UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For The Quarterly Period Ended June 30, 2016
OR
|
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 814-00702
HERCULES CAPITAL, INC.
(Exact Name of Registrant as Specified in its Charter)
|
Maryland |
|
743113410 |
|
(State or Jurisdiction of Incorporation or Organization) |
|
(IRS Employer Identification No.) |
|
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices) |
|
94301 (Zip Code) |
|
|
(650) 289-3060
(Registrant’s Telephone Number, Including Area Code)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
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x |
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Accelerated filer |
|
¨ |
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|
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|||
|
Non-accelerated filer |
|
¨ |
|
Smaller reporting company |
|
¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
On August 1, 2016, there were 74,844,969 shares outstanding of the Registrant’s common stock, $0.001 par value.
FORM 10-Q TABLE OF CONTENTS
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3 |
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Item 1. |
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3 |
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3 |
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5 |
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6 |
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Consolidated Statement of Cash Flows for the six months ended June 30, 2016 and 2015 (unaudited) |
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7 |
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Consolidated Schedule of Investments as of June 30, 2016 (unaudited) |
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8 |
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Consolidated Schedule of Investments as of December 31, 2015 (unaudited) |
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22 |
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37 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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69 |
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Item 3. |
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99 |
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Item 4. |
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100 |
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101 |
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Item 1. |
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101 |
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Item 1A. |
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101 |
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Item 2. |
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102 |
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Item 3. |
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102 |
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Item 4. |
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102 |
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Item 5. |
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102 |
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Item 6. |
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103 |
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105 |
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2
In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts on or after February 25, 2016 and “Hercules Technology Growth Capital, Inc.” and its wholly owned subsidiaries and its affiliated securitization trusts prior to February 25, 2016 unless the context otherwise requires.
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(unaudited)
(dollars in thousands, except per share data)
|
|
|
June 30, 2016 |
|
|
December 31, 2015 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments (cost of $1,334,302 and $1,238,539, respectively) |
|
$ |
1,292,934 |
|
|
$ |
1,192,652 |
|
|
Control investments (cost of $21,294 and $0, respectively) |
|
|
4,000 |
|
|
|
— |
|
|
Affiliate investments (cost of $13,799 and $13,742, respectively) |
|
|
5,844 |
|
|
|
7,986 |
|
|
Total investments, at value (cost of $1,369,395 and $1,252,281, respectively) |
|
|
1,302,778 |
|
|
|
1,200,638 |
|
|
Cash and cash equivalents |
|
|
59,715 |
|
|
|
95,196 |
|
|
Restricted cash |
|
|
3,605 |
|
|
|
9,191 |
|
|
Interest receivable |
|
|
9,453 |
|
|
|
9,239 |
|
|
Other assets |
|
|
19,620 |
|
|
|
9,720 |
|
|
Total assets |
|
$ |
1,395,171 |
|
|
$ |
1,323,984 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
16,681 |
|
|
$ |
17,241 |
|
|
Long-Term Liabilities (Convertible Senior Notes), net (principal of $0 and $17,604) (1) |
|
|
— |
|
|
|
17,478 |
|
|
Wells Facility |
|
|
— |
|
|
|
50,000 |
|
|
2021 Asset-Backed Notes, net (principal of $129,300 and $129,300, respectively) (1) |
|
|
127,461 |
|
|
|
126,995 |
|
|
2019 Notes, net (principal of $110,364 and $110,364, respectively) (1) |
|
|
108,499 |
|
|
|
108,179 |
|
|
2024 Notes, net (principal of $244,945 and $103,000, respectively) (1) |
|
|
237,570 |
|
|
|
100,128 |
|
|
Long-Term SBA Debentures, net (principal of $190,200 and $190,200, respectively) (1) |
|
|
187,165 |
|
|
|
186,829 |
|
|
Total liabilities |
|
$ |
677,376 |
|
|
$ |
606,850 |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
75 |
|
|
|
73 |
|
|
Capital in excess of par value |
|
|
774,339 |
|
|
|
752,244 |
|
|
Unrealized depreciation on investments (2) |
|
|
(68,046 |
) |
|
|
(52,808 |
) |
|
Accumulated realized gains on investments |
|
|
23,550 |
|
|
|
27,993 |
|
|
Distributions in excess of net investment income |
|
|
(12,123 |
) |
|
|
(10,368 |
) |
|
Total net assets |
|
$ |
717,795 |
|
|
$ |
717,134 |
|
|
Total liabilities and net assets |
|
$ |
1,395,171 |
|
|
$ |
1,323,984 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding ($0.001 par value, 200,000,000 and 100,000,000 authorized, respectively) |
|
|
74,320 |
|
|
|
72,118 |
|
|
Net asset value per share |
|
$ |
9.66 |
|
|
$ |
9.94 |
|
|
(1) |
The Company’s SBA Debentures, 2019 Notes, 2024 Notes, 2021 Asset-Backed Notes, and Convertible Senior Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument. See “Note 2 – Summary of Significant Accounting Policies” and “Note 4 – Borrowings”. |
|
(2) |
Amounts include $1.4 million and $1.2 million, respectively, in net unrealized depreciation on other assets and accrued liabilities, including escrow receivables, estimated taxes payable and Citigroup warrant participation agreement liabilities. |
See notes to consolidated financial statements.
3
The following table presents the assets and liabilities of our consolidated securitization trust for the 2021 Asset-Backed Notes (see Note 4), which is a variable interest entity (“VIE”). The assets of our securitization VIE can only be used to settle obligations of our consolidated securitization VIE, these liabilities are only the obligations of our consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statement of Assets and Liabilities above.
|
(Dollars in thousands) |
|
June 30, 2016 |
|
|
December 31, 2015 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Restricted Cash |
|
$ |
3,605 |
|
|
$ |
9,191 |
|
|
Total investments, at value (cost of $271,886 and $258,748, respectively) |
|
|
269,452 |
|
|
|
257,657 |
|
|
Total assets |
|
$ |
273,057 |
|
|
$ |
266,848 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
2021 Asset-Backed Notes, net (principal of $129,300 and $129,300, respectively) (1) |
|
$ |
127,461 |
|
|
$ |
126,995 |
|
|
Total liabilities |
|
$ |
127,461 |
|
|
$ |
126,995 |
|
|
(1) |
The Company’s 2021 Asset-Backed Notes are presented net of the associated debt issuance costs for each instrument. See “Note 2 – Summary of Significant Accounting Policies” and “Note 4 – Borrowings”. |
See notes to consolidated financial statements.
