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

 

PART I. FINANCIAL INFORMATION

 

3

 

Item 1.

 

 

Consolidated Financial Statements

 

3

 

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and December 31, 2021

 

3

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)

 

4

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021 (unaudited)

 

5

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)

 

6

 

 

 

Consolidated Schedule of Investments as of March 31, 2022 (unaudited)

 

7

 

 

 

Consolidated Schedule of Investments as of December 31, 2021

 

18

 

 

Notes to Consolidated Financial Statements (unaudited)

 

29

Item 2.

 

 

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

 

61

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

 

77

Item 4.

 

 

Controls and Procedures

 

78

 

PART II. OTHER INFORMATION

 

79

 

Item 1.

 

Legal Proceedings

 

79

Item 1A.

 

 

Risk Factors

 

79

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

80

Item 3.

 

Defaults Upon Senior Securities

 

80

Item 4.

 

 

Mine Safety Disclosures

 

80

Item 5.

 

 

Other Information

 

80

Item 6.

 

 

Exhibits and Financial Statement Schedules

 

81

 

SIGNATURES

 

86

 

 

 

 


 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(1)
Stock-based compensation includes $40 of restricted stock and option expense related to director compensation for the three months ended March 31, 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(1)
Stock-based compensation includes $25 of restricted stock and option expense related to director compensation for the three months ended March 31, 2021.

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

 

 

 

 

 

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

 

 

(1)
Stock-based compensation includes $40 and $25 of restricted stock and option expense related to director compensation for the three months ended March 31, 2022 and 2021, respectively.

 

The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

 

 

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
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

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)

Cellarity, Inc.

 

Senior Secured

June 2026

PRIME + 5.70% or Floor rate of 8.95%, 3.75% Exit Fee

 

$

30,000

 

 

 

29,524

 

 

 

29,524

 

 

(14)

Center for Breakthrough Medicines Holdings, LLC

 

Senior Secured

May 2024

PRIME + 5.50% or Floor rate of 8.75%, 7.50% Exit Fee

 

$

5,000

 

 

 

5,097

 

 

 

5,097

 

 

 

Century Therapeutics, Inc.

 

Senior Secured

April 2024

PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee

 

$

10,000

 

 

 

10,117

 

 

 

10,343

 

 

(11)

Chemocentryx, Inc.

 

Senior Secured

February 2025

PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee

 

$

5,000

 

 

 

5,178

 

 

 

5,076

 

 

(10)

Codiak Biosciences, Inc.

 

Senior Secured

October 2025

PRIME + 5.00% or Floor rate of 8.25%, 5.50% Exit Fee

 

$

25,000

 

 

 

25,531

 

 

 

25,191

 

 

(11)

 

See notes to consolidated financial statements

 

7


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Corium, Inc.

 

Senior Secured

September 2026

PRIME + 5.70% or Floor rate of 8.95%, 7.75% Exit Fee

 

$

132,675

 

 

$

132,127

 

 

$

133,126

 

 

(15)

Eloxx Pharmaceuticals, Inc.

 

Senior Secured

April 2025

PRIME + 6.25% or Floor rate of 9.50%, 6.55% Exit Fee

 

$

12,500

 

 

 

12,518

 

 

 

12,329

 

 

(14)

enGene, Inc.

 

Senior Secured

July 2025

PRIME + 5.00% or Floor rate of 8.25%, 6.35% Exit Fee

 

$

7,000

 

 

 

6,909

 

 

 

6,909

 

 

(5)(10)

G1 Therapeutics, Inc.

 

Senior Secured

November 2026

PRIME + 5.90% or Floor rate of 9.15%, 9.86% Exit Fee

 

$

58,125

 

 

 

58,070

 

 

 

58,070

 

 

(10)(11)(12)(14)(16)

Geron Corporation

 

Senior Secured

October 2024

PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee

 

$

32,500

 

 

 

32,896

 

 

 

32,852

 

 

(10)(12)

Hibercell, Inc.

 

Senior Secured

May 2025

PRIME + 5.40% or Floor rate of 8.65%, 4.95% Exit Fee

 

$

17,000

 

 

 

17,107

 

 

 

17,036

 

 

(14)

Humanigen, Inc.

 

Senior Secured

March 2025

PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee

 

$

20,000

 

 

 

20,333

 

 

 

19,972

 

 

(9)(10)

Kaleido Biosciences, Inc.

 

Senior Secured

January 2024

PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee

 

$

5,776

 

 

 

6,937

 

 

 

1,880

 

 

(12)

Locus Biosciences, Inc.

 

Senior Secured

July 2025

PRIME + 6.10% or Floor rate of 9.35%, 4.95% Exit Fee

 

$

8,000

 

 

 

8,012

 

 

 

7,956

 

 

(14)

Nabriva Therapeutics

 

Senior Secured

June 2023

PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee

 

$

5,000

 

 

 

5,544

 

 

 

5,499

 

 

(5)(10)

Phathom Pharmaceuticals, Inc.

 

Senior Secured

October 2026

PRIME + 2.25% or Floor rate of 5.50%, PIK Interest 3.35%, 7.50% Exit Fee

 

$

87,848

 

 

 

87,147

 

 

 

85,646

 

 

(10)(12)(13)(14)(15)(16)

Redshift Bioanalytics, Inc.

 

Senior Secured

April 2025

PRIME + 4.25% or Floor rate of 7.50%, 3.80% Exit Fee

 

$

1,500

 

 

 

1,472

 

 

 

1,472

 

 

(14)

Scynexis, Inc.

 

Senior Secured

March 2025

PRIME + 5.80% or Floor rate of 9.05%, 3.95% Exit Fee

 

$

18,667

 

 

 

18,431

 

 

 

18,349

 

 

(12)

Seres Therapeutics, Inc.

 

Senior Secured

October 2024

Prime + 6.40% or Floor rate of 9.65%, 4.98% Exit Fee

 

$

37,500

 

 

 

38,263

 

 

 

38,263

 

 

(12)

Syndax Pharmaceutics Inc.

 

Senior Secured

April 2024

PRIME + 6.00% or Floor rate of 9.25%, 4.99% Exit Fee

 

$

20,000

 

 

 

20,695

 

 

 

20,661

 

 

(12)(16)

Tarsus Pharmaceuticals, Inc.

 

Senior Secured

February 2027

PRIME + 5.20% or Floor rate of 8.45%, 4.75% Exit Fee

 

$

8,250

 

 

 

8,218

 

 

 

8,218

 

 

(10)(16)

TG Therapeutics, Inc.

 

Senior Secured

January 2026

PRIME + 2.15% or Floor rate of 5.40%, PIK Interest 3.45%, 5.95% Exit Fee

 

$

51,751

 

 

 

50,980

 

 

 

50,980

 

 

(10)(12)(13)

uniQure B.V.

 

Senior Secured

December 2025

PRIME + 4.70% or Floor rate of 7.95%, 7.28% Exit Fee

 

$

77,500

 

 

 

79,086

 

 

 

79,086

 

 

(5)(10)(11)(12)(15)

Unity Biotechnology, Inc.

 

Senior Secured

August 2024

PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee

 

$

20,000

 

 

 

20,807

 

 

 

20,983

 

 

 

Valo Health, LLC

 

Senior Secured

May 2024

PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee

 

$

11,500

 

 

 

11,606

 

 

 

11,541

 

 

(11)

X4 Pharmaceuticals, Inc.

 

Senior Secured

July 2024

PRIME + 3.75% or Floor rate of 8.75%, 8.80% Exit Fee

 

$

32,500

 

 

 

33,392

 

 

 

33,262

 

 

(11)(12)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

954,284

 

 

 

946,947

 

 

 

Subtotal: Drug Discovery & Development (72.52%)*

 

 

 

 

 

 

974,367

 

 

 

967,030

 

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Better Therapeutics, Inc.

 

Senior Secured

August 2025

PRIME + 5.70% or Floor rate of 8.95%, 5.95% Exit Fee

 

$

8,000

 

 

 

8,007

 

 

 

7,932

 

 

(14)(16)

Blue Sprig Pediatrics, Inc.

 

Senior Secured

November 2026

1-Month LIBOR + 5.00% or Floor rate of 6.00%, PIK Interest 4.45%

 

$

25,301

 

 

 

24,946

 

 

 

24,946

 

 

(13)(16)

Carbon Health Technologies, Inc.

 

Senior Secured

March 2025

PRIME + 5.60% or Floor rate of 8.85%, 4.61% Exit Fee

 

$

46,125

 

 

 

46,099

 

 

 

46,099

 

 

(12)(16)(18)

Equality Health, LLC

 

Senior Secured

February 2026

PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.55%

 

$

35,582

 

 

 

35,254

 

 

 

35,176

 

 

(12)(13)(16)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

114,306

 

 

 

114,153

 

 

 

Subtotal: Healthcare Services, Other (8.56%)*

 

 

 

 

 

 

114,306

 

 

 

114,153

 

 

 

 

See notes to consolidated financial statements

 

8


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capella Space Corp.

 

Senior Secured

November 2024

PRIME + 5.00% or Floor rate of 8.25%, PIK Interest 1.10%, 4.00% Exit Fee

 

$

20,080

 

 

$

19,903

 

 

$

19,469

 

 

(13)(14)(18)

Yipit, LLC

 

Senior Secured

September 2026

1-month LIBOR + 9.08% or Floor rate of 10.08%

 

$

31,875

 

 

 

31,291

 

 

 

30,730

 

 

(16)(17)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

51,194

 

 

 

50,199

 

 

 

Subtotal: Information Services (3.76%)*

 

 

 

 

 

 

51,194

 

 

 

50,199

 

 

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nextroll, Inc.

 

Senior Secured

June 2022

1-month LIBOR + 9.28% or Floor rate of 10.28%, 3.50% Exit Fee

 

$

21,715

 

 

 

22,377

 

 

 

22,377

 

 

(12)(13)(18)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

22,377

 

 

 

22,377

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AppDirect, Inc.

 

Senior Secured

August 2024

PRIME + 5.90% or Floor rate of 9.15%, 7.95% Exit Fee

 

$

30,790

 

 

 

31,592

 

 

 

32,371

 

 

 

Carwow LTD

 

Senior Secured

December 2024

PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.45%, 4.95% Exit Fee

 

£

21,250

 

 

 

28,846

 

 

 

28,005

 

 

(5)(10)(13)

Convoy, Inc.

 

Senior Secured

March 2026

PRIME + 3.20% or Floor rate of 6.45%, PIK Interest 1.95%, 4.55% Exit Fee

 

$

78,000

 

 

 

76,210

 

 

 

76,210

 

 

(15)(18)

ePayPolicy Holdings, LLC

 

Senior Secured

December 2024

3-month LIBOR + 8.50% or Floor rate of 9.50%

 

$

8,117

 

 

 

7,971

 

 

 

8,117

 

 

(11)

Rhino Labs, Inc.

