviser Subsidiary and interest income earned on loans to the Adviser Subsidiary. For the three and nine months ended September 30, 2023 and 2022, no dividends were declared by the Adviser Subsidiary.
Financial Condition, Liquidity, Capital Resources and Obligations
Our liquidity and capital resources are derived from our debt borrowings and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may also raise additional equity or debt capital through registered offerings off a shelf registration, At-the-Market (“ATM”), and private offerings of securities, by securitizing a portion of our investments, or by borrowing from the SBA through our SBIC subsidiary. This “Financial Condition, Liquidity, Capital Resources and Obligations” section should be read in conjunction with the “Macroeconomic Market Developments” section above.
During the nine months ended September 30, 2023, we principally funded our operations from (i) cash receipts from interest, dividend, and fee income from our investment portfolio, (ii) cash proceeds from the realization of portfolio investments through the repayments of debt investments and the sale of debt and equity investments, (iii) debt offerings along with borrowings on our credit facilities, and (iv) equity offerings.
During the nine months ended September 30, 2023, our operating activities used $62.6 million of cash and cash equivalents, compared to $359.9 million used during the nine months ended September 30, 2022. The $297.3 million decrease in cash used in operating activities was primarily due to a $307.0 million increase in principal, fee repayments, and proceeds received from debt investments, and $20.6 million increase in proceeds received from the sale of equity and warrant investments.
During the nine months ended September 30, 2023, our investing activities used approximately $390 thousand of cash, compared to $86 thousand used during the nine months ended September 30, 2022. The $304 thousand increase in cash used in investing activities was due to an increase in purchases of capital equipment.
During the nine months ended September 30, 2023, our financing activities provided $74.3 million of cash, compared to $289.1 million provided by financing activities during the nine months ended September 30, 2022. The $214.8 million decrease in cash flows from financing activities was primarily due to decreased net borrowing activity of $232.9 million. Additionally, during the nine months ended September 30, 2023 and 2022, equity issued (net of offering costs) through our overnight offering and ATM program approximated $238.3 million and $190.0 million, respectively, representing a $48.4 million increase in equity issued. This was partially offset by increased dividend distributions of $22.8 million for a total $201.8 million during the nine months ended September 30, 2023, compared to $178.9 million during the nine months ended September 30, 2022.
As of September 30, 2023, our net assets totaled $1.7 billion, with a NAV per share of $10.93. We intend to continue to operate in order to generate cash flows from operations, including income earned from investments in our portfolio
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companies. Our primary use of funds will be investments in portfolio companies and cash distributions to holders of our common stock.
Available liquidity and capital resources as of September 30, 2023
As of September 30, 2023, we had $598.0 million in available liquidity, including $32.0 million in cash and cash equivalents, and approximately $175.0 million available under our SMBC letter of credit facility. Additional liquidity is available through accordion provisions within the terms of our Credit Facilities, through which the available borrowing capacity can be increased by an aggregate $475.0 million, subject to certain conditions. Further, the SMBC letter of credit facility may also be increased by an additional $225.0 million (up to $400 million), subject to certain conditions. As of September 30, 2023, we had available borrowing capacity of $52.0 million under the SMBC Facility and $339.0 million under the MUFG Bank Facility. Total amounts outstanding as of September 30, 2023, were $234.0 million outstanding under our Credit Facilities, which are floating interest rate obligations, and the remaining $1,415.0 million of term debt outstanding, which are all fixed interest rate debt obligations.
Not considered above, as of September 30, 2023, we held $5.3 million of cash classified as restricted cash. Our restricted cash relates to amounts that are held as collateral securing certain of our financing transactions, including collections of interest and principal payments on assets that are securitized related to the 2031 Asset-Backed Notes. Based on current characteristics of the securitized debt investment portfolios, the restricted funds may be used to pay monthly interest and principal on the securitized debt with any excess distributed to us or available for our general operations. Refer to “Note 5 – Debt” included in the notes to our consolidated financial statements appearing elsewhere in this report for additional discussion of our debt obligations.
The 1940 Act permits BDCs to incur borrowings, issue debt securities, or issue preferred stock unless immediately after the borrowings or issuance the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock is less than 200% (or 150% if certain requirements are met). On September 4, 2018 and December 6, 2018, our Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) and our stockholders, respectively, approved the application to us of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the 1940 Act. As of September 30, 2023, our asset coverage ratio under our regulatory requirements as a BDC was 211.9% excluding our SBA debentures. Our exemptive order from the SEC allows us to exclude all SBA leverage from our asset coverage ratio. As a result of the SEC exemptive order, our ratio of total assets on a consolidated basis to outstanding indebtedness may be less than 150%, which while providing increased investment flexibility, also may increase our exposure to risks associated with leverage. Total asset coverage when including our SBA debentures was 200.0% as of September 30, 2023.
