Hercules Capital
Hercules Capital, Inc. (Form: 10-Q, Received: 05/05/2016 16:50:02)

 

 

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, 2016

OR

¨

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

Commission File Number: 814-00702

 

HERCULES CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

 

743113410

(State or Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

400 Hamilton Ave., Suite 310

Palo Alto, California

(Address of Principal Executive Offices)

 

94301

(Zip Code)

 

(650) 289-3060

(Registrant’s Telephone Number, Including Area Code)

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

 

x

  

Accelerated filer

 

¨

 

 

 

 

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 2, 2016, there were 73,664,846 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 

 

 


 

HERCULES 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, 2016 and December 31, 2015 (unaudited)

  

3

 

 

 

Consolidated Statement of Operations for the three months ended March 31, 2016 and 2015 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2016 and 2015 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the three months ended March 31, 2016 and 2015 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of March 31, 2016 (unaudited)

  

8

 

 

 

Consolidated Schedule of Investments as of December 31, 2015 (unaudited)

  

21

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

36

Item 2.

 

 

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

  

69

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

97

Item 4.

 

 

Controls and Procedures

  

98

 

PART II. OTHER INFORMATION

  

99

 

Item 1.

 

Legal Proceedings

  

99

 

 

 

Item 1A. Risk Factors

  

99

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

100

Item 3.

 

 

Defaults Upon Senior Securities

  

100

Item 4.

 

 

Mine Safety Disclosures

  

100

Item 5.

 

 

Other Information

  

100

Item 6.

 

 

Exhibits and Financial Statement Schedules

  

101

 

SIGNATURES

  

103

 

 

 

 

2


 

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts on or after February 25, 2016 and “Hercules Technology Growth Capital, Inc.” and its wholly owned subsidiaries and its affiliated securitization trusts prior to February 25, 2016 unless the context otherwise requires.

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(unaudited)

(dollars in thousands, except per share data)

 

 

 

March 31, 2016

 

 

December 31, 2015

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments:

 

 

 

 

 

 

 

 

Debt investments (cost of $1,239,601 and  $1,150,103, respectively)

 

$

1,204,136

 

 

$

1,109,196

 

Equity investments (cost of $51,208 and $50,305, respectively)

 

 

55,837

 

 

 

60,781

 

Warrant investments (cost of $39,789 and $38,131, respectively)

 

 

23,240

 

 

 

22,675

 

Total Non-control/Non-affiliate investments (cost of $1,330,598 and $1,238,539, respectively)

 

 

1,283,213

 

 

 

1,192,652

 

Affiliate investments:

 

 

 

 

 

 

 

 

Debt investments (cost of $2,185 and $2,200, respectively)

 

 

1,537

 

 

 

1,013

 

Equity investments (cost of $8,912 and $8,912, respectively)

 

 

6,304

 

 

 

6,661

 

Warrant investments (cost of $2,630 and $2,630, respectively)

 

 

256

 

 

 

312

 

Total Affiliate investments (cost of $13,727 and $13,742, respectively)

 

 

8,097

 

 

 

7,986

 

Total investments, at value (cost of $1,344,325 and $1,252,281, respectively)

 

 

1,291,310

 

 

 

1,200,638

 

Cash and cash equivalents

 

 

13,478

 

 

 

95,196

 

Restricted cash

 

 

3,646

 

 

 

9,191

 

Interest receivable

 

 

10,993

 

 

 

9,239

 

Other assets

 

 

12,388

 

 

 

9,720

 

Total assets

 

$

1,331,815

 

 

$

1,323,984

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

12,086

 

 

$

17,241

 

Long-Term Liabilities (Convertible Senior Notes), net (principal of $17,604 and $17,604, respectively) (1)

 

 

17,572

 

 

 

17,478

 

Wells Facility

 

 

61,003

 

 

 

50,000

 

2021 Asset-Backed Notes, net (principal of $129,300 and $129,300, respectively) (1)

 

 

127,227

 

 

 

126,995

 

2019 Notes, net (principal of $110,364 and $110,364, respectively) (1)

 

 

108,339

 

 

 

108,179

 

2024 Notes, net (principal of $103,000 and $103,000, respectively) (1)

 

 

100,211

 

 

 

100,128

 

