Hercules Capital
HERCULES TECHNOLOGY GROWTH CAPITAL INC (Form: 10-Q, Received: 05/08/2012 16:48:24)
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended March 31, 2012

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00702

 

 

HERCULES TECHNOLOGY GROWTH

CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Maryland   743113410

(State or Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

400 Hamilton Ave., Suite 310

Palo Alto, California

  94301
(Address of Principal Executive Offices)   (Zip Code)

(650) 289-3060

(Registrant’s Telephone Number, Including Area Code)

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   ¨     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer   ¨       Accelerated Filer   x
Non-Accelerated Filer   ¨       Smaller Reporting Company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ¨     No   x

On May 7, 2012, there were 49,715,269 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 

 


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION      3   

Item 1.

  

Consolidated Financial Statements

     3   
  

Consolidated Statement of Assets and Liabilities as of March 31, 2012 (unaudited) and December 31, 2011

     3   
  

Consolidated Schedule of Investments as of March 31, 2012 (unaudited)

     4   
  

Consolidated Schedule of Investments as of December 31, 2011

     20   
  

Consolidated Statement of Operations for the three-month periods ended March 31, 2012 and 2011 (unaudited)

     34   
  

Consolidated Statement of Changes in Net Assets for the three-month periods ended March 31, 2012 and 2011 (unaudited)

     35   
  

Consolidated Statement of Cash Flows for the three-month periods ended March 31, 2012 and 2011 (unaudited)

     36   
  

Notes to Consolidated Financial Statements (unaudited)

     37   

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

     56   

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

     80   

Item 4.

  

Controls and Procedures

     81   
PART II. OTHER INFORMATION      82   

Item 1.

   Legal Proceedings      82   

Item 1A.

   Risk Factors      82   

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds      85   

Item 3.

   Defaults Upon Senior Securities      85   

Item 4.

   Mine Safety Disclosures      85   

Item 5.

   Other Information      85   

Item 6.

   Exhibits      85   
SIGNATURES      86   

 

2


Table of Contents

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Technology Growth Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts unless the context otherwise requires.

 

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(unaudited)

(dollars in thousands, except per share data)

 

     March 31,        
     2012     December 31,  
     (unaudited)     2011  

Assets

    

Investments:

    

Non-control/Non-affiliate investments (cost of $681,242 and $642,038, respectively)

   $ 692,695      $ 651,843   

Affiliate investments (cost of $3,254 and $3,236, respectively)

     1,094        —     

Control investments (cost of $10,889 and $11,266, respectively)

     675        1,027   
  

 

 

   

 

 

 

Total investments, at value (cost of $695,385 and $656,540, respectively)

     694,464        652,870   

Cash and cash equivalents

     48,433        64,474   

Interest receivable

     5,962        5,820   

Other assets

     14,507        24,230   
  

 

 

   

 

 

 

Total assets

   $ 763,366      $ 747,394   
  

 

 

   

 

 

 

Liabilities

    

Accounts payable and accrued liabilities

   $ 6,545      $ 10,813   

Wells Fargo Loan

     —          10,187   

Long-term Liabilities (Convertible Debt)

     70,624        70,353   

Long-term SBA Debentures

     200,750        225,000   
  

 

 

   

 

 

 

Total liabilities

     277,919        316,353   

Commitments and Contingencies (Note 10)

    

Net assets consist of:

    

Common stock, par value

     50        44   

Capital in excess of par value

     532,951        484,244   

Unrealized depreciation on investments

     (578     (3,431

Accumulated realized losses on investments

     (40,165     (43,042

Distributions in excess of investment income

     (6,811     (6,774
  

 

 

   

 

 

 

Total net assets

     485,447        431,041   
  

 

 

   

 

 

 

Total liabilities and net assets

   $ 763,366      $ 747,394   
  

 

 

   

 

 

 

Shares of common stock outstanding ($0.001 par value, 100,000,000 authorized)

     49,721        43,853   

Net asset value per share

   $ 9.76      $ 9.83   

See notes to consolidated financial statements (unaudited)

 

3


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

  

Principal
Amount

    

Cost (2)

    

Value (3)

 

Anthera Pharmaceuticals Inc. (3)

   Drug Discovery
& Development
  

Senior Debt

Matures December 2014

Interest rate Prime + 7.30% or

Floor rate of 10.55%

   $ 25,000       $ 24,645       $ 24,645   

Aveo Pharmaceuticals, Inc. (3)

   Drug Discovery
& Development
  

Senior Debt

Matures September 2015

Interest rate Prime + 7.15% or

Floor rate of 11.90%

   $ 26,500         26,500         27,295   

Cempra, Inc. (3)

   Drug Discovery
& Development
  

Senior Debt

Matures December 2015

Interest rate Prime + 7.05% or

Floor rate of 10.30%

   $ 10,000         9,757         9,757   

Chroma Therapeutics, Ltd. (5)

   Drug Discovery
& Development
  

Senior Debt

Matures November 2013

Interest rate Prime + 7.75% or

Floor rate of 12.00%

   $ 6,693         7,131         7,271   

Concert Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures October 2015

Interest rate Prime + 3.25% or

Floor rate of 8.50%

   $ 20,000         19,478         19,478   

Dicerna Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures January 2015

Interest rate Prime + 4.40% or

Floor rate of 10.15%

   $ 12,000         11,706         11,806   

NeurogesX, Inc. (3)

   Drug Discovery
& Development
  

Senior Debt

Matures February 2015

Interest rate Prime + 6.25% or

Floor rate of 9.50%

   $ 15,000         14,691         14,800   

NextWave Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures June 2015

Interest rate Prime + 4.30% or

Floor rate of 9.55%

   $ 6,000         5,940         5,940   

Paratek Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures upon liquidation

Interest rate Fixed 10.00%

   $ 45         45         45   

PolyMedix, Inc. (3)

   Drug Discovery
& Development
  

Senior Debt

Matures September 2013

Interest rate Prime + 7.10% or

Floor rate of 12.35%

   $ 5,889         5,762         5,762   
           

 

 

    

 

 

 

Total Debt Drug Discovery & Development (26.12%)*

              125,655         126,799   
           

 

 

    

 

 

 

See notes to consolidated financial statements (unaudited)

 

4


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  

Intelepeer, Inc.

   Communications
& Networking
  

Senior Debt

Matures May 2013

Interest rate Prime + 8.12%

   $ 4,146       $ 4,014       $ 4,097   
     

Senior Debt

Matures December 2012

Interest rate Prime + 4.25%

   $ 1,100         1,100         1,058   
           

 

 

    

 

 

 

Total Intelepeer, Inc.

              5,114         5,155   

OpenPeak, Inc.

   Communications
& Networking
  

Senior Debt

Matures July 2015

Interest rate Prime + 8.75%

   $ 7,685         7,498         7,498   

Pac-West Telecomm, Inc.

   Communications
& Networking
  

Senior Debt

Matures October 2013

Interest rate Prime + 7.50% or

Floor rate of 12.00%

   $ 4,074         3,943         3,885   

PeerApp, Inc. (4)

   Communications
& Networking
  

Senior Debt

Matures April 2013

Interest rate Prime + 7.50% or

Floor rate of 11.50%

   $ 1,471         1,526         1,526   

PointOne, Inc.

   Communications
& Networking
  

Senior Debt

Matures April 2015

Interest rate Libor + 9.00% or

Floor rate of 11.50%

   $ 7,733         7,559         7,375   
     

Senior Debt

Matures September 2015

Interest rate Libor + 9.00% or

Floor rate of 11.50%

   $ 375         369         355   
           

 

 

    

 

 

 

Total PointOne, Inc.

              7,928         7,730   

Stoke, Inc. (4)

   Communications
& Networking
  

Senior Debt

Matures May 2013

Interest rate Prime + 7.00% or

Floor rate of 10.25%

   $ 2,192         2,164         2,186   
           

 

 

    

 

 

 

Total Debt Communications & Networking (5.76%)*

              28,173         27,980   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

5


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  

Central Desktop, Inc.