The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances below NAV provided that our Board makes certain determinations. On July 20, 2023, we obtained authorization from our stockholders to issue common stock at a price below our then-current NAV per share for a twelve-month period expiring on July 20, 2024, subject to certain conditions. For a further discussion, refer to Part II, Item 1A “Risk Factors - Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then-current NAV per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock.” appearing elsewhere in this report.
As detailed above, our diverse and well-structured balance sheet is designed to provide a long-term focused and sustainable investment platform. Currently, we believe we have ample liquidity to support our near-term capital requirements. As the impact of macro-economic events, including rising interest rates, inflation, the continued impact of the COVID-19 pandemic, geopolitical events, supply chain issues, disruptions in the banking sector, and the related disruption to markets and business continues to impact the economy, we will continue to evaluate our overall liquidity position and take proactive steps to maintain the appropriate liquidity position based upon the current circumstances.
Equity Offerings
We may from time-to-time issue and sell shares of our common stock through public or ATM offerings. We currently sell shares through our equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jefferies”) (the “2023 Equity Distribution Agreement”) entered into on May 5, 2023. The 2023 Equity Distribution Agreement provides that we may offer and sell up to 25.0 million shares of our common stock from time to time through JMP or Jefferies, as our sales agents. Sales of our common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2023 Equity Distribution Agreement replaced the ATM equity distribution agreement between us, JMP and Jefferies executed on May 9, 2022. Additionally, on August 7, 2023 we
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entered into an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers to sell 6.5 million shares of our common stock through an upsized public offering. We generally use net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of September 30, 2023, approximately 23.8 million shares remain available for issuance and sale under the current equity distribution agreement.
During the three and nine months ended September 30, 2023, we issued and sold 6.5 million and 16.2 million shares of our common stock receiving total accumulated net proceeds of approximately $107.6 million and $238.3 million, respectively. This is an increase from the three and nine months ended September 30, 2022, where we issued and sold 2.9 million and 11.8 million shares of our common stock receiving total accumulated net proceeds of approximately $42.9 million and $190.0 million, respectively.
Commitments and Obligations
Our significant cash requirements generally relate to our debt obligations. As of September 30, 2023, we had $1,649.0 million of debt outstanding, $105.0 million within the next year, $595.0 million within 1 to 3 years, and $949.0 million beyond 3 years. In addition to our debt obligations, in the normal course of business, we are party to financial instruments with off-balance sheet risk. These consist primarily of unfunded contractual commitments to extend credit, in the form of loans, to our portfolio companies. Unfunded contractual commitments to provide funds to portfolio companies are not reflected on our balance sheet.
Our unfunded contractual commitments may be significant from time to time. A portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, our credit agreements contain customary lending provisions which allow us relief from funding obligations for previously made unfunded commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As such, our disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by milestones. Refer to “Note 11 – Commitments and Contingencies” included in the notes to our consolidated financial statements appearing elsewhere in this report for additional discussion of our unfunded commitments.
As of September 30, 2023, we had approximately $400.6 million of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones, as well as uncalled capital commitments to make investments in private equity funds. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding request that complies with the applicable advance notice and other operational requirements. The available unfunded commitments excludes unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) $135.7 million of unfunded commitments which represent the portion of portfolio company commitments assigned to or directly committed by the Adviser Funds.
Additionally, we had approximately $90.0 million of non-binding term sheets outstanding to two new companies and one existing company, which generally convert to contractual commitments within approximately 90 days of signing. Non-binding outstanding term sheets are subject to completion of our due diligence and final investment committee approval process, as well as the negotiation of definitive documentation with the prospective portfolio companies. Not all non-binding term sheets are expected to close and do not necessarily represent future cash requirements.
The fair value of our unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations embedded in the borrowing agreements.
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Critical Accounting Policies and Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and revenues and expenses during the period reported. On an ongoing basis, our management evaluates its estimates and assumptions, which are based on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in our estimates and assumptions could materially impact our results of operations and financial condition.
For a description of our critical accounting policies, refer to “Note 2 – Summary of Significant Accounting Policies” included in the notes to our consolidated financial statements appearing elsewhere in this report. We consider the most significant accounting policies to be those related to our Valuation of Investments, Fair Valuation Measurements, Income Recognition, and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input to this estimate is the yield interest rate, which includes the hypothetical market yield plus premium or discount adjustment, used in determining the fair value of our debt investments. The following table shows the approximate increase (decrease) to the fair value of our debt investments from hypothetical change to the yield interest rates used for each valuation, assuming no other changes:

(in thousands) |  | Change in unrealized appreciation (depreciation)
Basis Point Change |
(100) |  | $ | 42,354 |
(50) |  | $ | 21,354 |
50 |  | $ | (22,048) |
100 |  | $ | (44,239) |

For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to “Note 3 – Fair Value of Financial Instruments” included in the notes to our consolidated financial statements appearing elsewhere in this report.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including changes in interest rates. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments, cash and cash equivalents and idle fund investments. Our investment income will be affected by changes in various interest rates, including Prime, LIBOR, SOFR, Eurodollar, and BSBY rates, to the extent our debt investments include variable interest rates. As of September 30, 2023, approximately 95.5% of the loans in our portfolio had variable rates based on floating Prime, LIBOR, SOFR, Eurodollar, or BSBY rates with a floor. As of September 30, 2023, approximately 0.1% of our debt investments have variable rates based on LIBOR and 24.3% of our debt investments have variable rates based on SOFR, BSBY or Eurodollar rates. Additionally, all of our LIBOR rate based debt securities have interest rate floors. We continue to transition LIBOR linked instruments to alternative benchmarks in accordance with the LIBOR fallback language of each instrument and discussions with our portfolio companies. We generally expect SOFR to replace the remaining LIBOR linked positions. Our debt borrowings under the Credit Facilities bear interest at a floating rate, all other outstanding debt borrowings bear interest at a fixed rate. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio.
Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2023, the following table shows the approximate annualized increase (decrease) in components of net assets resulting from operations of hypothetical base rate changes in interest rates, assuming no changes in our investments and debt:

(in thousands) |  | Interest Income |  | Interest Expense |  | Net Income |  | EPS
Basis Point Change |  |  |  |
(200) |  | $ | (46,697) |  |  | $ | (3,199) |  |  | $ | (43,498) |  |  | $ | (0.30) |
(100) |  | $ | (24,531) |  |  | $ | (1,599) |  |  | $ | (22,932) |  |  | $ | (0.16) |
(75) |  | $ | (19,058) |  |  | $ | (1,200) |  |  | $ | (17,858) |  |  | $ | (0.12) |
(50) |  | $ | (12,951) |  |  | $ | (800) |  |  | $ | (12,151) |  |  | $ | (0.08) |
(25) |  | $ | (6,671) |  |  | $ | (400) |  |  | $ | (6,271) |  |  | $ | (0.04) |
25 |  | $ | 6,528 |  |  | $ | 400 |  |  | $ | 6,128 |  |  | $ | 0.04 |
50 |  | $ | 13,056 |  |  | $ | 800 |  |  | $ | 12,256 |  |  | $ | 0.08 |
75 |  | $ | 19,584 |  |  | $ | 1,200 |  |  | $ | 18,384 |  |  | $ | 0.13 |