Long-Term SBA Debentures, net (principal of $190,200 and $190,200, respectively) (1)

 

 

186,997

 

 

 

186,829

 

Total liabilities

 

$

613,435

 

 

$

606,850

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

74

 

 

 

73

 

Capital in excess of par value

 

 

761,565

 

 

 

752,244

 

Unrealized depreciation on investments (2)

 

 

(54,142

)

 

 

(52,808

)

Accumulated realized gains on investments

 

 

23,525

 

 

 

27,993

 

Undistributed net investment income (Distributions in excess of net investment income)

 

 

(12,642

)

 

 

(10,368

)

Total net assets

 

$

718,380

 

 

$

717,134

 

Total liabilities and net assets

 

$

1,331,815

 

 

$

1,323,984

 

 

 

 

 

 

 

 

 

 

Shares of common stock outstanding ($0.001 par value, 200,000,000 and 100,000,000 authorized, respectively)

 

 

73,230

 

 

 

72,118

 

Net asset value per share

 

$

9.81

 

 

$

9.94

 

 

(1)

The Company’s SBA Debentures, 2019 Notes, 2024 Notes, 2021 Asset-Backed Notes, and Convertible Senior Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument. See “Note 2 – Summary of Significant Accounting Policies” and “Note 4 – Borrowings”.

(2)

Amounts include $1.1 million and $1.2 million, respectively, in net unrealized depreciation on other assets and accrued liabilities, including escrow receivables, estimated taxes payable and Citigroup warrant participation agreement liabilities.

 

See notes to consolidated financial statements.

3


 

T he following table presents the assets and li abilities of our consolidated securitization trust for the 2021 Asset-Backed Notes (see Note 4), which is a variable interest entity (“VIE”). The assets of our securitization VIE can only be used to settle obligations of our consolidated securitization VIE , these liabilities are only the obligations of our consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statement of A ssets and Liabilities above.

 

(Dollars in thousands)

 

March 31, 2016

 

 

December 31, 2015

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

3,646

 

 

$

9,191

 

Total investments, at value (cost of $265,038 and $258,748, respectively)

 

 

264,469

 

 

 

257,657

 

Total assets

 

$

268,115

 

 

$

266,848

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

2021 Asset-Backed Notes, net (principal of $129,300 and $129,300, respectively) (1)

 

$

127,227

 

 

$

126,995

 

Total liabilities

 

$

127,227

 

 

$

126,995

 

 

(1)

The Company’s SBA Debentures, 2019 Notes, 2024 Notes, 2021 Asset-Backed Notes, and Convertible Senior Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument. See “Note 2 – Summary of Significant Accounting Policies” and “Note 4 – Borrowings”.

See notes to consolidated financial statements.

4


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

2016

 

 

2015

 

Investment income:

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

$

36,409

 

 

$

30,459

 

Affiliate investments

 

65

 

 

 

100

 

Total interest income

 

36,474

 

 

 

30,559

 

Fees

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

2,465

 

 

 

1,934

 

Affiliate investments

 

 

 

 

1

 

Total fees

 

2,465

 

 

 

1,935

 

Total investment income

 

38,939

 

 

 

32,494

 

Operating expenses:

 

 

 

 

 

 

 

Interest

 

7,018

 

 

 

7,854

 

Loan fees

 

988

 

 

 

1,513

 

General and administrative

 

3,580

 

 

 

3,618

 

Employee compensation:

 

 

 

 

 

 

 

Compensation and benefits

 

4,685

 

 

 

3,796

 

Stock-based compensation

 

2,571

 

 

 

2,719

 

Total employee compensation

 

7,256

 

 

 

6,515

 

Total operating expenses

 

18,842

 

 

 

19,500

 

Loss on debt extinguishment (Long-Term Liabilities - Convertible Senior Notes)

 

 

 

 

(1

)

Net investment income

 

20,097

 

 

 

12,993

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

(4,468

)

 

 

3,312

 

Total net realized gain (loss) on investments

 

(4,468

)

 

 

3,312

 

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

(1,460

)

 

 

3,301

 

Affiliate investments

 

126

 

 

 

2,313

 

Total net unrealized appreciation (depreciation) on investments

 

(1,334

)

 

 

5,614

 

Total net realized and unrealized gain (loss)

 

(5,802

)

 

 

8,926

 

Net increase in net assets resulting from operations

$

14,295

 

 

$

21,919

 

 

 

 

 

 

 

 

 

Net investment income before investment gains and losses per common share:

 

 

 

 

 

 

 

Basic

$

0.28

 

 

$

0.20

 

Change in net assets resulting from operations per common share:

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

0.33

 

Diluted

$

0.20

 

 

$

0.33

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

71,172

 

 

 

63,783

 

Diluted

 

71,199

 

 

 

64,163

 

Dividends declared per common share:

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.31

 

See notes to consolidated financial statements.