   Software   

Senior Debt

Matures April 2014

Interest rate Prime + 6.75% or

Floor rate of 10.50%

   $ 2,713       $ 2,628       $ 2,669   

Box.net, Inc. (4)

   Software   

Senior Debt

Matures March 2015

Interest rate Prime + 3.75% or

Floor rate of 7.50%

   $ 9,647         9,477         9,190   
     

Senior Debt

Matures July 2014

Interest rate Prime + 5.25% or

Floor rate of 8.50%

   $ 1,451         1,484         1,484   
     

Senior Debt

Matures July 2016

Interest rate Prime + 5.13% or

Floor rate of 8.88%

   $ 5,000         4,994         4,994   
           

 

 

    

 

 

 

Total Box.net, Inc.

              15,955         15,668   

Clickfox, Inc.

   Software   

Senior Debt

Matures July 2013

Interest rate Prime + 6.00% or

Floor rate of 11.25%

   $ 3,416         3,359         3,387   

Kxen, Inc. (4)

   Software   

Senior Debt

Matures January 2015

Interest rate Prime + 5.08% or

Floor rate of 8.33%

   $ 3,000         2,978         2,841   

SugarSync Inc.

   Software   

Senior Debt

Matures April 2015

Interest rate Prime + 4.50% or

Floor rate of 8.25%

   $ 2,000         1,957         1,887   

Tada Innovations, Inc.

   Software   

Senior Debt

Matures June 2012

Interest rate Prime + 3.25% or

Floor rate of 6.5%

   $ 100         95         95   

White Sky, Inc.

   Software   

Senior Debt

Matures June 2014

Interest rate Prime + 7.00% or

Floor rate of 10.25%

   $ 1,293         1,254         1,267   
           

 

 

    

 

 

 

Total Debt Software (5.73%)*

              28,226         27,814   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

6


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

  

Principal
Amount

    

Cost (2)

    

Value (3)

 

Maxvision Holding, LLC. (7)(8)

   Electronics &
Computer Hardware
  

Senior Debt

Matures December 2013

Interest rate Prime + 8.25% or

Floor rate of 12.00%, PIK

interest 5.00%

   $ 4,048       $ 3,999       $ —     
     

Senior Debt

Matures December 2013

Interest rate Prime + 6.25% or

Floor rate of 10.00%, PIK

interest 2.00%

   $ 2,323         2,303         12   
     

Revolving Line of Credit

Matures December 2013

Interest rate Prime + 6.25% or

Floor rate of 10.00%

   $ 868         1,005         663   
           

 

 

    

 

 

 

Total Maxvision Holding, LLC

              7,307         675   
           

 

 

    

 

 

 

Total Debt Electronics & Computer Hardware (0.14%)*

           7,307         675   
           

 

 

    

 

 

 

Althea Technologies, Inc.

   Specialty
Pharmaceuticals
  

Senior Debt

Matures October 2013

Interest rate Prime + 7.70% or

Floor rate of 10.95%

   $ 9,711         9,666         9,874   

Pacira Pharmaceuticals, Inc. (3)(4)

   Specialty
Pharmaceuticals
  

Senior Debt

Matures November 2014

Interest rate Prime + 6.25% or

Floor rate of 11.00%

   $ 10,953         11,001         11,138   
     

Senior Debt

Matures November 2014

Interest rate Prime + 8.65% or

Floor rate of 12.65%

   $ 14,612         14,123         14,306   
           

 

 

    

 

 

 

Total Pacira Pharmaceuticals, Inc.

              25,124         25,444   

Quatrx Pharmaceuticals Company

   Specialty
Pharmaceuticals
  

Convertible Senior Debt

Matures March 2012

Interest rate 8.00%

   $ 1,888         1,888         2,354   
           

 

 

    

 

 

 

Total Debt Specialty Pharmaceuticals (7.76%)*

           36,678         37,672   
           

 

 

    

 

 

 

Achronix Semiconductor Corporation

   Semiconductors   

Senior Debt

Matures January 2015

Interest rate Prime + 10.60% or

Floor rate of 13.85%

   $ 2,387         2,309         2,381   

Kovio Inc.

   Semiconductors   

Senior Debt

Matures March 2015

Interest rate Prime + 5.50% or

Floor rate of 9.25%

   $ 1,250         1,221         1,156   
     

Senior Debt

Matures March 2015

Interest rate Prime + 6.00% or

Floor rate of 9.75%

   $ 3,000         2,923         2,805   
           

 

 

    

 

 

 

Total Kovio Inc.

              4,144         3,961   
           

 

 

    

 

 

 

Total Debt Semiconductors (1.31%)*

              6,453         6,342   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

7


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

  

Principal
Amount

    

Cost (2)

    

Value (3)

 

AcelRX Pharmaceuticals, Inc. (3)

   Drug Delivery   

Senior Debt

Matures December 2014

Interest rate Prime + 3.25% or

Floor rate of 8.50%

   $ 10,000       $ 9,807       $ 9,561   
     

Senior Debt

Matures December 2014

Interest rate Prime + 3.25% or

Floor rate of 8.50%

   $ 10,000         9,806         9,560   
           

 

 

    

 

 

 

Total AcelRX Pharmaceuticals, Inc.

              19,613         19,121   

Alexza Pharmaceuticals, Inc. (3)(4)

   Drug Delivery   

Senior Debt

Matures October 2013

Interest rate Prime + 6.5% or

Floor rate of 10.75%

   $ 9,190         9,327         9,519   

BIND Biosciences, Inc.

   Drug Delivery   

Senior Debt

Matures July 2014

Interest rate Prime + 7.45% or

Floor rate of 10.70%

   $ 4,707         4,510         4,651   

Revance Therapeutics, Inc.

   Drug Delivery   

Senior Debt

Matures March 2015

Interest rate Prime + 6.60% or

Floor rate of 9.85%

   $ 22,000         21,510         21,641   
           

 

 

    

 

 

 

Total Debt Drug Delivery (11.31%)*

              54,960         54,932   
           

 

 

    

 

 

 

Gelesis, Inc.

   Therapeutic   

Senior Debt

Matures April 2013

Interest rate Prime + 8.75% or

Floor rate of 12.00%

   $ 3,428         3,571         3,571   

Gynesonics, Inc.

   Therapeutic   

Senior Debt

Matures October 2013

Interest rate Prime + 8.25% or

Floor rate of 11.50%

   $ 4,991         4,871         4,943   
     

Senior Debt

Matures November 2012

Interest rate Fixed 8.00%

   $ 181         142         142   
           

 

 

    

 

 

 

Total Gynesonics, Inc.

              5,013         5,085   

Oraya Therapeutics, Inc. (4)

   Therapeutic   

Senior Debt

Matures March 2015

Interest rate Prime + 4.75% or

Floor rate of 9.50%

   $ 7,500         7,236         7,236   

Novasys Medical, Inc.

   Therapeutic   

Senior Debt

Matures January 2013

Interest rate Fixed rate 8.00%

   $ 65         60         60   
           

 

 

    

 

 

 

Total Debt Therapeutic (3.29%)*

              15,880         15,952   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

8


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

  

Principal
Amount

    

Cost (2)

    

Value (3)

 

Ahhha, Inc.

   Internet Consumer
& Business Services
  

Senior Debt

Matures January 2015

Interest rate Fixed 10.00%

   $ 350       $ 346       $ 345   

Blurb, Inc.

   Internet Consumer
& Business Services
  

Senior Debt

Matures December 2015

Interest rate Prime + 5.25% or

Floor rate 8.50%

   $ 8,000         7,589         7,589   

NetPlenish

   Internet Consumer
& Business Services
  

Senior Debt

Matures April 2015

Interest rate Fixed 10.00%

   $ 500         485         485   

Reply! Inc. (4)

   Internet Consumer
& Business Services
  

Senior Debt

Matures June 2015

Interest rate Prime + 6.87% or

Floor rate of 10.12%

   $ 13,000         12,765         12,667   

Tectura Corporation

   Internet Consumer
& Business Services
  

Senior Debt

Matures December 2012

Interest rate 11.00%

   $ 5,625         6,829         6,829   
     

Revolving Line of Credit

Senior Debt

Matures August 2012

Interest rate 11.00%

   $ 1,802         1,889         1,889   
     

Revolving Line of Credit

Matures July 2012

Interest rate 11.00% , PIK

interest 1.00%

   $ 17,413         17,814         17,814   
           

 

 

    

 

 

 

Total Tectura Corporation

              26,532         26,532   

Trulia, Inc. (4)

   Internet Consumer
& Business Services
  

Senior Debt

Matures March 2015

Interest rate Prime + 2.75% or

Floor rate of 6.00%

   $ 5,000         4,887         4,551   
     

Senior Debt

Matures March 2015

Interest rate Prime + 5.50% or

Floor rate of 8.75%

   $ 5,000         4,887         4,765   
           

 

 

    

 

 

 

Total Trulia, Inc.

