|  |  |  |
|--|--|--|
|  |

|                                                            |                                      |  |  |  |  |
|------------------------------------------------------------|--------------------------------------|--|--|--|--|
| Maryland                                                   | 27-4443543                           |
| (State of incorporation)                                   | (I.R.S. Employer Identification No.) |
| 640 Fifth Avenue, 12th Floor, New York, NY                 | 10019                                |
| (Address of principal executive offices)                   | (Zip Code)                           |
|                                                            |                                      |
| (212) 931-6331                                             |
| (Registrant’s telephone number, including area code) |

|                                         |  |                |  |                                           |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|----------------|--|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Title of Each Class                     |  | Trading Symbol |  | Name of Each Exchange on Which Registered |
| Common Stock, par value $0.01 per share |  | SSSS           |  | Nasdaq Global Select Market               |
| 6.00% Notes due 2026                    |  | SSSSL          |  | Nasdaq Global Select Market               |

|                                                                       |                             |  |  |  |  |
|-----------------------------------------------------------------------|-----------------------------|--|--|--|--|
| Large accelerated filer o                                             | Accelerated filer o         |
| Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller reporting company o |
| Emerging growth company o                                             |                             |

|  |  |  |
|--|--|--|
|  |

----

TABLE OF CONTENTS

|                               |                                                                                                                           |      |  |  |  |  |  |  |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------|------|--|--|--|--|--|--|
|                               |                                                                                                                           | PAGE |
| PART I. FINANCIAL INFORMATION |                                                                                                                           |
| Item 1.                  | Condensed Consolidated Financial Statements                                                                               | 1    |
|                               | Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2022 (Unaudited) and December 31, 2021        | 1    |
|                               | Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (Unaudited)            | 2    |
|                               | Condensed Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021 (Unaudited) | 3    |
|                               | Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited)            | 4    |
|                               | Condensed Consolidated Schedule of Investments as of March 31, 2022 (Unaudited)                                           | 5    |
|                               | Condensed Consolidated Schedule of Investments as of December 31, 2021                                                    | 10   |
|                               | Notes to Condensed Consolidated Financial Statements as of March 31, 2022 (Unaudited)                                     | 15   |
| Item 2.                       | Management’s Discussion and Analysis of Financial Condition and Results of Operations                               | 55   |
| Item 3.                       | Quantitative and Qualitative Disclosures About Market Risk                                                                | 66   |
| Item 4.                       | Controls and Procedures                                                                                                   | 66   |
| PART II. OTHER INFORMATION    |                                                                                                                           |
| Item 1.                  | Legal Proceedings                                                                                                         | 68   |
| Item 1A.                      | Risk Factors                                                                                                              | 68   |
| Item 2.                       | Unregistered Sales of Equity Securities and Use of Proceeds                                                               | 69   |
| Item 3.                       | Defaults Upon Senior Securities                                                                                           | 70   |
| Item 4.                       | Mine Safety Disclosures                                                                                                   | 70   |
| Item5.                        | Other Information                                                                                                         | 70   |
| Item 6.                       | Exhibits                                                                                                                  | 71   |
| Signatures                    |                                                                                                                           | 72   |
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TABLE OF CONTENTS

|                                                                                                                                      |                   |                   |                   |                   |   |                   |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------|-------------------|-------------------|-------------------|-------------------|---|-------------------|--|--|--|--|--|
|                                                                                                                                      | March 31, 2022    |                   | December 31, 2021 |
| ASSETS                                                                                                                               |                   |                   |                   |
| Investments at fair value:                                                                                                       |                   |                   |                   |
| Non-controlled/non-affiliate investments (cost of $145,417,242 and $146,360,300, respectively)                                   | $                 | 252,569,218  |                   |                   | $ | 231,768,290  |  |
| Non-controlled/affiliate investments (cost of $41,211,183 and $41,211,183, respectively)                                         | 14,319,986   |                   |                   | 14,609,089   |   |
| Controlled investments (cost of $19,883,894 and $19,883,894, respectively)                                                           | 13,888,874   |                   |                   | 13,758,874   |   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
| Total Investments (cost of $206,512,319 and $207,455,377, respectively)                                                              | 280,778,078  |                   |                   | 260,136,253  |   |
| Cash                                                                                                                                 | 172,839,141  |                   |                   | 198,437,078  |   |
|                                                                                                                                      |                   |                   |                   |
| Proceeds receivable                                                                                                                  | —      |                   |                   | 52,493       |   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
| Escrow proceeds receivable                                                                                                           | 4,577,518    |                   |                   | 2,046,645    |   |
| Interest and dividends receivable                                                                                                    | 87,815       |                   |                   | 83,655       |   |
| Deferred financing costs                                                                                                             | 606,607      |                   |                   | 621,719      |   |
| Prepaid expenses and other assets(1)                                                                                                 | 790,211      |                   |                   | 937,984      |   |
| Total Assets                                                                                                                         | 459,679,370  |                   |                   | 462,315,827  |   |
| LIABILITIES                                                                                                                          |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
| Accounts payable and accrued expenses(1)                                                                                             | 1,649,388    |                   |                   | 875,047      |   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
| Accrued interest payable                                                                                                             | —      |                   |                   | 175,000      |   |
| Dividends payable                                                                                                                    | 3,751,013    |                   |                   | 23,390,048   |   |
| Payable for securities purchased                                                                                                     | 460,048      |                   |                   | —      |   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
|                                                                                                                                      |                   |                   |                   |
| 6.00% Notes due December 30, 2026(2)                                                                                                 | 73,117,394   |                   |                   | 73,029,108   |   |
| Total Liabilities                                                                                                                    | 78,977,843   |                   |                   | 97,469,203   |   |
| Commitments and contingencies (Notes 7 and 10)                                                                                       |                   |                   |                   |
| Net Assets                                                                                                                           | $                 | 380,701,527  |                   |                   | $ | 364,846,624  |  |
| NET ASSETS                                                                                                                           |                   |                   |                   |
| Common stock, par value $0.01 per share (100,000,000 authorized; 31,164,443 and 31,118,556 issued and outstanding, respectively) | $                 | 311,644      |                   |                   | $ | 311,185      |  |
| Paid-in capital in excess of par                                                                                                     | 348,919,222  |                   |                   | 350,079,409  |   |
|                                                                                                                                      |                   |                   |                   |
| Accumulated net investment loss                                                                                                      | (54,349,302)      |                   |                   | (50,124,597)      |   |
| Accumulated net realized gain on investments, net of distributions                                                                   | 11,554,193   |                   |                   | 11,899,742   |   |
| Accumulated net unrealized appreciation of investments                                                                               | 74,265,770   |                   |                   | 52,680,885   |   |
| Net Assets                                                                                                                           | $                 | 380,701,527  |                   |                   | $ | 364,846,624  |  |
| Net Asset Value Per Share                                                                                                            | $                 | 12.22        |                   |                   | $ | 11.72        |  |

----

TABLE OF CONTENTS

|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------|--|------------------------------|------------------|------|-------------------|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                            |  | Three Months Ended March 31, |                  |      |                   |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  | 2022                         |                  | 2021 |                   |   |                   |  |  |  |  |  |  |
| INVESTMENT INCOME                                                                          |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Non-controlled/non-affiliate investments:                                          |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Interest income                                                                            |  | $                            | 162,455     |      |                   | $ | 166,845      |  |  |  |  |  |  |  |  |  |  |
| Dividend income                                                                            |  | 130,645                 |                  |      | 21,875       |   |                   |  |  |  |  |  |  |  |  |
| Non-controlled/affiliate investments:                                              |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Dividend income                                                                            |  | —                 |                  |      | 102,632      |   |                   |  |  |  |  |  |  |  |  |
| Controlled investments:                                                                |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Interest income                                                                            |  | 290,000                 |                  |      | —      |   |                   |  |  |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Total Investment Income                                                                    |  | 583,100                 |                  |      | 291,352      |   |                   |  |  |  |  |  |  |  |  |
| OPERATING EXPENSES                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Compensation expense                                                                       |  | 1,860,702               |                  |      | 1,293,310    |   |                   |  |  |  |  |  |  |  |  |
| Directors’ fees                                                                      |  | 160,565                 |                  |      | 111,250      |   |                   |  |  |  |  |  |  |  |  |
| Professional fees                                                                          |  | 1,272,713               |                  |      | 973,159      |   |                   |  |  |  |  |  |  |  |  |
| Interest expense                                                                           |  | 1,200,786               |                  |      | 504,793      |   |                   |  |  |  |  |  |  |  |  |
| Income tax expense                                                                         |  | 2,050                   |                  |      | 2,025        |   |                   |  |  |  |  |  |  |  |  |
| Other expenses                                                                             |  | 310,989                 |                  |      | 241,133      |   |                   |  |  |  |  |  |  |  |  |
| Total Operating Expenses                                                                   |  | 4,807,805               |                  |      | 3,125,670    |   |                   |  |  |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Net Investment Loss                                                                        |  | (4,224,705)                  |                  |      | (2,834,318)       |   |                   |  |  |  |  |  |  |  |  |
| Realized Gain on Investments:                                                          |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Non-controlled/non-affiliated investments                                              |  | 3,096,275               |                  |      | 112,152,518  |   |                   |  |  |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Net Realized Gain on Investments                                                           |  | 3,096,275               |                  |      | 112,152,518  |   |                   |  |  |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Change in Unrealized Appreciation/(Depreciation) of Investments:                   |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Non-controlled/non-affiliated investments                                              |  | 21,743,987              |                  |      | (3,265,307)       |   |                   |  |  |  |  |  |  |  |  |
| Non-controlled/affiliate investments                                                   |  | (289,102)                    |                  |      | 1,844,470    |   |                   |  |  |  |  |  |  |  |  |
| Controlled investments                                                                     |  | 130,000                 |                  |      | 105,000      |   |                   |  |  |  |  |  |  |  |  |
| Net Change in Unrealized Appreciation/(Depreciation) of Investments                    |  | 21,584,885              |                  |      | (1,315,837)       |   |                   |  |  |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|   Net Change in Net Assets Resulting from Operations                             |  | $                            | 20,456,455  |      |                   | $ | 108,002,363  |  |  |  |  |  |  |  |  |  |  |
|    Net Change in Net Assets Resulting from Operations per Common Share: |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Basic                                                                                      |  | $                            | 0.66        |      |                   | $ | 5.27         |  |  |  |  |  |  |  |  |  |  |
| Diluted(1)                                                                                 |  | $                            | 0.66        |      |                   | $ | 4.50         |  |  |  |  |  |  |  |  |  |  |
| Weighted-Average Common Shares Outstanding                                                 |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
| Basic                                                                                      |  | 31,228,046              |                  |      | 20,486,621   |   |                   |  |  |  |  |  |  |  |  |
| Diluted(1)                                                                                 |  | 31,228,046              |                  |      | 24,123,339   |   |                   |  |  |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |
|                                                                                            |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |

----

TABLE OF CONTENTS

|                                                                              |                              |                   |      |                   |   |                   |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------|------------------------------|-------------------|------|-------------------|---|-------------------|--|--|--|--|--|--|--|--|--|--|
|                                                                              | Three Months Ended March 31, |                   |
|                                                                              | 2022                         |                   | 2021 |                   |   |                   |  |  |
| Net Assets at Beginning of Year                                              | $                            | 364,846,624  |      |                   | $ | 301,583,073  |  |  |  |  |  |  |
|                                                                              |                              |                   |      |                   |   |                   |  |  |
| Change in Net Assets Resulting from Operations                               |                              |                   |      |                   |   |                   |  |  |
| Net investment loss                                                          | $                            | (4,224,705)       |      |                   | $ | (2,834,318)       |  |  |  |  |  |  |
| Net realized gain on investments                                             | 3,096,275               |                   |      | 112,152,518  |   |                   |  |  |  |  |
| Net change in unrealized appreciation/(depreciation) of investments | 21,584,885              |                   |      | (1,315,837)       |   |                   |  |  |  |  |
| Net Change in Net Assets Resulting from Operations                           | 20,456,455              |                   |      | 108,002,363  |   |                   |  |  |  |  |
| Distributions                                                                |                              |                   |      |                   |   |                   |  |  |
| Dividends declared                                                           | (3,441,824)                  |                   |      | (11,032,436)      |   |                   |  |  |  |  |
| Total Distributions                                                          | $                            | (3,441,824)       |      |                   | $ | (11,032,436)      |  |  |  |  |  |  |
| Change in Net Assets Resulting from Capital Transactions                     |                              |                   |      |                   |   |                   |  |  |
| Issuance of common stock from public offering                                | 229,896                 |                   |      | —      |   |                   |  |  |  |  |
| Issuance of common stock from conversion of 4.75% Convertible Notes due 2023 | —                 |                   |      | 37,259,819   |   |                   |  |  |  |  |
| Stock-based compensation                                                     | (30,016)                     |                   |      | 148,802      |   |                   |  |  |  |  |
| Repurchases of common stock                                                  | (1,359,607)                  |                   |      | —      |   |                   |  |  |  |  |
| Net Change in Net Assets Resulting from Capital Transactions                 | (1,159,727)                  |                   |      | 37,408,621   |   |                   |  |  |  |  |
| Total Change in Net Assets                                                   | 15,854,904              |                   |      | 134,378,548  |   |                   |  |  |  |  |
| Net Assets at March 31                                                       | $                            | 380,701,528  |      |                   | $ | 435,961,621  |  |  |  |  |  |  |
|                                                                              |                              |                   |      |                   |   |                   |  |  |
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|                                                                              |                              |                   |      |                   |   |                   |  |  |
|                                                                              |                              |                   |      |                   |   |                   |  |  |
| Capital Share Activity                                                       |                              |                   |      |                   |   |                   |  |  |
| Shares outstanding at beginning of year                                      | 31,118,556              |                   |      | 19,914,023   |   |                   |  |  |  |  |
| Issuance of common stock from public offering                                | 17,807                  |                   |      | —      |   |                   |  |  |  |  |
| Issuance of common stock under restricted stock plan                         | 181,597                 |                   |      | 193,385      |   |                   |  |  |  |  |
| Issuance of common stock from conversion of 4.75% Convertible Notes due 2023 | —                 |                   |      | 4,097,808    |   |                   |  |  |  |  |
|                                                                              |                              |                   |      |                   |   |                   |  |  |
| Shares repurchased                                                           | (153,517)                    |                   |      | —      |   |                   |  |  |  |  |
| Shares Outstanding at End of Period                                          | 31,164,443              |                   |      | 24,205,216   |   |                   |  |  |  |  |
|                                                                              |                              |                   |      |                   |   |                   |  |  |

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TABLE OF CONTENTS

|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-------------------|------|-------------------|---|-------------------|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                             | Three Months Ended March 31, |                   |
|                                                                                                                                             | 2022                         |                   | 2021 |                   |   |                   |  |  |
| Cash Flows from Operating Activities                                                                                                        |                              |                   |      |                   |   |                   |  |  |
| Net change in net assets resulting from operations                                                                                          | $                            | 20,456,455   |      |                   | $ | 108,002,363  |  |  |  |  |  |  |
| Adjustments to reconcile net change in net assets resulting from operations to net cash provided by/(used in) operating activities: |                              |                   |      |                   |   |                   |  |  |
| Net realized gain on investments                                                                                                            | (3,096,275)                  |                   |      | (112,152,518)     |   |                   |  |  |  |  |
| Net change in unrealized (appreciation)/depreciation of investments                                                                     | (21,584,885)                 |                   |      | 1,315,837    |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Amortization of discount on 4.75% Convertible Senior Notes due 2023                                                                         | —                 |                   |      | 76,925       |   |                   |  |  |  |  |
| Amortization of discount on 6.00% Notes due 2026                                                                                            | 104,940                 |                   |      | —      |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Stock-based compensation                                                                                                                    | (30,016)                     |                   |      | 148,802      |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Adjustments to escrow proceeds receivable                                                                                                   | 2,751,610               |                   |      | (144)             |   |                   |  |  |  |  |
| Forfeited interest on 4.75% Convertible Senior Notes due 2023                                                                               | —                 |                   |      | 102,911      |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Purchases of investments in:                                                                                                            |                              |                   |      |                   |   |                   |  |  |
| Portfolio investments                                                                                                                       | —                 |                   |      | (9,503,636)       |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Proceeds from sales or maturity of investments in:                                                                                      |                              |                   |      |                   |   |                   |  |  |
| Portfolio investments                                                                                                                       | 1,287,722               |                   |      | 125,277,788  |   |                   |  |  |  |  |
| U.S. Treasury bills                                                                                                                         | —                 |                   |      | 150,000,000  |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Change in operating assets and liabilities:                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Prepaid expenses and other assets                                                                                                           | 147,773                 |                   |      | 82,593       |   |                   |  |  |  |  |
| Interest and dividends receivable                                                                                                           | (4,160)                      |                   |      | 93,592       |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Proceeds receivable                                                                                                                         | 52,493                  |                   |      | —      |   |                   |  |  |  |  |
| Escrow proceeds receivable                                                                                                                  | (2,530,873)                  |                   |      | 155          |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Payable for securities purchased                                                                                                            | 460,048                 |                   |      | (134,250,000)     |   |                   |  |  |  |  |
| Accounts payable and accrued expenses                                                                                                       | 774,341                 |                   |      | 854,267      |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Income tax payable                                                                                                                          | —                 |                   |      | (35,850)          |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Accrued interest payable                                                                                                                    | (175,000)                    |                   |      | (453,803)         |   |                   |  |  |  |  |
| Net Cash Provided by/(Used in) Operating Activities                                                                                     | (1,385,827)                  |                   |      | 129,559,282  |   |                   |  |  |  |  |
| Cash Flows from Financing Activities                                                                                                        |                              |                   |      |                   |   |                   |  |  |
| Proceeds from the issuance of common stock, net                                                                                             | 229,896                 |                   |      | —      |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Redemption of 4.75% Convertible Senior Notes due 2023                                                                                       | —                 |                   |      | (290,000)         |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Repurchases of common stock                                                                                                                 | (1,359,607)                  |                   |      | —      |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Cash dividends paid                                                                                                                         | (23,080,859)                 |                   |      | (9,349,364)       |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Cash paid for fractional shares                                                                                                             | —                 |                   |      | (100)             |   |                   |  |  |  |  |
| Deferred financing costs                                                                                                                    | (1,540)                      |                   |      | (13,977)          |   |                   |  |  |  |  |
| Net Cash Used in Financing Activities                                                                                                       | (24,212,110)                 |                   |      | (9,653,441)       |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Total Increase/(Decrease) in Cash Balance                                                                                               | (25,597,937)                 |                   |      | 119,905,841  |   |                   |  |  |  |  |
| Cash Balance at Beginning of Year                                                                                                           | 198,437,078             |                   |      | 45,793,724   |   |                   |  |  |  |  |
| Cash Balance at End of Period                                                                                                               | $                            | 172,839,141  |      |                   | $ | 165,699,565  |  |  |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
| Supplemental Information:                                                                                                               | 2022                         |                   | 2021 |                   |   |                   |  |  |
| Interest paid                                                                                                                               | $                            | 1,287,500    |      |                   | $ | 794,206      |  |  |  |  |  |  |
| Taxes paid                                                                                                                                  | 2,050                   |                   |      | 37,875       |   |                   |  |  |  |  |
| Conversion of 4.75% Convertible Senior Notes due 2023                                                                                       | —                 |                   |      | 37,925,000   |   |                   |  |  |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |
|                                                                                                                                             |                              |                   |      |                   |   |                   |  |  |