 

Senior Secured

March 2024

PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 2.25%

 

$

16,219

 

 

 

15,892

 

 

 

15,998

 

 

(13)(14)

RVShare, LLC

 

Senior Secured

December 2026

1-month LIBOR + 5.50% or Floor rate of 6.50%, PIK Interest 4.00%

 

$

18,116

 

 

 

17,771

 

 

 

17,771

 

 

(13)(14)(16)

SeatGeek, Inc.

 

Senior Secured

June 2023

PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%

 

$

60,683

 

 

 

60,160

 

 

 

60,765

 

 

(13)

Skyword, Inc.

 

Senior Secured

September 2024

PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.90%, 4.00% Exit Fee

 

$

12,486

 

 

 

12,749

 

 

 

12,590

 

 

(13)

Tectura Corporation

 

Senior Secured

July 2024

PIK Interest 5.00%

 

$

10,680

 

 

 

240

 

 

 

 

 

(7)(8)(13)

 

 

Senior Secured

July 2024

FIXED 8.25%

 

$

8,250

 

 

 

8,250

 

 

 

8,250

 

 

(7)

 

 

Senior Secured

July 2024

PIK Interest 5.00%

 

$

13,023

 

 

 

13,023

 

 

 

97

 

 

(7)(8)(13)

Total Tectura Corporation

 

 

 

 

 

$

31,953

 

 

 

21,513

 

 

 

8,347

 

 

 

Thumbtack, Inc.

 

Senior Secured

April 2026

PRIME + 4.95% or Floor rate of 8.20%, PIK Interest 1.50%, 3.95% Exit Fee

 

$

10,000

 

 

 

9,863

 

 

 

9,863

 

 

(12)(16)

Veem, Inc.

 

Senior Secured

March 2025

PRIME + 4.00% or Floor rate of 7.25%, PIK Interest 1.25%

 

$

5,000

 

 

 

4,882

 

 

 

4,882

 

 

(16)

Worldremit Group Limited

 

Senior Secured

February 2025

1-month LIBOR + 9.25% or Floor rate of 10.25%, 3.00% Exit Fee

 

$

103,000

 

 

 

101,970

 

 

 

100,214

 

 

(5)(10)(12)(15)(18)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

389,419

 

 

 

375,133

 

 

 

Greater than 5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Houzz, Inc.

 

Convertible Debt

May 2028

PIK Interest 5.50%

 

$

20,960

 

 

 

20,960

 

 

 

20,725

 

 

(9)(13)

Subtotal: Greater than 5 Years Maturity

 

 

 

 

 

 

20,960

 

 

 

20,725

 

 

 

Subtotal: Internet Consumer & Business Services (31.36%)*

 

 

 

 

 

 

432,756

 

 

 

418,235

 

 

 

Manufacturing Technology

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bright Machines, Inc.

 

Senior Secured

November 2022

PRIME + 5.70% or Floor rate of 8.95%, 6.95% Exit Fee

 

$

15,000

 

 

 

15,138

 

 

 

15,138

 

 

(11)(18)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

15,138

 

 

 

15,138

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MacroFab, Inc.

 

Senior Secured

March 2026

PRIME + 4.35% or Floor rate of 7.60%, PIK Interest 1.25%, 4.50% Exit Fee

 

$

10,000

 

 

 

9,630

 

 

 

9,630

 

 

(16)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

9,630

 

 

 

9,630

 

 

 

Subtotal: Manufacturing Technology (1.86%)*

 

 

 

 

 

 

24,768

 

 

 

24,768

 

 

 

 

 

See notes to consolidated financial statements

 

9


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lucira Health, Inc.

 

Senior Secured

February 2026

PRIME + 5.50% or Floor rate of 8.75%, 5.25% Exit Fee

 

$

15,000

 

 

$

14,803

 

 

$

14,803

 

 

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

14,803

 

 

 

14,803

 

 

 

Subtotal: Medical Devices & Equipment (1.11%)*

 

 

 

 

 

 

14,803

 

 

 

14,803

 

 

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fungible, Inc.

 

Senior Secured

December 2024

PRIME + 5.00% or Floor rate of 8.25%, 4.95% Exit Fee

 

$

20,000

 

 

 

19,208

 

 

 

19,208

 

 

(14)(18)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

19,208

 

 

 

19,208

 

 

 

Subtotal: Semiconductors (1.44%)*

 

 

 

 

 

 

19,208

 

 

 

19,208

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delphix Corp.

 

Senior Secured

February 2023

PRIME + 5.50% or Floor rate of 10.25%, 7.00% Exit Fee

 

$

60,000

 

 

 

62,177

 

 

 

62,177

 

 

(12)(15)(18)

Khoros (p.k.a Lithium Technologies)

 

Senior Secured

October 2022

6-month LIBOR + 8.00% or Floor rate of 9.00%

 

$

56,208

 

 

 

55,953

 

 

 

55,953

 

 

(16)

Pymetrics, Inc.

 

Senior Secured

October 2022

PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee

 

$

9,509

 

 

 

9,760

 

 

 

9,846

 

 

(13)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

127,890

 

 

 

127,976

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3GTMS, LLC

 

Senior Secured

February 2025

6-month LIBOR + 9.28% or Floor rate of 10.28%

 

$

10,833

 

 

 

10,658

 

 

 

10,465

 

 

(16)(17)

Agilence, Inc.

 

Senior Secured

October 2026

1-Month LIBOR + 9.00% or Floor rate of 10.00%

 

$

9,377

 

 

 

9,125

 

 

 

9,125

 

 

(16)

Annex Cloud

 

Senior Secured

February 2027

BSBY + 9.00% or Floor rate of 10.00%

 

$

8,500

 

 

 

8,263

 

 

 

8,263

 

 

(16)

Brain Corporation

 

Senior Secured

April 2025

PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.00%, 3.95% Exit Fee

 

$

15,041

 

 

 

14,953

 

 

 

14,953

 

 

(13)(14)(16)

Campaign Monitor Limited

 

Senior Secured

November 2025

6-month LIBOR + 8.90% or Floor rate of 9.9%

 

$

33,000

 

 

 

32,488

 

 

 

33,000

 

 

(18)

Ceros, Inc.

 

Senior Secured

September 2026

6-month LIBOR + 8.89% or Floor rate of 9.89%

 

$

17,978

 

 

 

17,495

 

 

 

17,154

 

 

(16)(17)

CloudBolt Software, Inc.

 

Senior Secured

October 2024

PRIME + 6.70% or Floor rate of 9.95%, 2.95% Exit Fee

 

$

10,000

 

 

 

9,966

 

 

 

10,040

 

 

(11)(12)(18)

Copper CRM, Inc

 

Senior Secured

March 2025

Prime + 4.50% or Floor rate of 8.25%, PIK Interest 1.95%, 4.50% Exit Fee

 

$

10,000

 

 

 

9,884

 

 

 

9,884

 

 

 

Cybermaxx Intermediate Holdings, Inc.

 

Senior Secured

August 2026

6-month LIBOR + 9.28% or Floor rate of 10.28%

 

$

8,000

 

 

 

7,809

 

 

 

7,670

 

 

(16)

Dashlane, Inc.

 

Senior Secured

July 2025

PRIME + 3.05% or Floor rate of 7.55%, PIK Interest 1.10%, 7.10% Exit Fee

 

$

20,776

 

 

 

21,909

 

 

 

21,751

 

 

(11)(13)(16)(18)

Demandbase, Inc.

 

Senior Secured

August 2025

PRIME + 5.25% or Floor rate of 8.50%, 2.33% Exit Fee

 

$

22,500

 

 

 

22,088

 

 

 

21,941

 

 

(16)(18)

Enmark Systems, Inc.

 

Senior Secured

September 2026

6-month LIBOR + 6.83% or Floor rate of 7.83%, PIK Interest 2.19%

 

$

8,088

 

 

 

7,894

 

 

 

7,740

 

 

(11)(13)(16)(17)

Esentire, Inc.

 

Senior Secured

May 2024

3-month LIBOR + 9.96% or Floor rate of 10.96%

 

$

21,000

 

 

 

20,728

 

 

 

20,687

 

 

(5)(10)(11)(17)

Esme Learning Solutions, Inc.

 

Senior Secured

February 2025

PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.50%, 3.00% Exit Fee

 

$

5,007

 

 

 

4,775

 

 

 

4,770

 

 

(13)

Gryphon Networks Corp.

 

Senior Secured

January 2026

3-month LIBOR + 9.69% or Floor rate of 10.69%

 

$

5,232

 

 

 

5,112

 

 

 

5,124

 

 

(11)(16)

Ikon Science Limited

 

Senior Secured

October 2024

3-month LIBOR + 9.00% or Floor rate of 10.00%

 

$

6,825

 

 

 

6,648

 

 

 

6,663

 

 

(5)(10)(16)(17)

 

See notes to consolidated financial statements

 

10


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Imperva, Inc.

 

Senior Secured

January 2027

3-month LIBOR + 7.75% or Floor rate of 8.75%

 

$

20,000

 

 

$

19,857

 

 

$

19,997

 

 

(18)

Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)

 

Senior Secured

July 2023

3-month SOFR + 10.15% or Floor rate of 11.15%

 

$

10,957

 

 

 

10,751

 

 

 

10,711

 

 

(17)

Logicworks

 

Senior Secured

January 2024

PRIME + 7.50% or Floor rate of 10.75%

 

$

12,000

 

 

 

11,878

 

 

 

11,979

 

 

(12)

Mixpanel, Inc.

 

Senior Secured

August 2024

PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee

 

$

20,523

 

 

 

20,443

 

 

 

21,172

 

 

(12)(13)(18)

Mobile Solutions Services

 

Senior Secured

December 2025

6-month LIBOR + 9.87% or Floor rate of 10.87%

 

$

5,500

 

 

 

5,359

 

 

 

5,292

 

 

(16)(17)

 

 

Senior Secured

December 2025

6-month LIBOR + 9.06% or Floor rate of 10.06%

 

$

12,168

 

 

 

11,875

 

 

 

11,821

 

 

(16)(17)

Total Mobile Solutions Services

 

 

 

 

 

$

17,668

 

 

 

17,234

 

 

 

17,113

 

 

 

Nuvolo Technologies Corporation

 

Senior Secured

July 2025

PRIME + 5.25% or Floor rate of 8.50%, 2.04% Exit Fee

 

$

17,500

 

 

 

17,454

 

 

 

17,460

 

 

(12)(16)(18)

Pollen, Inc.

 

Senior Secured

November 2023

PRIME + 4.75% or Floor rate of 8.00%, PIK Interest 0.50%, 4.50% Exit Fee

 

$

7,467

 

 

 

7,570

 

 

 

7,412

 

 

(13)

 

 

Senior Secured

November 2023

PRIME + 5.25% or Floor rate of 8.50%, PIK Interest 1.35%, 4.50% Exit Fee

 

$

13,085

 

 

 

13,124

 

 

 

13,257

 

 

(13)(14)

Total Pollen, Inc.

 

 

 

 

 

$

20,552

 

 

 

20,694

 

 

 

20,669

 

 

 

ShadowDragon, LLC

 

Senior Secured

December 2026

3-month LIBOR + 9.00% or Floor rate of 10.00%

 

$

6,000

 

 

 

5,835

 

 

 

5,835

 

 

(16)(17)

Tact.ai Technologies, Inc.