              9,774         9,316   

 

See notes to consolidated financial statements (unaudited)

 

9


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

  

Principal
Amount

    

Cost (2)

    

Value (3)

 

Vaultlogix, Inc.

   Internet Consumer
& Business Services
  

Senior Debt

Matures September 2016

Interest rate LIBOR + 8.50% or

Floor rate of 10.00%, PIK

interest 2.50%

   $ 7,500       $ 7,484       $ 7,370   
     

Senior Debt

Matures September 2015

Interest rate LIBOR + 7.00% or

Floor rate of 8.50%

   $ 11,350         11,211         10,950   
     

Revolving Line of Credit
Matures September 2015
Interest rate Libor + 6.00% or
Floor rate of 7.50%

   $ 300         285         280   
           

 

 

    

 

 

 
Total Vaultlogix, Inc.               18,980         18,600   
Votizen    Internet Consumer
& Business Services
  

Senior Debt
Matures February 2013
Interest rate Fixed 5.00%

   $ 100         100         100   
Wavemarket, Inc.    Internet Consumer
& Business Services
  

Senior Debt
Matures September 2015
Interest rate Prime + 5.75% or
Floor rate of 9.50%

   $ 10,000         9,759         9,759   
           

 

 

    

 

 

 
Total Debt Internet Consumer & Business Services (17.59%)         86,330         85,393   
           

 

 

    

 

 

 
Cha Cha Search, Inc.    Information Services   

Senior Debt
Matures February 2015
Interest rate Prime + 6.25% or
Floor rate of 9.50%

   $ 3,000         2,935         2,822   
InXpo, Inc.    Information Services   

Senior Debt
Matures March 2014
Interest rate Prime + 7.50% or
Floor rate of 10.75%

   $ 2,875         2,812         2,812   
Jab Wireless, Inc.    Information Services   

Senior Debt
Matures August 2016
Interest rate Prime + 5.25% or
Floor rate of 6.75%

   $ 20,272         20,012         20,012   
RichRelevance, Inc.    Information Services   

Senior Debt
Matures January 2015
Interest rate Prime + 3.25% or
Floor rate of 7.50%

   $ 5,000         4,902         4,699   
           

 

 

    

 

 

 
Total Debt Information Services (6.25%)         30,661         30,345   
           

 

 

    

 

 

 
Optiscan Biomedical, Corp.    Medical Device
& Equipment
  

Senior Debt
Matures December 2013
Interest rate Prime + 8.20% or
Floor rate of 11.45%

   $ 10,750         11,016         11,193   
           

 

 

    

 

 

 
Total Debt Medical Device & Equipment (2.31%)*         11,016         11,193   
           

 

 

    

 

 

 
Navidea Biopharmaceuticals, Inc. (pka Neoprobe) (3)    Diagnostic   

Senior Debt
Matures December 2014
Interest rate Prime + 6.75% or
Floor rate of 10.00%

   $ 7,000         6,764         6,764   
           

 

 

    

 

 

 
Total Debt Diagnostic (1.39%)               6,764         6,764   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

10


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  

deCODE genetics ehf. (5)

   Biotechnology Tools   

Senior Debt
Matures September 2014
Interest rate Prime + 10.25% or
Floor rate of 13.50%, PIK interest 2.00%

   $ 5,000       $ 4,750       $ 4,900   

Labcyte, Inc.

   Biotechnology Tools   

Senior Debt
Matures May 2013
Interest rate Prime + 8.60% or
Floor rate of 11.85%

   $ 2,020         2,051         2,090   
           

 

 

    

 

 

 

Total Debt Biotechnology Tools (1.44%)*

        6,801         6,990   
           

 

 

    

 

 

 

ScriptSave (Medical Security Card Company, LLC)

   Healthcare Services, Other   

Senior Debt
Matures January 2016
Interest rate Prime + 8.75% or
Floor rate of 11.25%

   $ 19,133         18,826         19,180   

MedCall

   Healthcare Services, Other   

Senior Debt
Matures January 2016
Interest rate 7.79% or
Floor rate of 9.50%

   $ 5,168         5,063         5,063   

Pacific Child & Family Associates, LLC

   Healthcare Services, Other   

Senior Debt
Matures January 2015
Interest rate LIBOR + 8.00% or
Floor rate of 10.50%

   $ 4,319         4,327         4,465   
     

Revolving Line of Credit
Matures January 2015
Interest rate LIBOR + 6.50% or
Floor rate of 9.00%

   $ 1,500         1,486         1,385   
     

Senior Debt
Matures January 2015
Interest rate LIBOR + 10.50% or
Floor rate of 13.00%, PIK interest 3.75%

   $ 5,900         6,335         6,512   
           

 

 

    

 

 

 

Total Pacific Child & Family Associates, LLC

              12,148         12,362   
           

 

 

    

 

 

 

Total Debt Health Services, Other (7.54%)

        36,037         36,605   
           

 

 

    

 

 

 

Entrigue Surgical, Inc.

   Surgical Devices   

Senior Debt
Matures December 2014
Interest rate Prime + 5.90% or
Floor rate of 9.65%

   $ 3,000         2,901         2,939   

Transmedics, Inc. (4)

   Surgical Devices   

Senior Debt
Matures February 2014
Interest rate Prime + 9.70% or
Floor rate of 12.95%

   $ 8,375         8,647         8,647   
           

 

 

    

 

 

 

Total Debt Surgical Devices (2.39%)*

        11,548         11,586   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

11


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

  

Principal
Amount

    

Cost (2)

    

Value (3)

 

Women’s Marketing, Inc.

   Media/
Content/ Info
  

Senior Debt

Matures May 2016

Interest rate Libor + 9.50% or

Floor rate of 12.00%, PIK interest 3.00%

   $ 10,000       $ 10,046       $ 10,246   
     

Senior Debt

Matures November 2015

Interest rate Libor + 7.50% or

Floor rate of 10.00%

   $ 9,464         9,276         9,475   
     

Senior Debt

Matures November 2015

Interest rate Libor + 7.50% or

Floor rate of 10.00%

   $ 9,703         9,511         9,312   
           

 

 

    

 

 

 

Total Women’s Marketing, Inc.

              28,833         29,033   

Westwood One Communications

   Media/Content/
Info
  

Senior Debt

Matures October 2016

Interest rate of 8.00%

   $ 20,869         19,040         19,458   
           

 

 

    

 

 

 

Total Debt Media/Content/Info (9.99%)*

              47,873         48,491   
           

 

 

    

 

 

 

Alphabet Energy, Inc.

   Clean Tech   

Senior Debt

Matures February 2015

Interest rate Prime + 5.75% or

Floor rate of 9.00%

   $ 104         100         100   

BrightSource Energy, Inc.

   Clean Tech   

Senior Debt

Matures November 2012

Interest rate Prime + 7.25% or

Floor rate of 10.50%

   $ 35,000         35,551         35,551   

EcoMotors, Inc.

   Clean Tech   

Senior Debt

Matures February 2014

Interest rate Prime + 6.10% or

Floor rate of 9.35%

   $ 4,364         4,321         4,362   

Enphase Energy, Inc. (3)

   Clean Tech   

Senior Debt

Matures June 2014

Interest rate Prime + 5.75% or

Floor rate of 9.00%

   $ 4,898         4,812         4,724   

Integrated Photovoltaics, Inc.

   Clean Tech   

Senior Debt

Matures February 2015

Interest rate Prime + 7.38% or

Floor rate of 10.63%

   $ 3,000         2,886         2,886   

NanoSolar, Inc.

   Clean Tech   

Senior Debt

Matures September 2014

Interest rate Prime + 7.75% or

Floor rate of 11.00%

   $ 8,488         8,156         8,155   

Propel Biofuels, Inc.