We generally do not engage in hedging activities. From time-to-time, we may hedge against interest rate fluctuations and foreign currency by using standard hedging instruments such as futures, options, and forward contracts. While hedging activities may insulate us against changes in interest rates and foreign currency, they may also limit our ability to participate in the benefits of lower interest rates with respect to our borrowed funds and higher interest rates with respect to our portfolio of investments. During the nine months ended September 30, 2023, we have entered into a foreign currency forward to limit our foreign currency exposure with respect to the British Pound. For additional information refer to “Note 4 – Investments”, included in the notes to our consolidated financial statements appearing elsewhere in this report.
Although we believe that the foregoing analysis is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio. It also does not adjust for other business developments, including our debt borrowings and use of our Credit Facilities that could affect the net increase in net assets resulting from operations, or net income. It also does not assume any repayments from our portfolio companies. Accordingly, no assurances can be given that actual results would not differ materially from the statement above.
Because we currently borrow, and plan to borrow in the future, money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by variable rate assets in our investment portfolio. For additional information regarding the interest rate associated with each of our debt borrowings, refer to Item 2 - “Financial Condition, Liquidity and Capital Resources” in this quarterly report on Form 10-Q and “Note 5 – Debt” included in the notes to our consolidated financial statements appearing elsewhere in this report.
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ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
The Company’s chief executive and chief financial officers, under the supervision and with the participation of the Company’s management, conducted an evaluation of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d- 15(e) under the Exchange Act. As of the end of the period covered by this quarterly report on Form 10-Q, the Company’s chief executive and chief financial officers have concluded that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that the Company files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s chief executive and chief financial officers, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financing reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
ITEM 1A. RISK FACTORS
In addition to the risks discussed below, important risk factors that could cause results or events to differ from current expectations are described in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 16, 2023 (the “Annual Report”) and Part II, Item 1A “Risk Factors” of the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 filed with the SEC on May 4, 2022 and August 3, 2023.
Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected.
Our total investment in companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected, and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. The following table shows the fair value of the totals of investments held in portfolio companies as of September 30, 2023 that represent greater than 5% of our net assets:

(in thousands) | September 30, 2023
| Fair Value |  | Percentage of Net Assets
Axsome Therapeutics, Inc. | 158,030 |  |  | 9.6 | %
Corium, Inc. | 137,809 |  |  | 8.3 | %
SeatGeek, Inc. | 104,165 |  |  | 6.3 | %
Phathom Pharmaceuticals, Inc. | 100,824 |  |  | 6.1 | %
Worldremit Group Limited | 95,484 |  |  | 5.8 | %
Rocket Lab Global Services, LLC | 87,142 |  |  | 5.3 | %

•Axsome Therapeutics, Inc. is a biopharmaceutical company developing novel therapies for the management of central nervous system disorders for which there are limited treatment options.
•Corium, Inc. develops, engineers, and manufactures drug delivery products and devices that utilize the skin and mucosa as a primary means of transport.
•SeatGeek, Inc. is a mobile-focused ticket platform that enables users to buy and sell tickets for live sports, concerts and theater events.
•Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases and disorders.
•Worldremit Group Limited is a global online money transfer business.
•Rocket Lab Global Services, LLC is a commercial space provider of high-frequency, low-cost launches.
Our financial results could be materially adversely affected if these portfolio companies or any of our other significant portfolio companies encounter financial difficulty and fail to repay their obligations or to perform as expected.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Dividend Reinvestment Plan
During the nine months ended September 30, 2023, we issued 197,592 shares of common stock to stockholders in connection with the dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act. The aggregate value of the shares of our common stock issued under our dividend reinvestment plan was approximately $2.9 million.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the fiscal quarter ended September 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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ITEM 6. EXHIBITS