----

TABLE OF CONTENTS

|                                                                                 |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |               |                  |               |            |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------|--|----------------------------|--|----------------------------|--|----------------------|---------------|------------------|------------------|-----------------|------------------|------------------|---------------|------------------|---------------|------------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Investments*                                                          |  | Headquarters/Industry  |  | Date of Initial Investment |  | Shares/Principal |               | Cost             |                  | Fair Value      |                  | % of NetAssets   |
| NON-CONTROLLED/NON-AFFILIATE                                                |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Course Hero, Inc.                                                               |  | Redwood City, CA           |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series A 8%                                              |  | Online Education           |  | 9/18/2014          |  | 2,145,509       |               |                  | $                | 5,000,001  |                  |                  | $             | 66,801,229  |               |            | 17.55  | % |
| Preferred shares, Series C 8%                                              |  |                            |  | 11/5/2021          |  | 275,659         |               |                  | 9,999,971   |                 |                  | 9,999,971   |               |                  | 2.63     | %          |
| Total                                                                           |  |                            |  |                            |  |                      |               | 14,999,972  |                  |                 | 76,801,200  |                  |               | 20.17       | %             |
| Forge Global Holdings, Inc.**                                                   |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                |  | Online Marketplace Finance |  | 7/20/2011          |  | 2,454,791       |               |                  | 2,526,223   |                 |                  | 62,376,239  |               |                  | 16.38    | %          |
| Common warrants, Strike Price $3.98, Expiration Date 11/9/2025(3)(17)   |  |                            |  | 7/19/2011          |  | 230,144         |               |                  | —     |                 |                  | 368,474     |               |                  | 0.10     | %          |
| Total                                                                           |  |                            |  |                            |  |                      |               | 2,526,223   |                  |                 | 62,744,713  |                  |               | 16.48       | %             |
| Blink Health, Inc.                                                              |  | New York, NY               |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series A                                                      |  | Pharmaceutical Technology  |  | 10/27/2020         |  | 238,095         |               |                  | 5,000,423   |                 |                  | 3,797,566   |               |                  | 1.00     | %          |
| Preferred shares, Series C                                                 |  |                            |  | 10/27/2020         |  | 261,944         |               |                  | 10,003,917  |                 |                  | 9,999,974   |               |                  | 2.63     | %          |
| Total                                                                           |  |                            |  |                            |  |                      |               | 15,004,340  |                  |                 | 13,797,540  |                  |               | 3.62        | %             |
| Aspiration Partners, Inc.                                                       |  | Marina Del Rey, CA         |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series A                                                 |  | Financial Services         |  | 8/11/2015          |  | 540,270         |               |                  | 1,001,815   |                 |                  | 11,002,528  |               |                  | 2.89     | %          |
| Preferred shares, Series C-3                                                    |  |                            |  | 8/12/2019          |  | 24,912          |               |                  | 281,190     |                 |                  | 507,330     |               |                  | 0.13     | %          |
| Total                                                                           |  |                            |  |                            |  |                      |               | 1,283,005   |                  |                 | 11,509,858  |                  |               | 3.02        | %             |
| Orchard Technologies, Inc.                                                      |  | New York, NY               |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series D                                                      |  | Real Estate Platform       |  | 8/9/2021           |  | 1,488,139       |               |                  | 10,004,034  |                 |                  | 9,999,996   |               |                  | 2.63     | %          |
| Nextdoor Holdings, Inc.**                                                       |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares, Class B(3)                                                       |  | Social Networking          |  | 9/27/2018          |  | 1,802,416       |               |                  | 10,002,666  |                 |                  | 9,986,736   |               |                  | 2.62     | %          |
| Trax Ltd.**                                                                     |  | Singapore, Singapore       |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares                                                                   |  | Retail Technology          |  | 6/9/2021           |  | 55,591          |               |                  | 2,781,148   |                 |                  | 2,437,699   |               |                  | 0.64     | %          |
| Preferred shares, Investec series                                               |  |                            |  | 6/9/2021           |  | 144,409         |               |                  | 7,224,600   |                 |                  | 6,332,422   |               |                  | 1.66     | %          |
| Total                                                                           |  |                            |  |                            |  |                      |               | 10,005,748  |                  |                 | 8,770,121   |                  |               | 2.30        | %             |
| Varo Money, Inc.                                                                |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares                                                                   |  | Financial Services         |  | 8/11/2021          |  | 1,079,266       |               |                  | 10,005,548  |                 |                  | 8,247,919   |               |                  | 2.17     | %          |
| Shogun Enterprises, Inc.                                                        |  | Austin, TX                 |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series B-1                                                    |  | Home Improvement Finance   |  | 2/26/2021          |  | 436,844         |               |                  | 3,501,657   |                 |                  | 3,499,994   |               |                  | 0.92     | %          |
| Preferred shares, Series B-2                                                    |  |                            |  | 2/26/2021          |  | 301,750         |               |                  | 3,501,661   |                 |                  | 3,499,998   |               |                  | 0.92     | %          |
| Total                                                                           |  |                            |  |                            |  |                      |               | 7,003,318   |                  |                 | 6,999,992   |                  |               | 1.84        | %             |
| NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)** |  | New York, NY               |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares***(3)(14)                                                         |  | Cannabis REIT              |  | 8/12/2019          |  | 251,119         |               |                  | 5,106,094   |                 |                  | 6,277,975   |               |                  | 1.65     | %          |
| Skillsoft Corp.**                                                               |  | Nashua, NH                 |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                |  | Online Education           |  | 6/8/2021           |  | 981,843         |               |                  | 9,818,430   |                 |                  | 5,930,332   |               |                  | 1.56     | %          |
| Rover Group, Inc.**                                                             |  | Seattle, WA                |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                |  | Peer-to-Peer Pet Services  |  | 11/3/2014          |  | 795,637         |               |                  | 2,360,342   |                 |                  | 4,590,825   |               |                  | 1.21     | %          |
| Neutron Holdings, Inc. (d/b/a/ Lime)                                |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Junior Preferred shares, Series 1-D                                             |  | Micromobility              |  | 1/25/2019          |  | 41,237,113      |               |                  | 10,007,322  |                 |                  | 3,485,014   |               |                  | 0.92     | %          |
| Junior Preferred Convertible Note 4% Due 5/11/2027***                   |  |                            |  | 5/11/2020          |  | $                    | 506,339  |                  |                  | 506,339    |                  |                  | 506,339  |                  |               | 0.13  | %           |
| Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027          |  |                            |  | 5/11/2020          |  | 2,032,967       |               |                  | —     |                 |                  | —     |               |                  | —  | %          |
| Total                                                                           |  |                            |  |                            |  |                      |               | 10,513,661  |                  |                 | 3,991,353   |                  |               | 1.05        | %             |
| Enjoy Technology, Inc.**                                                        |  | Menlo Park, CA             |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                |  | On-Demand Commerce         |  | 10/16/2014         |  | 1,070,919       |               |                  | 5,526,777   |                 |                  | 3,947,407   |               |                  | 1.04     | %          |
|                                                                                 |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |
|                                                                                 |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |

----

TABLE OF CONTENTS

|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |                   |                 |               |               |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------|--|-------------------------------------|--|----------------------------|--|----------------------|-----------------|-----------------|-------------------|-----------------|-----------------|-----------------|-------------------|-----------------|---------------|---------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Investments*                                            |  | Headquarters/Industry           |  | Date of Initial Investment |  | Shares/Principal |                 | Cost            |                   | Fair Value      |                 | % of NetAssets  |
| True Global Ventures 4 Plus Pte Ltd**(8)                          |  | Singapore, Singapore                |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Limited Partner Fund Investment                                   |  | Venture Investment Fund             |  | 8/27/2021          |  | 1               |                 |                 | $                 | 713,505    |                 |                 | $                 | 3,937,828  |               |               | 1.03  | % |
| Residential Homes for Rent, LLC (d/b/a Second Avenue)     |  | Chicago, IL                         |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares, Series A(6)                                     |  | Real Estate Platform                |  | 12/23/2020         |  | 150,000         |                 |                 | 1,500,000    |                 |                 | 2,081,673  |                   |                 | 0.55     | %             |
| Term loan 15%, Due 12/23/2023***(13)                      |  |                                     |  | 12/23/2020         |  | $                    | 1,750,000  |                 |                   | 1,750,000  |                 |                 | 1,750,000    |                 |               | 0.46     | %          |
| Total                                                             |  |                                     |  |                            |  |                      |                 | 3,250,000  |                   |                 | 3,831,673  |                 |                   | 1.01       | %             |
| PayJoy, Inc.                                                      |  | San Francisco, CA                   |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares                                                  |  | Mobile Access Technology            |  | 7/23/2021          |  | 244,117         |                 |                 | 2,501,570    |                 |                 | 2,500,002  |                   |                 | 0.66     | %             |
| Aventine Property Group, Inc.(12)                                 |  | Chicago, IL                         |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares***                                                  |  | Cannabis REIT                       |  | 9/11/2019          |  | 312,500         |                 |                 | 2,580,750    |                 |                 | 2,228,187  |                   |                 | 0.59     | %             |
| Rent the Runway, Inc.**                                           |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares(3)                                                  |  | Subscription Fashion Rental         |  | 6/17/2020          |  | 339,191         |                 |                 | 5,153,945    |                 |                 | 2,196,804  |                   |                 | 0.58     | %             |
| Commercial Streaming Solutions Inc. (d/b/a BettorView)(7) |  | Las Vegas, NV                       |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Simple Agreement for Future Equity                                |  | Interactive Media & Services    |  | 3/26/2021          |  | 1               |                 |                 | 1,002,720    |                 |                 | 1,000,000  |                   |                 | 0.26     | %             |
| Rebric, Inc. (d/b/a Compliable)(7)                        |  | Denver, CO                          |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares, Series Seed-4                                   |  | Gaming Licensing                    |  | 10/12/2021         |  | 2,064,409       |                 |                 | 1,002,755    |                 |                 | 1,000,000  |                   |                 | 0.26     | %             |
| Palantir Lending Trust SPV I **(11)                               |  | Palo Alto, CA                       |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Equity Participation in Underlying Collateral(3)                  |  | Data Analysis                       |  | 6/19/2020          |  | —         |                 |                 | —      |                 |                 | 741,553    |                   |                 | 0.19     | %             |
| YouBet Technology, Inc. (d/b/a PickUp)(7)                 |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares, Series Seed-2                                   |  | Digital Media Technology            |  | 8/26/2021          |  | 385,353         |                 |                 | 502,232      |                 |                 | 499,999    |                   |                 | 0.13     | %             |
| Churchill Sponsor VII LLC**(15)                                   |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common share units                                                |  | Special Purpose Acquisition Company |  | 2/25/2021          |  | 292,100         |                 |                 | 205,820      |                 |                 | 205,820    |                   |                 | 0.05     | %             |
| Warrant units                                                     |  |                                     |  | 2/25/2021          |  | 277,000         |                 |                 | 94,180       |                 |                 | 94,180     |                   |                 | 0.02     | %             |
| Total                                                             |  |                                     |  |                            |  |                      |                 | 300,000    |                   |                 | 300,000    |                 |                   | 0.08       | %             |
| Kahoot! ASA**                                                     |  | Oslo, Norway                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares(3)                                                  |  | Education Software                  |  | 12/5/2014          |  | 99,672          |                 |                 | 458,138      |                 |                 | 287,205    |                   |                 | 0.08     | %             |
| AltC Sponsor LLC**(15)                                            |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Share units                                                       |  | Special Purpose Acquisition Company |  | 7/21/2021          |  | 239,300         |                 |                 | 250,855      |                 |                 | 250,000    |                   |                 | 0.07     | %             |
| Churchill Sponsor VI LLC**(15)                                    |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common share units                                                |  | Special Purpose Acquisition Company |  | 2/25/2021          |  | 195,000         |                 |                 | 134,297      |                 |                 | 134,297    |                   |                 | 0.04     | %             |
| Warrant units                                                     |  |                                     |  | 2/25/2021          |  | 199,100         |                 |                 | 65,703       |                 |                 | 65,703     |                   |                 | 0.02     | %             |
|    Total                                           |  |                                     |  |                            |  |                      |                 | 200,000    |                   |                 | 200,000    |                 |                   | 0.05       | %             |
| Fullbridge, Inc.                                                  |  | Cambridge, MA                       |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares                                                     |  | Business Education                  |  | 5/13/2012          |  | 517,917         |                 |                 | 6,150,506    |                 |                 | —    |                   |                 | —  | %             |
| Promissory Note 1.47%, Due 11/9/2021(4)(16)               |  |                                     |  | 3/3/2016           |  | $                    | 2,270,458  |                 |                   | 2,270,858  |                 |                 | —      |                 |               | —  | %          |
| Total                                                             |  |                                     |  |                            |  |                      |                 | 8,421,364  |                   |                 | —    |                 |                   | —    | %             |
| Treehouse Real Estate Investment Trust, Inc.(12)                  |  | Chicago, IL                         |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares***                                                  |  | Cannabis REIT                       |  | 9/11/2019          |  | 312,500         |                 |                 | 4,919,250    |                 |                 | —    |                   |                 | —  | %             |
| Kinetiq Holdings, LLC                                             |  | Philadelphia, PA                    |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares, Class A                                            |  | Social Data Platform                |  | 3/30/2012          |  | 112,374         |                 |                 | —      |                 |                 | —    |                   |                 | —  | %             |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Total Non-controlled/Non-affiliate                            |  |                                     |  |                            |  |                      |                 | $               | 145,417,242  |                 |                 | $               | 252,569,218  |                 |               | 66.34    | %          |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |

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TABLE OF CONTENTS

|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |                   |               |                  |             |            |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------|--|-------------------------------------|--|----------------------------|--|----------------------|------------------|------------------|-------------------|-----------------|------------------|-----------------|-------------------|---------------|------------------|-------------|------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Investments*                                                             |  | Headquarters/Industry           |  | Date of Initial Investment |  | Shares/Principal |                  | Cost             |                   | Fair Value      |                  | % of NetAssets  |
| NON-CONTROLLED/AFFILIATE(1)                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| StormWind, LLC(5)                                                                  |  | Scottsdale, AZ                      |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Series D 8%                                                 |  | Interactive Learning                |  | 11/26/2019         |  | 329,337         |                  |                  | $                 | 257,267    |                  |                 | $                 | 603,850  |                  |             | 0.16  | %          |
| Preferred shares, Series C 8%                                                 |  |                                     |  | 1/7/2014           |  | 2,779,134       |                  |                  | 4,000,787    |                 |                  | 6,335,118  |                   |               | 1.66        | %           |
| Preferred shares, Series B 8%                                                 |  |                                     |  | 12/16/2011         |  | 3,279,629       |                  |                  | 2,019,687    |                 |                  | 4,251,900  |                   |               | 1.12        | %           |
| Preferred shares, Series A 8%                                                 |  |                                     |  | 2/25/2014          |  | 366,666         |                  |                  | 110,000      |                 |                  | 270,096    |                   |               | 0.07        | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 6,387,741   |                   |                 | 11,460,964  |                 |                   | 3.01     | %                |
| OneValley, Inc. (f/k/a NestGSV, Inc.)                                      |  | San Mateo, CA                       |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Derivative Security, Expiration Date 8/23/2024(10)                         |  | Global Innovation Platform          |  | 8/23/2019          |  | 1               |                  |                  | 8,555,124    |                 |                  | 2,348,923  |                   |               | 0.62        | %           |
| Convertible Promissory Note 8% Due 8/23/2024(4)(10)                        |  |                                     |  | 2/17/2016          |  | $                    | 1,010,198   |                  |                   | 1,030,176  |                  |                 | 505,099      |               |                  | 0.13   | %          |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022  |  |                                     |  | 5/29/2017          |  | 125,000         |                  |                  | 70,379       |                 |                  | —    |                   |               | —     | %           |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 |  |                                     |  | 12/31/2018         |  | 250,000         |                  |                  | 5,080        |                 |                  | 5,000      |                   |               | 0.00        | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 9,660,759   |                   |                 | 2,859,022   |                 |                   | 0.75     | %                |
| Ozy Media, Inc.                                                                    |  | Mountain View, CA                   |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Series C-2 6%                                                    |  | Digital Media Platform              |  | 8/31/2016          |  | 683,482         |                  |                  | 2,414,178    |                 |                  | —    |                   |               | —     | %           |
| Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028              |  |                                     |  | 4/9/2018           |  | 295,565         |                  |                  | 30,647       |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series B 6%                                                      |  |                                     |  | 10/3/2014          |  | 922,509         |                  |                  | 4,999,999    |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series A 6%                                                      |  |                                     |  | 12/11/2013         |  | 1,090,909       |                  |                  | 3,000,200    |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series Seed 6%                                                   |  |                                     |  | 11/2/2012          |  | 500,000         |                  |                  | 500,000      |                 |                  | —    |                   |               | —     | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 10,945,024  |                   |                 | —     |                 |                   | —  | %                |
| Maven Research, Inc.                                                               |  | San Francisco, CA                   |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Series C 8%                                                 |  | Knowledge Networks                  |  | 7/2/2012           |  | 318,979         |                  |                  | 2,000,447    |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series B 5%                                                 |  |                                     |  | 2/28/2012          |  | 49,505          |                  |                  | 217,206      |                 |                  | —    |                   |               | —     | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 2,217,653   |                   |                 | —     |                 |                   | —  | %                |
| Curious.com, Inc.                                                                  |  | Menlo Park, CA                      |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Common shares                                                                      |  | Online Education                    |  | 11/22/2013         |  | 1,135,944       |                  |                  | 12,000,006   |                 |                  | —    |                   |               | —     | %           |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Total Non-controlled/Affiliate                                                 |  |                                     |  |                            |  |                      |                  | $                | 41,211,183   |                 |                  | $               | 14,319,986   |               |                  | 3.76   | %          |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| CONTROLLED(2)                                                                      |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Architect Capital PayJoy SPV, LLC**                                                |  | San Francisco, CA                   |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Membership Interest in Lending SPV***                                              |  | Mobile Finance Technology           |  | 3/24/2021          |  | $                    | 10,000,000  |                  |                   | $               | 10,006,745  |                 |                   | $             | 10,000,000  |             |            | 2.63  | % |
| Colombier Sponsor LLC**(15)                                                        |  | New York, NY                        |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Class B Units                                                                      |  | Special Purpose Acquisition Company |  | 4/1/2021           |  | 1,976,033       |                  |                  | 1,556,587    |                 |                  | 1,554,354  |                   |               | 0.41        | %           |
| Class W Units                                                                      |  |                                     |  | 4/1/2021           |  | 2,700,000       |                  |                  | 1,159,150    |                 |                  | 1,157,487  |                   |               | 0.30        | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 2,715,737   |                   |                 | 2,711,841   |                 |                   | 0.71     | %                |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)                      |  | Cupertino, CA                       |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Class A(9)                                                  |  | Clean Technology                    |  | 4/15/2014          |  | 14,300,000      |                  |                  | 7,151,412    |                 |                  | 1,177,033  |                   |               | 0.31        | %           |
| Common shares                                                                      |  |                                     |  | 4/15/2014          |  | 100,000         |                  |                  | 10,000       |                 |                  | —    |                   |               | —     | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 7,161,412   |                   |                 | 1,177,033   |                 |                   | 0.31     | %                |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Total Controlled                                                                   |  |                                     |  |                            |  |                      |                  | $                | 19,883,894   |                 |                  | $               | 13,888,874   |               |                  | 3.65   | %          |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Total Portfolio Investments                                                        |  |                                     |  |                            |  |                      |                  | $                | 206,512,319  |                 |                  | $               | 280,778,078  |               |                  | 73.75  | %          |

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TABLE OF CONTENTS

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TABLE OF CONTENTS

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TABLE OF CONTENTS

|                                                                                   |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |               |                  |               |            |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------|--|----------------------------|--|----------------------------|--|----------------------|---------------|------------------|------------------|-----------------|------------------|------------------|---------------|------------------|---------------|------------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Investments*                                                            |  | Headquarters/Industry  |  | Date of Initial Investment |  | Shares/Principal |               | Cost             |                  | Fair Value      |                  | % of NetAssets   |
| NON-CONTROLLED/NON-AFFILIATE                                                  |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Course Hero, Inc.                                                                 |  | Redwood City, CA           |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series A 8%                                                |  | Online Education           |  | 9/18/2014          |  | 2,145,509       |               |                  | $                | 5,000,001  |                  |                  | $             | 77,831,772  |               |            | 21.33  | % |
| Preferred shares, Series C 8%                                                |  |                            |  | 11/5/2021          |  | 275,659         |               |                  | 9,999,971   |                 |                  | 9,999,971   |               |                  | 2.74     | %          |
| Total                                                                             |  |                            |  |                            |  |                      |               | 14,999,972  |                  |                 | 87,831,743  |                  |               | 24.07       | %             |
| Forge Global, Inc.                                                                |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares, Class AA                                                           |  | Online Marketplace Finance |  | 7/20/2011          |  | 625,520         |               |                  | 266,507     |                 |                  | 16,430,555  |               |                  | 4.50     | %          |
| Junior Preferred shares                                                           |  |                            |  | 7/19/2011          |  | 160,534         |               |                  | 2,259,716   |                 |                  | 4,216,752   |               |                  | 1.16     | %          |
| Junior Preferred warrants, Strike Price $12.42, Expiration Date 11/9/2025 |  |                            |  | 7/19/2011          |  | 73,695          |               |                  | —     |                 |                  | 368,474     |               |                  | 0.10     | %          |
| Total                                                                             |  |                            |  |                            |  |                      |               | 2,526,223   |                  |                 | 21,015,781  |                  |               | 5.76        | %             |
| Blink Health, Inc.                                                                |  | New York, NY               |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series A                                                        |  | Pharmaceutical Technology  |  | 10/27/2020         |  | 238,095         |               |                  | 5,000,423   |                 |                  | 4,315,552   |               |                  | 1.18     | %          |
| Preferred shares, Series C                                                   |  |                            |  | 10/27/2020         |  | 261,944         |               |                  | 10,003,917  |                 |                  | 9,999,974   |               |                  | 2.74     | %          |
| Total                                                                             |  |                            |  |                            |  |                      |               | 15,004,340  |                  |                 | 14,315,526  |                  |               | 3.92        | %             |
| Nextdoor Holdings, Inc.**                                                         |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                  |  | Social Networking          |  | 9/27/2018          |  | 1,801,850       |               |                  | 10,002,666  |                 |                  | 12,439,522  |               |                  | 3.41     | %          |
| Aspiration Partners, Inc.                                                         |  | Marina Del Rey, CA         |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series A                                                   |  | Financial Services         |  | 8/11/2015          |  | 540,270         |               |                  | 1,001,815   |                 |                  | 10,556,306  |               |                  | 2.89     | %          |
| Preferred shares, Series C-3                                                      |  |                            |  | 8/12/2019          |  | 24,912          |               |                  | 281,190     |                 |                  | 499,437     |               |                  | 0.14     | %          |
| Total                                                                             |  |                            |  |                            |  |                      |               | 1,283,005   |                  |                 | 11,055,743  |                  |               | 3.03        | %             |
| Trax Ltd.**                                                                       |  | Singapore, Singapore       |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares                                                                     |  | Retail Technology          |  | 6/9/2021           |  | 55,591          |               |                  | 2,781,148   |                 |                  | 2,882,476   |               |                  | 0.79     | %          |
| Preferred shares, Investec series                                                 |  |                            |  | 6/9/2021           |  | 144,409         |               |                  | 7,224,600   |                 |                  | 7,487,823   |               |                  | 2.05     | %          |
| Total                                                                             |  |                            |  |                            |  |                      |               | 10,005,748  |                  |                 | 10,370,299  |                  |               | 2.84        | %             |
| Orchard Technologies, Inc.                                                        |  | New York, NY               |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series D                                                        |  | Real Estate Platform       |  | 8/9/2021           |  | 1,488,139       |               |                  | 10,004,034  |                 |                  | 9,999,996   |               |                  | 2.74     | %          |
| Skillsoft Corp.**(18)                                                             |  | Nashua, NH                 |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                  |  | Online Education           |  | 6/8/2021           |  | 981,843         |               |                  | 9,818,430   |                 |                  | 8,983,863   |               |                  | 2.46     | %          |
| Varo Money, Inc.                                                                  |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares                                                                     |  | Financial Services         |  | 8/11/2021          |  | 1,079,266       |               |                  | 10,005,548  |                 |                  | 8,541,676   |               |                  | 2.34     | %          |
| NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)**   |  | New York, NY               |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares***(3)(16)                                                           |  | Cannabis REIT              |  | 8/12/2019          |  | 278,471         |               |                  | 5,653,375   |                 |                  | 7,986,548   |               |                  | 2.19     | %          |
| Rover Group, Inc.**(13)                                                           |  | Seattle, WA                |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                  |  | Peer-to-Peer Pet Services  |  | 11/3/2014          |  | 838,381         |               |                  | 2,506,119   |                 |                  | 7,765,504   |               |                  | 2.13     | %          |
| Shogun Enterprises, Inc.                                                          |  | Austin, TX                 |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Preferred shares, Series B-1                                                      |  | Home Improvement Finance   |  | 2/26/2021          |  | 436,844         |               |                  | 3,501,657   |                 |                  | 3,531,447   |               |                  | 0.97     | %          |
| Preferred shares, Series B-2                                                      |  |                            |  | 2/26/2021          |  | 301,750         |               |                  | 3,501,661   |                 |                  | 3,499,998   |               |                  | 0.96     | %          |
| Total                                                                             |  |                            |  |                            |  |                      |               | 7,003,318   |                  |                 | 7,031,445   |                  |               | 1.93        | %             |
| Enjoy Technology, Inc.**                                                          |  | Menlo Park, CA             |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Common shares(3)                                                                  |  | On-Demand Commerce         |  | 10/16/2014         |  | 1,070,919       |               |                  | 5,526,777   |                 |                  | 4,576,572   |               |                  | 1.25     | %          |
| Neutron Holdings, Inc. (d/b/a/ Lime)                                  |  | San Francisco, CA          |  |                            |  |                      |               |                  |                  |                 |                  |                  |
| Junior Preferred shares, Series 1-D                                               |  | Micromobility              |  | 1/25/2019          |  | 41,237,113      |               |                  | 10,007,322  |                 |                  | 3,485,014   |               |                  | 0.96     | %          |
| Junior Preferred Convertible Note 4% Due 5/11/2027***                     |  |                            |  | 5/11/2020          |  | $                    | 506,339  |                  |                  | 506,339    |                  |                  | 506,339  |                  |               | 0.14  | %           |
| Common Warrants, Strike Price $0.01, Expiration Date 5/11/2027            |  |                            |  | 5/11/2020          |  | 2,032,967       |               |                  | —     |                 |                  | —     |               |                  | —  | %          |
| Total                                                                             |  |                            |  |                            |  |                      |               | 10,513,661  |                  |                 | 3,991,353   |                  |               | 1.10        | %             |
|                                                                                   |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |
|                                                                                   |  |                            |  |                            |  |                      |               |                  |                  |                 |                  |                  |

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TABLE OF CONTENTS

|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |                   |                 |               |               |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------|--|-------------------------------------|--|----------------------------|--|----------------------|-----------------|-----------------|-------------------|-----------------|-----------------|-----------------|-------------------|-----------------|---------------|---------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Investments*                                            |  | Headquarters/Industry           |  | Date of Initial Investment |  | Shares/Principal |                 | Cost            |                   | Fair Value      |                 | % of NetAssets  |
| Residential Homes for Rent, LLC (d/b/a Second Avenue)     |  | Chicago, IL                         |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares, Series A(6)                                     |  | Real Estate Platform                |  | 12/23/2020         |  | 150,000         |                 |                 | $                 | 1,500,000  |                 |                 | $                 | 1,500,000  |               |               | 0.41  | % |
| Term loan 15%, Due 12/23/2023***(14)                      |  |                                     |  | 12/23/2020         |  | $                    | 2,000,000  |                 |                   | 2,000,000  |                 |                 | 2,000,000    |                 |               | 0.55     | %          |
| Total                                                             |  |                                     |  |                            |  |                      |                 | 3,500,000  |                   |                 | 3,500,000  |                 |                   | 0.96       | %             |
| PayJoy, Inc.                                                      |  | San Francisco, CA                   |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares                                                  |  | Mobile Access Technology            |  | 7/23/2021          |  | 244,117         |                 |                 | 2,501,570    |                 |                 | 2,500,002  |                   |                 | 0.69     | %             |
| Rent the Runway, Inc.**                                           |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares(3)                                                  |  | Subscription Fashion Rental         |  | 6/17/2020          |  | 339,191         |                 |                 | 5,153,945    |                 |                 | 2,418,856  |                   |                 | 0.66     | %             |
| Aventine Property Group, Inc.(12)                                 |  | Chicago, IL                         |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares***                                                  |  | Cannabis REIT                       |  | 9/11/2019          |  | 312,500         |                 |                 | 2,580,750    |                 |                 | 2,190,978  |                   |                 | 0.60     | %             |
| Commercial Streaming Solutions Inc. (d/b/a BettorView)(7) |  | Las Vegas, NV                       |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Simple Agreement for Future Equity                                |  | Interactive Media & Services    |  | 3/26/2021          |  | 1               |                 |                 | 1,002,720    |                 |                 | 1,000,000  |                   |                 | 0.27     | %             |
| Rebric, Inc. (d/b/a Compliable)(7)                        |  | Denver, CO                          |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares, Series Seed-4                                   |  | Gaming Licensing                    |  | 10/12/2021         |  | 2,064,409       |                 |                 | 1,002,755    |                 |                 | 1,000,000  |                   |                 | 0.27     | %             |
| Palantir Lending Trust SPV I **(11)                               |  | Palo Alto, CA                       |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Equity Participation in Underlying Collateral(3)                  |  | Data Analysis                       |  | 6/19/2020          |  | —         |                 |                 | —      |                 |                 | 930,524    |                   |                 | 0.26     | %             |
| True Global Ventures 4 Plus Pte Ltd**(8)                          |  | Singapore, Singapore                |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Limited Partner Fund Investment                                   |  | Venture Investment Fund             |  | 8/27/2021          |  | 1               |                 |                 | 713,505      |                 |                 | 670,000    |                   |                 | 0.18     | %             |
| YouBet Technology, Inc. (d/b/a PickUp)(7)                 |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Preferred shares, Series Seed-2                                   |  | Digital Media Technology            |  | 8/26/2021          |  | 385,353         |                 |                 | 502,232      |                 |                 | 499,999    |                   |                 | 0.14     | %             |
| Kahoot! ASA**(19)                                                 |  | Oslo, Norway                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares(3)                                                  |  | Education Software                  |  | 12/5/2014          |  | 86,800          |                 |                 | 458,138      |                 |                 | 402,360    |                   |                 | 0.11     | %             |
| Churchill Sponsor VII LLC**(17)                                   |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common share units                                                |  | Special Purpose Acquisition Company |  | 2/25/2021          |  | 292,100         |                 |                 | 205,820      |                 |                 | 205,820    |                   |                 | 0.06     | %             |
| Warrant units                                                     |  |                                     |  | 2/25/2021          |  | 277,000         |                 |                 | 94,180       |                 |                 | 94,180     |                   |                 | 0.03     | %             |
| Total                                                             |  |                                     |  |                            |  |                      |                 | 300,000    |                   |                 | 300,000    |                 |                   | 0.09       | %             |
| AltC Sponsor LLC**(17)                                            |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Share units                                                       |  | Special Purpose Acquisition Company |  | 7/21/2021          |  | 239,300         |                 |                 | 250,855      |                 |                 | 250,000    |                   |                 | 0.07     | %             |
| Churchill Sponsor VI LLC**(17)                                    |  | New York, NY                        |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common share units                                                |  | Special Purpose Acquisition Company |  | 2/25/2021          |  | 195,000         |                 |                 | 134,297      |                 |                 | 134,297    |                   |                 | 0.04     | %             |
| Warrant units                                                     |  |                                     |  | 2/25/2021          |  | 199,100         |                 |                 | 65,703       |                 |                 | 65,703     |                   |                 | 0.02     | %             |
|    Total                                           |  |                                     |  |                            |  |                      |                 | 200,000    |                   |                 | 200,000    |                 |                   | 0.06       | %             |
| Fullbridge, Inc.                                                  |  | Cambridge, MA                       |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares                                                     |  | Business Education                  |  | 5/13/2012          |  | 517,917         |                 |                 | 6,150,506    |                 |                 | —    |                   |                 | —  | %             |
| Promissory Note 1.47%, Due 11/9/2021(4)(20)               |  |                                     |  | 3/3/2016           |  | $                    | 2,270,458  |                 |                   | 2,270,858  |                 |                 | —      |                 |               | —  | %          |
| Total                                                             |  |                                     |  |                            |  |                      |                 | 8,421,364  |                   |                 | —    |                 |                   | —    | %             |
| Treehouse Real Estate Investment Trust, Inc.(12)                  |  | Chicago, IL                         |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares***                                                  |  | Cannabis REIT                       |  | 9/11/2019          |  | 312,500         |                 |                 | 4,919,250    |                 |                 | —    |                   |                 | —  | %             |
| Kinetiq Holdings, LLC                                             |  | Philadelphia, PA                    |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Common shares, Class A                                            |  | Social Data Platform                |  | 3/30/2012          |  | 112,374         |                 |                 | —      |                 |                 | —    |                   |                 | —  | %             |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
| Total Non-controlled/Non-affiliate                            |  |                                     |  |                            |  |                      |                 | $               | 146,360,300  |                 |                 | $               | 231,768,290  |                 |               | 63.53    | %          |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |
|                                                                   |  |                                     |  |                            |  |                      |                 |                 |                   |                 |                 |                 |