   Clean Tech   

Senior Debt

Matures September 2013

Interest rate of 11.00%

   $ 1,155         1,201         1,179   

SCIenergy, Inc. (4)

   Clean Tech   

Senior Debt

Matures October 2014

Interest rate 6.25%

   $ 202         202         202   
     

Senior Debt

Matures August 2015

Interest rate Prime + 4.90% or

Floor rate of 8.15%

   $ 5,000         4,892         4,875   
           

 

 

    

 

 

 

Total SCIenergy, Inc.

              5,094         5,077   

Solexel, Inc.

   Clean Tech   

Senior Debt

Matures June 2013

Interest rate Prime + 8.25% or

Floor rate of 11.50%

   $ 6,867         451         446   
     

Senior Debt

Matures June 2013

Interest rate Prime + 7.25% or

Floor rate of 10.50%

   $ 791         7,155         7,155   
           

 

 

    

 

 

 
Total Solexel, Inc.               7,606         7,601   

Stion Corporation

   Clean Tech   

Senior Debt

Matures February 2015

Interest rate Prime + 6.75% or

Floor rate of 10.00%

   $ 9,757         9,456         9,456   
           

 

 

    

 

 

 
Total Debt Clean Tech (16.29%)*         79,183         79,091   
           

 

 

    

 

 

 
Total Debt (126.61%)               619,545         614,624   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

12


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

       

Principal
Amount

  

Cost (2)

    

Value (3)

 
Acceleron Pharmaceuticals, Inc.    Drug Discovery
& Development
  

Common Stock Warrants

         $ 39       $ 42   
     

Preferred Stock Warrants

   Series A         69         273   
     

Preferred Stock Warrants

   Series B         35         51   
              

 

 

    

 

 

 
Total Warrants Acceleron Pharmaceuticals, Inc.         143         366   
Anthera Pharmaceuticals Inc. (3)    Drug Discovery
& Development
  

Common Stock Warrants

           984         250   
Cempra, Inc. (3)    Drug Discovery
& Development
  

Common Stock Warrants

           187         54   
Chroma Therapeutics, Ltd. (5)    Drug Discovery
& Development
  

Preferred Stock Warrants

   Series D         490         500   
Concert Pharmaceuticals, Inc.    Drug Discovery
& Development
  

Preferred Stock Warrants

   Series C         367         260   
Dicerna Pharmaceuticals, Inc.    Drug Discovery
& Development
  

Common Stock Warrants

           28         —     
     

Preferred Stock Warrants

   Series A         236         58   
     

Preferred Stock Warrants

   Series B         311         170   
              

 

 

    

 

 

 
Total Warrants Dicerna Pharmaceuticals, Inc.         575         228   
EpiCept Corporation (3)    Drug Discovery
& Development
  

Common Stock Warrants

           4         4   
Horizon Pharma, Inc. (3)    Drug Discovery
& Development
  

Preferred Stock Warrants

   Series C         231         —     
Merrimack Pharmaceuticals, Inc. (3)    Drug Discovery
& Development
  

Common Stock Warrants

           155         446   
NeurogesX, Inc. (3)    Drug Discovery
& Development
  

Common Stock Warrants

           503         302   
NextWave Pharmaceuticals, Inc.    Drug Discovery
& Development
  

Preferred Stock Warrants

   Series A-1         126         129   
Paratek Pharmaceuticals, Inc.    Drug Discovery
& Development
  

Preferred Stock Warrants

   Series F         137         32   
PolyMedix, Inc. (3)    Drug Discovery
& Development
  

Common Stock Warrants

           480         247   
Portola Pharmaceuticals, Inc.    Drug Discovery
& Development
  

Preferred Stock Warrants

   Series B         152         270   
              

 

 

    

 

 

 
Total Warrants Drug Discovery & Development (0.64%)*         4,534         3,088   
              

 

 

    

 

 

 
Affinity Videonet, Inc.    Communications
& Networking
  

Preferred Stock Warrants

   Series A         102         167   
IKANO Communications, Inc.    Communications
& Networking
  

Preferred Stock Warrants

   Series D         118         —     
Intelepeer, Inc.    Communications
& Networking
  

Preferred Stock Warrants

   Series C         102         216   
Neonova Holding Company    Communications
& Networking
  

Preferred Stock Warrants

   Series A         94         53   
OpenPeak, Inc.    Communications
& Networking
  

Preferred Stock Warrants

   Series E         149         149   
Pac-West Telecomm, Inc.    Communications
& Networking
  

Common Stock Warrants

           121         —     
PeerApp, Inc. (4)    Communications
& Networking
  

Preferred Stock Warrants

   Series B         61         21   
Peerless Network, Inc.    Communications
& Networking
  

Preferred Stock Warrants

   Series A         95         252   
Ping Identity Corporation    Communications
& Networking
  

Preferred Stock Warrants

   Series B         52         109   
PointOne, Inc.    Communications
& Networking
  

Common Stock Warrants

           131         6   
Purcell Systems, Inc.    Communications
& Networking
  

Preferred Stock Warrants

   Series B         123         116   
Stoke, Inc. (4)    Communications
& Networking
  

Preferred Stock Warrants

   Series C         53         103   
     

Preferred Stock Warrants

   Series D         65         43   
              

 

 

    

 

 

 
Total Stoke, Inc.                  118         146   
              

 

 

    

 

 

 
Total Warrants Communications & Networking (0.25%)*            1,266         1,235   
              

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

13


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

       

Principal
Amount

  

Cost (2)

    

Value (3)

 
Atrenta, Inc.    Software   

Preferred Stock Warrants

   Series C       $ 136       $ 651   
     

Preferred Stock Warrants

   Series D         95         227   
              

 

 

    

 

 

 
Total Atrenta, Inc.                  231         878   
Box.net, Inc. (4)    Software   

Preferred Stock Warrants

   Series C         117         1,557   
     

Preferred Stock Warrants

   Series B         73         2,313   
     

Preferred Stock Warrants

   Series D-1         193         516   
              

 

 

    

 

 

 
Total Box.net, Inc.                  383         4,386   
Braxton Technologies, LLC.    Software   

Preferred Stock Warrants

   Series A         188         —     
Bullhorn, Inc.    Software   

Preferred Stock Warrants

   Series C         43         253   
Central Desktop, Inc.    Software   

Preferred Stock Warrants

   Series B         108         360   
Clickfox, Inc.    Software   

Preferred Stock Warrants

   Series B         329         541   
Daegis Inc. (pka Unify Corporation) (3)    Software   

Common Stock Warrants

           1,434         124   
Forescout Technologies, Inc.    Software   

Preferred Stock Warrants

   Series D         99         169   
HighRoads, Inc.    Software   

Preferred Stock Warrants

   Series B         44         8   
Kxen, Inc. (4)    Software   

Preferred Stock Warrants

   Series D         47         25   
Rockyou, Inc.    Software   

Preferred Stock Warrants

   Series B         117         1   
Sportvision, Inc.    Software   

Preferred Stock Warrants

   Series B         39         —     
SugarSync Inc.    Software   

Preferred Stock Warrants

   Series D         78         135   
Tada Innovations, Inc.    Software   

Preferred Stock Warrants

   Series A         25         25   
White Sky, Inc.    Software   

Preferred Stock Warrants

   Series B-2         54         3   
WildTangent, Inc.    Software   

Preferred Stock Warrants

   Series A-3         238         44   
              

 

 

    

 

 

 
Total Warrants Software (1.43%)*            3,457         6,952   
              

 

 

    

 

 

 
Luminus Devices, Inc.    Electronics &
Computer Hardware
  

Common Stock Warrants

           601         —     
Shocking Technologies, Inc.    Electronics &
Computer Hardware
  

Preferred Stock Warrants

   Series A-1         63         112   
              

 

 

    

 

 

 
Total Warrant Electronics & Computer Hardware (0.02%)*            664         112   
              

 

 

    

 

 

 
Althea Technologies, Inc.    Specialty
Pharmaceuticals
  

Preferred Stock Warrants

   Series D         309         416   
Pacira Pharmaceuticals, Inc.(3)    Specialty
Pharmaceuticals
  

Common Stock Warrants

           1,086         696   
Quatrx Pharmaceuticals Company    Specialty
Pharmaceuticals
  

Preferred Stock Warrants

   Series E         528         —     
              

 

 

    

 

 

 

Total Warrants Specialty Pharmaceuticals (0.23%)*

              1,923         1,112   
              

 

 

    

 

 

 
Annie’s, Inc.(3)    Consumer &
Business Products
  

Common Stock Warrants

           321         2,158   
IPA Holdings, LLC    Consumer & Business
Products
  

Common Stock Warrants

           275         117   

Market Force Information, Inc.