Exhibit Number | Description
3(a) | Articles of Amendment and Restatement.(1)
3(b) | Articles of Amendment, dated March 6, 2007.(2)
3(c) | Articles of Amendment, dated April 5, 2011.(3)
3(d) | Articles of Amendment, dated April 3, 2015.(4)
3(e) | Articles of Amendment, dated February 23, 2016.(5)
3(f) | Amended and Restated Bylaws of Hercules Capital, Inc.(5)
31.1* | Chief Executive Officer Certification Pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2* | Chief Financial Officer Certification Pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1* | Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2* | Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH* | Inline XBRL Taxonomy Extension Schema Document.
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, has been formatted in Inline XBRL

_____________________________________
*Filed herewith.
(1)Previously filed as part of Pre-Effective Amendment No. 1, as filed on May 17, 2005 (File No. 333-122950) to the Registration Statement on Form N-2 of the Company.
(2)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on March 9, 2007.
(3)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on April 11, 2011.
(4)Previously filed as part of the Registration Statement on Form N-2 of the Company, as filed on April 20, 2015 (File No. 333-203511).
(5)Previously filed as part of the Current Report on Form 8-K of the Company, as filed on March 20, 2020.
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Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
For the Nine Months Ended September 30, 2023 (unaudited)

(in thousands) |  | Investment(1) |  | Amount of Interest and Fees Credited to Income(2) |  | Realized Gain (Loss) |  | Fair Value as of December 31, 2022 |  | Gross Additions(3) |  | Gross Reductions(4) |  | Net Change in Unrealized Appreciation/ (Depreciation) |  | Fair Value as of September 30, 2023
Portfolio Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Majority Owned Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coronado Aesthetics, LLC(8) |  | Preferred Stock |  | $ | — |  |  | $ | — |  |  | $ | 313 |  |  | $ | — |  |  | $ | — |  |  | $ | (68) |  |  | $ | 245 |
|  | Common Stock |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | (4) |  |  | 2 |
Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC)(5) |  | Unsecured Debt |  | 2,359 |  |  | — |  |  | 21,700 |  |  | 9,872 |  |  | — |  |  | 2,867 |  |  | 34,439 |
|  | Member Units |  | — |  |  | — |  |  | 15,244 |  |  | 4,500 |  |  | — |  |  | 1,809 |  |  | 21,553 |
Hercules Adviser LLC(6) |  | Unsecured Debt |  | 455 |  |  | — |  |  | 12,000 |  |  | — |  |  | — |  |  | — |  |  | 12,000 |
|  | Member Units |  | — |  |  | — |  |  | 19,153 |  |  | — |  |  | — |  |  | 9,515 |  |  | 28,668 |
Total Majority Owned Control Investments |  |  |  | $ | 2,814 |  |  | $ | — |  |  | $ | 68,416 |  |  | $ | 14,372 |  |  | $ | — |  |  | $ | 14,119 |  |  | $ | 96,907 |
Other Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tectura Corporation(7) |  | Senior Debt |  | $ | 516 |  |  | $ | — |  |  | $ | 8,042 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,799) |  |  | $ | 6,243 |
|  | Preferred Stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Common Stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Other Control Investments |  |  |  | $ | 516 |  |  | $ | — |  |  | $ | 8,042 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,799) |  |  | $ | 6,243 |
Total Control Investments |  |  |  | $ | 3,330 |  |  | $ | — |  |  | $ | 76,458 |  |  | $ | 14,372 |  |  | $ | — |  |  | $ | 12,320 |  |  | $ | 103,150 |

(1)Stock and warrants are generally non-income producing and restricted.
(2)Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period.
(5)As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) became classified as a control investment as a result of obtaining a controlling financial interest. 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. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(6)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.
(7)As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018.
(8)As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company
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Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
For the Nine Months Ended September 30, 2022 (unaudited)