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|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |                   |               |                  |             |            |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------|--|-------------------------------------|--|----------------------------|--|----------------------|------------------|------------------|-------------------|-----------------|------------------|-----------------|-------------------|---------------|------------------|-------------|------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Investments*                                                             |  | Headquarters/Industry           |  | Date of Initial Investment |  | Shares/Principal |                  | Cost             |                   | Fair Value      |                  | % of NetAssets  |
| NON-CONTROLLED/AFFILIATE(1)                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| StormWind, LLC(5)                                                                  |  | Scottsdale, AZ                      |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Series D 8%                                                 |  | Interactive Learning                |  | 11/26/2019         |  | 329,337         |                  |                  | $                 | 257,267    |                  |                 | $                 | 621,093  |                  |             | 0.17  | %          |
| Preferred shares, Series C 8%                                                 |  |                                     |  | 1/7/2014           |  | 2,779,134       |                  |                  | 4,000,787    |                 |                  | 6,496,729  |                   |               | 1.78        | %           |
| Preferred shares, Series B 8%                                                 |  |                                     |  | 12/16/2011         |  | 3,279,629       |                  |                  | 2,019,687    |                 |                  | 4,423,607  |                   |               | 1.21        | %           |
| Preferred shares, Series A 8%                                                 |  |                                     |  | 2/25/2014          |  | 366,666         |                  |                  | 110,000      |                 |                  | 289,293    |                   |               | 0.08        | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 6,387,741   |                   |                 | 11,830,722  |                 |                   | 3.24     | %                |
| OneValley, Inc. (f/k/a NestGSV, Inc.)                                      |  | San Mateo, CA                       |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Derivative Security, Expiration Date 8/23/2024(10)                         |  | Global Innovation Platform          |  | 8/23/2019          |  | 1               |                  |                  | 8,555,124    |                 |                  | 2,268,268  |                   |               | 0.62        | %           |
| Convertible Promissory Note 8% Due 8/23/2024(4)(10)                        |  |                                     |  | 2/17/2016          |  | $                    | 1,010,198   |                  |                   | 1,030,176  |                  |                 | 505,099      |               |                  | 0.14   | %          |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022  |  |                                     |  | 5/29/2017          |  | 125,000         |                  |                  | 70,379       |                 |                  | —    |                   |               | —     | %           |
| Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 |  |                                     |  | 12/31/2018         |  | 250,000         |                  |                  | 5,080        |                 |                  | 5,000      |                   |               | 0.01        | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 9,660,759   |                   |                 | 2,778,367   |                 |                   | 0.77     | %                |
| Ozy Media, Inc.                                                                    |  | Mountain View, CA                   |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Series C-2 6%                                                    |  | Digital Media Platform              |  | 8/31/2016          |  | 683,482         |                  |                  | 2,414,178    |                 |                  | —    |                   |               | —     | %           |
| Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028              |  |                                     |  | 4/9/2018           |  | 295,565         |                  |                  | 30,647       |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series B 6%                                                      |  |                                     |  | 10/3/2014          |  | 922,509         |                  |                  | 4,999,999    |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series A 6%                                                      |  |                                     |  | 12/11/2013         |  | 1,090,909       |                  |                  | 3,000,200    |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series Seed 6%                                                   |  |                                     |  | 11/2/2012          |  | 500,000         |                  |                  | 500,000      |                 |                  | —    |                   |               | —     | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 10,945,024  |                   |                 | —     |                 |                   | —  | %                |
| Maven Research, Inc.                                                               |  | San Francisco, CA                   |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Series C 8%                                                 |  | Knowledge Networks                  |  | 7/2/2012           |  | 318,979         |                  |                  | 2,000,447    |                 |                  | —    |                   |               | —     | %           |
| Preferred shares, Series B 5%                                                 |  |                                     |  | 2/28/2012          |  | 49,505          |                  |                  | 217,206      |                 |                  | —    |                   |               | —     | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 2,217,653   |                   |                 | —     |                 |                   | —  | %                |
| Curious.com, Inc.                                                                  |  | Menlo Park, CA                      |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Common shares                                                                      |  | Online Education                    |  | 11/22/2013         |  | 1,135,944       |                  |                  | 12,000,006   |                 |                  | —    |                   |               | —     | %           |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Total Non-controlled/Affiliate                                                 |  |                                     |  |                            |  |                      |                  | $                | 41,211,183   |                 |                  | $               | 14,609,089   |               |                  | 4.01   | %          |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| CONTROLLED(2)                                                                      |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Architect Capital PayJoy SPV, LLC**                                                |  | San Francisco, CA                   |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Membership Interest in Lending SPV***(15)                                          |  | Mobile Finance Technology           |  | 3/24/2021          |  | $                    | 10,000,000  |                  |                   | $               | 10,006,745  |                 |                   | $             | 10,000,000  |             |            | 2.74  | % |
| Colombier Sponsor LLC**(17)                                                        |  | New York, NY                        |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Class B Units                                                                      |  | Special Purpose Acquisition Company |  | 4/1/2021           |  | 1,976,033       |                  |                  | 1,556,587    |                 |                  | 1,554,354  |                   |               | 0.43        | %           |
| Class W Units                                                                      |  |                                     |  | 4/1/2021           |  | 2,700,000       |                  |                  | 1,159,150    |                 |                  | 1,157,487  |                   |               | 0.32        | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 2,715,737   |                   |                 | 2,711,841   |                 |                   | 0.75     | %                |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)                      |  | Cupertino, CA                       |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Preferred shares, Class A(9)                                                  |  | Clean Technology                    |  | 4/15/2014          |  | 14,300,000      |                  |                  | 7,151,412    |                 |                  | 1,047,033  |                   |               | 0.29        | %           |
| Common shares                                                                      |  |                                     |  | 4/15/2014          |  | 100,000         |                  |                  | 10,000       |                 |                  | —    |                   |               | —     | %           |
| Total                                                                              |  |                                     |  |                            |  |                      |                  | 7,161,412   |                   |                 | 1,047,033   |                 |                   | 0.29     | %                |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Total Controlled                                                                   |  |                                     |  |                            |  |                      |                  | $                | 19,883,894   |                 |                  | $               | 13,758,874   |               |                  | 3.78   | %          |
|                                                                                    |  |                                     |  |                            |  |                      |                  |                  |                   |                 |                  |                 |
| Total Portfolio Investments                                                        |  |                                     |  |                            |  |                      |                  | $                | 207,455,377  |                 |                  | $               | 260,136,253  |               |                  | 71.32  | %          |

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|                                                                                            |  |                              |  |                        |  |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------|--|------------------------------|--|------------------------|--|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Subsidiary                                                                                 |  | Jurisdiction ofIncorporation |  | FormationDate          |  | PercentageOwned |
| GCL                                                                                        |  | Delaware                     |  | April 13, 2012    |  | 100%            |
| SuRo Capital Sports, LLC ("SuRo Sports")                                           |  | Delaware                     |  | March 19, 2021         |  | 100%            |
| Subsidiaries below are referred to collectively, as the “Taxable Subsidiaries” |  |                              |  |                        |  |                 |
| GSVC AE Holdings, Inc. (“GAE”)                                                 |  | Delaware                     |  | November 28, 2012 |  | 100%            |
| GSVC AV Holdings, Inc. (“GAV”)                                                 |  | Delaware                     |  | November 28, 2012 |  | 100%            |
|                                                                                            |  |                              |  |                        |  |                 |
| GSVC SW Holdings, Inc. (“GSW”)                                                 |  | Delaware                     |  | November 28, 2012 |  | 100%            |
|                                                                                            |  |                              |  |                        |  |                 |
| GSVC SVDS Holdings, Inc. (“SVDS”)                                              |  | Delaware                     |  | August 13, 2013   |  | 100%            |
|                                                                                            |  |                              |  |                        |  |                 |

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|                              |                |               |                   |               |   |                 |  |  |  |  |  |
|------------------------------|----------------|---------------|-------------------|---------------|---|-----------------|--|--|--|--|--|
|                              | March 31, 2022 |               | December 31, 2021 |
| Deferred debt issuance costs | $              | —  |                   |               | $ | 1,970,892  |  |
| Deferred offering costs      | 606,607   |               |                   | 621,719  |   |
|                              |                |               |                   |
| Deferred Financing Costs     | $              | 606,607  |                   |               | $ | 2,592,611  |  |

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|                                           |                   |                   |                   |                   |                         |                   |            |   |            |                   |                         |   |                   |  |  |            |                   |  |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|-------------------|-------------------|-------------------|-------------------|-------------------------|-------------------|------------|---|------------|-------------------|-------------------------|---|-------------------|--|--|------------|-------------------|--|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                           | March 31, 2022    |                   | December 31, 2021 |
|                                           | Cost              |                   | Fair Value        |                   | Percentage ofNet Assets |                   | Cost       |   | Fair Value |                   | Percentage ofNet Assets |
| Private Portfolio Companies               |                   |                   |                   |                   |                         |                   |            |   |            |                   |                         |
| Preferred Stock                           | $                 | 97,704,331   |                   |                   | $                       | 147,645,693  |            |   | 38.9  | %                 |                         | $ | 99,964,047   |  |  | $          | 163,801,798  |  |  | 44.9  | % |
| Common Stock                              | 51,315,017   |                   |                   | 28,996,104   |                         |                   | 7.6   | % |            | 51,581,524   |                         |   | 42,860,156   |  |  | 11.7  | %                 |
| Debt Investments                          | 5,557,373    |                   |                   | 2,761,438    |                         |                   | 0.7   | % |            | 5,807,373    |                         |   | 3,011,438    |  |  | 0.8   | %                 |
| Options                                   | 10,982,983   |                   |                   | 4,671,293    |                         |                   | 1.2   | % |            | 10,982,983   |                         |   | 4,959,112    |  |  | 1.4   | %                 |
| Total Private Portfolio Companies         | 165,559,704  |                   |                   | 184,074,528  |                         |                   | 48.4  | % |            | 168,335,927  |                         |   | 214,632,504  |  |  | 58.8  | %                 |
| Publicly Traded Portfolio Companies       |                   |                   |                   |                   |                         |                   |            |   |            |                   |                         |
| Common Stock                              | 40,952,615   |                   |                   | 95,593,523   |                         |                   | 25.1  | % |            | 39,119,450   |                         |   | 44,573,225   |  |  | 12.2  | %                 |
| Options                                   | —      |                   |                   | 1,110,027    |                         |                   | 0.3   | % |            | —      |                         |   | 930,524      |  |  | 0.3   | %                 |
| Total Publicly Traded Portfolio Companies | 40,952,615   |                   |                   | 96,703,550   |                         |                   | 25.4  | % |            | 39,119,450   |                         |   | 45,503,749   |  |  | 12.5  | %                 |
|                                           |                   |                   |                   |                   |                         |                   |            |   |            |                   |                         |
|                                           |                   |                   |                   |                   |                         |                   |            |   |            |                   |                         |
|                                           |                   |                   |                   |                   |                         |                   |            |   |            |                   |                         |
| Total Investments                         | $                 | 206,512,319  |                   |                   | $                       | 280,778,078  |            |   | 73.8  | %                 |                         | $ | 207,455,377  |  |  | $          | 260,136,253  |  |  | 71.3  | % |

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|                   |                      |                   |                         |            |                         |   |            |            |                        |                  |                         |                   |            |   |             |            |   |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|----------------------|-------------------|-------------------------|------------|-------------------------|---|------------|------------|------------------------|------------------|-------------------------|-------------------|------------|---|-------------|------------|---|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                   | As of March 31, 2022 |                   | As of December 31, 2021 |
|                   | Fair Value           |                   | Percentage ofPortfolio  |            | Percentage ofNet Assets |   | Fair Value |            | Percentage ofPortfolio |                  | Percentage ofNet Assets |
| Geographic Region |                      |                   |                         |            |                         |   |            |            |                        |                  |                         |
| West              | $                    | 212,558,585  |                         |            | 75.7               | % |            | 55.9  | %                      |                  | $                       | 188,304,542  |            |   | 72.4   | %          |   | 51.6  | % |
| Northeast         | 42,164,487      |                   |                         | 15.0  | %                       |   | 11.1  | %          |                        | 47,666,629  |                         |                   | 18.3  | % |             | 13.1  | % |
| Midwest           | 13,059,852      |                   |                         | 4.7   | %                       |   | 3.4   | %          |                        | 12,722,423  |                         |                   | 4.9   | % |             | 3.5   | % |
| International     | 12,995,154      |                   |                         | 4.6   | %                       |   | 3.4   | %          |                        | 11,442,659  |                         |                   | 4.4   | % |             | 3.1   | % |
| Total             | $                    | 280,778,078  |                         |            | 100.0              | % |            | 73.8  | %                      |                  | $                       | 260,136,253  |            |   | 100.0  | %          |   | 71.3  | % |

|                      |                      |                   |                         |            |                         |   |            |            |                        |                  |                         |                   |            |   |             |            |   |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------|----------------------|-------------------|-------------------------|------------|-------------------------|---|------------|------------|------------------------|------------------|-------------------------|-------------------|------------|---|-------------|------------|---|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                      | As of March 31, 2022 |                   | As of December 31, 2021 |
|                      | Fair Value           |                   | Percentage ofPortfolio  |            | Percentage ofNet Assets |   | Fair Value |            | Percentage ofPortfolio |                  | Percentage ofNet Assets |
| Industry             |                      |                   |                         |            |                         |   |            |            |                        |                  |                         |
| Education Technology | $                    | 94,479,701   |                         |            | 33.7               | % |            | 24.8  | %                      |                  | $                       | 109,048,688  |            |   | 41.9   | %          |   | 29.9  | % |
| Financial Technology | 115,408,313     |                   |                         | 41.1  | %                       |   | 30.3  | %          |                        | 71,954,012  |                         |                   | 27.7  | % |             | 19.7  | % |
| Marketplaces         | 45,214,620      |                   |                         | 16.1  | %                       |   | 11.9  | %          |                        | 49,346,174  |                         |                   | 19.0  | % |             | 13.5  | % |
| Social/Mobile    | 13,986,737      |                   |                         | 5.0   | %                       |   | 3.7   | %          |                        | 16,439,523  |                         |                   | 6.3   | % |             | 4.5   | % |
| Big Data/Cloud   | 10,511,674      |                   |                         | 3.7   | %                       |   | 2.8   | %          |                        | 12,300,823  |                         |                   | 4.7   | % |             | 3.4   | % |
| Sustainability       | 1,177,033       |                   |                         | 0.4   | %                       |   | 0.3   | %          |                        | 1,047,033   |                         |                   | 0.4   | % |             | 0.3   | % |
| Total                | $                    | 280,778,078  |                         |            | 100.0              | % |            | 73.8  | %                      |                  | $                       | 260,136,253  |            |   | 100.0  | %          |   | 71.3  | % |

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|                      |  |                                     |  |  |  |  |  |  |
|----------------------|--|-------------------------------------|--|--|--|--|--|--|
| Industry Theme       |  | Industry                            |
| Education Technology |  | Business Education                  |
|                      |  |                                     |
|                      |  |                                     |
|                      |  |                                     |
|                      |  | Education Software                  |
|                      |  | Interactive Learning                |
|                      |  | Online Education                    |
| Big Data/Cloud   |  | Data Analysis                       |
|                      |  | Gaming Licensing                    |
|                      |  | Retail Technology                   |
|                      |  |                                     |
| Marketplaces         |  | Global Innovation Platform          |
|                      |  | Knowledge Networks                  |
|                      |  | Micromobility                       |
|                      |  | On-Demand Commerce                  |
|                      |  | Peer-to-Peer Pet Services           |
|                      |  | Pharmaceutical Technology           |
|                      |  | Real Estate Platform                |
|                      |  | Subscription Fashion Rental         |
| Financial Technology |  | Cannabis REIT                       |
|                      |  | Financial Services                  |
|                      |  | Home Improvement Finance            |
|                      |  | Mobile Finance Technology           |
|                      |  | Online Marketplace Finance          |
|                      |  | Retail Technology                   |
|                      |  | Special Purpose Acquisition Company |
|                      |  | Venture Investment Fund             |
| Social/Mobile    |  | Digital Media Platform              |
|                      |  | Digital Media Technology            |
|                      |  | Interactive Media & Services    |
|                      |  | Mobile Access Technology            |
|                      |  | Social Data Platform                |
|                      |  |                                     |
|                      |  | Social Networking                   |
| Sustainability       |  | Clean Technology                    |