4
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
$ |
39,571 |
|
|
$ |
35,144 |
|
|
$ |
75,980 |
|
|
$ |
65,605 |
|
|
Affiliate investments |
|
50 |
|
|
|
96 |
|
|
|
115 |
|
|
|
195 |
|
|
Total interest income |
|
39,621 |
|
|
|
35,240 |
|
|
|
76,095 |
|
|
|
65,800 |
|
|
Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
3,917 |
|
|
|
2,886 |
|
|
|
6,382 |
|
|
|
4,819 |
|
|
Affiliate investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
Total fees |
|
3,917 |
|
|
|
2,886 |
|
|
|
6,382 |
|
|
|
4,820 |
|
|
Total investment income |
|
43,538 |
|
|
|
38,126 |
|
|
|
82,477 |
|
|
|
70,620 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
7,572 |
|
|
|
7,571 |
|
|
|
14,589 |
|
|
|
15,425 |
|
|
Loan fees |
|
1,278 |
|
|
|
1,580 |
|
|
|
2,267 |
|
|
|
3,093 |
|
|
General and administrative |
|
4,401 |
|
|
|
4,069 |
|
|
|
7,980 |
|
|
|
7,687 |
|
|
Employee compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
5,331 |
|
|
|
5,857 |
|
|
|
10,016 |
|
|
|
9,653 |
|
|
Stock-based compensation |
|
1,602 |
|
|
|
2,267 |
|
|
|
4,174 |
|
|
|
4,987 |
|
|
Total employee compensation |
|
6,933 |
|
|
|
8,124 |
|
|
|
14,190 |
|
|
|
14,640 |
|
|
Total operating expenses |
|
20,184 |
|
|
|
21,344 |
|
|
|
39,026 |
|
|
|
40,845 |
|
|
Loss on debt extinguishment (Long-Term Liabilities - Convertible Senior Notes) |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
Net investment income |
|
23,354 |
|
|
|
16,781 |
|
|
|
43,451 |
|
|
|
29,774 |
|
|
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
25 |
|
|
|
(1,254 |
) |
|
|
(4,443 |
) |
|
|
2,058 |
|
|
Total net realized gain (loss) on investments |
|
25 |
|
|
|
(1,254 |
) |
|
|
(4,443 |
) |
|
|
2,058 |
|
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
(8,159 |
) |
|
|
(12,854 |
) |
|
|
(9,618 |
) |
|
|
(9,554 |
) |
|
Control investments |
|
(3,421 |
) |
|
|
— |
|
|
|
(3,421 |
) |
|
|
— |
|
|
Affiliate investments |
|
(2,324 |
) |
|
|
79 |
|
|
|
(2,199 |
) |
|
|
2,392 |
|
|
Total net unrealized depreciation on investments |
|
(13,904 |
) |
|
|
(12,775 |
) |
|
|
(15,238 |
) |
|
|
(7,162 |
) |
|
Total net realized and unrealized loss |
|
(13,879 |
) |
|
|
(14,029 |
) |
|
|
(19,681 |
) |
|
|
(5,104 |
) |
|
Net increase in net assets resulting from operations |
$ |
9,475 |
|
|
$ |
2,752 |
|
|
$ |
23,770 |
|
|
$ |
24,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income before investment gains and losses per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.32 |
|
|
$ |
0.23 |
|
|
$ |
0.59 |
|
|
$ |
0.43 |
|
|
Change in net assets resulting from operations per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.13 |
|
|
$ |
0.03 |
|
|
$ |
0.32 |
|
|
$ |
0.35 |
|
|
Diluted |
$ |
0.13 |
|
|
$ |
0.03 |
|
|
$ |
0.32 |
|
|
$ |
0.35 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
72,746 |
|
|
|
71,368 |
|
|
|
71,959 |
|
|
|
67,596 |
|
|
Diluted |
|
72,762 |
|
|
|
71,593 |
|
|
|
71,965 |
|
|
|
67,901 |
|
|
Dividend distributions declared per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.31 |
|
|
$ |
0.31 |
|
|
$ |
0.62 |
|
|
$ |
0.62 |
|
See notes to consolidated financial statements.
5
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
(dollars and shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/ |
|
|
Provision |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Accumulated |
|
|
(Distributions |
|
|
for Income |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
Capital in |
|
|
Appreciation |
|
|
Realized |
|
|
in Excess of |
|
|
Taxes on |
|
|
|
|
|
|||||
|
|
Common Stock |
|
|
excess |
|
|
(Depreciation) |
|
|
Gains (Losses) |
|
|
Investment |
|
|
Investment |
|
|
Net |
|
|||||||||||
|
|
Shares |
|
|
Par Value |
|
|
of par value |
|
|
on Investments |
|
|
on Investments |
|
|
Income) |
|
|
Gains |
|
|
Assets |
|
||||||||
|
Balance at December 31, 2014 |
|
64,715 |
|
|
$ |
65 |
|
|
$ |
657,233 |
|
|
$ |
(17,076 |
) |
|
$ |
14,079 |
|
|
$ |
4,905 |
|
|
$ |
(342 |
) |
|
$ |
658,864 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,162 |
) |
|
|
2,058 |
|
|
|
29,774 |
|
|
|
— |
|
|
|
24,670 |
|
|
Public offering, net of offering expenses |
|
7,591 |
|
|
|
8 |
|
|
|
100,084 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,092 |
|
|
Issuance of common stock due to stock option exercises |
|
36 |
|
|
|
— |
|
|
|
428 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
428 |
|
|
Retired shares from net issuance |
|
(28 |
) |
|
|
— |
|
|
|
(423 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(423 |
) |
|
Issuance of common stock under restricted stock plan |
|
603 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(514 |
) |
|
|
(1 |
) |
|
|
(3,399 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,400 |
) |
|
Issuance of common stock as stock dividend |
|
90 |
|
|
|
— |
|
|
|
1,199 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,199 |
|
|
Dividend distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,766 |
) |
|
|
— |
|
|
|
(42,766 |
) |
|
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
5,027 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,027 |
|
|
Balance at June 30, 2015 |
|
72,493 |
|
|
$ |
73 |
|
|
$ |
760,148 |
|
|
$ |
(24,238 |
) |
|
$ |
16,137 |
|
|
$ |
(8,087 |
) |
|
$ |
(342 |
) |
|
$ |