(in thousands) |  | Investment(1) |  | Amount of Interest and Fees Credited to Income(2) |  | Realized Gain (Loss) |  | Fair Value as of December 31, 2021 |  | Gross Additions(3) |  | Gross Reductions(4) |  | Net Change in Unrealized Appreciation/ (Depreciation) |  | Fair Value as of September 30, 2022
Portfolio Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Majority Owned Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coronado Aesthetics, LLC(10) |  | Preferred Stock |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | (109) |  |  | $ | 391 |
|  | Common Stock |  | — |  |  | — |  |  | 65 |  |  | — |  |  | — |  |  | (56) |  |  | 9 |
Gibraltar Business Capital, LLC (5) |  | Unsecured Debt |  | 2,581 |  |  | — |  |  | 23,212 |  |  | 60 |  |  | — |  |  | (1,233) |  |  | 22,039 |
|  | Preferred Stock |  | — |  |  | — |  |  | 19,393 |  |  | — |  |  | — |  |  | (4,904) |  |  | 14,489 |
|  | Common Stock |  | — |  |  | — |  |  | 1,225 |  |  | — |  |  | — |  |  | (91) |  |  | 1,134 |
Hercules Adviser LLC (6) |  | Unsecured Debt |  | 393 |  |  | — |  |  | 8,850 |  |  | 3,150 |  |  | — |  |  | — |  |  | 12,000 |
|  | Member Units |  | — |  |  | — |  |  | 11,990 |  |  | — |  |  | — |  |  | 9,955 |  |  | 21,945 |
Total Majority Owned Control Investments |  |  |  | $ | 2,974 |  |  | $ | — |  |  | $ | 65,235 |  |  | $ | 3,210 |  |  | $ | — |  |  | $ | 3,562 |  |  | $ | 72,007 |
Other Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tectura Corporation(7) |  | Senior Debt |  | $ | 516 |  |  | $ | — |  |  | $ | 8,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 49 |  |  | $ | 8,318 |
|  | Preferred Stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Common Stock |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Other Control Investments |  |  |  | $ | 516 |  |  | $ | — |  |  | $ | 8,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 49 |  |  | $ | 8,318 |
Total Control Investments |  |  |  | $ | 3,490 |  |  | $ | — |  |  | $ | 73,504 |  |  | $ | 3,210 |  |  | $ | — |  |  | $ | 3,611 |  |  | $ | 80,325 |
Affiliate Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Black Crow AI, Inc. (8) |  | Preferred Stock |  | $ | — |  |  | $ | 3,772 |  |  | $ | 1,120 |  |  | $ | — |  |  | $ | (1,000) |  |  | $ | (120) |  |  | $ | — |
Pineapple Energy LLC (9) |  | Senior Debt |  | 1,204 |  |  | (2,014) |  |  | 7,747 |  |  | — |  |  | (7,780) |  |  | 33 |  |  | — |
|  | Common Stock |  | — |  |  | — |  |  | 591 |  |  | — |  |  | (4,767) |  |  | 4,176 |  |  | — |
Total Affiliate Investments |  |  |  | $ | 1,204 |  |  | $ | 1,758 |  |  | $ | 9,458 |  |  | $ | — |  |  | $ | (13,547) |  |  | $ | 4,089 |  |  | $ | — |
Total Control and Affiliate Investments |  |  |  | $ | 4,694 |  |  | $ | 1,758 |  |  | $ | 82,962 |  |  | $ | 3,210 |  |  | $ | (13,547) |  |  | $ | 7,700 |  |  | $ | 80,325 |

(1)Stock and warrants are generally non-income producing and restricted.
(2)Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period.
(5)As of March 31, 2018, the Company's investment in Gibraltar Business Capital, LLC became classified as a control investment as a result of obtaining a controlling financial interest.
(6)Hercules Adviser LLC is a wholly-owned subsidiary providing investment management and other services to External Parties.
(7)As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018.
(8)During the nine months ended September 30, 2022, the Company sold its investments in Black Crow AI, Inc., as a result it is no longer an affiliate investment.
(9)As of December 11, 2020, the Company's investment in Pineapple Energy LLC became classified as an affiliate investment as a result of obtaining more than 5% but less than 25% of the voting securities of the portfolio company.
(10)As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company.
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Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
As of September 30, 2023 (unaudited)