   Consumer & Business
Products
  

Preferred Stock Warrants

   Series A         24         132   

Seven Networks, Inc.

   Consumer & Business
Products
  

Preferred Stock Warrants

   Series C         174         —     

Wageworks, Inc.

   Consumer & Business
Products
  

Preferred Stock Warrants

   Series C         252         1,710   

WaveMarket, Inc.

   Consumer & Business
Products
  

Preferred Stock Warrants

   Series E         106         104   
              

 

 

    

 

 

 

Total Warrant Consumer & Business Products (0.87%)*

        1,152         4,221   
              

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

14


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

       

Principal
Amount

  

Cost (2)

    

Value (3)

 

Achronix Semiconductor Corporation

   Semiconductors   

Preferred Stock Warrants

   Series D       $ 160       $ 142   

Enpirion, Inc.

   Semiconductors   

Preferred Stock Warrants

   Series D         157         —     

iWatt, Inc.

   Semiconductors   

Preferred Stock Warrants

   Series C         46         4   
     

Preferred Stock Warrants

   Series D         583         14   
              

 

 

    

 

 

 

Total iWatt, Inc.

                 629         18   

Kovio Inc.

   Semiconductors   

Preferred Stock Warrants

   Series B         92         1   

NEXX Systems, Inc.

   Semiconductors   

Preferred Stock Warrants

   Series D         297         3,654   

Quartics, Inc.

   Semiconductors   

Preferred Stock Warrants

   Series C         53         —     
              

 

 

    

 

 

 

Total Warrants Semiconductors (0.79%)*

                 1,388         3,815   
              

 

 

    

 

 

 

AcelRX Pharmaceuticals, Inc. (3)

   Drug Delivery   

Common Stock Warrants

           356         221   

Alexza Pharmaceuticals, Inc. (3)(4)

   Drug Delivery   

Common Stock Warrants

           645         41   

BIND Biosciences, Inc.

   Drug Delivery   

Preferred Stock Warrants

   Series C-1         291         427   

Merrion Pharma, Plc. (3)(5)

   Drug Delivery   

Common Stock Warrants

           214         150   

Revance Therapeutics, Inc.

   Drug Delivery   

Preferred Stock Warrants

   Series D         557         443   

Transcept Pharmaceuticals, Inc. (3)

   Drug Delivery   

Common Stock Warrants

           87         270   
              

 

 

    

 

 

 

Total Warrant Drug Delivery (0.32%)*

              2,150         1,552   
              

 

 

    

 

 

 

EKOS Corporation

   Therapeutic   

Preferred Stock Warrants

   Series C         327         —     

Gelesis

   Therapeutic   

Preferred Stock Warrants

   Series A-1         77         65   

Light Science Oncology, Inc.

   Therapeutic   

Preferred Stock Warrants

   Series B         99         —     

Novasys Medical, Inc.

   Therapeutic   

Preferred Stock Warrants

   Series D         131         20   

Oraya Therapeutics, Inc. (4)

   Therapeutic   

Preferred Stock Warrants

   Series C         551         496   
              

 

 

    

 

 

 
Total Warrants Therapeutic (0.12%)*                  1,185         581   
              

 

 

    

 

 

 

Blurb, Inc.

   Internet Consumer
& Business Services
  

Preferred Stock Warrants

   Series B         323         616   
     

Preferred Stock Warrants

   Series C         636         636   
              

 

 

    

 

 

 

Total Blurb, Inc.

                 959         1,252   

Cozi Group, Inc.

   Internet Consumer
& Business Services
  

Preferred Stock Warrants

   Series A         147         —     

Invoke Solutions, Inc.

   Internet Consumer
& Business Services
  

Common Stock Warrants

           82         —     

Prism Education Group, Inc.

   Internet Consumer
& Business Services
  

Preferred Stock Warrants

   Series B         43         —     

RazorGator Interactive Group, Inc.

   Internet Consumer
& Business Services
  

Preferred Stock Warrants

   Series C         1,224         —     

Reply! Inc. (4)

   Internet Consumer
& Business Services
  

Preferred Stock Warrants

   Series B         320         683   

Trulia, Inc. (4)

   Internet Consumer
& Business Services
  

Preferred Stock Warrants

   Series D         188         728   

Tectura Corporation

   Internet Consumer
& Business Services
  

Preferred Stock Warrants

   Series B-1         51         12   
              

 

 

    

 

 

 
Total Warrants Internet Consumer & Business Services (0.55%)            3,014         2,675   
              

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

15


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

       

Principal
Amount

  

Cost (2)

    

Value (3)

 

Buzznet, Inc.

   Information Services   

Preferred Stock Warrants

   Series B       $ 9       $ —     

Cha Cha Search, Inc.

   Information Services   

Preferred Stock Warrants

   Series F         58         2   

Intelligent Beauty, Inc.

   Information Services   

Preferred Stock Warrants

   Series B         230         544   

InXpo, Inc.

   Information Services   

Preferred Stock Warrants

   Series C         98         77   

Magi.com (pka Hi5 Networks, Inc.)

   Information Services   

Preferred Stock Warrants

   Series B         213         —     

Jab Wireless, Inc.

   Information Services   

Preferred Stock Warrants

   Series A         265         334   

RichRelevance, Inc.

   Information Services   

Preferred Stock Warrants

   Series D         98         35   

Solutionary, Inc.

   Information Services   

Preferred Stock Warrants

   Series E         96         7   

Zeta Interactive Corporation

   Information Services   

Preferred Stock Warrants

   Series A         172         268   
              

 

 

    

 

 

 
Total Warrants Information Services (0.26%)            1,239         1,267   
              

 

 

    

 

 

 

Optiscan Biomedical, Corp.

   Medical Device
& Equipment
  

Preferred Stock Warrants

   Series B         680         407   
     

Preferred Stock Warrants

   Series C         390         375   
              

 

 

    

 

 

 

Total Optiscan Biomedical, Corp

                 1,070         782   
              

 

 

    

 

 

 
Total Warrants Medical Device & Equipment (0.16%)*            1,070         782   
              

 

 

    

 

 

 

Navidea Biopharmaceuticals, Inc.
(pka Neoprobe) (3)

   Diagnostic   

Common Stock Warrants

           244         318   
              

 

 

    

 

 

 
Total Warrants Diagnostic (0.07%)            244         318   
              

 

 

    

 

 

 

deCODE genetics ehf. (5)

   Biotechnology Tools   

Preferred Stock Warrants

   Series A-2         305         298   

Labcyte, Inc.

   Biotechnology Tools   

Preferred Stock Warrants

   Series C         197         265   

NuGEN Technologies, Inc.

   Biotechnology Tools   

Preferred Stock Warrants

   Series B         45         130   
     

Preferred Stock Warrants

   Series C         33         7   
              

 

 

    

 

 

 

Total NuGEN Technologies, Inc.

                 78         137   
              

 

 

    

 

 

 

Total Warrants Biotechnology Tools (0.14%)*

           580         700   
              

 

 

    

 

 

 

Entrigue Surgical, Inc.

   Surgical Devices   

Preferred Stock Warrants

   Series B         87         41   

Transmedics, Inc. (4)

   Surgical Devices   

Preferred Stock Warrants

   Series B         225         —     

Gynesonics, Inc.

   Surgical Devices   

Preferred Stock Warrants

   Series A         18         15   
     

Preferred Stock Warrants

   Series C         365         357   
              

 

 

    

 

 

 
                 383         372   
              

 

 

    

 

 

 

Total Warrants Surgical Devices (0.08%)*

              695         413   
              

 

 

    

 

 

 

Everyday Health, Inc. (pka Waterfront Media, Inc.)

   Media/Content/Info   

Preferred Stock Warrants

   Series C         60         302   

Glam Media, Inc.

