UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended March 31, 2022
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 |
|
74-3113410 |
(State or Jurisdiction of Incorporation or Organization) |
|
(IRS Employer Identification Number) |
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices) |
|
94301 (Zip Code) |
|
(650) 289-3060
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Shares, par value $0.001 per share |
HTGC |
New York Stock Exchange |
6.25% Notes due 2033 |
HCXY |
New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☒ |
|
Accelerated filer |
|
☐ |
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
|
☐ |
Emerging growth company |
|
☐ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
|
☐ |
||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On May 2, 2022, there were 123,879,248 shares outstanding of the Registrant’s common stock, $0.001 par value.
HERCULES CAPITAL, INC.
FORM 10-Q TABLE OF CONTENTS
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3 |
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Item 1. |
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3 |
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3 |
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Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited) |
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4 |
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5 |
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Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited) |
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6 |
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Consolidated Schedule of Investments as of March 31, 2022 (unaudited) |
|
7 |
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Consolidated Schedule of Investments as of December 31, 2021 |
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18 |
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29 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
61 |
Item 3. |
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77 |
Item 4. |
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78 |
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79 |
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Item 1. |
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79 |
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Item 1A. |
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79 |
Item 2. |
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80 |
Item 3. |
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80 |
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Item 4. |
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80 |
Item 5. |
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80 |
Item 6. |
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81 |
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86 |
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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, unless the context otherwise requires.
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
|
|
(unaudited) |
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Investments, at fair value: |
|
|
|
|
|
|
||
Non-control/Non-affiliate investments (cost of $2,492,877 and $2,293,398, respectively) |
|
$ |
2,511,227 |
|
|
$ |
2,351,560 |
|
Control investments (cost of $85,358 and $84,039, respectively) |
|
|
76,277 |
|
|
|
73,504 |
|
Affiliate investments (cost of $8,167 and $13,547, respectively) |
|
|
4,830 |
|
|
|
9,458 |
|
Total investments, at fair value (cost of $2,586,402 and $2,390,984, respectively) |
|
|
2,592,334 |
|
|
|
2,434,522 |
|