743,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2015 |
|
72,118 |
|
|
$ |
73 |
|
|
$ |
752,244 |
|
|
$ |
(52,808 |
) |
|
$ |
27,993 |
|
|
$ |
(10,026 |
) |
|
$ |
(342 |
) |
|
$ |
717,134 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,238 |
) |
|
|
(4,443 |
) |
|
|
43,451 |
|
|
|
— |
|
|
|
23,770 |
|
|
Public offering, net of offering expenses |
|
2,201 |
|
|
|
2 |
|
|
|
23,668 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,670 |
|
|
Acquisition of common stock under repurchase plan |
|
(450 |
) |
|
|
(1 |
) |
|
|
(4,789 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,790 |
) |
|
Issuance of common stock due to stock option exercises |
|
11 |
|
|
|
— |
|
|
|
118 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
118 |
|
|
Retired shares from net issuance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock under restricted stock plan |
|
547 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(192 |
) |
|
|
— |
|
|
|
(2,122 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,122 |
) |
|
Issuance of common stock as stock dividend |
|
85 |
|
|
|
— |
|
|
|
997 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
997 |
|
|
Dividend distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(45,206 |
) |
|
|
— |
|
|
|
(45,206 |
) |
|
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
4,224 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,224 |
|
|
Balance at June 30, 2016 |
|
74,320 |
|
|
$ |
75 |
|
|
$ |
774,339 |
|
|
$ |
(68,046 |
) |
|
$ |
23,550 |
|
|
$ |
(11,781 |
) |
|
$ |
(342 |
) |
|
$ |
717,795 |
|
|
(1) |
Stock-based compensation includes $50,000 of restricted stock and option expense related to director compensation. |
See notes to consolidated financial statements.
6
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(dollars in thousands)
|
|
For the Six Months Ended June 30, |
|
|||||
|
|
2016 |
|
|
2015 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
$ |
23,770 |
|
|
$ |
24,670 |
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Purchase of investments |
|
(330,750 |
) |
|
|
(373,422 |
) |
|
Principal and fee payments received on investments |
|
221,331 |
|
|
|
154,208 |
|
|
Proceeds from the sale of investments |
|
6,041 |
|
|
|
7,494 |
|
|
Net unrealized depreciation on investments |
|
15,238 |
|
|
|
7,162 |
|
|
Net realized loss (gain) on investments |
|
4,443 |
|
|
|
(2,058 |
) |
|
Accretion of paid-in-kind principal |
|
(3,243 |
) |
|
|
(1,584 |
) |
|
Accretion of loan discounts |
|
(3,776 |
) |
|
|
(3,412 |
) |
|
Accretion of loan discount on Convertible Senior Notes |
|
82 |
|
|
|
123 |
|
|
Loss on debt extinguishment (Long-Term Liabilities - Convertible Senior Notes) |
|
— |
|
|
|
1 |
|
|
Payment of loan discount on Convertible Senior Notes |
|
— |
|
|
|
(5 |
) |
|
Accretion of loan exit fees |
|
(10,968 |
) |
|
|
(6,624 |
) |
|
Change in deferred loan origination revenue |
|
(44 |
) |
|
|
1,758 |
|
|
Unearned fees related to unfunded commitments |
|
(113 |
) |
|
|
1,074 |
|
|
Amortization of debt fees and issuance costs |
|
1,839 |
|
|
|
2,669 |
|
|
Depreciation |
|
104 |
|
|
|
111 |
|
|
Stock-based compensation and amortization of restricted stock grants |
|
4,224 |
|
|
|
5,027 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Interest and fees receivable |
|
(214 |
) |
|
|
227 |
|
|
Prepaid expenses and other assets |
|
(9,041 |
) |
|
|
2,744 |
|
|
Accounts payable |
|
56 |
|
|
|
(732 |
) |
|
Accrued liabilities |
|
(879 |
) |
|
|
200 |
|
|
Net cash used in operating activities |
|
(81,900 |
) |
|
|
(180,369 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of capital equipment |
|
(146 |
) |
|
|
(80 |
) |
|
Reduction of restricted cash |
|
5,586 |
|
|
|
850 |
|
|
Net cash provided by investing activities |
|
5,440 |
|
|
|
770 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Issuance of common stock, net |
|
23,670 |
|
|
|
100,092 |
|
|
Repurchase of common stock, net |
|
(4,790 |
) |
|
|
— |
|
|
Retirement of employee shares |
|
(2,004 |
) |
|
|
(3,395 |
) |
|
Dividend distributions paid |
|
(44,209 |
) |
|
|
(41,567 |
) |
|
Issuance of 2024 Notes Payable |
|
141,945 |
|
|
|
— |
|
|
Repayments of 2019 Notes Payable |
|
— |
|
|
|
(20,000 |
) |
|
Repayments of 2017 Asset-Backed Notes |
|
— |
|
|
|
(16,049 |
) |
|
Borrowings of credit facilities |
|
170,985 |
|
|
|
50,000 |
|
|
Repayments of credit facilities |
|
(220,985 |
) |
|
|
(378 |
) |
|
Cash paid for debt issuance costs |
|
(4,722 |
) |
|
|
— |
|
|
Cash paid for redemption of Convertible Senior Notes |
|
(17,604 |
) |
|
|
(65 |
) |
|
Fees paid for credit facilities and debentures |
|
(1,307 |
) |
|
|
(168 |
) |
|
Net cash provided by financing activities |
|
40,979 |
|
|
|
68,470 |
|
|
Net decrease in cash and cash equivalents |
|
(35,481 |
) |
|
|
(111,129 |
) |
|
Cash and cash equivalents at beginning of period |
|
95,196 |
|
|
|
227,116 |
|
|
Cash and cash equivalents at end of period |
$ |
59,715 |
|
|
$ |
115,987 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Dividend distributions reinvested |
$ |
997 |
|
|
$ |
1,199 |
|
|
(1) |
Stock-based compensation includes $50,000 of restricted stock and option expense related to director compensation. |
See notes to consolidated financial statements.