   Media/Content/ Info   

Preferred Stock Warrants

   Series D         482         6   
              

 

 

    

 

 

 

Total Warrants Media/Content/Info (0.06%)*

              542         308   
              

 

 

    

 

 

 

Alphabet Energy, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series A         27         37   

BrightSource Energy, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series D         675         638   

Calera, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series C         513         148   

EcoMotors, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series B         308         651   

Enphase Energy, Inc. (3)

   Clean Tech   

Common Stock Warrants

           102         30   

GreatPoint Energy, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series D-1         548         217   

Integrated Photovoltaics, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series A-1         82         444   

Lilliputian Systems, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series C         106         —     
     

Common Stock Warrants

           48         —     
              

 

 

    

 

 

 

Total Lilliputian Systems, Inc.

                 154         —     

Propel Biofuels, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series C         211         100   

SCIenergy, Inc. (4)

   Clean Tech   

Preferred Stock Warrants

   Series C         138         25   

Solexel, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series B         1,161         146   

Stion Corporation

   Clean Tech   

Preferred Stock Warrants

   Series E         317         334   

Trilliant, Inc.

   Clean Tech   

Preferred Stock Warrants

   Series A         161         77   
              

 

 

    

 

 

 

Total Warrants Clean Tech (0.59%)*

           4,397         2,847   
              

 

 

    

 

 

 

Total Warrants (6.59%)

           29,500         31,978   
              

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

16


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

       

Principal
Amount

  

Cost (2)

    

Value (3)

 

Aegerion Pharmaceuticals, Inc. (3)

   Drug Discovery
& Development
  

Common Stock

         $ 150       $ 1,059   

Aveo Pharmaceuticals, Inc. (3)

   Drug Discovery
& Development
  

Common Stock

           842         2,083   

Dicerna Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Preferred Stock

   Series B         503         374   

Inotek Pharmaceuticals Corp.

   Drug Discovery
& Development
  

Preferred Stock

   Series C         1,500         —     

Merrimack Pharmaceuticals, Inc. (3)

   Drug Discovery
& Development
  

Common Stock

           2,000         3,383   

Paratek Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Preferred Stock

   Series H         1,000         577   
              

 

 

    

 

 

 

Total Equity Drug Discovery & Development (1.54%)*

           5,995         7,476   
              

 

 

    

 

 

 

Acceleron Pharmaceuticals, Inc.

   Drug Delivery   

Preferred Stock

   Series C         243         163   
     

Preferred Stock

   Series E         98         138   
     

Preferred Stock

   Series F         61         61   
     

Preferred Stock

   Series B         1,000         724   
              

 

 

    

 

 

 

Total Acceleron Pharmaceuticals, Inc.

                 1,402         1,086   

Transcept Pharmaceuticals, Inc. (3)

   Drug Delivery   

Common Stock

           500         437   
              

 

 

    

 

 

 

Total Equity Drug Delivery (0.31%)*

           1,902         1,523   
              

 

 

    

 

 

 

E-band Communications, Corp. (6)

   Communications
& Networking
  

Preferred Stock

   Series B         2,000         153   
     

Preferred Stock

   Series C         372         175   
     

Preferred Stock

   Series D         508         229   
     

Preferred Stock

   Series E         374         537   
              

 

 

    

 

 

 

Total E-band Communications, Corp.

                 3,254         1,094   

Neonova Holding Company

   Communications &
Networking
  

Preferred Stock

   Series A         250         255   

Peerless Network, Inc.

   Communications &
Networking
  

Preferred Stock

   Series A         1,000         2,851   

Stoke, Inc.

   Communications

& Networking

  

Preferred Stock

   Series E         500         480   
              

 

 

    

 

 

 

Total Equity Communications & Networking (0.96%)*

           5,004         4,680   
              

 

 

    

 

 

 

Atrenta, Inc.

   Software   

Preferred Stock

   Series D         250         379   

Box.net, Inc. (4)

   Software   

Preferred Stock

   Series C         500         3,777   
     

Preferred Stock

   Series D         500         1,529   
     

Preferred Stock

   Series D-1         1,000         1,204   
     

Preferred Stock

   Series D-2         2,001         2,135   
              

 

 

    

 

 

 

Total Box.net, Inc.

                 4,001         8,645   
              

 

 

    

 

 

 

Total Equity Software (1.86%)*

           4,251         9,024   
              

 

 

    

 

 

 

Maxvision Holding, LLC. (7)(8)

   Electronics &
Computer Hardware
  

Preferred Stock

   Series A         3,500         —     
     

Preferred Stock

   LLC interest         81         —     
              

 

 

    

 

 

 

Total Maxvision Holding, LLC.

                 3,581         —     

Spatial Photonics, Inc.

   Electronics &
Computer Hardware
  

Preferred Stock

   Series D         268         —     
              

 

 

    

 

 

 

Total Equity Electronics & Computer Hardware (0.00%)*

           3,849         —     
              

 

 

    

 

 

 

Quatrx Pharmaceuticals Company

   Specialty
Pharmaceuticals
  

Preferred Stock

   Series E         750         —     
              

 

 

    

 

 

 

Total Equity Specialty Pharmaceuticals (0.00%)*

           750         —     
              

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

17


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

       

Principal
Amount

  

Cost (2)

    

Value (3)

 

Caivis Acquisition Corporation

   Consumer & Business
Products
  

Common Stock

   Series A       $ 880       $ —     

Facebook, Inc.

   Consumer & Business
Products
  

Common Stock

   Series B         9,557         13,453   

IPA Holdings, LLC

   Consumer & Business
Products
  

Preferred Stock

   LLC
interest
        500         484   

Market Force Information, Inc.

   Consumer & Business
Products
  

Preferred Stock

   Series B         500         500   

Wageworks, Inc.

   Consumer & Business
Products
  

Preferred Stock

   Series D         250         319   
              

 

 

    

 

 

 

Total Equity Consumer & Business Products (3.04%)*

           11,687         14,756   
              

 

 

    

 

 

 

iWatt, Inc.

   Semiconductors   

Preferred Stock

   Series E         490         1,361   

NEXX Systems, Inc.

   Semiconductors   

Preferred Stock

   Series D         277         1,955   
              

 

 

    

 

 

 

Total Equity Semiconductors (0.68%)*

           767         3,316   
              

 

 

    

 

 

 

Gelesis, Inc.

   Therapeutic   

Common Stock

           —           108   
     

Preferred Stock

   Series A-1         425         519   
     

Preferred Stock

   Series A-2         500         520   
              

 

 

    

 

 

 

Total Gelesis, Inc.

                 925         1,147   

Novasys Medical, Inc.

   Therapeutic   

Preferred Stock

   Series D-1         1,000         799   
              

 

 

    

 

 

 

Total Equity Therapeutic (0.40%)*

           1,925         1,946   
              

 

 

    

 

 

 

Cozi Group, Inc.

   Internet Consumer &
Business Services
  

Preferred Stock

   Series B         177         26   

RazorGator Interactive Group, Inc.

   Internet Consumer &
Business Services
  

Preferred Stock

   Series A         1,000         —     
              

 

 

    

 

 

 

Total Equity Internet Consumer & Business Services (0.01%)

           1,177         26   
              

 

 

    

 

 

 

Buzznet, Inc.

   Information Services   

Preferred Stock

   Series C         250         —     

Good Technologies, Inc. (pka Visto Corporation)

   Information Services   

Common Stock

           603         90   

Magi.com (pka Hi5 Networks, Inc.)

   Information Services   

Preferred Stock

   Series C         250         247   

Solutionary, Inc.

   Information Services   

Preferred Stock

   Series A-1         326         86   
     

Preferred Stock

   Series A-2         17         248   
              

 

 

    

 

 

 

Total Solutionary, Inc.

                 343         334   

Zeta Interactive Corporation

   Information Services   

Preferred Stock

   Series A         500         543   
              

 

 

    

 

 

 

Total Equity Information Services (0.25%)

           1,946         1,214   
              

 

 

    

 

 

 

Optiscan Biomedical, Corp.

   Medical Device &
Equipment
  

Preferred Stock

   Series B         3,000         1,576   
     

Preferred Stock

   Series C         655         638   
              

 

 

    

 

 

 

Total Optiscan Biomedical, Corp.

                 3,655         2,214   
              

 

 

    

 

 

 

Total Equity Medical Device & Equipment (0.46%)*

           3,655         2,214   
              

 

 

    

 

 

 

NuGEN Technologies, Inc.