(in thousands) |  | Industry |  | Type of Investment (1) |  | Maturity Date |  | Interest Rate and Floor |  | Principal or Shares |  | Cost |  | Value (2)
Portfolio Company |  |  |  |  |  |  |  |  |  |  |  |  |  |
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Majority Owned Control Investments |  |  |  |  |  |  |  |  |  |
Coronado Aesthetics, LLC |  | Medical Devices & Equipment |  | Preferred Series A Equity |  |  |  |  |  | 5,000,000 |  | $ | 250 |  |  | $ | 245 |
|  | Medical Devices & Equipment |  | Common Stock |  |  |  |  |  | 180,000 |  | — |  |  | 2 |
Total Coronado Aesthetics, LLC |  |  |  |  |  |  |  |  |  |  |  | $ | 250 |  |  | $ | 247 |
Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC)(3) |  | Diversified Financial Services |  | Unsecured Debt |  | September 2026 |  | Interest rate FIXED 11.50% |  | $ | 25,000 |  |  | 24,638 |  |  | 24,638 |
|  | Diversified Financial Services |  | Unsecured Debt |  | September 2026 |  | Interest rate FIXED 11.95% |  | $ | 10,000 |  |  | 9,801 |  |  | 9,801 |
|  | Diversified Financial Services |  | Member Units |  |  |  |  |  | 1 |  | 32,506 |  |  | 21,553 |
Total Gibraltar Acquisition, LLC |  |  |  |  |  |  |  |  |  |  |  | $ | 66,945 |  |  | $ | 55,992 |
Hercules Adviser LLC(4) |  | Diversified Financial Services |  | Unsecured Debt |  | June 2025 |  | Interest rate FIXED 5.00% |  | $ | 12,000 |  |  | 12,000 |  |  | 12,000 |
|  | Diversified Financial Services |  | Member Units |  |  |  |  |  | 1 |  | 35 |  |  | 28,668 |
Total Hercules Adviser LLC |  |  |  |  |  |  |  |  |  |  |  | $ | 12,035 |  |  | $ | 40,668 |
Total Majority Owned Control Investments (5.87%)* |  |  |  | $ | 79,230 |  |  | $ | 96,907 |
Other Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tectura Corporation |  | Consumer & Business Services |  | Senior Secured Debt |  | July 2024 |  | PIK Interest 5.00% |  | $ | 23,703 |  |  | $ | 13,263 |  |  | $ | — |
|  | Consumer & Business Services |  | Senior Secured Debt |  | July 2024 |  | Interest rate FIXED 8.25% |  | $ | 8,250 |  |  | 8,250 |  |  | 6,243 |
|  | Consumer & Business Services |  | Preferred Series BB Equity |  |  |  |  |  | 1,000,000 |  | — |  |  | — |
|  | Consumer & Business Services |  | Common Stock |  |  |  |  |  | 414,994,863 |  | 900 |  |  | — |
Total Tectura Corporation |  |  |  |  |  |  |  |  |  |  |  | $ | 22,413 |  |  | $ | 6,243 |
Total Other Control Investments (0.37%)* |  |  |  |  |  | $ | 22,413 |  |  | $ | 6,243 |
Total Control Investments (6.24%)* |  |  |  |  |  |  |  |  |  |  |  | $ | 101,643 |  |  | $ | 103,150 |

*Value as a percent of net assets
(1)Stock and warrants are generally non-income producing and restricted.
(2)All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs.
(3)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. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively.
(4)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.
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Schedule 12 – 14
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES
As of and for the year ended December 31, 2022