7
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Biotechnology Tools |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Exicure, Inc.(11) |
|
Biotechnology Tools |
|
Senior Secured |
|
September 2019 |
|
Interest rate PRIME + 6.45% or Floor rate of 9.95% |
|
$ |
6,000 |
|
|
$ |
5,898 |
|
|
$ |
5,898 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
5,898 |
|
|
|
5,898 |
|
||
|
Subtotal: Biotechnology Tools (0.82%)* |
|
|
|
|
|
|
|
|
|
|
|
|
5,898 |
|
|
|
5,898 |
|
||
|
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
OpenPeak, Inc.(7) |
|
Communications & Networking |
|
Senior Secured |
|
April 2017 |
|
Interest rate PRIME + 8.75% or Floor rate of 12.00% |
|
$ |
12,370 |
|
|
|
9,134 |
|
|
|
— |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
9,134 |
|
|
|
— |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Avanti Communications Group(4)(9) |
|
Communications & Networking |
|
Senior Secured |
|
October 2019 |
|
Interest rate FIXED 10.00% |
|
$ |
7,500 |
|
|
|
6,740 |
|
|
|
5,650 |
|
|
SkyCross, Inc. (6)(7)(13)(14B)(15) |
|
Communications & Networking |
|
Senior Secured |
|
January 2018 |
|
Interest rate PRIME + 7.70% or Floor rate of 10.95%, PIK Interest 5.00% |
|
$ |
16,758 |
|
|
|
16,900 |
|
|
|
— |
|
|
Spring Mobile Solutions, Inc.(14B) |
|
Communications & Networking |
|
Senior Secured |
|
January 2019 |
|
Interest rate PRIME + 6.70% or Floor rate of 9.95% |
|
$ |
3,000 |
|
|
|
2,984 |
|
|
|
2,967 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
26,624 |
|
|
|
8,617 |
|
||
|
Subtotal: Communications & Networking (1.20%)* |
|
|
|
|
|
|
|
|
|
|
|
|
35,758 |
|
|
|
8,617 |
|
||
|
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Antenna79 (p.k.a. Pong Research Corporation)(13)(14B)(14D)(15) |
|
Consumer & Business Products |
|
Senior Secured |
|
November 2016 |
|
Interest rate PRIME + 6.75% or Floor rate of 10.00%, PIK Interest 2.50% |
|
$ |
4,274 |
|
|
|
4,373 |
|
|
|
3,687 |
|
|
|
|
Consumer & Business Products |
|
Senior Secured |
|
November 2016 |
|
Interest rate PRIME + 8.75% or Floor rate of 12.00% |
|
$ |
156 |
|
|
|
156 |
|
|
|
156 |
|
|
Total Antenna79 (p.k.a. Pong Research Corporation) |
|
|
|
|
|
|
|
$ |
4,430 |
|
|
|
4,529 |
|
|
|
3,843 |
|
||
|
Miles, Inc. (p.k.a. Fluc, Inc.)(8) |
|
Consumer & Business Products |
|
Convertible Debt |
|
March 2017 |
|
Interest rate FIXED 4.00% |
|
$ |
100 |
|
|
|
100 |
|
|
|
— |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
4,629 |
|
|
|
3,843 |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Nasty Gal(14B)(15) |
|
Consumer & Business Products |
|
Senior Secured |
|
May 2019 |
|
Interest rate PRIME + 5.45% or Floor rate of 8.95% |
|
$ |
15,000 |
|
|
|
15,119 |
|
|
|
15,119 |
|
|
Second Time Around (Simplify Holdings, LLC)(14A)(15) |
|
Consumer & Business Products |
|
Senior Secured |
|
February 2019 |
|
Interest rate PRIME + 7.25% or Floor rate of 10.75% |
|
$ |
2,500 |
|
|
|
2,490 |
|
|
|
2,481 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
17,609 |
|
|
|
17,600 |
|
||
|
Subtotal: Consumer & Business Products (2.99%)* |
|
|
|
|
|
|
|
|
|
|
|
|
22,238 |
|
|
|
21,443 |
|
||
See notes to consolidated financial statements.
8
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Celsion Corporation(10)(14A) |
|
Drug Delivery |
|
Senior Secured |
|
June 2017 |
|
Interest rate PRIME + 8.00% or Floor rate of 11.25% |
|
$ |
4,355 |
|
|
$ |
4,616 |
|
|
$ |
4,616 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
4,616 |
|
|
|
4,616 |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AcelRx Pharmaceuticals, Inc.(9)(10)(14A)(15) |
|
Drug Delivery |
|
Senior Secured |
|
October 2017 |
|
Interest rate PRIME + 3.85% or Floor rate of 9.10% |
|
$ |
20,466 |
|
|
|
21,059 |
|
|
|
21,002 |
|
|
Agile Therapeutics, Inc.(10)(14A) |
|
Drug Delivery |
|
Senior Secured |
|
December 2018 |
|
Interest rate PRIME + 4.75% or Floor rate of 9.00% |
|
$ |
16,500 |
|
|
|
16,465 |
|
|
|
16,382 |
|
|
Aprecia Pharmaceuticals Company(14A) |
|
Drug Delivery |
|
Senior Secured |
|
January 2020 |
|
Interest rate PRIME + 5.75% or Floor rate of 9.25% |
|
$ |
20,000 |
|
|
|
19,415 |
|
|
|
19,415 |
|
|
BIND Therapeutics, Inc.(14B)(15) |
|
Drug Delivery |
|
Senior Secured |
|
July 2018 |
|
Interest rate PRIME + 5.10% or Floor rate of 8.35% |
|
$ |
8,345 |
|
|
|
8,820 |
|
|
|
8,820 |
|
|
BioQ Pharma Incorporated(10)(14A)(14B) |
|
Drug Delivery |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 8.00% or Floor rate of 11.25% |
|
$ |
10,000 |
|
|
|
10,296 |
|
|
|
10,166 |
|
|
|
|
Drug Delivery |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 7.00% or Floor rate of 10.25% |
|
$ |
3,000 |
|
|
|
3,006 |
|
|
|
2,990 |
|
|
Total BioQ Pharma Incorporated |
|
|
|
|
|
|
|
$ |
13,000 |
|
|
|
13,302 |
|
|
|
13,156 |
|
||
|
Celator Pharmaceuticals, Inc.(10)(14A) |
|
Drug Delivery |
|
Senior Secured |
|
June 2018 |
|
Interest rate PRIME + 6.50% or Floor rate of 9.75% |
|
$ |
12,839 |
|
|
|
12,975 |
|
|
|
12,975 |
|
|
Dance Biopharm, Inc.(7)(14A)(15) |
|
Drug Delivery |
|
Senior Secured |