   Biotechnology Tools   

Preferred Stock

   Series C         500         484   
              

 

 

    

 

 

 

Total Equity Biotechnology Tools (0.10%)*

                 500         484   
              

 

 

    

 

 

 

Transmedics, Inc. (4)

   Surgical Devices   

Preferred Stock

   Series C         300         —     
     

Preferred Stock

   Series B         1,100         —     
              

 

 

    

 

 

 

Total Transmedics, Inc.

                 1,400         —     

Gynesonics, Inc.

   Surgical Devices   

Preferred Stock

   Series B         250         180   
     

Preferred Stock

   Series C         282         305   
              

 

 

    

 

 

 

Total Gynesonics, Inc.

                 532         485   
              

 

 

    

 

 

 

Total Equity Surgical Devices (0.10%)*

                 1,932         485   
              

 

 

    

 

 

 

 

See notes to consolidated financial statements (unaudited)

 

18


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2012

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

       

Principal
Amount

  

Cost (2)

    

Value (3)

 

Everyday Health, Inc. (pka Waterfront Media, Inc.)

   Media/
Content/
Info
  

Preferred Stock

   Series D       $ 1,000       $ 718   
              

 

 

    

 

 

 

Total Equity Media/Content/Info (0.15%)*

                 1,000         718   
              

 

 

    

 

 

 

Total Equity (9.86%)

                 46,340         47,862   
              

 

 

    

 

 

 

Total Investments (143.06%)

               $ 695,385       $ 694,464   
              

 

 

    

 

 

 

 

* Value as a percent of net assets
(1) Preferred and common stock, warrants, and equity interests are generally non-income producing.
(2) Gross unrealized appreciation, gross unrealized depreciation, and net depreciation for federal income tax purposes totaled $24,315, $26,801 and $2,486 respectively. The tax cost of investments is $696,383.
(3) Except for warrants in 16 publicly traded companies and common stock in four publicly traded companies, all investments are restricted at March 31, 2012 and were valued at fair value as determined in good faith by the Board of Directors. No unrestricted securities of the same issuer are outstanding. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.
(4) Debt investments of this portfolio company have been pledged as collateral under the Wells Facility.
(5) Non-U.S. company or the company’s principal place of business is outside the United States.
(6) Affiliate investment that is defined under the Investment Company Act of 1940 as companies in which the Company owns at least 5% but not more than 25% of the voting securities of the company.
(7) Control investment that is defined under the Investment Company Act of 1940 as companies in which the Company owns at least 25% of the voting securities of the company, or has greater than 50% representation on its board.
(8) Debt is on non-accrual status at March 31, 2012, and is therefore considered non-income producing.

 

See notes to consolidated financial statements (unaudited)

 

19


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2011

(dollars in thousands)

 

Portfolio Company

   Industry   

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  

Anthera Pharmaceuticals Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures September 2014
Interest rate Prime + 7.3% or
Floor rate of 10.55%

   $ 25,000       $ 24,433       $ 25,183   

Aveo Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures June 2014
Interest rate Prime + 7.15% or
Floor rate of 11.9%

   $ 25,000         25,360         26,110   

Dicerna Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures January 2015
Interest rate Prime + 4.40% or
Floor rate of 10.15%

   $ 12,000         11,665         11,665   

NextWave Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures June 2015
Interest rate Prime + 4.3% or
Floor rate of 9.55%

   $ 6,000         5,925         5,926   

Concert Pharmaceuticals

   Drug Discovery
& Development
  

Senior Debt

Matures July 2015
Interest rate Prime + 3.25% or
Floor rate of 8.25%

   $ 7,500         7,350         7,350   

PolyMedix, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures September 2013
Interest rate Prime + 7.1% or
Floor rate of 12.35%

   $ 6,763         6,594         6,729   

Aegerion Pharmaceuticals, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures September 2014
Interest rate Prime + 5.65% or
Floor rate of 10.40%

   $ 10,000         10,070         10,070   

Chroma Therapeutics, Ltd. (5)

   Drug Discovery
& Development
  

Senior Debt

Matures September 2013
Interest rate Prime + 7.75% or
Floor rate of 12.00%

   $ 7,633         7,958         7,879   

NeurogesX, Inc.

   Drug Discovery
& Development
  

Senior Debt

Matures February 2015
Interest rate Prime + 6.25% or
Floor rate of 9.50%

   $ 15,000         14,558         14,558   
           

 

 

    

 

 

 

Total Debt Drug Discovery & Development (26.79%)*

  

     113,913         115,470   
           

 

 

    

 

 

 

E-band Communications, Corp. (6)

   Communications
& Networking
  

Convertible Senior
Debt Due on demand
Interest rate Fixed 6.00%

   $ 356         356         —     

Intelepeer, Inc.

   Communications
& Networking
  

Senior Debt
Matures May 2013
Interest rate Prime + 8.12% or
Floor rate of 11.37%

   $ 6,524         6,346         6,476   
     

Senior Debt

Matures May 2012

Interest rate Prime + 4.25%

   $ 1,100         1,100         1,070   
           

 

 

    

 

 

 

Total Intelepeer, Inc.

              7,446         7,546   

Ahhha, Inc.

   Communications
& Networking
  

Senior Debt

Matures January 2015

Interest rate Fixed 10.00%

   $ 350         345         345   

Pac-West Telecomm, Inc.

   Communications
& Networking
  

Senior Debt
Matures October 2014
Interest rate Prime + 7.50% or
Floor rate of 12.00%

   $ 4,369         4,196         4,196   

PeerApp, Inc.

   Communications
& Networking
  

Senior Debt
Matures April 2013
Interest rate Prime + 7.5% or
Floor rate of 11.50%

   $ 1,776         1,814         1,835   

PointOne, Inc.

   Communications
& Networking
  

Senior Debt
Matures April 2013
Interest rate Libor + 9.0% or
Floor rate of 11.50%

   $ 8,308         8,107         8,100   

Stoke, Inc (4)

   Communications
& Networking
  

Senior Debt
Matures May 2013
Interest rate Prime + 7.0% or
Floor rate of 10.25%

   $ 2,627         2,586         2,612   
           

 

 

    

 

 

 

Total Debt Communications & Networking (5.71%)*

              24,850         24,634   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements.

 

20


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

(dollars in thousands)

 

Portfolio Company

   Industry   

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  

Central Desktop, Inc.

   Software   

Senior Debt
Matures April 2014
Interest rate Prime + 6.75% or
Floor rate of 10.50%

   $ 3,000       $ 2,894       $ 2,954   

Clickfox, Inc.

   Software   

Senior Debt
Matures July 2013
Interest rate Prime + 6.00% or
Floor rate of 11.25%

   $ 3,999         3,920         4,000   

Kxen, Inc.

   Software   

Senior Debt
Matures January 2015
Interest rate Prime + 5.08% or
Floor rate of 8.33%

   $ 3,000         2,958         2,858   

RichRelevance, Inc.

   Software   

Senior Debt
Matures January 2015
Interest rate Prime + 3.25% or
Floor rate of 7.50%

   $ 5,000         4,879         4,879   

Blurb, Inc

   Software   

Senior Debt
Matures December 2015
Interest rate Prime +5.25% or
Floor rate 8.5%

   $ 5,000         4,873         4,873   

SugarSync Inc.

   Software   

Senior Debt
Matures April 2015
Interest rate Prime + 4.50% or
Floor rate of 8.25%

   $ 2,000         1,950         1,950   

White Sky, Inc.

   Software   

Senior Debt
Matures June 2014
Interest rate Prime + 7.00% or
Floor rate of 10.25%

   $ 1,418         1,357         1,400   

Tada Innovations, Inc.

   Software   

Senior Debt
Matures June 2012
Interest rate Prime + 3.25% or
Floor rate of 6.50%

   $ 100         90         90   
           

 

 

    

 

 

 

Total Debt Software (5.34%)*

        22,921         23,004   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements.