 

Senior Secured

February 2024

PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee

 

$

5,211

 

 

 

5,359

 

 

 

5,297

 

 

(13)

ThreatConnect, Inc.

 

Senior Secured

May 2026

3-month LIBOR + 9.00% or Floor rate of 10.00%

 

$

11,116

 

 

 

10,817

 

 

 

10,777

 

 

(12)(16)(17)

Udacity, Inc.

 

Senior Secured

September 2024

PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee

 

$

51,150

 

 

 

51,037

 

 

 

52,112

 

 

(12)(13)

VideoAmp, Inc.

 

Senior Secured

February 2025

PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.25%, 5.25% Exit Fee

 

$

62,587

 

 

 

60,917

 

 

 

60,917

 

 

(13)(14)(18)

Zimperium, Inc.

 

Senior Secured

July 2024

6-month LIBOR + 8.95% or Floor rate of 9.95%

 

$

17,452

 

 

 

17,151

 

 

 

17,111

 

 

(12)(17)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

479,222

 

 

 

480,380

 

 

 

Subtotal: Software (45.62%)*

 

 

 

 

 

 

607,112

 

 

 

608,356

 

 

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impossible Foods, Inc.

 

Senior Secured

July 2022

PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee

 

$

8,714

 

 

 

13,133

 

 

 

13,133

 

 

(12)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

13,133

 

 

 

13,133

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pineapple Energy LLC

 

Senior Secured

December 2024

PIK Interest 10.00%

 

$

3,000

 

 

 

3,000

 

 

 

2,986

 

 

(6)(13)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

3,000

 

 

 

2,986

 

 

 

Subtotal: Sustainable and Renewable Technology (1.21%)*

 

 

 

 

 

 

16,133

 

 

 

16,119

 

 

 

Total: Debt Investments (179.34%)*

 

 

 

 

 

$

2,410,284

 

 

$

2,391,342

 

 

 

 

See notes to consolidated financial statements

 

11


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

Portfolio Company

 

Type of
Investment

Acquisition Date (4)

Series (3)

 

Shares

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peerless Network Holdings, Inc.

 

Equity

10/21/2020

Common Stock

 

 

3,328

 

 

$

 

 

$

18

 

 

 

 

 

Equity

4/11/2008

Preferred Series A

 

 

1,135,000

 

 

 

1,230

 

 

 

6,242

 

 

 

Total Peerless Network Holdings, Inc.

 

 

 

 

 

 

1,138,328

 

 

 

1,230

 

 

 

6,260

 

 

 

Subtotal: Communications & Networking (0.47%)*

 

 

 

 

 

1,230

 

 

 

6,260

 

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TechStyle, Inc. (p.k.a. Just Fabulous, Inc.)

 

Equity

4/30/2010

Common Stock

 

 

42,989

 

 

 

128

 

 

 

362

 

 

 

Subtotal: Consumer & Business Products (0.03%)*

 

 

 

 

 

128

 

 

 

362

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gibraltar Business Capital, LLC

 

Equity

3/1/2018

Common Stock

 

 

830,000

 

 

 

1,884

 

 

 

1,169

 

 

(7)

 

 

Equity

3/1/2018

Preferred Series A

 

 

10,602,752

 

 

 

26,122

 

 

 

18,496

 

 

(7)

Total Gibraltar Business Capital, LLC

 

 

 

 

 

 

11,432,752

 

 

 

28,006

 

 

 

19,665

 

 

 

Hercules Adviser LLC

 

Equity

3/26/2021

Member Units

 

 

1

 

 

 

35

 

 

 

14,544

 

 

(7)

Newfront Insurance Holdings, Inc.

 

Equity

9/30/2021

Preferred Series D-2

 

 

210,282

 

 

 

403

 

 

 

538

 

 

 

Subtotal: Diversified Financial Services (2.61%)*

 

 

 

 

 

28,444

 

 

 

34,747

 

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc.

 

Equity

12/10/2018

Common Stock

 

 

176,730

 

 

 

1,329

 

 

 

51

 

 

(4)

Aytu BioScience, Inc.

 

Equity

3/28/2014

Common Stock

 

 

13,600

 

 

 

1,500

 

 

 

15

 

 

(4)

BioQ Pharma Incorporated

 

Equity

12/8/2015

Preferred Series D

 

 

165,000

 

 

 

500

 

 

 

120

 

 

 

PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.)

 

Equity

4/6/2015

Common Stock

 

 

2,498

 

 

 

309

 

 

 

15

 

 

(4)

Subtotal: Drug Delivery (0.02%)*

 

 

 

 

 

3,638

 

 

 

201

 

 

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Albireo Pharma, Inc.

 

Equity

9/14/2020

Common Stock

 

 

25,000

 

 

 

1,000

 

 

 

746

 

 

(4)(10)

Applied Molecular Transport

 

Equity

4/6/2021

Common Stock

 

 

1,000

 

 

 

42

 

 

 

8

 

 

(4)(10)

Avalo Therapeutics, Inc.

 

Equity

8/19/2014

Common Stock

 

 

119,087

 

 

 

1,000

 

 

 

86

 

 

(4)

Aveo Pharmaceuticals, Inc.

 

Equity

7/31/2011

Common Stock

 

 

190,179

 

 

 

1,715

 

 

 

1,063

 

 

(4)

Bicycle Therapeutics PLC

 

Equity

10/5/2020

Common Stock

 

 

98,100

 

 

 

1,871

 

 

 

4,304

 

 

(4)(5)(10)

BridgeBio Pharma, Inc.

 

Equity

6/21/2018

Common Stock

 

 

231,329

 

 

 

2,255

 

 

 

2,348

 

 

(4)

Chemocentryx, Inc.

 

Equity

6/15/2020

Common Stock

 

 

17,241

 

 

 

1,000

 

 

 

432

 

 

(4)(10)

Concert Pharmaceuticals, Inc.

 

Equity

2/13/2019

Common Stock

 

 

70,796

 

 

 

1,367

 

 

 

239

 

 

(4)(10)

Dare Biosciences, Inc.

 

Equity

1/8/2015

Common Stock

 

 

13,550

 

 

 

1,000

 

 

 

20

 

 

(4)

Dynavax Technologies

 

Equity

7/22/2015

Common Stock

 

 

20,000

 

 

 

550

 

 

 

217

 

 

(4)(10)

Genocea Biosciences, Inc.

 

Equity

11/20/2014

Common Stock

 

 

27,933

 

 

 

2,000

 

 

 

35

 

 

(4)

Hibercell, Inc.

 

Equity

5/7/2021

Preferred Series B

 

 

3,466,840

 

 

 

4,250

 

 

 

3,078

 

 

(14)

Humanigen, Inc.

 

Equity

3/31/2021

Common Stock

 

 

43,243

 

 

 

800

 

 

 

130

 

 

(4)(10)

Kaleido Biosciences, Inc.

 

Equity

2/10/2021

Common Stock

 

 

86,585

 

 

 

1,000

 

 

 

-

 

 

(4)

NorthSea Therapeutics

 

Equity

12/15/2021

Preferred Series C

 

 

983

 

 

 

2,000

 

 

 

1,873

 

 

(5)(10)

Paratek Pharmaceuticals, Inc.

 

Equity

2/26/2007

Common Stock

 

 

76,362

 

 

 

2,744

 

 

 

227

 

 

(4)

Rocket Pharmaceuticals, Ltd.

 

Equity

8/22/2007

Common Stock

 

 

944

 

 

 

1,500

 

 

 

15

 

 

(4)

Savara, Inc.

 

Equity

8/11/2015

Common Stock

 

 

11,119

 

 

 

203

 

 

 

15

 

 

(4)

Sio Gene Therapies, Inc.

 

Equity

2/2/2017

Common Stock

 

 

16,228

 

 

 

1,269

 

 

 

11

 

 

(4)(10)

Tricida, Inc.

 

Equity

2/28/2018

Common Stock

 

 

68,816

 

 

 

863

 

 

 

566

 

 

(4)

uniQure B.V.

 

Equity

1/31/2019

Common Stock

 

 

17,175

 

 

 

332

 

 

 

310

 

 

(4)(5)(10)(15)

Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)

 

Equity

12/11/2020

Preferred Series B

 

 

510,308

 

 

 

3,000

 

 

 

4,977

 

 

 

X4 Pharmaceuticals, Inc.

 

Equity

11/26/2019

Common Stock

 

 

198,277

 

 

 

1,641

 

 

 

347

 

 

(4)

Subtotal: Drug Discovery & Development (1.58%)*

 

 

 

 

 

33,402

 

 

 

21,047

 

 

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skydio, Inc.

 

Equity

3/8/2022

Preferred Series E

 

 

248,900

 

 

 

1,500

 

 

 

1,563

 

 

 

Subtotal: Electronics & Computer Hardware (0.12%)*

 

 

 

 

 

1,500

 

 

 

1,563

 

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23andMe, Inc.

 

Equity

3/11/2019

Common Stock

 

 

825,732

 

 

 

5,094

 

 

 

3,162

 

 

(4)

Carbon Health Technologies, Inc.

 

Equity

3/30/2021

Preferred Series C

 

 

217,880

 

 

 

1,687

 

 

 

1,267

 

 

 

Subtotal: Healthcare Services, Other (0.33%)*

 

 

 

 

 

6,781

 

 

 

4,429

 

 

 

 

See notes to consolidated financial statements

 

12


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Acquisition Date (4)

Series (3)

 

Shares

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Labs, Inc.

 

Equity

6/21/2019

Common Stock

 

 

547,880

 

 

$

615

 

 

$

2,783

 

 

(4)

Yipit, LLC

 

Equity

12/30/2021

Preferred Series E

 

 

41,021

 

 

 

3,825

 

 

 

3,825

 

 

 

Zeta Global Corp.

 

Equity

11/20/2007

Common Stock

 

 

295,861

 

 

 

-

 

 

 

3,592

 

 

(4)(19)

Subtotal: Information Services (0.76%)*

 

 

 

 

 

4,440

 

 

 

10,200

 

 

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Black Crow AI, Inc. affiliates

 

Equity

3/24/2021

Preferred Note

 

 

3

 

 

 

3,000

 

 

 

3,000

 

 

(20)

Brigade Group, Inc.

 

Equity

3/1/2013

Common Stock

 

 

9,023

 

 

 

93

 

 

 

-

 

 

 

Carwow LTD

 

Equity

12/15/2021

Preferred Series D-4

 

 

199,742

 

 

 

1,151

 

 

 

634

 

 

(5)(10)

Contentful Global, Inc.

 

Equity

12/22/2020

Preferred Series C

 

 

41,000

 

 

 

138

 

 

 

315

 

 

(5)(10)

 

 

Equity

11/20/2018

Preferred Series D

 

 

108,500

 

 

 

500

 

 

 

875

 

 

(5)(10)

Total Contentful Global, Inc.

 

 

 

 

 

 

149,500

 

 

 

638

 

 

 

1,190

 

 

 

DoorDash, Inc.