Cash and cash equivalents |
|
|
59,330 |
|
|
|
133,115 |
|
Restricted cash |
|
|
3,127 |
|
|
|
3,150 |
|
Interest receivable |
|
|
19,648 |
|
|
|
17,365 |
|
Right of use asset |
|
|
6,142 |
|
|
|
6,761 |
|
Other assets |
|
|
10,966 |
|
|
|
5,100 |
|
Total assets |
|
$ |
2,691,547 |
|
|
$ |
2,600,013 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Debt (net of debt issuance costs - Note 5) |
|
$ |
1,323,995 |
|
|
$ |
1,236,303 |
|
Accounts payable and accrued liabilities |
|
|
27,228 |
|
|
|
47,781 |
|
Operating lease liability |
|
|
6,876 |
|
|
|
7,382 |
|
Total liabilities |
|
$ |
1,358,099 |
|
|
$ |
1,291,466 |
|
|
|
|
|
|
|
|
||
Net assets consist of: |
|
|
|
|
|
|
||
Common stock, par value |
|
$ |
124 |
|
|
$ |
117 |
|
Capital in excess of par value |
|
|
1,178,019 |
|
|
|
1,091,907 |
|
Total distributable earnings |
|
|
155,305 |
|
|
|
216,523 |
|
Total net assets |
|
$ |
1,333,448 |
|
|
$ |
1,308,547 |
|
Total liabilities and net assets |
|
$ |
2,691,547 |
|
|
$ |
2,600,013 |
|
|
|
|
|
|
|
|
||
Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized) |
|
|
123,194 |
|
|
|
116,619 |
|
Net asset value per share |
|
$ |
10.82 |
|
|
$ |
11.22 |
|
See notes to consolidated financial statements
3
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Investment income: |
|
|
|
|
|
|
||
Interest income |
|
|
|
|
|
|
||
Non-control/Non-affiliate investments |
|
$ |
60,090 |
|
|
$ |
62,982 |
|
Control investments |
|
|
1,115 |
|
|
|
799 |
|
Affiliate investments |
|
|
1,047 |
|
|
|
1 |
|
Total interest income |
|
|
62,252 |
|
|
|
63,782 |
|
Fee income |
|
|
|
|
|
|
||
Non-control/Non-affiliate investments |
|
|
2,889 |
|
|
|
4,969 |
|
Control investments |
|
|
16 |
|
|
|
8 |
|
Total fee income |
|
|
2,905 |
|
|
|
4,977 |
|
Total investment income |
|
|
65,157 |
|
|
|
68,759 |
|
Operating expenses: |
|
|
|
|
|
|
||
Interest |
|
|
11,647 |
|
|
|
14,750 |
|
Loan fees |
|
|
1,842 |
|
|
|
2,800 |
|
General and administrative |
|
|
3,818 |
|
|
|
3,596 |
|
Tax expenses |
|
|
712 |
|
|
|
1,438 |
|
Employee compensation |
|
|
|
|
|
|
||
Compensation and benefits |
|
|
8,329 |
|
|
|
9,804 |
|
Stock-based compensation |
|
|
4,424 |
|
|
|
2,744 |
|
Total employee compensation |
|
|
12,753 |
|
|
|
12,548 |
|
Total gross operating expenses |
|
|
30,772 |
|
|
|
35,132 |
|
Expenses allocated to the Adviser Subsidiary |
|
|
(1,402 |
) |
|
|
(933 |
) |
Total net operating expenses |
|
|
29,370 |
|
|
|
34,199 |
|
Net investment income |
|
|
35,787 |
|
|
|
34,560 |
|
Net realized gain (loss) and net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
||
Net realized gain (loss) |
|
|
|
|
|
|
||
Non-control/Non-affiliate investments |
|
|
(2,467 |
) |
|
|
7,770 |
|
Affiliate investments |
|
|
3,772 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
(3,686 |
) |
|
|
— |
|
Total net realized gain (loss) |
|
|
(2,381 |
) |
|
|
7,770 |
|
Net change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
||
Non-control/Non-affiliate investments |
|
|
(38,949 |
) |
|
|
18,022 |
|
Control investments |
|
|
1,454 |
|
|
|
1,702 |
|
Affiliate investments |
|
|
753 |
|
|
|
2,109 |
|
Total net change in unrealized appreciation (depreciation) |
|
|
(36,742 |
) |
|
|
21,833 |
|
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) |
|
|
(39,123 |
) |
|
|
29,603 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
(3,336 |
) |
|
$ |
64,163 |
|
|
|
|
|
|
|
|
||
Net investment income before investment gains and losses per common share: |
|
|||||||
Basic |
|
$ |
0.30 |
|
|
$ |
0.30 |
|
Change in net assets resulting from operations per common share: |
|
|
|
|
|
|
||
Basic |
|
$ |
(0.03 |
) |
|
$ |
0.56 |
|
Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.55 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
||
Basic |
|
|
118,296 |
|
|
|
114,304 |
|
Diluted |
|
|
118,296 |
|
|
|
114,803 |
|
Distributions paid per common share: |
|
|
|
|
|
|
||
Basic |
|
$ |
0.48 |
|
|
$ |
0.37 |
|
See notes to consolidated financial statements
4
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(dollars and shares in thousands)
|
|
|
|
|
|
|
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|
|
|
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|
|||||
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|
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|
|
|
|
|
|
|
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|
|||||
|
|
|
|
|
|
|
Capital in |
|
|
Distributable |
|
|
|
|
|||||
|
Common Stock |
|
|
excess |
|
|
Earnings |
|
|
Net |
|
||||||||
For the Three Months Ended March 31, 2022 |
Shares |
|
|
Par Value |
|
|
of par value |
|
|
(loss) |
|
|
Assets |
|
|||||
Balance as of December 31, 2021 |
|
116,619 |
|
|
$ |
117 |
|
|
$ |
1,091,907 |
|
|
$ |
216,523 |
|
|
$ |
1,308,547 |
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,336 |
) |
|
|
(3,336 |
) |
Public offering, net of offering expenses |
|
4,860 |
|
|
|
5 |
|
|
|
85,244 |
|
|
|
— |
|
|
|
85,249 |
|
Issuance of common stock due to stock option exercises |
|
37 |
|
|
|
— |
|
|
|
454 |
|
|
|
— |
|
|
|
454 |
|
Retired shares from net issuance |
|
(2 |
) |
|
|
— |
|
|
|
(32 |
) |
|
|
— |
|
|
|
(32 |
) |
Issuance of common stock under restricted stock plan |
|
765 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Retired shares for restricted stock vesting |
|
(126 |
) |
|
|
— |
|
|
|
(3,694 |
) |
|
|
— |
|
|
|
(3,694 |
) |
Distributions reinvested in common stock |
|
60 |
|
|
|
— |
|
|
|
1,025 |
|
|
|
— |
|
|
|
1,025 |
|
Issuance of common stock from conversion of 2022 Convertible Notes |
|
981 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(57,882 |
) |
|
|
(57,882 |
) |
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
3,117 |
|
|
|
— |
|
|
|
3,117 |
|
Balance as of March 31, 2022 |
|
123,194 |
|
|
$ |
124 |
|
|
$ |
1,178,019 |
|
|
$ |
155,305 |
|
|
$ |
1,333,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
Capital in |
|
|
Distributable |
|
|
|
|
|||||
|
|
Common Stock |
|
|
excess |
|
|
Earnings |
|
|
Net |
|
||||||||
For the Three Months Ended March 31, 2021 |
|
Shares |
|
|
Par Value |
|
|
of par value |
|
|
(loss) |
|
|
Assets |
|
|||||
Balance as of December 31, 2020 |
|
|
114,726 |
|
|
$ |
115 |
|
|
$ |
1,158,198 |
|
|
$ |
133,391 |
|
|
$ |
1,291,704 |
|
Net increase (decrease) in net assets resulting from operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
64,163 |
|
|
|
64,163 |
|
Public offering, net of offering expenses |
|
|
— |
|
|
|
— |
|
|
|
(195 |
) |
|
|
— |
|
|
|
(195 |
) |
Issuance of common stock due to stock option exercises |
|
|
222 |
|
|
|
— |
|
|
|
2,745 |
|
|
|
— |
|
|
|
2,745 |
|
Retired shares from net issuance |
|
|
(50 |
) |
|
|
— |
|
|
|
(603 |
) |
|
|
— |
|
|
|
(603 |
) |
Issuance of common stock under restricted stock plan |
|
|
924 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Retired shares for restricted stock vesting |
|
|
(121 |
) |
|
|
— |
|
|
|
(3,181 |
) |
|
|
— |
|
|
|
(3,181 |
) |
Distributions reinvested in common stock |
|
|
67 |
|
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
|
|
1,040 |
|
Distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,795 |
) |
|
|
(42,795 |
) |
Stock-based compensation (1) |
|
|
— |
|
|
|
— |
|
|
|
2,516 |
|
|
|
— |
|
|
|
2,516 |
|
Balance as of March 31, 2021 |
|
|
115,768 |
|
|
$ |
116 |
|
|
$ |
1,160,519 |
|
|
$ |
154,759 |