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|                                     |                                                                      |                  |                                                 |                  |                                             |                  |                   |  |   |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |
|-------------------------------------|----------------------------------------------------------------------|------------------|-------------------------------------------------|------------------|---------------------------------------------|------------------|-------------------|--|---|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|
|                                     | As of March 31, 2022                                                 |
|                                     | Quoted Prices inActive Markets forIdentical Securities(Level 1) |                  | Significant OtherObservableInputs(Level 2) |                  | SignificantUnobservableInputs(Level 3) |                  | Total             |
| Investments at Fair Value           |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Private Portfolio Companies         |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Preferred Stock                     | $                                                                    | —     |                                                 |                  | $                                           | —     |                   |  | $ | 147,645,693  |  |  | $ | 147,645,693  |  |
| Common Stock                        | —                                                         |                  |                                                 | —     |                                             |                  | 28,996,104   |  |   | 28,996,104   |  |
| Debt Investments                    | —                                                         |                  |                                                 | —     |                                             |                  | 2,761,438    |  |   | 2,761,438    |  |
| Options                             | —                                                         |                  |                                                 | —     |                                             |                  | 4,671,293    |  |   | 4,671,293    |  |
| Private Portfolio Companies         | —                                                         |                  |                                                 | —     |                                             |                  | 184,074,528  |  |   | 184,074,528  |  |
| Publicly Traded Portfolio Companies |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Common Stock                        | 16,799,132                                                      |                  |                                                 | 78,794,391  |                                             |                  | —      |  |   | 95,593,523   |  |
| Options                             | —                                                         |                  |                                                 | 1,110,027   |                                             |                  | —      |  |   | 1,110,027    |  |
| Publicly Traded Portfolio Companies | 16,799,132                                                      |                  |                                                 | 79,904,418  |                                             |                  | —      |  |   | 96,703,550   |  |
|                                     |                                                                      |                  |                                                 |                  |                                             |                  |                   |
|                                     |                                                                      |                  |                                                 |                  |                                             |                  |                   |
|                                     |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Total Investments at Fair Value     | $                                                                    | 16,799,132  |                                                 |                  | $                                           | 79,904,418  |                   |  | $ | 184,074,528  |  |  | $ | 280,778,078  |  |

|                                     |                                                                      |                  |                                                 |                  |                                             |                  |                   |  |   |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |
|-------------------------------------|----------------------------------------------------------------------|------------------|-------------------------------------------------|------------------|---------------------------------------------|------------------|-------------------|--|---|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|
|                                     | As of December 31, 2021                                              |
|                                     | Quoted Prices inActive Markets forIdentical Securities(Level 1) |                  | Significant OtherObservableInputs(Level 2) |                  | SignificantUnobservableInputs(Level 3) |                  | Total             |
| Investments at Fair Value           |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Private Portfolio Companies         |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Preferred Stock                     | $                                                                    | —     |                                                 |                  | $                                           | —     |                   |  | $ | 163,801,798  |  |  | $ | 163,801,798  |  |
| Common Stock                        | —                                                         |                  |                                                 | —     |                                             |                  | 42,860,156   |  |   | 42,860,156   |  |
| Debt Investments                    | —                                                         |                  |                                                 | —     |                                             |                  | 3,011,438    |  |   | 3,011,438    |  |
| Options                             | —                                                         |                  |                                                 | —     |                                             |                  | 4,959,112    |  |   | 4,959,112    |  |
| Private Portfolio Companies         | —                                                         |                  |                                                 | —     |                                             |                  | 214,632,504  |  |   | 214,632,504  |  |
| Publicly Traded Portfolio Companies |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Common Stock                        | 16,970,411                                                      |                  |                                                 | 27,602,814  |                                             |                  | —      |  |   | 44,573,225   |  |
| Options                             | —                                                         |                  |                                                 | 930,524     |                                             |                  | —      |  |   | 930,524      |  |
| Publicly Traded Portfolio Companies | 16,970,411                                                      |                  |                                                 | 28,533,338  |                                             |                  | —      |  |   | 45,503,749   |  |
| Total Portfolio Investments         | 16,970,411                                                      |                  |                                                 | 28,533,338  |                                             |                  | 214,632,504  |  |   | 260,136,253  |  |
|                                     |                                                                      |                  |                                                 |                  |                                             |                  |                   |
|                                     |                                                                      |                  |                                                 |                  |                                             |                  |                   |
| Total Investments at Fair Value     | $                                                                    | 16,970,411  |                                                 |                  | $                                           | 28,533,338  |                   |  | $ | 214,632,504  |  |  | $ | 260,136,253  |  |

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TABLE OF CONTENTS

|                                      |                   |                                    |                            |                            |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|-------------------|------------------------------------|----------------------------|----------------------------|--|--|--|--|--|--|--|--|--|--|
| Asset                                | Fair Value        | ValuationApproach/Technique(1) | Unobservable Inputs(2)     | Range(Weighted Average)(3) |
| Common stock in private companies    | $28,996,104       | Market approach                    | Revenue multiples          | 1.49x - 6.82x (3.20x)      |
| Discounted cash flow                 | Discount rate     | 15.0% (15.0%)                      |
|                                      |                   |                                    |
| PWERM(5)                             | AFFO(4) multiple  | 19.4 -23.1x (21.3x)                |
|                                      |                   |                                    |
| Preferred stock in private companies | $147,645,693      | Market approach                    | Revenue multiples          | 0.35x - 6.82x (3.33x)      |
| Discounted cash flow                 | Discount rate     | 15.0% (15.0%)                      |
|                                      |                   |
| PWERM(5)                             | Revenue multiples | 0.87x - 6.82x (2.65x)              |
| DLOM(6)                              | 10.0% (10.0%)     |
| Financing Risk                       | 10.0% (10.0%)     |
| Debt investments                     | $2,761,438        | Market approach                    | Revenue multiples          | 1.40x - 5.46x (4.41x)      |
|                                      |                   |                                    |
| Options                              | $4,671,293        | Option pricing model               | Term to expiration (Years) | 0.42 - 6.36 (2.83)         |
| Volatility                           | 38% - 69% (38%)   |
| Discounted cash flow                 | Discount Rate     | 15.0% (15.0%)                      |

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TABLE OF CONTENTS

|                                      |                         |                                    |                            |                            |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|-------------------------|------------------------------------|----------------------------|----------------------------|--|--|--|--|--|--|--|--|--|--|
| Asset                                | Fair Value              | ValuationApproach/Technique(1) | Unobservable Inputs(2)     | Range(Weighted Average)(3) |
| Common stock in private companies    | $42,860,156             | Market approach                    | Revenue multiples          | 1.80x - 9.62x (6.00x)      |
| Discounted cash flow                 | Discount rate           | 15.0% (15.0%)                      |
| PWERM(5)                             | DLOM(6)                 | 10.0% (10.0%)                      |
| AFFO(4) multiple                     | 23.03 - 36.28x (23.03x) |
| Financing Risk                       | 10.0% (10.0%)           |
| Preferred stock in private companies | $163,801,798            | Market approach                    | Revenue multiples          | 0.53x - 9.62x (6.63x)      |
| Discounted cash flow                 | Discount rate           | 15.0% (15.0%)                      |
|                                      |                         |
| PWERM(5)                             | Revenue multiples       | 1.05x - 9.62x (3.04x)              |
| DLOM(6)                              | 10.0% (10.0%)           |
| Financing Risk                       | 10.0% (10.0%)           |
| Debt investments                     | $3,011,438              | Market approach                    | Revenue multiples          | 1.74x - 2.91x (1.95x)      |
|                                      |                         |                                    |
| Options                              | $4,959,112              | Option pricing model               | Term to expiration (Years) | 0.17 - 6.61 (3.08)         |
| Volatility                           | 37.7% - 56.5% (37.7%)   |
| Discounted cash flow                 | Discount Rate           | 15.0% (15.0%)                      |

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TABLE OF CONTENTS

|                                                                                                                  |                                   |                  |                |               |                 |                   |               |  |       |                 |  |  |              |                 |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------|-----------------------------------|------------------|----------------|---------------|-----------------|-------------------|---------------|--|-------|-----------------|--|--|--------------|-----------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                  | Three Months Ended March 31, 2022 |
|                                                                                                                  | CommonStock                       |                  | PreferredStock |               | DebtInvestments |                   | Options       |  | Total |
| Assets:                                                                                                      |                                   |                  |                |               |                 |                   |               |  |       |
| Fair Value as of December 31, 2021                                                                               | $                                 | 42,860,156  |                |               | $               | 163,801,798  |               |  | $     | 3,011,438  |  |  | $            | 4,959,112  |  |  | $ | 214,632,504  |  |
| Transfers out of Level 3(1)                                                                                 | (6,918,251)                       |                  |                | (1,775,506)   |                 |                   | —  |  |       | (48,639)        |  |  | (8,742,396)  |                 |
|                                                                                                                  |                                   |                  |                |               |                 |                   |               |  |       |
| Sales/Maturity of investments                                                                                | —                      |                  |                | —  |                 |                   | (250,000)     |  |       | —    |  |  | (250,000)    |                 |
|                                                                                                                  |                                   |                  |                |               |                 |                   |               |  |       |
|                                                                                                                  |                                   |                  |                |               |                 |                   |               |  |       |
|                                                                                                                  |                                   |                  |                |               |                 |                   |               |  |       |
| Net change in unrealized appreciation/(depreciation) included in earnings                                    | (6,945,801)                       |                  |                | (14,380,599)  |                 |                   | —  |  |       | (239,180)       |  |  | (21,565,580) |                 |
| Fair Value as of March 31, 2022                                                                                  | $                                 | 28,996,104  |                |               | $               | 147,645,693  |               |  | $     | 2,761,438  |  |  | $            | 4,671,293  |  |  | $ | 184,074,528  |  |
| Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2022 | $                                 | 2,566,504   |                |               | $               | (11,939,349)      |               |  | $     | —    |  |  | $            | 80,655     |  |  | $ | (9,292,190)       |  |

|                    |  |                                                                                                                                 |  |                                                                                                                |  |  |  |  |  |  |  |  |  |  |
|--------------------|--|---------------------------------------------------------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company  |  | Conversion from                                                                                                                 |  | Conversion to                                                                                                  |
|                    |  |                                                                                                                                 |  |                                                                                                                |
| Forge Global, Inc. |  | Common Shares, Class AAJunior Preferred SharesJunior Preferred Warrants, Strike Price $12.42, Expiration Date 11/9/2025 |  | Public Common shares (Level 2)Common warrants, Strike Price $3.98, Expiration Date 11/9/2025 (Level 2) |
|                    |  |                                                                                                                                 |  |                                                                                                                |
|                    |  |                                                                                                                                 |  |                                                                                                                |
|                    |  |                                                                                                                                 |  |                                                                                                                |
|                    |  |                                                                                                                                 |  |                                                                                                                |
|                    |  |                                                                                                                                 |  |                                                                                                                |
|                    |  |                                                                                                                                 |  |                                                                                                                |
|                    |  |                                                                                                                                 |  |                                                                                                                |

|                                                                                                                     |                              |                  |                |                   |                 |                   |                 |  |       |                 |  |  |                   |                 |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------|------------------------------|------------------|----------------|-------------------|-----------------|-------------------|-----------------|--|-------|-----------------|--|--|-------------------|-----------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                     | Year Ended December 31, 2021 |
|                                                                                                                     | CommonStock                  |                  | PreferredStock |                   | DebtInvestments |                   | Options         |  | Total |
| Assets:                                                                                                         |                              |                  |                |                   |                 |                   |                 |  |       |
| Fair Value as of December 31, 2020                                                                                  | $                            | 34,190,839  |                |                   | $               | 141,235,987  |                 |  | $     | 4,845,340  |  |  | $                 | 5,872,210  |  |  | $ | 186,144,376  |  |
| Transfers out of Level 3(1)                                                                                    | (31,652,675)                 |                  |                | (155,414,652)     |                 |                   | (5,211,120)     |  |       | (1,619,463)     |  |  | (193,897,910)     |                 |
| Purchases, capitalized fees and interest                                                                            | 36,154,823              |                  |                | 43,239,463   |                 |                   | —    |  |       | 2,321,752  |  |  | 81,716,038   |                 |
| Sales/Maturity of investments                                                                                   | (61,675)                     |                  |                | (10,646,457)      |                 |                   | (2,344,979)     |  |       | —    |  |  | (13,053,111)      |                 |
|                                                                                                                     |                              |                  |                |                   |                 |                   |                 |  |       |
|                                                                                                                     |                              |                  |                |                   |                 |                   |                 |  |       |
| Realized gains/(losses)                                                                                         | 204,195                 |                  |                | 5,551,864    |                 |                   | 88,788     |  |       | (103,655)       |  |  | 5,741,192    |                 |
| Net change in unrealized appreciation/(depreciation) included in earnings                                       | 4,024,649               |                  |                | 139,835,593  |                 |                   | 5,633,409  |  |       | (1,511,732)     |  |  | 147,981,919  |                 |
| Fair Value as of December 31, 2021                                                                                  | $                            | 42,860,156  |                |                   | $               | 163,801,798  |                 |  | $     | 3,011,438  |  |  | $                 | 4,959,112  |  |  | $ | 214,632,504  |  |
| Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2021 | $                            | 6,117,069   |                |                   | $               | 46,943,434   |                 |  | $     | —    |  |  | $                 | (586,899)       |  |  | $ | 52,473,604   |  |

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TABLE OF CONTENTS

|                                                                               |  |                                                                                                                 |  |                                                  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------|--|--------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                             |  | Conversion from                                                                                                 |  | Conversion to                                    |
|                                                                               |  |                                                                                                                 |  |                                                  |
| Coursera, Inc.                                                                |  | Preferred shares, Series F 8%Preferred shares, Series B 8%                                                      |  | Public Common shares (Level 2)                   |
| Churchill Capital Corp. II                                                    |  | Common shares, Class A                                                                                          |  | Skillsoft Corp. Public Common shares (Level 2)   |
| NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) |  | Common shares                                                                                                   |  | Public Common shares (Level 2)                   |
| A Place for Rover, Inc. (f/k/a DogVacay, Inc.)                        |  | Common shares                                                                                                   |  | Rover Group, Inc. Public Common shares (Level 2) |
| Enjoy Technology, Inc.                                                        |  | Preferred shares, Series B 6%Preferred shares, Series A 6%Convertible Promissory Note 14% Due 1/30/2024 |  | Public Common shares (Level 2)                   |
| Nextdoor Holdings, Inc.                                                       |  | Common shares                                                                                                   |  | Public Common shares (Level 2)                   |
| Rent the Runway, Inc.                                                         |  | Preferred shares, Series G                                                                                      |  | Public Common shares (Level 2)                   |
|                                                                               |  |                                                                                                                 |  |                                                  |

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TABLE OF CONTENTS

|                                                                                                       |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |               |               |               |                  |                 |                  |            |               |               |   |   |                  |                 |  |            |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------|--|------------------------|------------------|-----------------------------------------------|---------------|---------------------------------|------------------|------------------------|------------------|-----------------|-----------------------------------------------------|---------------|---------------|---------------|----------------------------|---------------|------------------------------|---------------|------------------------------|---------------|------------------------|---------------|---------------|---------------|---------------|------------------|-----------------|------------------|------------|---------------|---------------|---|---|------------------|-----------------|--|------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type/Industry/Portfolio Company/Investment                                                |  | Principal/Quantity |                  | Interest, Fees, orDividends Creditedin Income |               | Fair Value at December 31, 2021 |                  | Transfer In/ (Out) |                  |                 | Purchases,Capitalized Fees,Interest andAmortization |               | Sales         |               | RealizedGains/(Losses) |               | UnrealizedGains/(Losses) |               | Fair Value at March 31, 2022 |               | Percentageof NetAssets |               |
| CONTROLLED INVESTMENTS*(2)                                                                            |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| Options                                                                                               |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| Special Purpose Acquisition Company                                                                   |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| Colombier Sponsor LLC**–Class W Units(7)                                                        |  | 2,700,000         |                  |                                               | $             | —                    |                  |                        | $                | 1,157,487  |                                                     |               | $             | —  |                            |               |                              | $             | —                 |               |                        | $             | —  |               |               | $                | —    |                  |            | $             | —  |   |   | $                | 1,157,487  |  |            | 0.30  | % |  |
| Total Options                                                                                         |  |                        |                  | —                                  |               |                                 | 1,157,487   |                        |                  | —    |                                                     |               |               | —  |                            |               | —                 |               |                              | —  |                        |               | —  |               |               | 1,157,487   |                 |                  | 0.30  | %             |               |
| Preferred Stock                                                                                       |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| Clean Technology                                                                                      |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A(4) |  | 14,300,000        |                  |                                               | —  |                                 |                  | 1,047,033         |                  |                 | —                                        |               |               |               | —               |               |                              | —  |                              |               | —           |               |               | 130,000  |               |                  | 1,177,033  |                  |            | 0.31     | %             |   |
| Total Preferred Stock                                                                                 |  |                        |                  | —                                  |               |                                 | 1,047,033   |                        |                  | —    |                                                     |               |               | —  |                            |               | —                 |               |                              | —  |                        |               | 130,000  |               |               | 1,177,033   |                 |                  | 0.31  | %             |               |
| Common Stock                                                                                          |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| Clean Technology                                                                                      |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares                     |  | 100,000           |                  |                                               | —  |                                 |                  | —           |                  |                 | —                                        |               |               |               | —               |               |                              | —  |                              |               | —           |               |               | —  |               |                  | —    |                  |            | —  | %             |   |
| Mobile Finance Technology                                                                             |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV***(7)                    |  | $                      | 10,000,000  |                                               |               | 290,000                    |                  |                        | —     |                 |                                                     | —  |               |               |                            | —  |                              |               | —                 |               |                        | —  |               |               | —  |                  |                 | 10,000,000  |            |               | 2.63     | % |   |
| Special Purpose Acquisition Company                                                                   |  |                        |                  |                                               |               |                                 |                  |                        |                  |                 |                                                     |               |               |               |                            |               |                              |               |                              |               |                        |               |
| Colombier Sponsor LLC**–Class B Units(7)                                                        |  | 1,976,033         |                  |                                               | —  |                                 |                  | 1,554,354         |                  |                 | —                                        |               |               |               | —               |               |                              | —  |                              |               | —           |               |               | —  |               |                  | 1,554,354  |                  |            | 0.41     | %             |   |
| Total Common Stock                                                                                    |  |                        |                  | 290,000                                  |               |                                 | 11,554,354  |                        |                  | —    |                                                     |               |               | —  |                            |               | —                 |               |                              | —  |                        |               | —  |               |               | 11,554,354  |                 |                  | 3.04  | %             |               |
| TOTAL CONTROLLED INVESTMENTS*(2)                                                                      |  |                        |                  | $                                             | 290,000  |                                 |                  | $                      | 13,758,874  |                 |                                                     | $             | —  |               |                            |               | $                            | —  |                              |               | $                      | —  |               |               | $             | —     |                 |                  | $          | 130,000  |               |   | $ | 13,888,874  |                 |  | 3.65  | %          |   |