 

Equity

12/20/2018

Common Stock

 

 

81,996

 

 

 

945

 

 

 

9,609

 

 

(4)

Lyft, Inc.

 

Equity

12/26/2018

Common Stock

 

 

100,738

 

 

 

5,263

 

 

 

3,868

 

 

(4)

Nerdy Inc.

 

Equity

9/17/2021

Common Stock

 

 

100,000

 

 

 

1,000

 

 

 

444

 

 

(4)(19)

Nextdoor.com, Inc.

 

Equity

8/1/2018

Common Stock

 

 

1,019,255

 

 

 

4,854

 

 

 

5,783

 

 

(4)(19)

OfferUp, Inc.

 

Equity

10/25/2016

Preferred Series A

 

 

286,080

 

 

 

1,663

 

 

 

649

 

 

 

 

 

Equity

10/25/2016

Preferred Series A-1

 

 

108,710

 

 

 

632

 

 

 

246

 

 

 

Total OfferUp, Inc.

 

 

 

 

 

 

394,790

 

 

 

2,295

 

 

 

895

 

 

 

Oportun

 

Equity

6/28/2013

Common Stock

 

 

48,365

 

 

 

577

 

 

 

695

 

 

(4)

Reischling Press, Inc.

 

Equity

7/31/2020

Common Stock

 

 

1,163

 

 

 

15

 

 

 

-

 

 

 

Rhino Labs, Inc.

 

Equity

1/24/2022

Preferred Series B-2

 

 

7,063

 

 

 

1,000

 

 

 

734

 

 

 

Savage X Holding, LLC

 

Equity

4/30/2010

Class A Units

 

 

42,137

 

 

 

13

 

 

 

238

 

 

 

Tectura Corporation

 

Equity

5/23/2018

Common Stock

 

 

414,994,863

 

 

 

900

 

 

 

-

 

 

(7)

 

 

Equity

6/6/2016

Preferred Series BB

 

 

1,000,000

 

 

 

-

 

 

 

-

 

 

(7)

Total Tectura Corporation

 

 

 

 

 

 

415,994,863

 

 

 

900

 

 

 

-

 

 

 

TFG Holding, Inc.

 

Equity

4/30/2010

Common Stock

 

 

42,989

 

 

 

89

 

 

 

188

 

 

 

Uber Technologies, Inc.

 

Equity

12/1/2020

Common Stock

 

 

32,991

 

 

 

317

 

 

 

1,177

 

 

(4)

Subtotal: Internet Consumer & Business Services (2.13%)*

 

 

 

 

 

22,150

 

 

 

28,455

 

 

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coronado Aesthetics, LLC

 

Equity

10/15/2021

Common Units

 

 

180,000

 

 

 

-

 

 

 

28

 

 

(7)

 

 

Equity

10/15/2021

Preferred Series A-2

 

 

5,000,000

 

 

 

250

 

 

 

586

 

 

(7)

Total Coronado Aesthetics, LLC

 

 

 

 

 

 

5,180,000

 

 

 

250

 

 

 

614

 

 

 

Flowonix Medical Incorporated

 

Equity

11/3/2014

Preferred Series AA

 

 

221,893

 

 

 

1,500

 

 

 

-

 

 

 

Gelesis, Inc.

 

Equity

11/30/2009

Common Stock

 

 

1,716,107

 

 

 

1,002

 

 

 

6,661

 

 

(4)(19)

ViewRay, Inc.

 

Equity

12/16/2013

Common Stock

 

 

36,457

 

 

 

333

 

 

 

143

 

 

(4)

Subtotal: Medical Devices & Equipment (0.56%)*

 

 

 

 

 

3,085

 

 

 

7,418

 

 

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation

 

Equity

7/1/2011

Preferred Series C

 

 

277,995

 

 

 

160

 

 

 

437

 

 

 

Subtotal: Semiconductors (0.03%)*

 

 

 

 

 

160

 

 

 

437

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3GTMS, LLC.

 

Equity

8/9/2021

Common Stock

 

 

1,000,000

 

 

 

1,000

 

 

 

920

 

 

 

CapLinked, Inc.

 

Equity

10/26/2012

Preferred Series A-3

 

 

53,614

 

 

 

51

 

 

 

12

 

 

 

Docker, Inc.

 

Equity

11/29/2018

Common Stock

 

 

20,000

 

 

 

4,284

 

 

 

-

 

 

 

Druva Holdings, Inc.

 

Equity

10/22/2015

Preferred Series 2

 

 

458,841

 

 

 

1,000

 

 

 

2,513

 

 

 

 

 

Equity

8/24/2017

Preferred Series 3

 

 

93,620

 

 

 

300

 

 

 

538

 

 

 

Total Druva Holdings, Inc.

 

 

 

 

 

 

552,461

 

 

 

1,300

 

 

 

3,051

 

 

 

HighRoads, Inc.

 

Equity

1/18/2013

Common Stock

 

 

190

 

 

 

307

 

 

 

-

 

 

 

Lightbend, Inc.

 

Equity

12/4/2020

Common Stock

 

 

38,461

 

 

 

265

 

 

 

6

 

 

 

Palantir Technologies

 

Equity

9/23/2020

Common Stock

 

 

1,418,337

 

 

 

8,669

 

 

 

19,474

 

 

(4)

SingleStore, Inc.

 

Equity

11/25/2020

Preferred Series E

 

 

580,983

 

 

 

2,000

 

 

 

1,516

 

 

 

 

 

Equity

8/12/2021

Preferred Series F

 

 

52,956

 

 

 

280

 

 

 

171

 

 

 

Total SingleStore, Inc.

 

 

 

 

 

 

633,939

 

 

 

2,280

 

 

 

1,687

 

 

 

Sprinklr, Inc.

 

Equity

3/22/2017

Common Stock

 

 

700,000

 

 

 

3,749

 

 

 

8,330

 

 

(4)

Verana Health, Inc.

 

Equity

7/8/2021

Preferred Series E

 

 

952,562

 

 

 

2,000

 

 

 

1,218

 

 

 

Subtotal: Software (2.60%)*

 

 

 

 

 

23,905

 

 

 

34,698

 

 

 

 

See notes to consolidated financial statements

 

13


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Acquisition Date (4)

Series (3)

 

Shares

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc.

 

Equity

1/18/2007

Preferred Series B

 

 

219,298

 

 

$

250

 

 

$

-

 

 

 

 

 

Equity

6/16/2010

Preferred Series C

 

 

656,538

 

 

 

282

 

 

 

-

 

 

 

 

 

Equity

2/8/2013

Preferred Series D

 

 

1,991,157

 

 

 

712

 

 

 

-

 

 

 

 

 

Equity

7/14/2015

Preferred Series E

 

 

2,786,367

 

 

 

429

 

 

 

-

 

 

 

 

 

Equity

12/18/2018

Preferred Series F

 

 

1,523,693

 

 

 

118

 

 

 

-

 

 

 

 

 

Equity

12/18/2018

Preferred Series F-1

 

 

2,418,125

 

 

 

150

 

 

 

-

 

 

 

Total Gynesonics, Inc.

 

 

 

 

 

 

9,595,178

 

 

 

1,941

 

 

 

-

 

 

 

Subtotal: Surgical Devices (0.00%)*

 

 

 

 

 

1,941

 

 

 

-

 

 

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impossible Foods, Inc.

 

Equity

5/10/2019

Preferred Series E-1

 

 

188,611

 

 

 

2,000

 

 

 

2,770

 

 

 

Modumetal, Inc.

 

Equity

6/1/2015

Common Stock

 

 

1,035

 

 

 

500

 

 

 

-

 

 

 

NantEnergy, LLC

 

Equity

8/31/2013

Common Units

 

 

59,665

 

 

 

102

 

 

 

-

 

 

 

Pineapple Energy LLC

 

Equity

12/10/2020

Common Stock

 

 

498,978

 

 

 

5,167

 

 

 

1,844

 

 

(4)(6)(19)

Pivot Bio, Inc.

 

Equity

6/28/2021

Preferred Series D

 

 

593,080

 

 

 

4,500

 

 

 

2,310

 

 

 

Proterra, Inc.

 

Equity

5/28/2015

Common Stock

 

 

457,841

 

 

 

543

 

 

 

3,443

 

 

(4)

Subtotal: Sustainable and Renewable Technology (0.78%)*

 

 

 

 

 

12,812

 

 

 

10,367

 

 

 

Total: Equity Investments (12.01%)

 

 

 

 

$

143,616

 

 

$

160,184

 

 

 

Warrant Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spring Mobile Solutions, Inc.

 

Warrant

4/19/2013

Common Stock

 

 

2,834,375

 

 

$

418

 

 

$

-

 

 

 

Subtotal: Communications & Networking (0.00%)*

 

 

 

 

 

418

 

 

 

-

 

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grove Collaborative, Inc.

 

Warrant

4/30/2021

Common Stock

 

 

83,625

 

 

 

433

 

 

 

311

 

 

 

Penumbra Brands, LLC

 

Warrant

6/3/2014

Common Stock

 

 

1,662,441

 

 

 

228

 

 

 

-

 

 

 

TechStyle, Inc.

 

Warrant

7/16/2013

Preferred Series B

 

 

206,185

 

 

 

1,101

 

 

 

1,928

 

 

 

The Neat Company

 

Warrant

8/13/2014

Common Stock

 

 

54,054

 

 

 

365

 

 

 

-

 

 

 

Whoop, Inc.

 

Warrant

6/27/2018

Preferred Series C

 

 

686,270

 

 

 

18

 

 

 

1,364

 

 

 

Subtotal: Consumer & Business Products (0.27%)*

 

 

 

 

 

2,145

 

 

 

3,603

 

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerami Therapeutics Holdings, Inc.

 

Warrant

9/30/2015

Common Stock

 

 

110,882

 

 

 

74

 

 

 

-

 

 

 

BioQ Pharma Incorporated

 

Warrant

10/27/2014

Common Stock

 

 

459,183

 

 

 

1

 

 

 

-

 

 

 

PDS Biotechnology Corporation

 

Warrant

8/28/2014

Common Stock

 

 

3,929

 

 

 

390

 

 

 

-

 

 

(4)

Subtotal: Drug Delivery (0.00%)*

 

 

 

 

 

465

 

 

 

-

 

 

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acacia Pharma Inc.

 

Warrant

6/29/2018

Common Stock

 

 

201,330

 

 

 

304

 

 

 

1

 

 

(4)(5)(10)

ADMA Biologics, Inc.

 

Warrant

12/21/2012

Common Stock

 

 

89,750

 

 

 

295

 

 

 

1

 

 

(4)

Albireo Pharma, Inc.

 

Warrant

6/8/2020

Common Stock

 

 

5,311

 

 

 

61

 

 

 

61

 

 

(4)(10)

Axsome Therapeutics, Inc.

 

Warrant

9/25/2020

Common Stock

 

 

15,541

 

 

 

681

 

 

 

157

 

 

(4)(10)

Brickell Biotech, Inc.