|
November 2017 |
|
Interest rate PRIME + 7.40% or Floor rate of 10.65% |
|
$ |
2,165 |
|
|
|
2,275 |
|
|
|
1,000 |
|
|
Edge Therapeutics, Inc.(10)(14A) |
|
Drug Delivery |
|
Senior Secured |
|
March 2018 |
|
Interest rate PRIME + 5.45% or Floor rate of 9.95% |
|
$ |
4,359 |
|
|
|
4,376 |
|
|
|
4,389 |
|
|
Egalet Corporation(11)(14A) |
|
Drug Delivery |
|
Senior Secured |
|
July 2018 |
|
Interest rate PRIME + 6.15% or Floor rate of 9.40% |
|
$ |
15,000 |
|
|
|
15,155 |
|
|
|
15,206 |
|
|
Pulmatrix Inc.(8)(10)(14A) |
|
Drug Delivery |
|
Senior Secured |
|
July 2018 |
|
Interest rate PRIME + 6.25% or Floor rate of 9.50% |
|
$ |
7,000 |
|
|
|
6,973 |
|
|
|
6,964 |
|
|
ZP Opco, Inc (p.k.a. Zosano Pharma)(10)(14A) |
|
Drug Delivery |
|
Senior Secured |
|
December 2018 |
|
Interest rate PRIME + 2.70% or Floor rate of 7.95% |
|
$ |
15,000 |
|
|
|
15,068 |
|
|
|
14,900 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
135,883 |
|
|
|
134,209 |
|
||
|
Subtotal: Drug Delivery (19.34%)* |
|
|
|
|
|
|
|
|
|
|
|
|
140,499 |
|
|
|
138,825 |
|
||
See notes to consolidated financial statements.
9
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Neuralstem, Inc.(14A)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
April 2017 |
|
Interest rate PRIME + 6.75% or Floor rate of 10.00% |
|
$ |
6,109 |
|
|
$ |
6,278 |
|
|
$ |
6,278 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
6,278 |
|
|
|
6,278 |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Aveo Pharmaceuticals, Inc.(9)(14A)(14B) |
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2019 |
|
Interest rate PRIME + 6.65% or Floor rate of 11.90% |
|
$ |
10,000 |
|
|
|
10,202 |
|
|
|
10,101 |
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2019 |
|
Interest rate PRIME + 6.90% or Floor rate of 11.90% |
|
$ |
5,000 |
|
|
|
4,871 |
|
|
|
4,871 |
|
|
Total Aveo Pharmaceuticals, Inc. |
|
|
|
|
|
|
|
$ |
15,000 |
|
|
|
15,073 |
|
|
|
14,972 |
|
||
|
Bellicum Pharmaceuticals, Inc.(14B)(15)(17) |
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2020 |
|
Interest rate PRIME + 5.85% or Floor rate of 9.35% |
|
$ |
15,000 |
|
|
|
14,995 |
|
|
|
14,995 |
|
|
Brickell Biotech, Inc.(11)(14A) |
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2019 |
|
Interest rate PRIME + 5.70% or Floor rate of 9.20% |
|
$ |
7,500 |
|
|
|
7,385 |
|
|
|
7,347 |
|
|
Cerecor, Inc.(11)(14A) |
|
Drug Discovery & Development |
|
Senior Secured |
|
August 2017 |
|
Interest rate PRIME + 4.70% or Floor rate of 7.95% |
|
$ |
4,065 |
|
|
|
4,134 |
|
|
|
4,182 |
|
|
Cerulean Pharma, Inc.(12)(14B) |
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2018 |
|
Interest rate PRIME + 1.55% or Floor rate of 7.30% |
|
$ |
17,112 |
|
|
|
17,660 |
|
|
|
17,558 |
|
|
CTI BioPharma Corp. (p.k.a. Cell Therapeutics, Inc.)(10)(14A) |
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2018 |
|
Interest rate PRIME + 7.70% or Floor rate of 10.95% |
|
$ |
23,236 |
|
|
|
23,940 |
|
|
|
24,063 |
|
|
CytRx Corporation(10)(14B)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
February 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 9.50% |
|
$ |
25,000 |
|
|
|
24,643 |
|
|
|
24,643 |
|
|
Epirus Biopharmaceuticals, Inc.(7)(12)(14A) |
|
Drug Discovery & Development |
|
Senior Secured |
|
April 2018 |
|
Interest rate PRIME + 4.70% or Floor rate of 7.95% |
|
$ |
5,296 |
|
|
|
5,579 |
|
|
|
1,750 |
|
|
Genocea Biosciences, Inc.(10)(14A)(17) |
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2019 |
|
Interest rate PRIME + 2.25% or Floor rate of 7.25% |
|
$ |
17,000 |
|
|
|
17,156 |
|
|
|
17,152 |
|
|
Immune Pharmaceuticals(10)(14B) |
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2018 |
|
Interest rate PRIME + 4.75% or Floor rate of 10.00% |
|
$ |
4,101 |
|
|
|
4,084 |
|
|
|
2,584 |
|
|
Insmed, Incorporated(10)(14A) |
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2018 |
|
Interest rate PRIME + 4.75% or Floor rate of 9.25% |
|
$ |
25,000 |
|
|
|
24,815 |
|
|
|
24,758 |
|
|
Mast Therapeutics, Inc.(14A)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2019 |
|
Interest rate PRIME + 5.70% or Floor rate of 8.95% |
|
$ |
15,000 |
|
|
|
15,013 |
|
|
|
14,992 |
|
|
Melinta Therapeutics(12)(14A) |
|
Drug Discovery & Development |
|
Senior Secured |
|
June 2018 |
|
Interest rate PRIME + 3.75% or Floor rate of 8.25% |
|
$ |
30,000 |
|
|
|
30,181 |
|
|
|
30,110 |
|
|
Merrimack Pharmaceuticals, Inc.(9) |
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2022 |
|
Interest rate FIXED 11.50% |
|
$ |
25,000 |
|
|
|
25,000 |
|
|
|
25,149 |
|
|
Neothetics, Inc. (p.k.a. Lithera, Inc)(14A)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2018 |
|
Interest rate PRIME + 5.75% or Floor rate of 9.00% |
|
$ |
4,000 |
|
|
|
4,160 |
|
|
|
4,153 |
|
|
Paratek Pharmaceuticals, Inc.(14A)(15)(17) |
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2020 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.50% |
|
$ |
20,000 |
|
|
|
19,959 |
|
|
|
19,975 |
|
|
PhaseRx,Inc.(14B)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2019 |