(in thousands) |  | Industry |  | Type of Investment (1) |  | Maturity Date |  | Interest Rate and Floor |  | Principal or Shares |  | Cost |  | Value (2)
Portfolio Company |  |  |  |  |  |  |  |  |  |  |  |  |  |
Control Investments |  |  |  |  |  |
Majority Owned Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coronado Aesthetics, LLC |  | Medical Devices & Equipment |  | Preferred Series A Equity |  |  |  |  |  | 5,000,000 |  | $ | 250 |  |  | $ | 313 |
|  | Medical Devices & Equipment |  | Common Stock |  |  |  |  |  | 180,000 |  | — |  |  | 6 |
Total Coronado Aesthetics, LLC |  |  |  |  |  |  |  |  |  | $ | 250 |  |  | $ | 319 |
Gibraltar Business Capital, LLC |  | Diversified Financial Services |  | Unsecured Debt |  | September 2026 |  | Interest rate FIXED 14.50% |  | $ | 15,000 |  |  | 14,715 |  |  | 12,802 |
|  | Diversified Financial Services |  | Unsecured Debt |  | September 2026 |  | Interest rate FIXED 11.50% |  | $ | 10,000 |  |  | 9,852 |  |  | 8,898 |
|  | Diversified Financial Services |  | Preferred Series A Equity |  |  |  |  |  | 10,602,752 |  | 26,122 |  |  | 14,137 |
|  | Diversified Financial Services |  | Common Stock |  |  |  |  |  | 830,000 |  | 1,884 |  |  | 1,107 |
Total Gibraltar Business Capital, LLC |  |  |  |  |  |  |  | $ | 52,573 |  |  | $ | 36,944 |
Hercules Adviser LLC |  | Diversified Financial Services |  | Unsecured Debt |  | June 2025 |  | Interest rate FIXED 5.00% |  | $ | 12,000 |  |  | 12,000 |  |  | 12,000 |
|  | Diversified Financial Services |  | Member Units |  |  |  |  |  | 1 |  | 35 |  |  | 19,153 |
Total Hercules Adviser LLC |  |  |  |  |  |  |  |  |  |  |  | $ | 12,035 |  |  | $ | 31,153 |
Total Majority Owned Control Investments (4.88%)* |  | $ | 64,858 |  |  | $ | 68,416 |
Other Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tectura Corporation |  | Consumer & Business Services |  | Senior Secured Debt |  | July 2024 |  | PIK Interest 5.00% |  | $ | 10,680 |  |  | $ | 240 |  |  | $ | — |
|  | Consumer & Business Services |  | Senior Secured Debt |  | July 2024 |  | Interest rate FIXED 8.25% |  | $ | 8,250 |  |  | 8,250 |  |  | 8,042 |
|  | Consumer & Business Services |  | Senior Secured Debt |  | July 2024 |  | PIK Interest 5.00% |  | $ | 13,023 |  |  | 13,023 |  |  | — |
|  | Consumer & Business Services |  | Preferred Series BB Equity |  |  |  |  |  | 1,000,000 |  | — |  |  | — |
|  | Consumer & Business Services |  | Common Stock |  |  |  |  |  | 414,994,863 |  | 900 |  |  | — |
Total Tectura Corporation |  |  |  |  |  |  |  |  |  |  |  | $ | 22,413 |  |  | $ | 8,042 |
Total Other Control Investments (0.58%)* |  | $ | 22,413 |  |  | $ | 8,042 |
Total Control Investments (5.46%)* |  |  |  | $ | 87,271 |  |  | $ | 76,458 |

*Value as a percent of net assets
(1)Stock and warrants are generally non-income producing and restricted.
(2)All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs.
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SIGNATURES
Pursuant to the requirements of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | HERCULES CAPITAL, INC. (Registrant)
Dated: November 2, 2023 |  | /S/ SCOTT BLUESTEIN
|  | Scott Bluestein
|  | President, Chief Executive Officer, and Chief Investment Officer
Dated: November 2, 2023 |  | /S/ SETH H. MEYER
|  | Seth H. Meyer
|  | Chief Financial Officer, and Chief Accounting Officer

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