 

Warrant

2/18/2016

Common Stock

 

 

9,005

 

 

 

119

 

 

 

-

 

 

(4)

Cellarity, Inc.

 

Warrant

12/8/2021

Preferred Series B

 

 

100,000

 

 

 

287

 

 

 

207

 

 

(14)

Century Therapeutics, Inc.

 

Warrant

9/14/2020

Common Stock

 

 

16,112

 

 

 

37

 

 

 

39

 

 

(4)

Concert Pharmaceuticals, Inc.

 

Warrant

6/8/2017

Common Stock

 

 

61,273

 

 

 

178

 

 

 

3

 

 

(4)(10)

Dermavant Sciences Ltd.

 

Warrant

5/31/2019

Common Stock

 

 

223,642

 

 

 

101

 

 

 

256

 

 

(10)(12)

enGene, Inc.

 

Warrant

12/30/2021

Preferred Series 3

 

 

84,714

 

 

 

64

 

 

 

29

 

 

(5)(10)

Evofem Biosciences, Inc.

 

Warrant

6/11/2014

Common Stock

 

 

7,806

 

 

 

267

 

 

 

-

 

 

(4)

Genocea Biosciences, Inc.

 

Warrant

4/24/2018

Common Stock

 

 

41,176

 

 

 

165

 

 

 

1

 

 

(4)

Motif Bio PLC

 

Warrant

1/27/2020

Common Stock

 

 

121,337,041

 

 

 

282

 

 

 

-

 

 

(10)

Myovant Sciences, Ltd.

 

Warrant

10/16/2017

Common Stock

 

 

73,710

 

 

 

460

 

 

 

181

 

 

(4)(10)

Paratek Pharmaceuticals, Inc.

 

Warrant

6/27/2017

Common Stock

 

 

432,240

 

 

 

546

 

 

 

127

 

 

(4)

Phathom Pharmaceuticals, Inc.

 

Warrant

9/17/2021

Common Stock

 

 

64,687

 

 

 

848

 

 

 

125

 

 

(4)(10)(14)(15)

Redshift Bioanalytics, Inc.

 

Warrant

3/23/2022

Preferred Series E

 

 

142,653

 

 

 

6

 

 

 

6

 

 

(14)

Scynexis, Inc.

 

Warrant

5/14/2021

Common Stock

 

 

106,035

 

 

 

296

 

 

 

110

 

 

(4)

Stealth Bio Therapeutics Corp.

 

Warrant

6/30/2017

Common Stock

 

 

500,000

 

 

 

158

 

 

 

-

 

 

(4)(10)

TG Therapeutics, Inc.

 

Warrant

2/28/2019

Common Stock

 

 

231,613

 

 

 

1,033

 

 

 

767

 

 

(4)(10)(12)

Tricida, Inc.

 

Warrant

3/27/2019

Common Stock

 

 

31,352

 

 

 

280

 

 

 

12

 

 

(4)

Valo Health, LLC

 

Warrant

6/15/2020

Common Units

 

 

102,216

 

 

 

256

 

 

 

453

 

 

 

X4 Pharmaceuticals, Inc.

 

Warrant

3/18/2019

Common Stock

 

 

108,334

 

 

 

673

 

 

 

30

 

 

(4)

Yumanity Therapeutics, Inc.

 

Warrant

12/20/2019

Common Stock

 

 

15,414

 

 

 

110

 

 

 

-

 

 

(4)

Subtotal: Drug Discovery & Development (0.19%)*

 

 

 

 

 

7,507

 

 

 

2,566

 

 

 

 

See notes to consolidated financial statements

 

14


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Acquisition Date (4)

Series (3)

 

Shares

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

908 Devices, Inc.

 

Warrant

3/15/2017

Common Stock

 

 

49,078

 

 

$

101

 

 

$

370

 

 

(4)

Skydio, Inc.

 

Warrant

11/8/2021

Common Stock

 

 

622,255

 

 

 

557

 

 

 

2,424

 

 

 

Subtotal: Electronics & Computer Hardware (0.21%)*

 

 

 

 

 

658

 

 

 

2,794

 

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vida Health, Inc.

 

Warrant

3/28/2022

Common Stock

 

 

100,618

 

 

 

114

 

 

 

110

 

 

 

Subtotal: Healthcare Services, Other (0.01%)*

 

 

 

 

 

114

 

 

 

110

 

 

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capella Space Corp.

 

Warrant

10/21/2021

Common Stock

 

 

176,200

 

 

 

207

 

 

 

-

 

 

(14)

INMOBI Inc.

 

Warrant

11/19/2014

Common Stock

 

 

65,587

 

 

 

82

 

 

 

-

 

 

(10)

NetBase Solutions, Inc.

 

Warrant

8/22/2017

Preferred Series 1

 

 

60,000

 

 

 

356

 

 

 

449

 

 

 

Subtotal: Information Services (0.03%)*

 

 

 

 

 

645

 

 

 

449

 

 

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aria Systems, Inc.

 

Warrant

5/22/2015

Preferred Series G

 

 

231,535

 

 

 

74

 

 

 

-

 

 

 

Carwow LTD

 

Warrant

12/14/2021

Common Stock

 

 

174,163

 

 

 

164

 

 

 

187

 

 

(5)(10)

Cloudpay, Inc.

 

Warrant

4/10/2018

Preferred Series B

 

 

6,763

 

 

 

54

 

 

 

240

 

 

(5)(10)

Convoy, Inc.

 

Warrant

3/30/2022

Common Stock

 

 

165,456

 

 

 

974

 

 

 

962

 

 

(15)

First Insight, Inc.

 

Warrant

5/10/2018

Preferred Series B

 

 

75,917

 

 

 

96

 

 

 

102

 

 

 

Houzz, Inc.

 

Warrant

10/29/2019

Common Stock

 

 

529,661

 

 

 

20

 

 

 

53

 

 

 

Interactions Corporation

 

Warrant

6/16/2015

Preferred Series G-3

 

 

68,187

 

 

 

204

 

 

 

389

 

 

 

Landing Holdings Inc.

 

Warrant

3/12/2021

Common Stock

 

 

11,806

 

 

 

116

 

 

 

-

 

 

(14)

Lendio, Inc.

 

Warrant

3/29/2019

Preferred Series D

 

 

127,032

 

 

 

39

 

 

 

87

 

 

 

Rhino Labs, Inc.

 

Warrant

3/12/2021

Common Stock

 

 

13,106

 

 

 

470

 

 

 

287

 

 

(14)

RumbleON, Inc.

 

Warrant

4/30/2018

Common Stock

 

 

5,139

 

 

 

87

 

 

 

20

 

 

(4)

Savage X Holding, LLC

 

Warrant

6/27/2014

Class A Units

 

 

206,185

 

 

 

-

 

 

 

1,163

 

 

 

SeatGeek, Inc.

 

Warrant

6/12/2019

Common Stock

 

 

1,379,761

 

 

 

842

 

 

 

3,664

 

 

 

ShareThis, Inc.

 

Warrant

12/14/2012

Preferred Series C

 

 

493,502

 

 

 

547

 

 

 

-

 

 

 

Skyword, Inc.

 

Warrant

8/23/2019

Preferred Series B

 

 

444,444

 

 

 

83

 

 

 

2

 

 

 

Snagajob.com, Inc.

 

Warrant

4/20/2020

Common Stock

 

 

600,000

 

 

 

16

 

 

 

114

 

 

(12)

 

 

Warrant

6/30/2016

Preferred Series A

 

 

1,800,000

 

 

 

782

 

 

 

206

 

 

(12)

 

 

Warrant

8/1/2018

Preferred Series B

 

 

1,211,537

 

 

 

62

 

 

 

119

 

 

(12)

Total Snagajob.com, Inc.

 

 

 

 

 

 

3,611,537

 

 

 

860

 

 

 

325

 

 

 

TFG Holding, Inc.

 

Warrant

6/27/2014

Common Stock

 

 

206,185

 

 

 

-

 

 

 

90

 

 

 

The Faction Group LLC

 

Warrant

11/3/2014

Preferred Series AA

 

 

8,076

 

 

 

234

 

 

 

543

 

 

 

Thumbtack, Inc.

 

Warrant

5/1/2018

Common Stock

 

 

267,225

 

 

 

844

 

 

 

783

 

 

 

Veem, Inc.

 

Warrant

3/31/2022

Common Stock

 

 

98,428

 

 

 

126

 

 

 

126

 

 

 

Worldremit Group Limited

 

Warrant

2/11/2021

Preferred Series D

 

 

77,215

 

 

 

129

 

 

 

704

 

 

(5)(10)(15)

 

 

Warrant

8/27/2021

Preferred Series E

 

 

1,868

 

 

 

26

 

 

 

11

 

 

(5)(10)(15)

Total Worldremit Group Limited

 

 

 

 

 

 

79,083

 

 

 

155

 

 

 

715

 

 

 

Subtotal: Internet Consumer & Business Services (0.74%)*

 

 

 

 

 

5,989

 

 

 

9,852

 

 

 

Manufacturing Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bright Machines, Inc.

 

Warrant

3/31/2022

Common Stock

 

 

196,335

 

 

 

151

 

 

 

151

 

 

 

MacroFab, Inc.

 

Warrant

3/23/2022

Common Stock

 

 

1,111,111

 

 

 

528

 

 

 

525

 

 

 

Xometry, Inc.

 

Warrant

5/9/2018

Common Stock

 

 

87,784

 

 

 

47

 

 

 

2,088

 

 

(4)

Subtotal: Manufacturing Technology (0.21%)*

 

 

 

 

 

726

 

 

 

2,764

 

 

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zoom Media Group, Inc.

 

Warrant

12/21/2012

Preferred Series A

 

 

1,204

 

 

 

348

 

 

 

-

 

 

 

Subtotal: Media/Content/Info (0.00%)*

 

 

 

 

 

348

 

 

 

-

 

 

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspire Bariatrics, Inc.

 

Warrant

1/28/2015

Common Stock

 

 

22,572

 

 

 

456

 

 

 

-

 

 

 

Flowonix Medical Incorporated

 

Warrant

11/3/2014

Preferred Series AA

 

 

155,325

 

 

 

362

 

 

 

-

 

 

(12)

 

 

Warrant

9/21/2018

Preferred Series BB

 

 

725,806

 

 

 

351

 

 

 

-

 

 

(12)

Total Flowonix Medical Incorporated

 

 

 

 

 

 

881,131

 

 

 

713

 

 

 

-

 

 

 

Intuity Medical, Inc.

 

Warrant

12/29/2017

Preferred Series B-1

 

 

3,076,323

 

 

 

294

 

 

 

90

 

 

 

Lucira Health, Inc.

 

Warrant

2/4/2022

Common Stock

 

 

59,642

 

 

 

110

 

 

 

27

 

 

(4)

Outset Medical, Inc.

 

Warrant

9/27/2013

Common Stock

 

 

62,794

 

 

 

401

 

 

 

1,769

 

 

(4)

Tela Bio, Inc.