5


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(unaudited)

(dollars and shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/

 

 

Provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Accumulated

 

 

(Distributions

 

 

for Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Appreciation

 

 

Realized

 

 

in Excess of

 

 

Taxes on

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

(Depreciation)

 

 

Gains (Losses)

 

 

Investment

 

 

Investment

 

 

Net

 

 

Shares

 

 

Par Value

 

 

of par value

 

 

on Investments

 

 

on Investments

 

 

Income)

 

 

Gains

 

 

Assets

 

Balance at December 31, 2014

 

64,715

 

 

$

65

 

 

$

657,233

 

 

$

(17,076

)

 

$

14,079

 

 

$

4,905

 

 

$

(342

)

 

$

658,864

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

5,614

 

 

 

3,312

 

 

 

12,993

 

 

 

 

 

 

21,919

 

Public offering, net of offering expenses

 

7,591

 

 

 

8

 

 

 

100,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,092

 

Issuance of common stock due to stock option exercises

 

34

 

 

 

 

 

 

406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

406

 

Retired shares from net issuance

 

(27

)

 

 

 

 

 

(401

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(401

)

Issuance of common stock under restricted stock plan

 

580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(42

)

 

 

 

 

 

(591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(591

)

Issuance of common stock as stock dividend

 

40

 

 

 

 

 

 

562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

562

 

Dividends distributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,266

)

 

 

 

 

 

(20,266

)

Stock-based compensation

 

 

 

 

 

 

 

2,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,741

 

Balance at March 31, 2015

 

72,891

 

 

$

73

 

 

$

760,034

 

 

$

(11,462

)

 

$

17,391

 

 

$

(2,368

)

 

$

(342

)

 

$

763,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2015

 

72,118

 

 

$

73

 

 

$

752,244

 

 

$

(52,808

)

 

$

27,993

 

 

$

(10,026

)

 

$

(342

)

 

$

717,134

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(1,334

)

 

 

(4,468

)

 

 

20,097

 

 

 

 

 

 

14,295

 

Public offering, net of offering expenses

 

1,109

 

 

 

1

 

 

 

12,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,404

 

Acquisition of common stock under repurchase plan

 

(449

)

 

 

 

 

 

(4,789

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,789

)

Issuance of common stock under restricted stock plan

 

538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(129

)

 

 

 

 

 

(1,385

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,385

)

Issuance of common stock as stock dividend

 

43

 

 

 

 

 

 

496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

496

 

Dividends distributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,371

)

 

 

 

 

 

(22,371

)

Stock-based compensation

 

 

 

 

 

 

 

2,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,596

 

Balance at March 31, 2016

 

73,230

 

 

$

74

 

 

$

761,565

 

 

$

(54,142

)

 

$

23,525

 

 

$

(12,300

)

 

$

(342

)

 

$

718,380

 

 

See notes to consolidated financial statements.

6


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

For the Three Months Ended March 31,

 

 

2016

 

 

2015

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

$

14,295

 

 

$

21,919

 

Adjustments to reconcile net increase in net assets resulting from

operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Purchase of investments

 

(170,921

)

 

 

(209,387

)

Principal and fee payments received on investments

 

77,808

 

 

 

75,368

 

Proceeds from the sale of investments

 

4,636

 

 

 

7,001

 

Net unrealized depreciation (appreciation) on investments

 

1,334

 

 

 

(5,614

)

Net realized loss (gain) on investments

 

4,468

 

 

 

(3,312

)

Accretion of paid-in-kind principal

 

(1,535

)

 

 

(665

)

Accretion of loan discounts

 

(1,863

)

 