|
Interest rate PRIME + 5.75% or Floor rate of 9.25% |
|
$ |
6,000 |
|
|
|
5,814 |
|
|
|
5,814 |
|
|
uniQure B.V.(4)(9)(10)(14B) |
|
Drug Discovery & Development |
|
Senior Secured |
|
May 2020 |
|
Interest rate PRIME + 3.00% or Floor rate of 8.25% |
|
$ |
20,000 |
|
|
|
19,918 |
|
|
|
19,736 |
|
|
XOMA Corporation(9)(14B)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2018 |
|
Interest rate PRIME + 2.15% or Floor rate of 9.40% |
|
$ |
20,000 |
|
|
|
20,290 |
|
|
|
20,175 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
299,799 |
|
|
|
294,108 |
|
||
|
Subtotal: Drug Discovery & Development (41.85%)* |
|
|
|
|
|
|
|
|
|
|
|
|
306,077 |
|
|
|
300,386 |
|
||
|
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Persimmon Technologies(11)(14B) |
|
Electronics & Computer Hardware |
|
Senior Secured |
|
June 2019 |
|
Interest rate PRIME + 7.50% or Floor rate of 11.00% |
|
$ |
7,000 |
|
|
|
6,986 |
|
|
|
6,925 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
6,986 |
|
|
|
6,925 |
|
||
|
Subtotal: Electronics & Computer Hardware (0.96%)* |
|
|
|
|
|
|
|
|
|
|
|
|
6,986 |
|
|
|
6,925 |
|
||
|
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
InstaMed Communications, LLC(14B)(15) |
|
Healthcare Services, Other |
|
Senior Secured |
|
February 2019 |
|
Interest rate PRIME + 6.75% or Floor rate of 10.00% |
|
$ |
10,000 |
|
|
|
10,210 |
|
|
|
10,208 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
10,210 |
|
|
|
10,208 |
|
||
|
Subtotal: Healthcare Services, Other (1.42%)* |
|
|
|
|
|
|
|
|
|
|
|
|
10,210 |
|
|
|
10,208 |
|
||
See notes to consolidated financial statements.
10
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NetPlenish(7)(8)(15)(18) |
|
Internet Consumer & Business Services |
|
Convertible Debt |
|
September 2016 |
|
Interest rate FIXED 10.00% |
|
$ |
381 |
|
|
$ |
373 |
|
|
$ |
— |
|
|
|
|
Internet Consumer & Business Services |
|
Senior Secured |
|
April 2016 |
|
Interest rate FIXED 10.00% |
|
$ |
44 |
|
|
|
44 |
|
|
|
— |
|
|
Total NetPlenish |
|
|
|
|
|
|
|
|
|
$ |
425 |
|
|
|
417 |
|
|
|
— |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
417 |
|
|
|
— |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Aria Systems, Inc.(10)(13) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
June 2019 |
|
Interest rate PRIME + 3.20% or Floor rate of 6.95%, PIK Interest 1.95% |
|
$ |
2,041 |
|
|
|
2,020 |
|
|
|
1,977 |
|
|
|
|
Internet Consumer & Business Services |
|
Senior Secured |
|
June 2019 |
|
Interest rate PRIME + 5.20% or Floor rate of 8.95%, PIK Interest 1.95% |
|
$ |
18,282 |
|
|
|
18,076 |
|
|
|
17,719 |
|
|
Total Aria Systems, Inc. |
|
|
|
|
|
|
|
|
|
$ |
20,323 |
|
|
|
20,096 |
|
|
|
19,696 |
|
|
CloudOne, Inc.(10)(14B) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
April 2019 |
|
Interest rate PRIME + 6.35% or Floor rate of 9.85% |
|
$ |
5,000 |
|
|
|
4,979 |
|
|
|
4,979 |
|
|
LogicSource(14B)(15) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
October 2019 |
|
Interest rate PRIME + 6.25% or Floor rate of 9.75% |
|
$ |
8,500 |
|
|
|
8,423 |
|
|
|
8,423 |
|
|
One Planet Ops Inc. (p.k.a. Reply! Inc.) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
March 2019 |
|
Interest rate PRIME + 4.25% or Floor rate of 7.50% |
|
$ |
5,464 |
|
|
|
5,102 |
|
|
|
5,102 |
|
|
ReachLocal(12)(14B) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
April 2018 |
|
Interest rate PRIME + 8.50% or Floor rate of 11.75% |
|
$ |
25,000 |
|
|
|
25,407 |
|
|
|
25,407 |
|
|
Snagajob.com, Inc.(13)(14A) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
July 2020 |
|
Interest rate PRIME + 5.15% or Floor rate of 9.15%, PIK Interest 1.95% |
|
$ |
35,000 |
|
|
|
33,977 |
|
|
|
33,977 |
|
|
Tectura Corporation(7)(8)(13) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
June 2021 |
|
Interest rate FIXED 6.00%, PIK Interest 3.00% |
|
$ |
19,401 |
|
|
|
19,401 |
|
|
|
19,401 |
|
|
|
|
Internet Consumer & Business Services |
|
Senior Secured |
|
June 2021 |
|
PIK Interest 8.00% |
|
$ |
11,015 |
|
|
|
240 |
|
|
|
— |
|
|
Total Tectura Corporation |
|
|
|
|
|
|
|
|
|
$ |
30,416 |
|
|
|
19,641 |
|
|
|
19,401 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
117,625 |
|
|
|
116,985 |
|
||
|
Subtotal: Internet Consumer & Business Services (16.30%)* |
|
|
|
|
|
|
|
|
|
|
|
|
118,042 |
|
|
|
116,985 |
|
||
|
Media/Content/Info |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Machine Zone, Inc.(13)(16) |
|
Media/Content/Info |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 2.50% or Floor rate of 6.75%, PIK Interest 3.00% |
|
$ |
102,216 |
|
|
|
100,402 |
|
|
|
99,938 |
|
|
WP Technology, Inc. (Wattpad, Inc.)(4)(9)(11)(14B) |
|
Media/Content/Info |
|
Senior Secured |
|
April 2020 |
|
Interest rate PRIME + 4.75% or Floor rate of 8.25% |
|
$ |
5,000 |
|
|
|
4,971 |
|
|
|
4,971 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
105,373 |
|
|
|
104,909 |
|
||
|
Subtotal: Media/Content/Info (14.62%)* |
|
|
|
|
|
|
|
|
|
|
|
|
105,373 |
|
|
|
104,909 |
|
||
See notes to consolidated financial statements.