 

Warrant

3/31/2017

Common Stock

 

 

15,712

 

 

 

61

 

 

 

5

 

 

(4)

Subtotal: Medical Devices & Equipment (0.14%)*

 

 

 

 

 

2,035

 

 

 

1,891

 

 

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation

 

Warrant

6/26/2015

Preferred Series D-2

 

 

750,000

 

 

 

99

 

 

 

1,173

 

 

 

Fungible, Inc.

 

Warrant

12/16/2021

Common Stock

 

 

800,000

 

 

 

751

 

 

 

164

 

 

(14)

Subtotal: Semiconductors (0.10%)*

 

 

 

 

 

850

 

 

 

1,337

 

 

 

 

See notes to consolidated financial statements

 

15


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Type of
Investment

Acquisition Date (4)

Series (3)

 

Shares

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bitsight Technologies, Inc.

 

Warrant

11/18/2020

Common Stock

 

 

29,691

 

 

$

284

 

 

$

665

 

 

 

Brain Corporation

 

Warrant

10/4/2021

Common Stock

 

 

194,629

 

 

 

165

 

 

 

90

 

 

(14)

CloudBolt Software, Inc.

 

Warrant

9/30/2020

Common Stock

 

 

211,342

 

 

 

117

 

 

 

47

 

 

 

Cloudian, Inc.

 

Warrant

11/6/2018

Common Stock

 

 

477,454

 

 

 

71

 

 

 

18

 

 

 

Couchbase, Inc.

 

Warrant

4/25/2019

Common Stock

 

 

105,350

 

 

 

462

 

 

 

806

 

 

(4)

Dashlane, Inc.

 

Warrant

3/11/2019

Common Stock

 

 

453,641

 

 

 

353

 

 

 

471

 

 

 

Delphix Corp.

 

Warrant

10/8/2019

Common Stock

 

 

718,898

 

 

 

1,594

 

 

 

4,659

 

 

(15)

Demandbase, Inc.

 

Warrant

8/2/2021

Common Stock

 

 

579,898

 

 

 

480

 

 

 

448

 

 

 

DNAnexus, Inc.

 

Warrant

3/21/2014

Preferred Series C

 

 

909,091

 

 

 

97

 

 

 

55

 

 

 

Esme Learning Solutions, Inc.

 

Warrant

1/27/2022

Common Stock

 

 

56,765

 

 

 

198

 

 

 

121

 

 

 

Evernote Corporation

 

Warrant

9/30/2016

Common Stock

 

 

62,500

 

 

 

106

 

 

 

26

 

 

 

Lightbend, Inc.

 

Warrant

2/14/2018

Preferred Series D

 

 

89,685

 

 

 

131

 

 

 

-

 

 

 

Mixpanel, Inc.

 

Warrant

9/30/2020

Common Stock

 

 

82,362

 

 

 

252

 

 

 

452

 

 

 

Nuvolo Technologies Corporation

 

Warrant

3/29/2019

Common Stock

 

 

70,000

 

 

 

172

 

 

 

288

 

 

 

Poplicus, Inc.

 

Warrant

5/28/2014

Common Stock

 

 

132,168

 

 

 

-

 

 

 

-

 

 

 

Pymetrics, Inc.

 

Warrant

9/15/2020

Common Stock

 

 

150,943

 

 

 

77

 

 

 

165

 

 

 

RapidMiner, Inc.

 

Warrant

11/28/2017

Preferred Series C-1

 

 

4,982

 

 

 

24

 

 

 

24

 

 

 

Reltio, Inc.

 

Warrant

6/30/2020

Common Stock

 

 

69,120

 

 

 

215

 

 

 

335

 

 

 

SignPost, Inc.

 

Warrant

1/13/2016

Series Junior 1 Preferred

 

 

474,019

 

 

 

314

 

 

 

-

 

 

 

SingleStore, Inc. (p.k.a. memsql, Inc.)

 

Warrant

4/28/2020

Preferred Series D

 

 

312,596

 

 

 

103

 

 

 

367

 

 

 

Tact.ai Technologies, Inc.

 

Warrant

2/13/2020

Common Stock

 

 

1,041,667

 

 

 

206

 

 

 

116

 

 

 

Udacity, Inc.

 

Warrant

9/25/2020

Common Stock

 

 

486,359

 

 

 

218

 

 

 

246

 

 

 

VideoAmp, Inc.

 

Warrant

1/21/2022

Common Stock

 

 

152,048

 

 

 

1,275

 

 

 

756

 

 

(14)

ZeroFox, Inc.

 

Warrant

5/7/2020

Preferred Series C-1

 

 

648,350

 

 

 

101

 

 

 

512

 

 

 

Zimperium, Inc.

 

Warrant

7/2/2021

Common Stock

 

 

20,563

 

 

 

72

 

 

 

49

 

 

 

Subtotal: Software (0.80%)*

 

 

 

 

 

7,087

 

 

 

10,716

 

 

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc.

 

Warrant

12/5/2012

Preferred Series C

 

 

33,670

 

 

 

13

 

 

 

-

 

 

 

TransMedics Group, Inc.

 

Warrant

11/7/2012

Common Stock

 

 

64,440

 

 

 

139

 

 

 

831

 

 

(4)

Subtotal: Surgical Devices (0.06%)*

 

 

 

 

 

152

 

 

 

831

 

 

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agrivida, Inc.

 

Warrant

6/20/2013

Preferred Series D

 

 

471,327

 

 

 

120

 

 

 

-

 

 

 

Fulcrum Bioenergy, Inc.

 

Warrant

9/13/2012

Preferred Series C-1

 

 

280,897

 

 

 

274

 

 

 

784

 

 

 

Halio, Inc.

 

Warrant

4/22/2014

Preferred Series A

 

 

325,000

 

 

 

155

 

 

 

149

 

 

 

 

 

Warrant

4/7/2015

Preferred Series B

 

 

131,883

 

 

 

63

 

 

 

51

 

 

 

Total Halio, Inc.

 

 

 

 

 

 

456,883

 

 

 

218

 

 

 

200

 

 

 

Polyera Corporation

 

Warrant

12/11/2012

Preferred Series C

 

 

311,609

 

 

 

338

 

 

 

-

 

 

 

Subtotal: Sustainable and Renewable Technology (0.07%)*

 

 

 

 

 

950

 

 

 

984

 

 

 

Total: Warrant Investments (2.84%)*

 

 

 

 

 

30,089

 

 

 

37,897

 

 

 

Total Investments in Securities (14.85%)*

 

 

 

 

$

173,705

 

 

$

198,081

 

 

 

Investment Funds & Vehicles Investments

 

 

 

 

 

 

 

 

 

 

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forbion Growth Opportunities Fund I C.V.

 

Investment Funds & Vehicles

11/16/2020

 

 

 

 

 

 

2,413

 

 

 

2,911

 

 

(5)(10)(16)

Total: Investment Funds & Vehicles Investments (0.22%)*

 

 

 

 

$

2,413

 

 

$

2,911

 

 

 

Total: Investments (194.41%)*

 

 

 

 

$

2,586,402

 

 

$

2,592,334

 

 

 

 

See notes to consolidated financial statements

 

16


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

(dollars in thousands)

 

 

* Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.

(1)
Interest rate PRIME represents 3.50% as of March 31, 2022. 1-month LIBOR, 3-month LIBOR and 6-month LIBOR represent 0.45%, 0.96%, and 1.47%, respectively, as of March 31, 2022.
(2)
Gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation for federal income tax purposes totaled $101.4 million, $93.6 million and $7.8 million, respectively. The tax cost of investments is $2.6 billion.
(3)
Preferred and common stock, warrants, and equity interest are generally non-income producing.
(4)
Except for warrants in 27 publicly traded companies and common stock in 38 publicly traded companies, all investments are restricted as of March 31, 2022 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).
(5)
Non-U.S. company or the company’s principal place of business is outside the United States.
(6)
Affiliate investment as defined under the Investment Company Act of 1940, as amended, (the “1940 Act”) in which Hercules owns at least 5% but generally less than 25% of the company’s voting securities.
(7)
Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board.
(8)
Debt is on non-accrual status as of March 31, 2022, and is therefore considered non-income producing. Note that as of March 31, 2022, only the PIK, or payment-in-kind, portion is on non-accrual for the Company’s debt investment in Tectura Corporation.
(9)
Denotes that all or a portion of the debt investment is convertible debt.
(10)
Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.
(11)
Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”).
(12)
Denotes that all or a portion of the investment is pledged as collateral under the Union Bank Facility (as defined in “Note 5 — Debt”).
(13)
Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.
(14)
Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company.
(15)
Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of March 31, 2022.
(16)
Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of March 31, 2022. Refer to “Note 11 - Commitments and Contingencies”.
(17)
Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition.
(18)
Denotes second lien senior secured debt.
(19)
Denotes all or a portion of the public equity or warrant investment was acquired in a transaction exempt from registration under the Securities Act of 1933 (“Securities Act”) and may be deemed to be “restricted securities” under the Securities Act.
(20)
Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of March 31, 2022, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $3.0 million.

See notes to consolidated financial statements

 

17


`

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(dollars in thousands)

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

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%

 

$

9,000

 

 

$

8,802

 

 

$

8,725

 

 

(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

 

$

88,542

 

 

 

88,286

 

 

 

90,505

 

 

(13)(15)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

97,088

 

 

 

99,230

 

 

 

Subtotal: Communications & Networking (7.58%)*

 

 

 

 

 

 

97,088

 

 

 

99,230

 

 

 

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

 

 

 

23,162

 

 

 

23,298

 

 

(18)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

23,162

 

 

 

23,298

 

 

 

Subtotal: Consumer & Business Products (1.78%)*

 

 

 

 

 

 

23,162

 

 

 

23,298

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newfront Insurance Holdings, Inc.

 

Convertible Note

August 2022

PIK Interest 0.19% or Floor rate of 0.19%

 

$

403

 

 

 

403

 

 

 

403

 

 

(9)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

403

 

 

 

403

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gibraltar Business Capital, LLC

 

Unsecured

September 2026

FIXED 14.50%

 

$

15,000

 

 

 

14,662

 

 

 

13,818

 

 

(7)

 

 

Unsecured

September 2026

FIXED 11.50%

 

$

10,000

 

 

 

9,823

 

 

 

9,394

 

 

(7)

Total Gibraltar Business Capital, LLC

 

 

 

 

 

$

25,000

 

 

 

24,485

 

 

 

23,212

 

 

 

Hercules Adviser LLC

 

Unsecured

May 2023

FIXED 5.00%

 

$

8,850

 

 

 

8,850

 

 

 

8,850

 

 

(7)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

33,335

 

 

 

32,062

 

 

 

Subtotal: Diversified Financial Services (2.48%)*

 

 

 

 

 

 

33,738

 

 

 

32,465

 

 

 

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

 

 

 

20,036

 

 

 

20,036

 

 

(10)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

20,036

 

 

 

20,036

 

 

 

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

 

 

 

10,229

 

 

 

10,268

 

 

(10)(11)

Aldeyra Therapeutics, Inc.