|
|
$ |
1,315,394 |
|
See notes to consolidated financial statements
5
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
|
For the Three Months Ended March 31, |
|
|||||
|
2022 |
|
|
2021 |
|
||
Cash flows used in operating activities: |
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from operations |
$ |
(3,336 |
) |
|
$ |
64,163 |
|
Adjustments to reconcile net increase in net assets resulting from |
|
|
|
|
|
||
Purchases of investments |
|
(351,601 |
) |
|
|
(355,333 |
) |
Fundings allocated to Adviser Funds |
|
61,081 |
|
|
|
48,353 |
|
Principal and fee payments received on investments |
|
96,311 |
|
|
|
209,747 |
|
Proceeds from the sale of investments |
|
8,816 |
|
|
|
12,973 |
|
Net unrealized (appreciation) depreciation |
|
36,742 |
|
|
|
(21,833 |
) |
Net realized (gain) loss |
|
(1,305 |
) |
|
|
(7,770 |
) |
Accretion of paid-in-kind principal |
|
(4,976 |
) |
|
|
(2,475 |
) |
Accretion of loan discounts |
|
(972 |
) |
|
|
(1,176 |
) |
Accretion of loan discount on convertible notes |
|
112 |
|
|
|
168 |
|
Accretion of loan exit fees |
|
(5,709 |
) |
|
|
(5,744 |
) |
Change in loan income, net of collections |
|
3,535 |
|
|
|
13,414 |
|
Unearned fees related to unfunded commitments |
|
1,037 |
|
|
|
(1,505 |
) |
Loss on debt extinguishment |
|
3,686 |
|
|
|
— |
|
Amortization of debt issuance costs |
|
1,371 |
|
|
|
2,156 |
|
Depreciation and amortization |
|
54 |
|
|
|
94 |
|
Stock-based compensation and amortization of restricted stock grants (1) |
|
3,117 |
|
|
|
2,516 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
||
Interest receivable |
|
(2,289 |
) |
|
|
(1,520 |
) |
Other assets |
|
(13,229 |
) |
|
|
1,849 |
|
Accrued liabilities |
|
(21,067 |
) |
|
|
(8,496 |
) |
Net cash provided by (used in) operating activities |
|
(188,622 |
) |
|
|
(50,419 |
) |
|
|
|
|
|
|
||
Cash flows used in investing activities: |
|
|
|
|
|
||
Purchases of capital equipment |
|
(50 |
) |
|
|
(12 |
) |
Net cash used in investing activities |
|
(50 |
) |
|
|
(12 |
) |
|
|
|
|
|
|
||
Cash flows provided by (used in) financing activities: |
|
|
|
|
|
||
Issuance of common stock |
|
86,184 |
|
|
|
— |
|
Offering expenses |
|
(935 |
) |
|
|
(195 |
) |
Retirement of employee shares, net |
|
(3,272 |
) |
|
|
(1,039 |
) |
Distributions paid |
|
(56,857 |
) |
|
|
(41,755 |
) |
Issuance of debt |
|
535,500 |
|
|
|
342,218 |
|
Repayment of debt |
|
(441,000 |
) |
|
|
(397,727 |
) |
Debt issuance costs |
|
(4,140 |
) |
|
|
(1,842 |
) |
Fees paid for credit facilities and debentures |
|
(616 |
) |
|
|
(35 |
) |
Net cash provided by (used in) financing activities |
|
114,864 |
|
|
|
(100,375 |
) |
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
(73,808 |
) |
|
|
(150,806 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
136,265 |
|
|
|
237,622 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
62,457 |
|
|
$ |
86,816 |
|
|
|
|
|
|
|
||
Supplemental disclosures of cash flow information and non-cash investing and financing activities: |
|
||||||
Interest paid |
$ |
19,010 |
|
|
$ |
17,359 |
|
Income tax, including excise tax, paid |
$ |
7,119 |
|
|
$ |
3,488 |
|
Distributions reinvested |
$ |
1,025 |
|
|
$ |
1,040 |
|
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:
|
For the Three Months Ended March 31, |
|
|||||
(Dollars in thousands) |
2022 |
|
|
2021 |
|
||
Cash and cash equivalents |
$ |
59,330 |
|
|
$ |
74,987 |
|
Restricted cash |
|
3,127 |
|
|
|
11,829 |
|
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows |
$ |
62,457 |
|
|
$ |
86,816 |
|
See “Note 2 – Summary of Significant Accounting Policies” for a description of restricted cash and cash equivalents.