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TABLE OF CONTENTS

|                                                                                                                 |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |               |               |  |                  |                 |               |               |               |   |               |  |  |   |               |  |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--|------------------------|-----------------|-----------------------------------------------|---------------|---------------------------------|------------------|------------------------|--|---------------|-----------------------------------------------------|--|-------|---------------|----------------------------|--|------------------------------|---------------|------------------------------|---------------|------------------------|--|---------------|---------------|--|------------------|-----------------|---------------|---------------|---------------|---|---------------|--|--|---|---------------|--|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type/Industry/Portfolio Company/Investment                                                          |  | Principal/Quantity |                 | Interest, Fees, orDividends Creditedin Income |               | Fair Value at December 31, 2021 |                  | Transfer In/ (Out) |  |               | Purchases,Capitalized Fees,Interest andAmortization |  | Sales |               | RealizedGains/(Losses) |  | UnrealizedGains/(Losses) |               | Fair Value at March 31, 2022 |               | Percentageof NetAssets |  |
| NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                                    |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |
| Debt Investments                                                                                                |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |
| Global Innovation Platform                                                                                      |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8% Due 8/23/2024(3)(6) |  | $                      | 1,010,198  |                                               |               | $                               | —     |                        |  | $             | 505,099                                        |  |       | $             | —               |  |                              |               | $                            | —  |                        |  | $             | —  |  |                  | $               | —  |               |               | $ | —  |  |  | $ | 505,099  |  |  | 0.13  | % |  |
| Total Debt Investments                                                                                          |  |                        |                 | —                                  |               |                                 | 505,099     |                        |  | —  |                                                     |  |       | —  |                            |  | —                 |               |                              | —  |                        |  | —  |               |  | 505,099     |                 |               | 0.13     | %             |   |
| Preferred Stock                                                                                                 |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |
| Knowledge Networks                                                                                              |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |
| Maven Research, Inc.–Preferred shares, Series C                                                      |  | 318,979           |                 |                                               | —  |                                 |                  | —           |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | —  |  |                  | —    |               |               | —  | % |               |
| Maven Research, Inc.–Preferred shares, Series B                                                      |  | 49,505            |                 |                                               | —  |                                 |                  | —           |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | —  |  |                  | —    |               |               | —  | % |               |
| Total Knowledge Networks                                                                                        |  |                        |                 | —                                  |               |                                 | —     |                        |  | —  |                                                     |  |       | —  |                            |  | —                 |               |                              | —  |                        |  | —  |               |  | —     |                 |               | —  | %             |   |
| Digital Media Platform                                                                                          |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |
| OzyMedia, Inc.–Preferred shares, Series C-2 6%                                                       |  | 683,482           |                 |                                               | —  |                                 |                  | —           |  |               | —                                        |  |       |               | —               |  |                              |               |                              | —  |                        |  | —  |               |  | —     |                 |               | —  | %             |   |
| OzyMedia, Inc.–Preferred shares, Series B 6%                                                         |  | 922,509           |                 |                                               | —  |                                 |                  | —           |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | —  |  |                  | —    |               |               | —  | % |               |
| OzyMedia, Inc.–Preferred shares, Series A 6%                                                         |  | 1,090,909         |                 |                                               | —  |                                 |                  | —           |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | —  |  |                  | —    |               |               | —  | % |               |
| OzyMedia, Inc.–Preferred shares, Series Seed 6%                                                      |  | 500,000           |                 |                                               | —  |                                 |                  | —           |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | —  |  |                  | —    |               |               | —  | % |               |
| Total Digital Media Platform                                                                                    |  |                        |                 | —                                  |               |                                 | —     |                        |  | —  |                                                     |  |       | —  |                            |  | —                 |               |                              | —  |                        |  | —  |               |  | —     |                 |               | —  | %             |   |
| Interactive Learning                                                                                            |  |                        |                 |                                               |               |                                 |                  |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                              |               |                        |  |
| StormWind, LLC–Preferred shares, Series D 8%(5)                                                      |  | 329,337           |                 |                                               | —  |                                 |                  | 621,093           |  |               | —                                        |  |       |               | —               |  |                              |               |                              | —  |                        |  | (17,243)      |               |  | 603,850     |                 |               | 0.16     | %             |   |
| StormWind, LLC–Preferred shares, Series C 8%(5)                                                      |  | 2,779,134         |                 |                                               | —  |                                 |                  | 6,496,729         |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | (161,611)     |  |                  | 6,335,118  |               |               | 1.66     | % |               |
| StormWind, LLC–Preferred shares, Series B 8%(5)                                                      |  | 3,279,629         |                 |                                               | —  |                                 |                  | 4,423,607         |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | (171,707)     |  |                  | 4,251,900  |               |               | 1.12     | % |               |
| StormWind, LLC–Preferred shares, Series A 8%(5)                                                      |  | 366,666           |                 |                                               | —  |                                 |                  | 289,293           |  |               | —                                        |  |       |               | —               |  |                              | —  |                              |               | —           |  |               | (19,197)      |  |                  | 270,096    |               |               | 0.07     | % |               |
| Total Interactive Learning                                                                                      |  |                        |                 | —                                  |               |                                 | 11,830,722  |                        |  | —  |                                                     |  |       | —  |                            |  | —                 |               |                              | —  |                        |  | (369,758)     |               |  | 11,460,964  |                 |               | 3.01     | %             |   |
| Total Preferred Stock                                                                                           |  |                        |                 | —                                  |               |                                 | 11,830,722  |                        |  | —  |                                                     |  |       | —  |                            |  | —                 |               |                              | —  |                        |  | (369,758)     |               |  | 11,460,964  |                 |               | 3.01     | %             |   |

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TABLE OF CONTENTS

|                                                                                                                                             |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |               |               |                 |                 |                 |            |               |               |               |  |   |                  |               |  |            |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------|--|------------------------|--|-----------------------------------------------|---------------|---------------------------------|-----------------|------------------------|------------------|---------------|-----------------------------------------------------|---|---------------|---------------|----------------------------|--|------------------------------|---------------|------------------------------|---------------|------------------------|---------------|---------------|---------------|-----------------|-----------------|-----------------|------------|---------------|---------------|---------------|--|---|------------------|---------------|--|------------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type/Industry/Portfolio Company/Investment                                                                                      |  | Principal/Quantity |  | Interest, Fees, orDividends Creditedin Income |               | Fair Value at December 31, 2021 |                 | Transfer In/ (Out) |                  |               | Purchases,Capitalized Fees,Interest andAmortization |   | Sales         |               | RealizedGains/(Losses) |  | UnrealizedGains/(Losses) |               | Fair Value at March 31, 2022 |               | Percentageof NetAssets |               |
| Options                                                                                                                                     |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |
| Digital Media Platform                                                                                                                      |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |
| Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028                                                 |  | 295,565           |  |                                               | $             | —                    |                 |                        | $                | —  |                                                     |   | $             | —  |                            |  |                              | $             | —                 |               |                        | $             | —  |               |                 | $               | —    |            |               | $             | —  |  |   | $                | —  |  |            | —  | % |  |
| Global Innovation Platform                                                                                                                  |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022  |  | 125,000           |  |                                               | —  |                                 |                 | —           |                  |               | —                                        |   |               |               | —               |  |                              | —  |                              |               | —           |               |               | —  |                 |                 | —    |            |               | —  | %             |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023 |  | 250,000           |  |                                               | —  |                                 |                 | 5,000             |                  |               | —                                        |   |               |               | —               |  |                              | —  |                              |               | —           |               |               | —  |                 |                 | 5,000      |            |               | 0.00     | %             |  |
| Derivative Security, Expiration Date 8/23/2024(6)                                                                                   |  | 1                 |  |                                               | —  |                                 |                 | 2,268,268         |                  |               | —                                        |   |               |               | —               |  |                              | —  |                              |               | —           |               |               | 80,655   |                 |                 | 2,348,923  |            |               | 0.62     | %             |  |
| Total Global Innovation Platform                                                                                                            |  |                        |  | —                                  |               |                                 | 2,273,268  |                        |                  | —  |                                                     |   |               | —  |                            |  |                              |               | —                 |               |                        | 80,655   |               |               | 2,353,923  |                 |                 | 0.62  | %             |               |
| Total Options                                                                                                                               |  |                        |  | —                                  |               |                                 | 2,273,268  |                        |                  | —  |                                                     |   |               | —  |                            |  | —                 |               |                              | —  |                        |               | 80,655   |               |                 | 2,353,923  |                 |            | 0.62     | %             |               |
| Common Stock                                                                                                                                |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |
| Online Education                                                                                                                            |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |
| Curious.com, Inc.–Common shares                                                                                                       |  | 1,135,944         |  |                                               | —  |                                 |                 | —           |                  |               | —                                        |   |               |               | —               |  |                              | —  |                              |               | —           |               |               | —  |                 |                 | —    |            |               | —  | %             |  |
|                                                                                                                                             |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |
|                                                                                                                                             |  |                        |  |                                               |               |                                 |                 |                        |                  |               |                                                     |   |               |               |                            |  |                              |               |                              |               |                        |               |
| Total Common Stock                                                                                                                          |  |                        |  | —                                  |               |                                 | —    |                        |                  | —  |                                                     |   |               | —  |                            |  | —                 |               |                              | —  |                        |               | —  |               |                 | —    |                 |            | —  | %             |               |
| TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                                                          |  |                        |  | $                                             | —  |                                 |                 | $                      | 14,609,089  |               |                                                     | $ | —  |               |                            |  | $                            | —  |                              |               | $                      | —  |               |               | $               | —    |                 |            | $             | (289,103)     |               |  | $ | 14,319,986  |               |  | 3.76  | %             |   |

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TABLE OF CONTENTS

|                                                                                                                |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |               |               |         |                  |                 |                  |            |               |            |               |   |                  |                 |               |            |            |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------|--|------------------------|------------------|-----------------------------------------------|---------------|---------------------------------|---------------|------------------------|---------------|---------------|-----------------------------------------------------|---------------|---------------|------------------|----------------------------|------------------|------------------------------|------------------|---------------------------------|---------------|------------------------|---------------|---------------|---------------|---------|------------------|-----------------|------------------|------------|---------------|------------|---------------|---|------------------|-----------------|---------------|------------|------------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type/Industry/Portfolio Company/Investment                                                         |  | Principal/Quantity |                  | Interest, Fees, orDividends Creditedin Income |               | Fair Value at December 31, 2020 |               | Transfer In/ (Out) |               |               | Purchases,Capitalized Fees,Interest andAmortization |               | Sales         |                  | RealizedGains/(Losses) |                  | UnrealizedGains/(Losses) |                  | Fair Value at December 31, 2021 |               | Percentageof NetAssets |               |
| CONTROLLED INVESTMENTS*(2)                                                                                     |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Options                                                                                                        |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Special Purpose Acquisition Company                                                                            |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Colombier Sponsor LLC**–Class W Units(9)                                                                 |  | 2,700,000         |                  |                                               | $             | —                    |               |                        | $             | —  |                                                     |               | $             | —     |                            |                  |                              | $                | 1,159,150                  |               |                        | $             | —  |               |         | $                | —    |                  |            | $             | (1,663)    |               |   | $                | 1,157,487  |               |            | 0.32  | %             |   |
| Total Options                                                                                                  |  |                        |                  | —                                  |               |                                 | —  |                        |               | —  |                                                     |               |               | 1,159,150   |                            |                  | —                 |                  |                                 | —  |                        |               | (1,663)       |               |         | 1,157,487   |                 |                  | 0.32  | %             |            |
| Preferred Stock                                                                                                |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Clean Technology                                                                                               |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A(4)          |  | 14,300,000        |                  |                                               | —  |                                 |               | 809,198           |               |               | —                                        |               |               |                  | —               |                  |                              | —     |                                 |               | —           |               |               | 237,835  |         |                  | 1,047,033  |                  |            | 0.29     | %          |               |
| Total Preferred Stock                                                                                          |  |                        |                  | —                                  |               |                                 | 809,198  |                        |               | —  |                                                     |               |               | —     |                            |                  | —                 |                  |                                 | —  |                        |               | 237,835  |               |         | 1,047,033   |                 |                  | 0.29  | %             |            |
| Common Stock                                                                                                   |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Clean Technology                                                                                               |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares                              |  | 100,000           |                  |                                               | —  |                                 |               | —           |               |               | —                                        |               |               |                  | —               |                  |                              | —     |                                 |               | —           |               |               | —  |         |                  | —    |                  |            | —  | %          |               |
| Mobile Finance Technology                                                                                      |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Architect Capital PayJoy SPV, LLC**–Membership Interest in Lending SPV***(7)                             |  | $                      | 10,000,000  |                                               |               | 390,000                    |               |                        | —  |               |                                                     | —  |               |                  |                            | 10,006,745  |                              |                  | —                    |               |                        | —  |               |               | (6,745) |                  |                 | 10,000,000  |            |               | 2.74  | %             |   |
| Special Purpose Acquisition Company                                                                            |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Colombier Sponsor LLC**–Class B Units(9)                                                                 |  | 1,976,033         |                  |                                               | —  |                                 |               | —           |               |               | —                                        |               |               |                  | 1,556,587             |                  |                              | —     |                                 |               | —           |               |               | (2,233)       |         |                  | 1,554,354  |                  |            | 0.43     | %          |               |
| Total Common Stock                                                                                             |  |                        |                  | 390,000                                  |               |                                 | —  |                        |               | —  |                                                     |               |               | 11,563,332  |                            |                  | —                 |                  |                                 | —  |                        |               | (8,978)       |               |         | 11,554,354  |                 |                  | 3.17  | %             |            |
| TOTAL CONTROLLED INVESTMENTS*(2)                                                                               |  |                        |                  | $                                             | 390,000  |                                 |               | $                      | 809,198  |               |                                                     | $             | —  |                  |                            |                  | $                            | 12,722,482  |                                 |               | $                      | —  |               |               | $       | —     |                 |                  | $          | 227,194  |            |               | $ | 13,758,874  |                 |               | 3.78  | %          |               |
| NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                                   |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Debt Investments                                                                                               |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| Corporate Education                                                                                            |  |                        |                  |                                               |               |                                 |               |                        |               |               |                                                     |               |               |                  |                            |                  |                              |                  |                                 |               |                        |               |
| CUX, Inc. (d/b/a CorpU)–Senior Subordinated Convertible Promissory Note 4% Due 2/14/2023 |  | $                      | —     |                                               |               | $                               | —  |                        |               | $             | 312,790                                        |               |               | $                | —               |                  |                              |                  | $                               | —  |                        |               | $             | (1,344,981)   |         |                  | $               | 88,789      |            |               | $          | 943,402  |   |                  | $               | —  |            |            | —  | % |  |

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TABLE OF CONTENTS

|                                                                                                                 |  |                        |                 |                                               |               |                                 |                 |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |  |                 |                 |  |               |                 |               |               |               |   |               |  |  |   |               |  |  |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--|------------------------|-----------------|-----------------------------------------------|---------------|---------------------------------|-----------------|------------------------|--|---------------|-----------------------------------------------------|--|-------|---------------|----------------------------|--|------------------------------|---------------|---------------------------------|-----------------|------------------------|--|-----------------|-----------------|--|---------------|-----------------|---------------|---------------|---------------|---|---------------|--|--|---|---------------|--|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type/Industry/Portfolio Company/Investment                                                          |  | Principal/Quantity |                 | Interest, Fees, orDividends Creditedin Income |               | Fair Value at December 31, 2020 |                 | Transfer In/ (Out) |  |               | Purchases,Capitalized Fees,Interest andAmortization |  | Sales |               | RealizedGains/(Losses) |  | UnrealizedGains/(Losses) |               | Fair Value at December 31, 2021 |                 | Percentageof NetAssets |  |
| Global Innovation Platform                                                                                      |  |                        |                 |                                               |               |                                 |                 |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8% Due 8/23/2024(3)(6) |  | $                      | 1,010,198  |                                               |               | $                               | —    |                        |  | $             | 505,099                                        |  |       | $             | —               |  |                              |               | $                               | —    |                        |  | $               | —    |  |               | $               | —  |               |               | $ | —  |  |  | $ | 505,099  |  |  | 0.14  | % |  |
| Total Debt Investments                                                                                          |  |                        |                 | —                                  |               |                                 | 817,889    |                        |  | —  |                                                     |  |       | —  |                            |  | (1,344,981)                  |               |                                 | 88,789     |                        |  | 943,402    |                 |  | 505,099  |                 |               | 0.14     | %             |   |
| Preferred Stock                                                                                                 |  |                        |                 |                                               |               |                                 |                 |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |  |
| Corporate Education                                                                                             |  |                        |                 |                                               |               |                                 |                 |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |  |
| CUX, Inc. (d/b/a CorpU)–Convertible preferred shares, Series D 6%                            |  | —           |                 |                                               | —  |                                 |                 | 73,882            |  |               | —                                        |  |       |               | —               |  |                              | (1,159,243)   |                                 |                 | 380,636           |  |                 | 704,725    |  |               | —    |               |               | —  | % |               |
| CUX, Inc. (d/b/a CorpU) -Convertible preferred shares, Series C 8%                                 |  | —           |                 |                                               | —  |                                 |                 | —           |  |               | —                                        |  |       |               | —               |  |                              | (3,504,871)   |                                 |                 | 1,498,794         |  |                 | 2,006,077  |  |               | —    |               |               | —  | % |               |
| Total Corporate Education                                                                                       |  |                        |                 | —                                  |               |                                 | 73,882     |                        |  | —  |                                                     |  |       | —  |                            |  | (4,664,114)                  |               |                                 | 1,879,430  |                        |  | 2,710,802  |                 |  | —  |                 |               | —  | %             |   |
| Knowledge Networks                                                                                              |  |                        |                 |                                               |               |                                 |                 |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |  |
| Maven Research, Inc.–Preferred shares, Series C                                                      |  | 318,979           |                 |                                               | —  |                                 |                 | —           |  |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |  |                 | —    |  |               | —    |               |               | —  | % |               |
| Maven Research, Inc.–Preferred shares, Series B                                                      |  | 49,505            |                 |                                               | —  |                                 |                 | —           |  |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |  |                 | —    |  |               | —    |               |               | —  | % |               |
| Total Knowledge Networks                                                                                        |  |                        |                 | —                                  |               |                                 | —    |                        |  | —  |                                                     |  |       | —  |                            |  | —                 |               |                                 | —    |                        |  | —    |                 |  | —  |                 |               | —  | %             |   |
| Digital Media Platform                                                                                          |  |                        |                 |                                               |               |                                 |                 |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |  |
| OzyMedia, Inc.–Preferred shares, Series C-2 6%                                                       |  | 683,482           |                 |                                               | —  |                                 |                 | 1,865,547         |  |               | —                                        |  |       |               | —               |  |                              |               |                                 | —    |                        |  | (1,865,547)     |                 |  | —  |                 |               | —  | %             |   |
| OzyMedia, Inc.–Preferred shares, Series B 6%                                                         |  | 922,509           |                 |                                               | —  |                                 |                 | 3,350,952         |  |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |  |                 | (3,350,952)     |  |               | —    |               |               | —  | % |               |
| OzyMedia, Inc.–Preferred shares, Series A 6%                                                         |  | 1,090,909         |                 |                                               | —  |                                 |                 | 2,824,679         |  |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |  |                 | (2,824,679)     |  |               | —    |               |               | —  | % |               |
| OzyMedia, Inc.–Preferred shares, Series Seed 6%                                                      |  | 500,000           |                 |                                               | —  |                                 |                 | 1,294,645         |  |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |  |                 | (1,294,645)     |  |               | —    |               |               | —  | % |               |
| Total Digital Media Platform                                                                                    |  |                        |                 | —                                  |               |                                 | 9,335,823  |                        |  | —  |                                                     |  |       | —  |                            |  | —                 |               |                                 | —    |                        |  | (9,335,823)     |                 |  | —  |                 |               | —  | %             |   |
| Interactive Learning                                                                                            |  |                        |                 |                                               |               |                                 |                 |                        |  |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |  |
| StormWind, LLC–Preferred shares, Series D 8%(5)                                                      |  | 329,337           |                 |                                               | —  |                                 |                 | 440,515           |  |               | —                                        |  |       |               | —               |  |                              |               |                                 | —    |                        |  | 180,578    |                 |  | 621,093  |                 |               | 0.17     | %             |   |
| StormWind, LLC–Preferred shares, Series C 8%(5)                                                      |  | 2,779,134         |                 |                                               | —  |                                 |                 | 4,804,218         |  |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |  |                 | 1,692,511  |  |               | 6,496,729  |               |               | 1.78     | % |               |
| StormWind, LLC–Preferred shares, Series B 8%(5)                                                      |  | 3,279,629         |                 |                                               | —  |                                 |                 | 2,625,365         |  |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |  |                 | 1,798,242  |  |               | 4,423,607  |               |               | 1.21     | % |               |