 

Senior Secured

October 2023

PRIME + 3.10% or Floor rate of 8.60%, 6.95% Exit Fee

 

$

15,000

 

 

 

15,639

 

 

 

15,653

 

 

 

Applied Genetic Technologies Corporation

 

Senior Secured

April 2024

PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee

 

$

20,000

 

 

 

20,416

 

 

 

20,339

 

 

 

Aveo Pharmaceuticals, Inc.

 

Senior Secured

September 2024

PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee

 

$

40,000

 

 

 

40,842

 

 

 

40,776

 

 

(11)(14)

Axsome Therapeutics, Inc.

 

Senior Secured

October 2026

PRIME + 5.70% or Floor rate of 8.95%, 5.82% Exit Fee

 

$

50,000

 

 

 

49,542

 

 

 

48,859

 

 

(10)(12)

Bicycle Therapeutics PLC

 

Senior Secured

October 2024

PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee

 

$

24,000

 

 

 

24,271

 

 

 

24,454

 

 

(5)(10)(11)(12)(16)

BiomX, INC

 

Senior Secured

September 2025

PRIME + 5.70% or Floor rate of 8.95%, 6.55% Exit Fee

 

$

9,000

 

 

 

8,980

 

 

 

8,980

 

 

(5)(10)(11)

BridgeBio Pharma, Inc.

 

Senior Secured

November 2026

FIXED 9.00%, 2.00% Exit Fee

 

$

38,000

 

 

 

37,462

 

 

 

37,462

 

 

 

Cellarity, Inc.

 

Senior Secured

June 2026

PRIME + 5.70% or Floor rate of 8.95%, 3.75% Exit Fee

 

$

30,000

 

 

 

29,422

 

 

 

29,422

 

 

(14)

Center for Breakthrough Medicines Holdings, LLC

 

Senior Secured

May 2023

PRIME + 5.50% or Floor rate of 8.75%, 7.50% Exit Fee

 

$

5,000

 

 

 

5,005

 

 

 

5,005

 

 

 

Century Therapeutics

 

Senior Secured

April 2024

PRIME + 6.30% or Floor rate of 9.55%, 3.95% Exit Fee

 

$

10,000

 

 

 

10,075

 

 

 

10,361

 

 

(11)

 

See notes to consolidated financial statements

 

18


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(dollars in thousands)

 

 

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Chemocentryx, Inc.

 

Senior Secured

February 2025

PRIME + 3.25% or Floor rate of 8.50%, 7.15% Exit Fee

 

$

5,000

 

 

$

5,161

 

 

$

5,070

 

 

(10)

Codiak Biosciences, Inc.

 

Senior Secured

October 2025

PRIME + 5.00% or Floor rate of 8.25%, 5.50% Exit Fee

 

$

25,000

 

 

 

25,459

 

 

 

25,316

 

 

(11)

Corium, Inc.

 

Senior Secured

September 2026

PRIME + 5.70% or Floor rate of 8.95%, 7.75% Exit Fee

 

$

91,500

 

 

 

90,997

 

 

 

90,997

 

 

(15)

Eloxx Pharmaceuticals, Inc.

 

Senior Secured

April 2025

PRIME + 6.25% or Floor rate of 9.50%, 6.55% Exit Fee

 

$

12,500

 

 

 

12,443

 

 

 

12,443

 

 

(14)

enGene, Inc.

 

Senior Secured

July 2025

PRIME + 5.00% or Floor rate of 8.25%, 6.35% Exit Fee

 

$

7,000

 

 

 

6,858

 

 

 

6,858

 

 

(5)(10)

G1 Therapeutics, Inc.

 

Senior Secured

November 2026

PRIME + 5.90% or Floor rate of 9.15%, 9.86% Exit Fee

 

$

58,125

 

 

 

57,873

 

 

 

57,874

 

 

(10)(11)(12)(14)(16)

Geron Corporation

 

Senior Secured

October 2024

PRIME + 5.75% or Floor rate of 9.00%, 6.55% Exit Fee

 

$

32,500

 

 

 

32,704

 

 

 

32,744

 

 

(10)(12)

Hibercell, Inc.

 

Senior Secured

May 2025

PRIME + 5.40% or Floor rate of 8.65%, 4.95% Exit Fee

 

$

17,000

 

 

 

17,041

 

 

 

17,014

 

 

(14)

Humanigen, Inc.

 

Senior Secured

March 2025

PRIME + 5.50% or Floor rate of 8.75%, 6.75% Exit Fee

 

$

20,000

 

 

 

20,235

 

 

 

19,985

 

 

(9)(10)

Kaleido Biosciences, Inc.

 

Senior Secured

January 2024

PRIME + 6.10% or Floor rate of 9.35%, 7.55% Exit Fee

 

$

22,500

 

 

 

23,505

 

 

 

23,384

 

 

(12)

Locus Biosciences

 

Senior Secured

July 2025

PRIME + 6.10% or Floor rate of 9.35%, 4.95% Exit Fee

 

$

8,000

 

 

 

7,977

 

 

 

7,900

 

 

(14)

Nabriva Therapeutics

 

Senior Secured

June 2023

PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee

 

$

5,000

 

 

 

5,500

 

 

 

5,459

 

 

(5)(10)

Phathom Pharmaceuticals, Inc.

 

Senior Secured

October 2026

PRIME + 2.25% or Floor rate of 5.50%, PIK Interest 3.35%, 7.50% Exit Fee

 

$

87,116

 

 

 

86,075

 

 

 

86,075

 

 

(10)(12)(13)(14)(15)(16)

Scynexis, Inc.

 

Senior Secured

March 2025

PRIME + 5.80% or Floor rate of 9.05%, 3.95% Exit Fee

 

$

16,000

 

 

 

15,826

 

 

 

15,778

 

 

 

Seres Therapeutics, Inc.

 

Senior Secured

November 2023

PRIME + 4.40% or Floor rate of 9.65%, 4.85% Exit Fee

 

$

24,051

 

 

 

24,777

 

 

 

25,183

 

 

 

Syndax Pharmaceutics Inc.

 

Senior Secured

April 2024

PRIME + 6.00% or Floor rate of 9.25%, 4.99% Exit Fee

 

$

20,000

 

 

 

20,646

 

 

 

20,653

 

 

(12)(16)

TG Therapeutics, Inc.

 

Senior Secured

January 2026

PRIME + 2.15% or Floor rate of 5.40%, PIK Interest 3.45%, 5.95% Exit Fee

 

$

51,450

 

 

 

50,470

 

 

 

50,470

 

 

(10)

uniQure B.V.

 

Senior Secured

December 2025

PRIME + 4.70% or Floor rate of 7.95%, 7.28% Exit Fee

 

$

77,500

 

 

 

78,755

 

 

 

78,755

 

 

(5)(10)(11)(12)(15)

Unity Biotechnology, Inc.

 

Senior Secured

August 2024

PRIME + 6.10% or Floor rate of 9.35%, 6.25% Exit Fee

 

$

22,701

 

 

 

23,293

 

 

 

23,627

 

 

(9)

Valo Health, LLC (p.k.a. Integral Health Holdings, LLC)

 

Senior Secured

May 2024

PRIME + 6.45% or Floor rate of 9.70%, 3.85% Exit Fee

 

$

11,500

 

 

 

11,547

 

 

 

11,492

 

 

(11)

X4 Pharmaceuticals, Inc.

 

Senior Secured

July 2024

PRIME + 3.75% or Floor rate of 8.75%, 8.80% Exit Fee

 

$

32,500

 

 

 

34,140

 

 

 

34,085

 

 

(11)(12)

Yumanity Therapeutics, Inc.

 

Senior Secured

January 2024

PRIME + 4.00% or Floor rate of 8.75%, 5.92% Exit Fee

 

$

12,732

 

 

 

13,256

 

 

 

13,187

 

 

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

916,421

 

 

 

915,928

 

 

 

Subtotal: Drug Discovery & Development (71.53%)*

 

 

 

 

 

 

936,457

 

 

 

935,964

 

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Better Therapeutics, Inc.

 

Senior Secured

August 2025

PRIME + 5.70% or Floor rate of 8.95%, 5.95% Exit Fee

 

$

8,000

 

 

 

7,966

 

 

 

7,966

 

 

(14)(16)

Blue Sprig Pediatrics, Inc.

 

Senior Secured

November 2026

3-month LIBOR + 5.00% or Floor rate of 6.00%, PIK Interest 4.45%

 

$

25,022

 

 

 

24,653

 

 

 

24,653

 

 

(13)(16)

Carbon Health Technologies, Inc.

 

Senior Secured

March 2025

PRIME + 5.60% or Floor rate of 8.85%, 4.61% Exit Fee

 

$

46,125

 

 

 

45,964

 

 

 

45,964

 

 

(16)(18)

Equality Health, LLC

 

Senior Secured

February 2026

PRIME + 6.25% or Floor rate of 9.50%, PIK Interest 1.55%

 

$

35,444

 

 

 

35,141

 

 

 

35,056

 

 

(12)(13)(16)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

113,724

 

 

 

113,639

 

 

 

Subtotal: Healthcare Services, Other (8.68%)*

 

 

 

 

 

 

113,724

 

 

 

113,639

 

 

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capella Space

 

Senior Secured

November 2024

PRIME + 5.00% or Floor rate of 8.25%, PIK Interest 1.10%, 4.00% Exit Fee

 

$

20,025

 

 

 

19,751

 

 

 

19,424

 

 

(13)(14)(18)

Yipit, LLC

 

Senior Secured

September 2026

1-month LIBOR + 9.08% or Floor rate of 10.08%

 

$

45,900

 

 

 

45,022

 

 

 

45,022

 

 

(16)(17)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

64,773

 

 

 

64,446

 

 

 

Subtotal: Information Services (4.93%)*

 

 

 

 

 

 

64,773

 

 

 

64,446

 

 

 

 

See notes to consolidated financial statements

 

19


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(dollars in thousands)

 

 

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nextroll, Inc.

 

Senior Secured

June 2022

PRIME + 3.75% or Floor rate of 7.00%, PIK Interest 2.95%, 3.50% Exit Fee

 

$

21,555

 

 

$

22,164

 

 

$

22,164

 

 

(12)(13)(18)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

22,164

 

 

 

22,164

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AppDirect, Inc.

 

Senior Secured

August 2024

PRIME + 5.90% or Floor rate of 9.15%, 7.95% Exit Fee

 

$

30,790

 

 

 

31,416

 

 

 

32,248

 

 

 

Carwow LTD

 

Senior Secured

December 2024

PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.45%, 4.95% Exit Fee

 

£

21,250

 

 

 

28,632

 

 

 

28,632

 

 

(5)(10)(13)

ePayPolicy Holdings, LLC

 

Senior Secured

December 2024

3-month LIBOR + 8.50% or Floor rate of 9.50%

 

$

8,169

 

 

 

8,011

 

 

 

7,967

 

 

(11)(16)

Houzz, Inc.

 

Convertible Debt

May 2028

PIK Interest 5.50%

 

$

20,676

 

 

 

20,676

 

 

 

20,425

 

 

(9)(13)

Rhino Labs, Inc.