See notes to consolidated financial statements
6
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
(unaudited)
(dollars in thousands)
Portfolio Company |
|
Type of |
Maturity Date |
Interest Rate and Floor (1) |
|
Principal |
|
|
Cost (2) |
|
|
Value |
|
|
Footnotes |
|||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cytracom Holdings LLC |
|
Senior Secured |
February 2025 |
3-month LIBOR + 9.31% or Floor rate of 10.31% |
|
$ |
8,978 |
|
|
$ |
8,793 |
|
|
$ |
8,678 |
|
|
(11)(16)(17) |
Rocket Lab Global Services, LLC |
|
Senior Secured |
June 2024 |
PRIME + 4.90% or Floor rate of 8.15%, PIK Interest 1.25%, 3.25% Exit Fee |
|
$ |
88,819 |
|
|
|
88,839 |
|
|
|
90,873 |
|
|
(13)(15) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
97,632 |
|
|
|
99,551 |
|
|
|
||||
Subtotal: Communications & Networking (7.47%)* |
|
|
|
|
|
|
97,632 |
|
|
|
99,551 |
|
|
|
||||
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Grove Collaborative, Inc. |
|
Senior Secured |
April 2025 |
PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee |
|
$ |
23,520 |
|
|
|
23,351 |
|
|
|
25,813 |
|
|
(18) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
23,351 |
|
|
|
25,813 |
|
|
|
||||
Subtotal: Consumer & Business Products (1.94%)* |
|
|
|
|
|
|
23,351 |
|
|
|
25,813 |
|
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gibraltar Business Capital, LLC |
|
Unsecured |
September 2026 |
FIXED 14.50% |
|
$ |
15,000 |
|
|
|
14,674 |
|
|
|
13,628 |
|
|
(7) |
|
|
Unsecured |
September 2026 |
FIXED 11.50% |
|
$ |
10,000 |
|
|
|
9,830 |
|
|
|
9,329 |
|
|
(7) |
Total Gibraltar Business Capital, LLC |
|
|
|
|
|
$ |
25,000 |
|
|
|
24,504 |
|
|
|
22,957 |
|
|
|
Hercules Adviser LLC |
|
Unsecured |
May 2023 |
FIXED 5.00% |
|
$ |
10,150 |
|
|
|
10,150 |
|
|
|
10,150 |
|
|
(7) |
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
34,654 |
|
|
|
33,107 |
|
|
|
||||
Subtotal: Diversified Financial Services (2.48%)* |
|
|
|
|
|
|
34,654 |
|
|
|
33,107 |
|
|
|
||||
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Chemocentryx, Inc. |
|
Senior Secured |
December 2022 |
PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee |
|
$ |
18,951 |
|
|
|
20,083 |
|
|
|
20,083 |
|
|
(10) |
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
20,083 |
|
|
|
20,083 |
|
|
|
||||
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Albireo Pharma, Inc. |
|
Senior Secured |
July 2024 |
PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee |
|
$ |
10,000 |
|
|
|
10,277 |
|
|
|
10,325 |
|
|
(10)(11) |
Aldeyra Therapeutics, Inc. |
|
Senior Secured |
October 2023 |
PRIME + 3.10% or Floor rate of 8.60%, 6.95% Exit Fee |
|
$ |
15,000 |
|
|
|
15,697 |
|
|
|
15,633 |
|
|
|
Applied Genetic Technologies Corporation |
|
Senior Secured |
April 2024 |
PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee |
|
$ |
20,000 |
|
|
|
20,564 |
|
|
|
20,421 |
|
|
|
Aveo Pharmaceuticals, Inc. |
|
Senior Secured |
September 2024 |
PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee |
|
$ |
40,000 |
|
|
|
41,037 |
|
|
|
40,882 |
|
|
(11)(14) |
Axsome Therapeutics, Inc. |
|
Senior Secured |
October 2026 |
PRIME + 5.70% or Floor rate of 8.95%, 5.82% Exit Fee |
|
$ |
50,000 |
|
|
|
49,669 |
|
|
|
49,204 |
|
|
(10)(12) |
Bicycle Therapeutics PLC |
|
Senior Secured |
October 2024 |
PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee |
|
$ |
24,000 |
|
|
|
24,352 |
|
|
|
24,568 |
|
|
(5)(10)(11)(12) |
BiomX, INC |
|
Senior Secured |
September 2025 |
PRIME + 5.70% or Floor rate of 8.95%, 6.55% Exit Fee |
|
$ |
9,000 |
|
|
|
9,028 |
|
|
|
8,930 |
|
|
(5)(10)(11) |
BridgeBio Pharma, Inc. |
|
Senior Secured |
November 2026 |
FIXED 9.00%, 2.00% Exit Fee |
|
$ |
38,149 |
|
|
|
37,663 |
|
|
|
37,663 |
|
|
(13)(16) |