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TABLE OF CONTENTS

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|----------------------------------------------------------------------------------------------------------------------------------------------|--|------------------------|--|-----------------------------------------------|---------------|---------------------------------|------------------|------------------------|---|---------------|-----------------------------------------------------|--|-------|---------------|----------------------------|--|------------------------------|---------------|---------------------------------|-----------------|------------------------|--------------|-----------------|---------------|-----------------|------------------|-----------------|------------|------------|---------------|---------------|--|--|---|---------------|--|--|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type/Industry/Portfolio Company/Investment                                                                                       |  | Principal/Quantity |  | Interest, Fees, orDividends Creditedin Income |               | Fair Value at December 31, 2020 |                  | Transfer In/ (Out) |   |               | Purchases,Capitalized Fees,Interest andAmortization |  | Sales |               | RealizedGains/(Losses) |  | UnrealizedGains/(Losses) |               | Fair Value at December 31, 2021 |                 | Percentageof NetAssets |              |
| StormWind, LLC–Preferred shares, Series A 8%(5)                                                                                   |  | 366,666           |  |                                               | $             | —                    |                  |                        | $ | 88,248   |                                                     |  | $     | —  |                            |  |                              | $             | —                    |                 |                        | $            | —    |               |                 | $                | —    |            |            | $             | 201,045  |  |  | $ | 289,293  |  |  | 0.08  | % |  |
| Total Interactive Learning                                                                                                                   |  |                        |  | —                                  |               |                                 | 7,958,346   |                        |   | —  |                                                     |  |       | —  |                            |  | —                 |               |                                 | —    |                        |              | 3,872,376  |               |                 | 11,830,722  |                 |            | 3.24  | %             |               |
| Total Preferred Stock                                                                                                                        |  |                        |  | —                                  |               |                                 | 17,368,051  |                        |   | —  |                                                     |  |       | —  |                            |  | (4,664,114)                  |               |                                 | 1,879,430  |                        |              | (2,752,645)     |               |                 | 11,830,722  |                 |            | 3.24  | %             |               |
| Options                                                                                                                                      |  |                        |  |                                               |               |                                 |                  |                        |   |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |              |
| Digital Media Platform                                                                                                                       |  |                        |  |                                               |               |                                 |                  |                        |   |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |              |
| Ozy Media, Inc.–Common Warrants, Strike Price $0.01, Expiration Date 4/9/2028                                                  |  | 295,565           |  |                                               | —  |                                 |                  | 762,558           |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |              |                 | (762,558)     |                 |                  | —    |            |            | —  | %             |  |
| Global Innovation Platform                                                                                                                   |  |                        |  |                                               |               |                                 |                  |                        |   |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |              |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-3 - Strike Price $1.33, Expiration  Date 4/4/2021     |  | —           |  |                                               | —  |                                 |                  | 4,687             |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |              |                 | (4,687)       |                 |                  | —    |            |            | —  | %             |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 7/18/2021 |  | —           |  |                                               | —  |                                 |                  | 27,500            |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | (74,380)               |              |                 | 46,880   |                 |                  | —    |            |            | —  | %             |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series A-4, Strike Price $1.33, Expiration Date 10/6/2021 |  | —           |  |                                               | —  |                                 |                  | 65,000            |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |              |                 | (65,000)      |                 |                  | —    |            |            | —  | %             |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 11/29/2021  |  | —           |  |                                               | —  |                                 |                  | —           |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | (29,275)               |              |                 | 29,275   |                 |                  | —    |            |            | —  | %             |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 5/29/2022   |  | 125,000           |  |                                               | —  |                                 |                  | —           |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |              |                 | —  |                 |                  | —    |            |            | —  | %             |  |
| OneValley, Inc. (f/k/a NestGSV, Inc.)–Preferred Warrant Series B, Strike Price $2.31, Expiration Date 12/31/2023  |  | 250,000           |  |                                               | —  |                                 |                  | 9,250             |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |              |                 | (4,250)       |                 |                  | 5,000      |            |            | 0.01     | %             |  |
| Derivative Security, Expiration Date 8/23/2024(6)                                                                                    |  | 1                 |  |                                               | —  |                                 |                  | 2,173,148         |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |              |                 | 95,120   |                 |                  | 2,268,268  |            |            | 0.62     | %             |  |
| Total Global Innovation Platform                                                                                                             |  |                        |  | —                                  |               |                                 | 2,279,585   |                        |   | —  |                                                     |  |       | —  |                            |  |                              |               | (103,655)                       |                 |                        | 97,338  |                 |               | 2,273,268  |                  |                 | 0.63  | %          |               |
| Total Options                                                                                                                                |  |                        |  | —                                  |               |                                 | 3,042,143   |                        |   | —  |                                                     |  |       | —  |                            |  | —                 |               |                                 | (103,655)       |                        |              | (665,220)       |               |                 | 2,273,268   |                 |            | 0.63  | %             |               |
| Common Stock                                                                                                                                 |  |                        |  |                                               |               |                                 |                  |                        |   |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |              |
| Online Education                                                                                                                             |  |                        |  |                                               |               |                                 |                  |                        |   |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |              |
| Curious.com, Inc.–Common shares                                                                                                        |  | 1,135,944         |  |                                               | —  |                                 |                  | —           |   |               | —                                        |  |       |               | —               |  |                              | —  |                                 |                 | —           |              |                 | —  |                 |                  | —    |            |            | —  | %             |  |
|                                                                                                                                              |  |                        |  |                                               |               |                                 |                  |                        |   |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |              |
| Cannabis REIT                                                                                                                                |  |                        |  |                                               |               |                                 |                  |                        |   |               |                                                     |  |       |               |                            |  |                              |               |                                 |                 |                        |              |

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|                                                                                                           |  |                        |  |                                               |               |                                 |                 |                        |                  |                 |                                                     |   |             |               |                            |  |                              |               |                                 |               |                        |             |               |  |   |                 |               |  |               |             |           |  |   |                  |               |  |            |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------|--|------------------------|--|-----------------------------------------------|---------------|---------------------------------|-----------------|------------------------|------------------|-----------------|-----------------------------------------------------|---|-------------|---------------|----------------------------|--|------------------------------|---------------|---------------------------------|---------------|------------------------|-------------|---------------|--|---|-----------------|---------------|--|---------------|-------------|-----------|--|---|------------------|---------------|--|------------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Type/Industry/Portfolio Company/Investment                                                    |  | Principal/Quantity |  | Interest, Fees, orDividends Creditedin Income |               | Fair Value at December 31, 2020 |                 | Transfer In/ (Out) |                  |                 | Purchases,Capitalized Fees,Interest andAmortization |   | Sales       |               | RealizedGains/(Losses) |  | UnrealizedGains/(Losses) |               | Fair Value at December 31, 2021 |               | Percentageof NetAssets |             |
| NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)**–Common shares***(8) |  | —           |  |                                               | $             | 102,632                    |                 |                        | $                | 8,937,690  |                                                     |   | $           | (9,009,952)   |                            |  |                              | $             | 500,319                    |               |                        | $           | —  |  |   | $               | —  |  |               | $           | (428,057) |  |   | $                | —  |  |            | —  | % |  |
|                                                                                                           |  |                        |  |                                               |               |                                 |                 |                        |                  |                 |                                                     |   |             |               |                            |  |                              |               |                                 |               |                        |             |
|                                                                                                           |  |                        |  |                                               |               |                                 |                 |                        |                  |                 |                                                     |   |             |               |                            |  |                              |               |                                 |               |                        |             |
| Total Common Stock                                                                                        |  |                        |  | 102,632                                  |               |                                 | 8,937,690  |                        |                  | (9,009,952)     |                                                     |   |             | 500,319  |                            |  | —                 |               |                                 | —  |                        |             | (428,057)     |  |   | —    |               |  | —  | %           |           |
| TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS*(1)                                                        |  |                        |  | $                                             | 102,632  |                                 |                 | $                      | 30,165,773  |                 |                                                     | $ | (9,009,952) |               |                            |  | $                            | 500,319  |                                 |               | $                      | (6,009,095) |               |  | $ | 1,864,564  |               |  | $             | (2,902,520) |           |  | $ | 14,609,089  |               |  | 4.01  | %             |   |

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|                                                                                        |  |  |                              |  |                  |                  |      |                  |   |                   |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------|--|--|------------------------------|--|------------------|------------------|------|------------------|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                        |  |  | Three Months Ended March 31, |  |                  |
|                                                                                        |  |  |                              |  | 2022             |                  | 2021 |                  |   |                   |  |  |  |
| Earnings per common share–basic:                                             |  |  |                              |  |                  |                  |      |                  |   |                   |  |  |  |
| Net change in net assets resulting from operations                                |  |  |                              |  | $                | 20,456,455  |      |                  | $ | 108,002,363  |  |  |  |  |  |  |  |
| Weighted-average common shares–basic                                             |  |  |                              |  | 31,228,046  |                  |      | 20,486,621  |   |                   |  |  |  |  |  |
| Earnings per common share–basic                                                  |  |  |                              |  | $                | 0.66        |      |                  | $ | 5.27         |  |  |  |  |  |  |  |
| Earnings per common share–diluted:                                           |  |  |                              |  |                  |                  |      |                  |   |                   |  |  |  |
| Net change in net assets resulting from operations                                |  |  |                              |  | $                | 20,456,455  |      |                  | $ | 108,002,363  |  |  |  |  |  |  |  |
|                                                                                        |  |  |                              |  |                  |                  |      |                  |   |                   |  |  |  |
| Adjustment for interest and amortization on 4.75% Convertible Senior Notes due 2023(1) |  |  |                              |  | —     |                  |      | 501,065     |   |                   |  |  |  |  |  |
| Net change in net assets resulting from operations, as adjusted                        |  |  |                              |  | $                | 20,456,455  |      |                  | $ | 108,503,428  |  |  |  |  |  |  |  |
|                                                                                        |  |  |                              |  |                  |                  |      |                  |   |                   |  |  |  |
| Adjustment for dilutive effect of 4.75% Convertible Senior Notes due 2023(1)           |  |  |                              |  | —     |                  |      | 3,636,717   |   |                   |  |  |  |  |  |
| Weighted-average common shares outstanding–diluted                               |  |  |                              |  | 31,228,046  |                  |      | 24,123,338  |   |                   |  |  |  |  |  |
| Earnings per common share–diluted                                                |  |  |                              |  | $                | 0.66        |      |                  | $ | 4.50         |  |  |  |  |  |  |  |
|                                                                                        |  |  |                              |  |                  |                  |      |                  |   |                   |  |  |  |

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|                                  |               |               |  |  |  |
|----------------------------------|---------------|---------------|--|--|--|
| For the Years Ended December 31, | Amount        |
|                                  |               |
|                                  |               |
| 2022                             | 139,692  |               |
| 2023                             | 190,750  |               |
| 2024                             | 113,603  |               |
|                                  |               |
|                                  |               |
|                                  | $             | 444,045  |  |

|                                                                                 |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------|--|------------------------------|-------------|--------------|------------------|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                 |  | Three Months Ended March 31, |             |              |                  |   |             |  |  |  |  |
|                                                                                 |  | 2022                         |             | 2021         |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Per Basic Share Data                                                            |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net asset value at beginning of the year                                        |  | $                            | 11.72  |              |                  | $ | 15.14  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment loss(1)                                                          |  | (0.14)                       |             |              | (0.14)           |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net realized gain on investments(1)                                             |  | 0.10                    |             |              | 5.47        |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net change in unrealized appreciation/(depreciation) of investments(1)      |  | 0.69                    |             |              | (0.06)           |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Dividends declared                                                              |  | (0.11)                       |             |              | (0.50)           |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of common stock from public offering(1)                                |  | 0.01                    |             |              | —     |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Issuance of common stock from conversion of 4.75% Convertible Notes due 2023(1) |  | —                 |             |              | (1.91)           |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Repurchase of common stock(1)                                                   |  | (0.06)                       |             |              | —     |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Stock-based compensation(1)                                                     |  | 0.01                    |             |              | 0.01        |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net asset value at end of period                                                |  | $                            | 12.22  |              |                  | $ | 18.01  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Per share market value at end of period                                         |  | $                            | 8.63   |              |                  | $ | 13.55  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total return based on market value(2)                                           |  | (31.72)                      | %           |              | 7.28        | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total return based on net asset value(2)                                        |  | 5.03                    | %           |              | 18.96       | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shares outstanding at end of period                                             |  | 31,164,443              |             |              | 24,205,216  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratios/Supplemental Data:                                               |  |                              |             |              |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net assets at end of period                                                     |  | $380,701,527                 |             | $435,961,621 |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Average net assets                                                              |  | $364,015,960                 |             | $312,796,110 |                  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of gross operating expenses to average net assets(3)                      |  | 5.39                    | %           |              | 4.05        | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of incentive fee waiver to average net assets                             |  | —                 | %           |              | —     | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of management fee waiver to average net assets                            |  | —                 | %           |              | —     | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of income tax provision to average net assets                             |  | —                 | %           |              | —     | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of net operating expenses to average net assets(3)                        |  | 5.39                    | %           |              | 4.05        | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of net investment loss to average net assets(3)                           |  | (4.73)                       | %           |              | (3.67)           | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Turnover Ratio                                                        |  | —                 | %           |              | 3.41        | % |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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|                                                                               |                |               |                   |               |   |                  |  |  |  |  |  |
|-------------------------------------------------------------------------------|----------------|---------------|-------------------|---------------|---|------------------|--|--|--|--|--|
|                                                                               | March 31, 2022 |               | December 31, 2021 |
| Initial aggregate principal amount of 4.75% Convertible Senior Notes due 2023 | $              | —  |                   |               | $ | 38,215,000  |  |
| Conversion of 4.75% Convertible Senior Notes due 2023                         | —   |               |                   | (37,925,000)  |   |
| Redemption of 4.75% Convertible Senior Notes due 2023                         | —   |               |                   | (290,000)     |   |
| Direct deduction of deferred debt issuance costs                              | —   |               |                   | —  |   |
| 4.75% Convertible Senior Notes due 2023 Payable                               | $              | —  |                   |               | $ | —     |  |

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|                   |  |                                |  |  |  |  |  |  |
|-------------------|--|--------------------------------|--|--|--|--|--|--|
| Input Assumptions |  | As of July 17, 2019 Grant Date |
| Term (years)      |  | 5.55                           |
| Volatility        |  | 39.47%                         |
| Risk-free rate    |  | 1.86%                          |
| Dividend yield    |  | —%                       |

|                                                        |                  |  |                                 |   |                                        |  |  |   |            |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|------------------|--|---------------------------------|---|----------------------------------------|--|--|---|------------|--|--|--|--|--|--|--|--|
|                                                        | Number of Shares |  | Weighted-Average Exercise Price |   | Weighted-Average Grant Date Fair Value |
|                                                        |                  |  |                                 |   |                                        |
|                                                        |                  |  |                                 |   |                                        |
|                                                        |                  |  |                                 |   |                                        |
|                                                        |                  |  |                                 |   |                                        |
|                                                        |                  |  |                                 |   |                                        |
| Outstanding as of December 31, 2019                    | 1,155,000   |  |                                 | $ | 6.57                              |  |  | $ | 2.57  |  |
| Vested and Exercisable as of December 31, 2019         | 385,000     |  |                                 | $ | 6.57                              |  |  | $ | 2.57  |  |
| Cancelled                                              | (1,155,000)      |  |                                 | $ | 6.57                              |  |  | $ | 2.57  |  |
| Outstanding as of March 31, 2022 and December 31, 2021 | —     |  |                                 |   |                                        |  |

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|                                     |                             |  |  |  |  |
|-------------------------------------|-----------------------------|--|--|--|--|
|                                     | Number of Restricted Shares |
| Outstanding as of December 31, 2021 | 369,298                |  |
| Granted                             | 241,827                |  |
| Vested(1)                           | (71,461)                    |  |
| Forfeited                           | (4,167)                     |  |
| Outstanding as of March 31, 2022    | 535,497                |  |
| Vested as of March 31, 2022         | 93,221                 |  |