 

Senior Secured

March 2024

PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 2.25%

 

$

16,136

 

 

 

15,765

 

 

 

15,876

 

 

(13)(14)

RVShare, LLC

 

Senior Secured

December 2026

1-month LIBOR + 5.50% or Floor rate of 6.50%, PIK Interest 4.00%

 

$

15,000

 

 

 

14,701

 

 

 

14,701

 

 

(14)(16)

SeatGeek, Inc.

 

Senior Secured

June 2023

PRIME + 5.00% or Floor rate of 10.50%, PIK Interest 0.50%

 

$

60,607

 

 

 

59,983

 

 

 

60,316

 

 

(13)

Skyword, Inc.

 

Senior Secured

September 2024

PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.90%, 4.00% Exit Fee

 

$

12,426

 

 

 

12,665

 

 

 

12,521

 

 

(13)

Tectura Corporation

 

Senior Secured

July 2024

PIK Interest 5.00%

 

$

10,680

 

 

 

240

 

 

 

 

 

(7)(8)(13)

 

 

Senior Secured

July 2024

FIXED 8.25%

 

$

8,250

 

 

 

8,250

 

 

 

8,250

 

 

(7)(8)

 

 

Senior Secured

July 2024

PIK Interest 5.00%

 

$

13,023

 

 

 

13,023

 

 

 

19

 

 

(7)(8)(13)

Total Tectura Corporation

 

 

 

 

 

$

31,953

 

 

 

21,513

 

 

 

8,269

 

 

 

Thumbtack, Inc.

 

Senior Secured

September 2023

PRIME + 3.45% or Floor rate of 8.95%, PIK Interest 1.50%, 3.95% Exit Fee

 

$

25,618

 

 

 

25,965

 

 

 

26,372

 

 

(12)(13)

Zepz (p.k.a. Worldremit Group Limited)

 

Senior Secured

February 2025

3-month LIBOR + 9.25% or Floor rate of 10.25%, 3.00% Exit Fee

 

$

103,000

 

 

 

101,674

 

 

 

100,472

 

 

(5)(10)(12)(15)(18)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

341,001

 

 

 

327,799

 

 

 

Subtotal: Internet Consumer & Business Services (26.74%)*

 

 

 

 

 

 

363,165

 

 

 

349,963

 

 

 

Manufacturing Technology

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bright Machines, Inc.

 

Senior Secured

November 2022

PRIME + 5.70% or Floor rate of 8.95%, 6.95% Exit Fee

 

$

15,000

 

 

 

14,995

 

 

 

14,995

 

 

(18)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

14,995

 

 

 

14,995

 

 

 

Subtotal: Manufacturing Technology (1.15%)*

 

 

 

 

 

 

14,995

 

 

 

14,995

 

 

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fungible Inc.

 

Senior Secured

December 2024

PRIME + 5.00% or Floor rate of 8.25%, 4.95% Exit Fee

 

$

20,000

 

 

 

19,072

 

 

 

19,072

 

 

(14)(18)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

19,072

 

 

 

19,072

 

 

 

Subtotal: Semiconductors (1.46%)*

 

 

 

 

 

 

19,072

 

 

 

19,072

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros (p.k.a Lithium Technologies)

 

Senior Secured

October 2022

6-month LIBOR + 8.00% or Floor rate of 9.00%

 

$

56,208

 

 

 

55,834

 

 

 

55,834

 

 

(16)

Pymetrics, Inc.

 

Senior Secured

October 2022

PRIME + 5.50% or Floor rate of 8.75%, PIK Interest 1.75%, 4.00% Exit Fee

 

$

9,667

 

 

 

9,845

 

 

 

9,845

 

 

(13)

Regent Education

 

Senior Secured

January 2022

FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee

 

$

2,951

 

 

 

3,064

 

 

 

2,608

 

 

(8)(13)

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

68,743

 

 

 

68,287

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3GTMS, LLC.

 

Senior Secured

February 2025

6-Month LIBOR + 9.28% or Floor rate of 10.28%

 

$

10,000

 

 

 

9,812

 

 

 

9,656

 

 

(16)(17)

Agilence, Inc.

 

Senior Secured

October 2026

1-month LIBOR + 9.00% or Floor rate of 10.00%

 

$

9,400

 

 

 

9,138

 

 

 

9,138

 

 

(16)

 

See notes to consolidated financial statements

 

20


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(dollars in thousands)

 

 

Portfolio Company

 

Type of
Investment

Maturity Date

Interest Rate and Floor (1)

 

Principal
Amount

 

 

Cost (2)

 

 

Value

 

 

Footnotes

Brain Corporation

 

Senior Secured

April 2025

PRIME + 3.70% or Floor rate of 6.95%, PIK Interest 1.00%, 3.95% Exit Fee

 

$

10,016

 

 

$

9,943

 

 

$

9,943

 

 

(13)(14)(16)

Campaign Monitor Limited

 

Senior Secured

November 2025

6-month LIBOR + 7.90% or Floor rate of 11.15%

 

$

33,000

 

 

 

32,459

 

 

 

33,000

 

 

(18)

Ceros, LLC

 

Senior Secured

September 2026

3-month LIBOR + 8.89% or Floor rate of 9.89%

 

$

17,978

 

 

 

17,474

 

 

 

17,474

 

 

(16)(17)

Cloud 9 Software

 

Senior Secured

April 2024

3-month LIBOR + 8.20% or Floor rate of 9.20%

 

$

9,953

 

 

 

9,856

 

 

 

9,953

 

 

(12)

CloudBolt Software, Inc.

 

Senior Secured

October 2024

PRIME + 6.70% or Floor rate of 9.95%, 2.95% Exit Fee

 

$

10,000

 

 

 

9,923

 

 

 

10,035

 

 

(11)(12)(18)

Cybermaxx Intermediate Holdings, Inc.

 

Senior Secured

August 2026

6-month LIBOR + 9.28% or Floor rate of 10.28%

 

$

8,000

 

 

 

7,801

 

 

 

7,801

 

 

(16)

Dashlane, Inc.

 

Senior Secured

July 2025

PRIME + 3.05% or Floor rate of 7.55%, PIK Interest 1.10%, 7.10% Exit Fee

 

$

20,719

 

 

 

21,807

 

 

 

21,734

 

 

(11)(13)(16)(18)

Delphix Corp.

 

Senior Secured

February 2023

PRIME + 5.50% or Floor rate of 10.25%, 5.00% Exit Fee

 

$

60,000

 

 

 

61,736

 

 

 

62,345

 

 

(12)(15)(18)

Demandbase, Inc.

 

Senior Secured

August 2025

PRIME + 5.25% or Floor rate of 8.50%, 2.00% Exit Fee

 

$

16,875

 

 

 

16,463

 

 

 

16,463

 

 

(16)(18)

Enmark Systems

 

Senior Secured

September 2026

6-Month LIBOR + 6.83% or Floor rate of 7.83%, PIK Interest 2.19%

 

$

8,000

 

 

 

7,798

 

 

 

7,798

 

 

(11)(16)(17)

Esentire, Inc.

 

Senior Secured

May 2024

3-month LIBOR + 9.96% or Floor rate of 10.96%

 

$

21,000

 

 

 

20,699

 

 

 

20,750

 

 

(5)(10)(11)(17)

Gryphon Networks Corp.

 

Senior Secured

January 2026

3-month LIBOR + 9.69% or Floor rate of 10.69%

 

$

5,232

 

 

 

5,106

 

 

 

5,088

 

 

(11)(16)

Ikon Science Limited

 

Senior Secured

October 2024

3-month LIBOR + 9.00% or Floor rate of 10.00%

 

$

6,913

 

 

 

6,719

 

 

 

6,767

 

 

(5)(10)(16)(17)

Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.)

 

Senior Secured

July 2023

3-month LIBOR + 10.14% or Floor rate of 11.14%

 

$

8,571

 

 

 

8,403

 

 

 

8,375

 

 

(17)

Logicworks

 

Senior Secured

January 2024

PRIME + 7.50% or Floor rate of 10.75%

 

$

10,000

 

 

 

9,862

 

 

 

9,965

 

 

(12)(16)

Mixpanel, Inc.

 

Senior Secured

August 2024

PRIME + 4.70% or Floor rate of 7.95%, PIK Interest 1.80%, 3.00% Exit Fee

 

$

20,431

 

 

 

20,292

 

 

 

21,030

 

 

(12)(13)(18)

Mobile Solutions Services

 

Senior Secured

December 2025

6-month LIBOR + 9.87% or Floor rate of 10.87%

 

$

19,074

 

 

 

18,575

 

 

 

18,834

 

 

(16)(17)

Nuvolo Technologies Corporation

 

Senior Secured

July 2025

PRIME + 7.70% or Floor rate of 10.95%, 1.75% Exit Fee

 

$

15,000

 

 

 

14,967

 

 

 

15,017

 

 

(12)(18)

Pollen, Inc.

 

Senior Secured

November 2023

PRIME + 4.75% or Floor rate of 8.00%, PIK Interest 0.50%, 4.50% Exit Fee

 

$

7,457

 

 

 

7,528

 

 

 

7,314

 

 

(13)

 

 

Senior Secured

November 2023

PRIME + 5.25% or Floor rate of 8.50%, PIK Interest 1.35%, 4.50% Exit Fee

 

$

13,041

 

 

 

13,005

 

 

 

13,092

 

 

(13)(14)

Total Pollen, Inc.

 

 

 

 

 

$

20,498

 

 

 

20,533

 

 

 

20,406

 

 

 

Reltio, Inc.

 

Senior Secured

July 2023

PRIME + 5.70% or Floor rate of 8.95%, PIK Interest 1.70%, 4.95% Exit Fee

 

$

10,248

 

 

 

10,336

 

 

 

10,542

 

 

(13)(18)

ShadowDragon, LLC

 

Senior Secured

December 2026

3-month LIBOR + 9.00% or Floor rate of 10.00%

 

$

6,000

 

 

 

5,828

 

 

 

5,828

 

 

(16)(17)

Tact.ai Technologies, Inc.

 

Senior Secured

February 2024

PRIME + 4.00% or Floor rate of 8.75%, PIK Interest 2.00%, 5.50% Exit Fee

 

$

5,185

 

 

 

5,305

 

 

 

5,245

 

 

(13)

ThreatConnect, Inc.

 

Senior Secured

May 2026

3-month LIBOR + 9.00% or Floor rate of 10.00%

 

$

11,144

 

 

 

10,831

 

 

 

10,859

 

 

(12)(16)(17)

Udacity, Inc.

 

Senior Secured

September 2024

PRIME + 4.50% or Floor rate of 7.75%, PIK Interest 2.00%, 3.00% Exit Fee

 

$

50,895

 

 

 

50,646

 

 

 

51,722

 

 

(12)(13)

Zimperium, Inc.

 

Senior Secured

July 2024

1-month LIBOR + 8.95% or Floor rate of 9.95%

 

$

15,633

 

 

 

15,347

 

 

 

15,347

 

 

(12)(17)

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

437,659

 

 

 

441,115

 

 

 

Greater than 5 Years Maturity