 

(1,356

)

Accretion of loan discount on Convertible Senior Notes

 

61

 

 

 

62

 

Loss on debt extinguishment (Long-Term Liabilities - Convertible Senior Notes)

 

 

 

 

1

 

Payment of loan discount on Convertible Senior Notes

 

 

 

 

(2

)

Accretion of loan exit fees

 

(5,231

)

 

 

(2,767

)

Change in deferred loan origination revenue

 

655

 

 

 

1,540

 

Unearned fees related to unfunded commitments

 

(87

)

 

 

527

 

Amortization of debt fees and issuance costs

 

785

 

 

 

1,288

 

Depreciation

 

56

 

 

 

58

 

Stock-based compensation and amortization of restricted stock grants

 

2,596

 

 

 

2,741

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

(1,753

)

 

 

351

 

Prepaid expenses and other assets

 

(2,540

)

 

 

2,674

 

Accounts payable

 

(88

)

 

 

(504

)

Accrued liabilities

 

(5,029

)

 

 

(3,978

)

Net cash used in operating activities

 

(82,353

)

 

 

(114,055

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(127

)

 

 

(42

)

Reduction of (investments in) restricted cash

 

5,545

 

 

 

(9,289

)

Net cash provided by (used in) investing activities

 

5,418

 

 

 

(9,331

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

12,404

 

 

 

100,092

 

Repurchase of common stock, net

 

(4,789

)

 

 

 

Retirement of employee shares

 

(1,385

)

 

 

(586

)

Dividends paid

 

(21,875

)

 

 

(19,704

)

Repayments of 2017 Asset-Backed Notes

 

 

 

 

(11,846

)

Borrowings of credit facilities

 

106,666

 

 

 

 

Repayments of credit facilities

 

(95,663

)

 

 

 

Cash paid for redemption of Convertible Senior Notes

 

 

 

 

(30

)

Fees paid for credit facilities and debentures

 

(141

)

 

 

100

 

Net cash provided by (used in) financing activities

 

(4,783

)

 

 

68,026

 

Net decrease in cash and cash equivalents

 

(81,718

)

 

 

(55,360

)

Cash and cash equivalents at beginning of period

 

95,196

 

 

 

227,116

 

Cash and cash equivalents at end of period

$

13,478

 

 

$

171,756

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Dividends Reinvested

$

496

 

 

$

562

 

 

See notes to consolidated financial statements.

7


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2016

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of Investment (1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost (2)

 

 

Value (3)

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exicure, Inc. (11)(13)

 

Biotechnology Tools

 

Senior Secured

 

September 2019

 

Interest rate PRIME + 6.45%

or Floor rate of 9.95%

 

$

6,000

 

 

$

5,862

 

 

$

5,862

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

5,862

 

 

 

5,862

 

Subtotal: Biotechnology Tools (0.82%)*

 

 

 

 

 

 

 

 

 

 

 

 

5,862

 

 

 

5,862

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avanti Communications Group (4)(9)

 

Communications & Networking

 

Senior Secured

 

October 2019

 

Interest rate FIXED 10.00%

 

$

7,500

 

 

 

6,693

 

 

 

5,475

 

OpenPeak, Inc. (7)

 

Communications & Networking

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 8.75%

or Floor rate of 12.00%

 

$

12,370

 

 

 

9,134

 

 

 

4,379

 

SkyCross, Inc. (7)(12)(13)(14)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 7.70%

or Floor rate of 10.95%,

PIK Interest 5.00%

 

$

19,674

 

 

 

20,529

 

 

 

7,050

 

Spring Mobile Solutions, Inc. (13)

 

Communications & Networking

 

Senior Secured

 

January 2019

 

Interest rate PRIME + 6.70%

or Floor rate of 9.95%

 

$

3,000

 

 

 

2,959

 

 

 

2,959

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

39,315

 

 

 

19,863

 

Subtotal: Communications & Networking (2.76%)*

 

 

 

 

 

 

 

 

 

 

 

 

39,315

 

 

 

19,863

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation) (14)

 

Consumer & Business Products

 

Senior Secured

 

June 2016

 

Interest rate PRIME + 8.75%

or Floor rate of 12.00%

 

$

158

 

 

 

158

 

 

 

158