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|                                                               |  |                   |  |               |  |                             |   |              |                 |                  |               |                 |               |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------|--|-------------------|--|---------------|--|-----------------------------|---|--------------|-----------------|------------------|---------------|-----------------|---------------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                             |  | Transaction Date  |  | Shares Sold   |  | Average Net Share Price (1) |   | Net Proceeds |                 | Realized Gain(2) |
| Rover, Inc.                                                   |  | Various           |  | 179,977  |  |                             | $ | 6.13    |                 |                  | $             | 1,103,637  |               |  | $ | 565,644  |  |
| Residential Homes for Rent, LLC (d/b/a Second Avenue) |  | 4/22/2022 |  | N/A       |  | N/A                     |   | 83,333  |                 |                  | —  |                 |
|                                                               |  |                   |  |               |  |                             |   |              |                 |                  |
|                                                               |  |                   |  |               |  |                             |   |              |                 |                  |
|                                                               |  |                   |  |               |  |                             |   |              |                 |                  |
|                                                               |  |                   |  |               |  |                             |   |              |                 |                  |
|                                                               |  |                   |  |               |  |                             |   |              |                 |                  |
|                                                               |  |                   |  |               |  |                             |   | $            | 1,186,970  |                  |               | $               | 565,644  |  |

|                          |  |                  |  |                  |  |                |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------|--|------------------|--|------------------|--|----------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company        |  | Investment       |  | Transaction Date |  | Gross Payments |
| Shogun Enterprises, Inc. |  | Convertible Note |  | 5/2/2022 |  | $              | 500,000  |  |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  |                |
|                          |  |                  |  |                  |  | $              | 500,000  |  |

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TABLE OF CONTENTS

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TABLE OF CONTENTS

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TABLE OF CONTENTS

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TABLE OF CONTENTS

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TABLE OF CONTENTS

|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |               |               |               |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|--|-------------------|--|---------|--|-----------------------------|-------------|---------------|-----------------|------------------|---------------|---------------|---------------|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                |  | Transaction Date  |  | Shares  |  | Average Net Share Price (1) |             | Net Proceeds  |                 | Realized Gain(2) |
| NewLake Capital Partners, Inc.                                   |  | Various           |  | 27,352  |  | $                           | 27.76  |               |                 | $                | 759,225  |               |               | $ | 212,073  |  |
| Rover, Inc.                                                      |  | 1/31/2022 |  | 42,744  |  | 6.52                   |             |               | 278,497    |                  |               | 150,725  |               |
| Residential Homes for Rent, LLC (d/b/a Second Avenue)(3) |  | Various           |  | N/A |  | N/A                     |             | 250,000  |                 |                  | —  |               |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
|                                                                  |  |                   |  |         |  |                             |             |               |                 |                  |
| Total                                                            |  |                   |  |         |  |                             |             | $             | 1,287,722  |                  |               | $             | 362,798  |   |

|                                                                               |  |                                                     |  |                   |  |                 |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--|-----------------------------------------------------|--|-------------------|--|-----------------|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                             |  | Investment                                          |  | Transaction Date  |  | Gross Payments  |
| NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.) |  | Common Shares                                       |  | 2/12/2021 |  | $               | 499,986    |  |
| Churchill Sponsor VI LLC(1)                                                   |  | Common Share Units & Warrant Units              |  | 2/25/2021 |  | 200,000    |                 |
| Churchill Sponsor VII LLC(2)                                                  |  | Common Share Units & Warrant Units              |  | 2/25/2021 |  | 300,000    |                 |
| Shogun Enterprises, Inc.(3)                                                   |  | Preferred Shares, Series B-1                        |  | 2/26/2021 |  | 3,499,994  |                 |
| Shogun Enterprises, Inc.(3)                                                   |  | Preferred Shares, Series B-2                        |  | 2/26/2021 |  | 3,499,998  |                 |
| Architect Capital PayJoy SPV, LLC(4)                                          |  | Membership Interest in Lending SPV                  |  | 3/24/2021 |  | 500,000    |                 |
| Commercial Streaming Solutions Inc. (d/b/a BettorView)                |  | Simple Agreement for Future Equity ("SAFE") |  | 3/26/2021 |  | 1,000,000  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
|                                                                               |  |                                                     |  |                   |  |                 |
| Total                                                                         |  |                                                     |  |                   |  | $               | 9,499,978  |  |

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TABLE OF CONTENTS

|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |                   |   |                   |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|--|------------------|--|-----------|--|-----------------------------|-------------|-----------------|-------------------|------------------|-------------------|---|-------------------|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                |  | Transaction Date |  | Shares    |  | Average Net Share Price (1) |             | Net Proceeds    |                   | Realized Gain(2) |
| Palantir Technologies, Inc.(3)                                   |  | Various          |  | 4,618,952 |  | $                           | 26.72  |                 |                   | $                | 123,419,184  |   |                   | $ | 110,544,068  |  |
| Palantir Lending Trust SPV I(4)                                  |  | Various          |  | N/A   |  | N/A                     |             | 1,608,604  |                   |                  | 1,608,604    |   |
| Residential Homes for Rent, LLC (d/b/a Second Avenue)(5) |  | Various          |  | N/A   |  | N/A                     |             | 359,479    |                   |                  | —      |   |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
|                                                                  |  |                  |  |           |  |                             |             |                 |                   |                  |
| Total                                                            |  |                  |  |           |  |                             |             | $               | 125,387,267  |                  |                   | $ | 112,152,672  |   |

|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------|--|------------------------------|------------------|------|-------------------|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                         |  | Three Months Ended March 31, |                  |      |                   |   |
|                                                                         |  | 2022                         |                  | 2021 |                   |   |                   |  |  |  |
| Total Investment Income                                                 |  | $                            | 583,100     |      |                   | $ | 291,352      |  |  |  |  |  |  |  |
| Interest income                                                         |  | 452,455                 |                  |      | 166,845      |   |                   |  |  |  |  |  |
| Dividend income                                                         |  | 130,645                 |                  |      | 124,507      |   |                   |  |  |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
| Total Operating Expenses                                                |  | $                            | 4,807,805   |      |                   | $ | 3,125,670    |  |  |  |  |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
| Compensation expense                                                    |  | 1,860,702               |                  |      | 1,293,310    |   |                   |  |  |  |  |  |
| Directors’ fees                                                   |  | 160,565                 |                  |      | 111,250      |   |                   |  |  |  |  |  |
| Professional fees                                                       |  | 1,272,713               |                  |      | 973,159      |   |                   |  |  |  |  |  |
| Interest expense                                                        |  | 1,200,786               |                  |      | 504,793      |   |                   |  |  |  |  |  |
| Tax expense                                                             |  | 2,050                   |                  |      | 2,025        |   |                   |  |  |  |  |  |
| Other expenses                                                          |  | 310,989                 |                  |      | 241,133      |   |                   |  |  |  |  |  |
| Net Investment Loss                                                     |  | $                            | (4,224,705)      |      |                   | $ | (2,834,318)       |  |  |  |  |  |  |  |
| Net realized gain on investments                                        |  | 3,096,275               |                  |      | 112,152,518  |   |                   |  |  |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
| Net change in unrealized appreciation/(depreciation) of investments |  | 21,584,885              |                  |      | (1,315,837)       |   |                   |  |  |  |  |  |
|                                                                         |  |                              |                  |      |                   |   |                   |  |  |  |
| Net Increase in Net Assets Resulting from Operations                    |  | $                            | 20,456,455  |      |                   | $ | 108,002,363  |  |  |  |  |  |  |  |

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TABLE OF CONTENTS

|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |                 |   |                  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------|------------------|-------------------|-------------------------------------------------------|-----------------------------------------------------------------------------------------------|-----------------|---|------------------|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                                |  | Net Change in Unrealized Appreciation/(Depreciation) For the Quarter Ended March 31, 2022 |                  | Portfolio Company |                                                       | Net Change in Unrealized Appreciation/(Depreciation) For the Quarter Ended March 31, 2021 |
| Forge Global, Inc.                                                               |  | $                                                                                             | 41,728,933  |                   |                                                       | Coursera, Inc.                                                                                |                 | $ | 73,516,484  |  |
| True Global Ventures 4 Plus Fund Pte Ltd                                         |  | 3,267,828                                                                                |                  |                   | Nextdoor.com, Inc.                                    |                                                                                               | 5,081,591  |   |
| NewLake Capital Partners, Inc. (f/k/a GreenAcreage Real Estate Corp.)(1) |  | (1,161,292)                                                                                   |                  |                   | A Place for Rover Inc. (f/k/a DogVacay, Inc.) |                                                                                               | 3,941,249  |   |
| Trax Ltd.                                                                        |  | (1,600,177)                                                                                   |                  |                   | Ozy Media, Inc.                                       |                                                                                               | 1,391,903  |   |
| Nextdoor, Inc.                                                                   |  | (2,452,786)                                                                                   |                  |                   | Aventine Property Group, Inc.(1)                      |                                                                                               | 1,293,674  |   |
| Rover Group, Inc.(1)                                                             |  | (3,028,901)                                                                                   |                  |                   | Enjoy Technology, Inc.                                |                                                                                               | (2,434,915)     |   |
| Skillsoft Corp.                                                                  |  | (3,053,532)                                                                                   |                  |                   | Course Hero, Inc.                                     |                                                                                               | (2,548,258)     |   |
| Course Hero, Inc.                                                                |  | (11,030,543)                                                                                  |                  |                   | Palantir Technologies, Inc.(1)                        |                                                                                               | (81,760,272)    |   |
|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |
|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |
|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |
|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |
|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |
|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |
|                                                                                  |  |                                                                                               |                  |                   |                                                       |                                                                                               |
| Other(2)                                                                         |  | (1,084,645)                                                                                   |                  |                   | Other(2)                                              |                                                                                               | 202,707    |   |
| Total                                                                            |  | $                                                                                             | 21,584,885  |                   |                                                       | Total                                                                                         |                 | $ | (1,315,837)      |  |

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TABLE OF CONTENTS

|                                                                |  |                  |                   |                   |                  |   |                   |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------|--|------------------|-------------------|-------------------|------------------|---|-------------------|--|--|--|--|--|--|--|--|--|
| Cash Reserves and Liquid Securities                            |  | March 31, 2022   |                   | December 31, 2021 |                  |   |
| Cash                                                           |  | $                | 172,839,141  |                   |                  | $ | 198,437,078  |  |  |  |
|                                                                |  |                  |                   |                   |                  |   |
|                                                                |  |                  |                   |                   |                  |   |
| Securities of publicly traded portfolio companies:         |  |                  |                   |                   |                  |   |
| Unrestricted securities(1)                                     |  | 16,799,132  |                   |                   | —     |   |                   |  |
|     Subject to other sales restrictions(2) |  | 78,794,391  |                   |                   | 94,635,398  |   |                   |  |
| Securities of publicly traded portfolio companies              |  | 95,593,523  |                   |                   | 94,635,398  |   |                   |  |
| Total Cash Reserves and Liquid Securities                      |  | $                | 268,432,664  |                   |                  | $ | 293,072,476  |  |  |  |

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TABLE OF CONTENTS

|                                  |                                      |            |                 |           |                      |               |                      |  |                       |               |  |  |               |            |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|--------------------------------------|------------|-----------------|-----------|----------------------|---------------|----------------------|--|-----------------------|---------------|--|--|---------------|------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                  | Payments Due By Period (in millions) |
|                                  | Total                                |            | Less than1 year |           | 1–3 years |               | 3–5 years |  | More than5 years |
|                                  |                                      |            |                 |           |                      |               |                      |  |                       |
| Notes(1)                         | $                                    | 75.0  |                 |           | $                    | —  |                      |  | $                     | —  |  |  | $             | 75.0  |  |  | $ | —  |  |
| Payable for securities purchased | 0.5                             |            |                 | 0.5  |                      |               | —         |  |                       | —  |  |  | —  |            |
| Operating lease liability        | 0.5                             |            |                 | 0.2  |                      |               | 0.3             |  |                       | —  |  |  | —  |            |
| Total                            | $                                    | 75.9  |                 |           | $                    | 0.6      |                      |  | $                     | 0.3      |  |  | $             | 75.0  |  |  | $ | —  |  |

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TABLE OF CONTENTS

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TABLE OF CONTENTS

|                          |  |                   |  |                    |  |                  |             |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------|--|-------------------|--|--------------------|--|------------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Date Declared            |  | Record Date       |  | Payment Date       |  | Amount per Share |
| Fiscal 2015:         |  |                   |  |                    |  |                  |
| November 4, 2015(1) |  | November 16, 2015 |  | December 31, 2015  |  | $                | 2.76   |  |
| Fiscal 2016:         |  |                   |  |                    |  |                  |
| August 3, 2016(2)   |  | August 16, 2016   |  | August 24, 2016    |  | 0.04        |             |
| Fiscal 2019:         |  |                   |  |                    |  |                  |
| November 5, 2019(3)      |  | December 2, 2019  |  | December 12, 2019  |  | 0.20        |             |
| December 20, 2019(4)     |  | December 31, 2019 |  | January 15, 2020   |  | 0.12        |             |
| Fiscal 2020:         |  |                   |  |                    |  |                  |
| July 29, 2020(5)         |  | August 11, 2020   |  | August 25, 2020    |  | 0.15             |
| September 28, 2020(6)    |  | October 5, 2020   |  | October 20, 2020   |  | 0.25             |
| October 28, 2020(7)      |  | November 10, 2020 |  | November 30, 2020  |  | 0.25             |
| December 16, 2020(8)     |  | December 30, 2020 |  | January 15, 2021   |  | 0.22             |
| Fiscal 2021:         |  |                   |  |                    |  |                  |
| January 26, 2021(9)      |  | February 5, 2021  |  | February 19, 2021  |  | 0.25             |
| March 8, 2021(10)        |  | March 30, 2021    |  | April 15, 2021     |  | 0.25             |
| May 4, 2021(11)          |  | May 18, 2021      |  | June 30, 2021      |  | 2.50             |
| August 3, 2021(12)       |  | August 18, 2021   |  | September 30, 2021 |  | 2.25             |
| November 2, 2021(13)     |  | November 17, 2021 |  | December 30, 2021  |  | 2.00             |
| December 20, 2021(14)    |  | December 31, 2021 |  | January 14, 2022   |  | 0.75             |
| Fiscal 2022:         |  |                   |  |                    |  |                  |
| March 8, 2022(15)        |  | March 25, 2022    |  | April 15, 2022     |  | 0.11             |
| Total                    |  |                   |  |                    |  | $                | 12.10  |  |

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TABLE OF CONTENTS

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|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |               |  |                  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|----------------------------------|--|----------------------------|---------------|-----------------------------------------------------------------------------|---------------|-------------------------------------------------------------------------------------------|---------------|--|------------------|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Period                               |  | TotalNumber ofSharesPurchased(2) |  | AveragePrice PaidPer Share |               | Total Numberof SharesPurchased asPart of PubliclyAnnouncedPlans or Programs |               | ApproximateDollar Value ofShares that MayYet Be PurchasedUnder the ShareRepurchaseProgram |
| January 1 through January 31, 2022   |  | —                     |  |                            | $             | —                                                                |               |                                                                                           | —  |  |                  | $ | 9,617,312  |  |
| February 1 through February 28, 2022 |  | —                     |  |                            | —  |                                                                             |               | —                                                                              |               |  | 9,617,312   |   |
| March 1 through March 31, 2022       |  | 153,517                     |  |                            | 8.86     |                                                                             |               | 153,517                                                                              |               |  | 23,257,705  |   |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
|                                      |  |                                  |  |                            |               |                                                                             |               |                                                                                           |
| Total                                |  | 153,517                     |  |                            |               |                                                                             | 153,517  |                                                                                           |               |  |

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|      |                                                                                                                                                                            |  |  |  |  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| 3.1  | Articles of Amendment and Restatement(1)                                                                                                                                   |
| 3.2  | Articles of Amendment(2)                                                                                                                                                   |
| 3.3  | Articles of Amendment(3)                                                                                                                                                   |
| 3.4  | Articles of Amendment(4)                                                                                                                                                   |
| 3.5  | Second Amended and Restated Bylaws(4)                                                                                                                                      |
|      |                                                                                                                                                                            |
| 4.1  | Base Indenture, dated March 28, 2018, by and between the Registrant and U.S. Bank National Association, as trustee(5)                                                      |
| 4.2  | Second Supplemental Indenture, dated December 17, 2021, relating to the 6.00% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee(6) |
| 4.3  | Form of 6.00% Notes due 2026 (incorporated by reference to Exhibit 4.2)(6)                                                                                                 |
| 4.4  | Description of Securities(7)                                                                                                                                               |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
| 10.1 | Amendment No. 1 to Second Amended and Restated Employment Agreement, dated March 10, 2022, by and between SuRo Capital Corp. and Allison Green(7)                          |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |
| 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*                                                       |
| 31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*                                                       |
| 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*                                                                        |
| 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*                                                                        |
|      |                                                                                                                                                                            |
|      |                                                                                                                                                                            |

----

|           |             |         |                                                                                       |  |  |  |  |  |  |  |  |
|-----------|-------------|---------|---------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|
|           |             |         | SURO CAPITAL CORP.                                                                    |
|           |             |         |                                                                                       |
| Date: | May 5, 2022 | By: | /s/ Mark D. Klein                                                             |
|           |             |         | Mark D. Klein                                                                         |
|           |             |         | Chairman, President and Chief Executive Officer                                       |
|           |             |         | (Principal Executive Officer)                                                         |
|           |             |         |                                                                                       |
| Date: | May 5, 2022 | By: | /s/ Allison Green                                                             |
|           |             |         | Allison Green                                                                         |
|           |             |         | Chief Financial Officer, Chief Compliance Officer, Treasurer, and Corporate Secretary |
|           |             |         | (Principal Financial and Accounting Officer)                                          |
|           |             |         |                                                                                       |

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|------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------|--|--|--|--|--|--|
| Date: May 5, 2022                                                                                                                     | By: | /s/ Mark D. Klein |
| Mark D. KleinChairman, President and Chief Executive Officer(Principal Executive Officer)                                                      |
| Date: May 5, 2022                                                                                                                     | By: | /s/ Allison Green |
| Allison GreenChief Financial Officer, Chief Compliance Officer, Treasurer, and Corporate Secretary(Principal Financial and Accounting Officer) |
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