 

21


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

(dollars in thousands)

 

Portfolio Company

   Industry   

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  

Maxvision Holding, LLC. (7)

   Electronics &
Computer Hardware
  

Senior Debt
Matures December 2013
Interest rate Prime + 8.25% or
Floor rate of 12.00%, PIK interest 5.00%

   $ 4,185       $ 4,143       $ —     
     

Senior Debt
Matures December 2013
Interest rate Prime + 6.25% or
Floor rate of 10.00%, PIK interest 2.00%

   $ 2,539         2,515         —     
     

Revolving Line of Credit
Matures December 2013
Interest rate Prime +5.00% or
Floor rate of 8.50%

   $ 892         1,027         1,027   
           

 

 

    

 

 

 

Total Maxvision Holding, LLC

              7,685         1,027   
           

 

 

    

 

 

 

Total Debt Electronics & Computer Hardware (0.24%)*

        7,685         1,027   
           

 

 

    

 

 

 

Althea Technologies, Inc.

   Specialty
Pharmaceuticals
  

Senior Debt
Matures October 2013
Interest rate Prime + 7.70% or
Floor rate of 10.95%

   $ 10,359         10,315         10,584   

Pacira Pharmaceuticals, Inc.

   Specialty
Pharmaceuticals
  

Senior Debt
Matures August 2014
Interest rate Prime + 6.25% or
Floor rate of 10.25%

   $ 11,250         11,257         11,397   
     

Senior Debt
Matures August 2014
Interest rate Prime + 8.65% or
Floor rate of 12.65%

   $ 15,000         14,386         14,574   
           

 

 

    

 

 

 

Total Pacira Pharmaceuticals, Inc.

              25,643         25,971   

Quatrx Pharmaceuticals Company

   Specialty
Pharmaceuticals
  

Convertible Senior Debt
Matures March 2012
Interest rate 8.00%

   $ 1,888         1,888         1,888   
           

 

 

    

 

 

 

Total Debt Specialty Pharmaceuticals (8.92%)*

        37,846         38,443   
           

 

 

    

 

 

 

Achronix Semiconductor Corporation

   Semiconductors   

Senior Debt
Matures January 2015
Interest rate Prime + 7.75% or
Floor rate of 11.00%

   $ 2,500         2,329         2,329   

Kovio Inc.

   Semiconductors   

Senior Debt
Matures March 2015
Interest rate Prime + 5.50% or
Floor rate of 9.25%

   $ 1,250         1,218         1,218   
     

Senior Debt
Matures March 2015
Interest rate Prime + 6.00% or
Floor rate of 9.75%

   $ 3,000         2,910         2,910   
           

 

 

    

 

 

 

Total Kovio Inc.

              4,128         4,128   
           

 

 

    

 

 

 

Total Debt Semiconductors (1.50%)*

        6,457         6,457   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements.

 

22


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

(dollars in thousands)

 

Portfolio Company

   Industry   

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  

AcelRX Pharmaceuticals, Inc.

   Drug Delivery   

Senior Debt
Matures December 2014
Interest rate Prime + 3.25% or
Floor rate of 8.50%

   $ 10,000       $ 9,773       $ 9,579   
     

Senior Debt
Matures December 2014
Interest rate Prime + 3.25% or
Floor rate of 8.50%

   $ 10,000         9,772         9,578   
           

 

 

    

 

 

 

Total AcelRX Pharmaceuticals, Inc.

              19,545         19,157   

Alexza Pharmaceuticals, Inc. (4)

   Drug Delivery   

Senior Debt
Matures October 2013
Interest rate Prime + 6.5% or
Floor rate of 10.75%

   $ 10,497         10,537         10,695   

BIND Biosciences, Inc.

   Drug Delivery   

Senior Debt
Matures July 2014
Interest rate Prime + 7.45% or
Floor rate of 10.70%

   $ 5,000         4,730         4,880   
           

 

 

    

 

 

 

Total BIND Biosciences, Inc.

              4,730         4,880   

Merrion Pharma, Plc. (5)

   Drug Delivery   

Senior Debt
Matures January 2015
Interest rate Prime + 9.20% or
Floor rate of 12.45%

   $ 5,000         4,765         3,819   

Revance Therapeutics, Inc.

   Drug Delivery   

Senior Debt
Matures March 2015
Interest rate Prime + 6.60% or
Floor rate of 9.85%

   $ 22,000         21,379         21,379   
           

 

 

    

 

 

 

Total Debt Drug Delivery (13.90%)*

              60,956         59,930   
           

 

 

    

 

 

 

Gelesis, Inc. (8)

   Therapeutic   

Senior Debt
Matures April 2013
Interest rate Prime + 8.75% or
Floor rate of 12.00%

   $ 3,428         3,514         3,254   

Gynesonics, Inc.

   Therapeutic   

Senior Debt
Matures October 2013
Interest rate Prime + 8.25% or
Floor rate of 11.50%

   $ 5,336         5,309         5,383   

Oraya Therapeutics, Inc.

   Therapeutic   

Senior Debt
Matures March 2015
Interest rate Prime + 4.75% or
Floor rate of 9.50%

   $ 7,500         7,377         7,377   

Pacific Child & Family Associates, LLC

   Therapeutic   

Senior Debt
Matures January 2015
Interest rate LIBOR + 8.0% or
Floor rate of 10.50%

   $ 4,965         4,932         4,932   
     

Revolving Line of Credit
Matures January 2015
Interest rate LIBOR + 6.5% or
Floor rate of 9.00%

   $ 1,500         1,485         1,412   
     

Senior Debt
Matures January 2015
Interest rate LIBOR + 10.50% or
Floor rate of 13.0%, PIK interest 3.75%

   $ 5,900         6,259         6,436   
           

 

 

    

 

 

 

Total Pacific Child & Family Associates, LLC

              12,676         12,780   
           

 

 

    

 

 

 

Total Debt Therapeutic (6.68%)*

              28,876         28,794   
           

 

 

    

 

 

 

 

See notes to consolidated financial statements.

 

23


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

(dollars in thousands)

 

Portfolio Company

   Industry   

Type of Investment (1)

   Principal
Amount
     Cost (2)      Value (3)  
InXpo, Inc.    Internet Consumer &

Business Services

  

Senior Debt
Matures March 2014
Interest rate Prime + 7.5% or
Floor rate of 10.75%

   $ 3,192       $ 3,083       $ 3,147   
Westwood One Communications    Internet Consumer &
Business Services
  

Senior Debt
Matures October 2016
Interest rate of 8.00%

   $ 21,000         19,059         19,479   
Reply! Inc. (4)    Internet Consumer &
Business Services
  

Senior Debt
Matures June 2015
Interest rate Prime + 6.87% or
Floor rate of 10.12%

   $ 13,000         12,877         13,131   
MedCall    Internet Consumer &
Business Services
  

Senior Debt
Matures January 2016
Interest rate LIBOR + 7.50% or
Floor rate of 9.50%

   $ 5,168         5,051         5,051   

ScriptSave

(Medical Security Card Company, LLC)

   Internet Consumer &
Business Services
  

Senior Debt
Matures February 2016
Interest rate Prime + 8.75%

   $ 19,646         19,307         19,896   
Trulia, Inc.    Internet Consumer &
Business Services
  

Senior Debt
Matures March 2015
Interest rate Prime + 2.75% or
Floor rate of 6.00%

   $ 5,000         4,871         4,871   
     

Senior Debt
Matures March 2015
Interest rate Prime + 5.50% or
Floor rate of 8.75%

   $ 5,000         4,871         4,871   
           

 

 

    

 

 

 

Total Trulia, Inc.

              9,742         9,742   
Vaultlogix, Inc.    Internet Consumer &
Business Services
  

Senior Debt
Matures September 2016
Interest rate Libor + 8.50% or
Floor rate of 10.00%, PIK interest 2.50%

   $ 7,500         7,441         7,441   
     

Senior Debt

   $ 11,500         11,335         11,335   
     

Revolving Line of Credit
Matures September 2015
Interest rate Libor + 6.00% or
Floor rate of 7.50%

   $ 300         284         284   
           

 

 

    

 

 

 

Total Vaultlogix, Inc.

              19,060         19,060   

Tectura Corporation

   Internet Consumer
& Business Services
  

Senior Debt
Matures December 2012
Interest rate 11%

   $ 5,625         6,834         6,834   
     

Revolving Line of Credit
Senior Debt
Matures August 2012
Interest rate 11%

   $ 2,500         2,556         2,556   
     

Revolving Line of Credit
Matures July 2012
Interest rate 11%,
PIK interest 1.00%

   $ 17,487         17,738         17,738   
           

 

 

    

 

 

 

Total Tectura Corporation

              27,128         27,128    </