11
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
InspireMD, Inc.(4)(9)(14B) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
June 2017 |
|
Interest rate PRIME + 5.00% or Floor rate of 10.50% |
|
$ |
3,648 |
|
|
$ |
4,107 |
|
|
$ |
4,107 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
4,107 |
|
|
|
4,107 |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Amedica Corporation(8)(14B)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
January 2018 |
|
Interest rate PRIME + 9.20% or Floor rate of 12.45% |
|
$ |
10,628 |
|
|
|
11,756 |
|
|
|
11,492 |
|
|
Aspire Bariatrics, Inc.(14B)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
October 2018 |
|
Interest rate PRIME + 4.00% or Floor rate of 9.25% |
|
$ |
6,584 |
|
|
|
6,531 |
|
|
|
6,504 |
|
|
Avedro, Inc.(14A)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
June 2018 |
|
Interest rate PRIME + 6.00% or Floor rate of 9.25% |
|
$ |
11,761 |
|
|
|
11,782 |
|
|
|
11,731 |
|
|
Flowonix Medical Incorporated(12)(14B)(17) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 4.75% or Floor rate of 10.00% |
|
$ |
13,671 |
|
|
|
13,929 |
|
|
|
13,855 |
|
|
|
|
Medical Devices & Equipment |
|
Senior Secured |
|
March 2019 |
|
Interest rate PRIME + 6.50% or Floor rate of 10.00% |
|
$ |
5,000 |
|
|
|
4,826 |
|
|
|
4,826 |
|
|
Total Flowonix Medical Incorporated |
|
|
|
|
|
|
|
$ |
18,671 |
|
|
|
18,755 |
|
|
|
18,681 |
|
||
|
Gamma Medica, Inc.(10)(14B) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
January 2018 |
|
Interest rate PRIME + 6.50% or Floor rate of 9.75% |
|
$ |
2,500 |
|
|
|
2,593 |
|
|
|
2,575 |
|
|
IntegenX, Inc.(14B)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
June 2019 |
|
Interest rate PRIME + 6.05% or Floor rate of 10.05% |
|
$ |
12,500 |
|
|
|
12,344 |
|
|
|
12,344 |
|
|
Micell Technologies, Inc.(11)(14B) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
August 2019 |
|
Interest rate PRIME + 7.25% or Floor rate of 10.50% |
|
$ |
8,500 |
|
|
|
8,325 |
|
|
|
8,325 |
|
|
Quanta Fluid Solutions(4)(9)(10)(14B) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
April 2020 |
|
Interest rate PRIME + 8.05% or Floor rate of 11.55% |
|
$ |
12,500 |
|
|
|
12,413 |
|
|
|
12,413 |
|
|
Quanterix Corporation(10)(14A)(17) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
February 2018 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.00% |
|
$ |
12,661 |
|
|
|
12,822 |
|
|
|
12,839 |
|
|
SynergEyes, Inc.(14B)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
January 2018 |
|
Interest rate PRIME + 7.75% or Floor rate of 11.00% |
|
$ |
3,332 |
|
|
|
3,677 |
|
|
|
3,609 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
100,998 |
|
|
|
100,513 |
|
||
|
Subtotal: Medical Devices & Equipment (14.58%)* |
|
|
|
|
|
|
|
|
|
|
|
|
105,105 |
|
|
|
104,620 |
|
||
|
Semiconductors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Achronix Semiconductor Corporation(14B)(15)(17) |
|
Semiconductors |
|
Senior Secured |
|
July 2018 |
|
Interest rate PRIME + 8.25% or Floor rate of 11.50% |
|
$ |
4,268 |
|
|
|
4,391 |
|
|
|
4,348 |
|
|
Avnera Corporation(10)(14A) |
|
Semiconductors |
|
Senior Secured |
|
April 2018 |
|
Interest rate PRIME + 5.25% or Floor rate of 8.50% |
|
$ |
7,500 |
|
|
|
7,556 |
|
|
|
7,641 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
11,947 |
|
|
|
11,989 |
|
||
|
Subtotal: Semiconductors (1.67%)* |
|
|
|
|
|
|
|
|
|
|
|
|
11,947 |
|
|
|
11,989 |
|
||
See notes to consolidated financial statements.
12
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JumpStart Games, Inc. (p.k.a. Knowledge Adventure, Inc.)(13)(14C)(15) |
|
Software |
|
Senior Secured |
|
October 2016 |
|
Interest rate FIXED 5.75%, PIK Interest 10.75% |
|
$ |
1,524 |
|
|
$ |
1,574 |
|
|
$ |
936 |
|
|
RedSeal Inc.(15) |
|
Software |
|
Senior Secured |
|
June 2017 |
|
Interest rate PRIME + 3.25% or Floor rate of 6.50% |
|
$ |
1,343 |
|
|
|
1,343 |
|
|
|
1,343 |
|
|
Touchcommerce, Inc.(15) |
|
Software |
|
Senior Secured |
|
August 2016 |
|
Interest rate PRIME + 2.25% or Floor rate of 6.50% |
|
$ |
6,000 |
|
|
|
6,000 |
|
|
|
6,000 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
8,917 |
|
|
|
8,279 |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actifio, Inc.(13)(14A) |
|
Software |
|
Senior Secured |
|
January 2019 |
|
Interest rate PRIME + 4.25% or Floor rate of 8.25%, PIK Interest 2.25% |
|
$ |
30,609 |
|
|
|
30,420 |
|
|
|
30,196 |
|
|
|
|
Software |
|
Senior Secured |
|
January 2019 |
|
Interest rate PRIME + 4.75% or Floor rate of 8.75%, PIK Interest 2.50% |
|
$ |
10,043 |
|
|
|
9,648 |
|
|
|
9,648 |
|
|
Total Actifio, Inc. |
|
|
|
|
|
|
|
|
|
$ |
40,652 |
|
|
|
40,068 |
|
|
|
39,844 |
|
|
Clickfox, Inc.(14B) |
|
Software |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 8.00% or Floor rate of 11.50% |
|
$ |
12,000 |
|
|
|
11,721 |
|
|
|
11,720 |
|
|
Druva, Inc.(10)(12)(14B)(17) |
|
Software |
|
Senior Secured |
|
March 2018 |
|
Interest rate PRIME + 4.60% or Floor rate of 7.85% |
|
$ |
12,000 |
|
|
|
12,269 |
|
|
|
12,224 |
|
|
|
|
Software |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 4.60% or Floor rate of 7.85% |
|
$ |
5,000 |
|
|
|
4,967 |
|
|
|
4,967 |
|
|
Total Druva, Inc. |
|
|
|
|
|
|
|
|
|
$ |
17,000 |
|
|
|
17,236 |
|
|
|
17,191 |
|
|
JumpStart Games, Inc. (p.k.a. Knowledge Adventure, Inc.)(13)(14A)(15) |
|
Software |
|
Senior Secured |
|
March 2018 |
|
Interest rate FIXED 5.75%, PIK Interest 10.75% |
|
$ |
12,649 |
|
|
|
12,192 |
|
|
|
7,250 |
|
|
Message Systems, Inc.(14A)(15) |
|
Software |
|
Senior Secured |
|
February 2019 |
|
Interest rate PRIME + 7.25% or Floor rate of 10.50% |
|
$ |
17,500 |
|
|
|
17,018 |
|
|
|
16,941 |
|
|
OneLogin, Inc.(13)(15) |
|
Software |
|
Senior Secured |
|
August 2019 |
|
Interest rate PRIME + 6.45% or Floor rate of 9.95%, PIK Interest 3.25% |
|
$ |
13,141 |
|
|
|
12,999 |
|
|
|
12,999 |
|
|
Quid, Inc.(13)(14A)(15) |
|
Software |
|
Senior Secured |
|
October 2019 |
|
Interest rate PRIME + 4.75% or Floor rate of 8.25%, PIK Interest 2.25% |
|
$ |
8,024 |
|
|
|
7,959 |
|
|
|
7,959 |
|
|
RedSeal Inc.(14A)(15) |
|
Software |
|
Senior Secured |
|
June 2018 |
|
Interest rate PRIME + 7.75% or Floor rate of 11.00% |
|
$ |
5,000 |
|
|
|
5,068 |
|
|
|
5,019 |
|
|
Signpost, Inc.(13)(14A)(15) |
|
Software |
|
Senior Secured |
|
February 2020 |
|
Interest rate PRIME + 4.15% or Floor rate of 8.15%, PIK Interest 1.75% |
|
$ |
15,102 |
|
|
|
14,743 |
|
|
|
14,743 |
|
|
Touchcommerce, Inc.(14A)(15) |
|
Software |
|
Senior Secured |
|
February 2018 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.25% |
|
$ |
12,000 |
|
|
|
12,061 |
|
|
|
12,061 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
151,065 |
|
|
|
145,727 |
|
|
Subtotal: Software (21.46%)* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,982 |
|
|
|
154,006 |
|
|
Specialty Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alimera Sciences, Inc.(10)(14A) |
|
Specialty Pharmaceuticals |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 7.65% or Floor rate of 10.90% |
|
$ |
35,000 |
|
|
|
34,396 |
|
|
|
34,262 |
|
|
Jaguar Animal Health, Inc.(10)(14B) |
|
Specialty Pharmaceuticals |
|
Senior Secured |
|
August 2018 |
|
Interest rate PRIME + 5.65% or Floor rate of 9.90% |
|
$ |
4,144 |
|
|
|
4,354 |
|
|
|
4,255 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,750 |
|
|
|
38,517 |
|
|
Subtotal: Specialty Pharmaceuticals (5.37%)* |
|
|
|
|
|
|
|
|
|
|
|
|
38,750 |
|
|
|
38,517 |
|
||
|
Surgical Devices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmedics, Inc.(12)(14A) |
|
Surgical Devices |
|
Senior Secured |
|
March 2019 |
|
Interest rate PRIME + 5.30% or Floor rate of 9.55% |
|
$ |
8,500 |
|
|
|
8,512 |
|
|
|
8,444 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,512 |
|
|
|
8,444 |
|
|
Subtotal: Surgical Devices (1.18%)* |
|
|
|
|
|
|
|
|
|
|
|
|
8,512 |
|
|
|
8,444 |
|
||
See notes to consolidated financial statements.
13
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Agrivida, Inc.(14B)(15) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
December 2016 |
|
Interest rate PRIME + 6.75% or Floor rate of 10.00% |
|
$ |
3,197 |
|
|
$ |
3,467 |
|
|
$ |
3,467 |
|
|
American Superconductor Corporation(10)(14B) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
November 2016 |
|
Interest rate PRIME + 7.25% or Floor rate of 11.00% |
|
$ |
1,667 |
|
|
|
2,155 |
|
|
|
2,155 |
|
|
|
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
June 2017 |
|
Interest rate PRIME + 7.25% or Floor rate of 11.00% |
|
$ |
1,500 |
|
|
|
1,522 |
|
|
|
1,522 |
|
|
Total American Superconductor Corporation |
|
|
|
|
|
|
|
$ |
3,167 |
|
|
|
3,677 |
|
|
|
3,677 |
|
||
|
Modumetal, Inc.(11)(14D) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
March 2017 |
|
Interest rate PRIME + 8.70% or Floor rate of 11.95% |
|
$ |
1,089 |
|
|
|
1,524 |
|
|
|
1,524 |
|
|
Stion Corporation(5)(14A) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
February 2017 |
|
Interest rate PRIME + 8.75% or Floor rate of 12.00% |
|
$ |
1,294 |
|
|
|
1,294 |
|
|
|
1,294 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
9,962 |
|
|
|
9,962 |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
FuelCell Energy, Inc.(11)(14B) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
October 2018 |
|
Interest rate PRIME + 5.50% or Floor rate of 9.50% |
|
$ |
15,000 |
|
|
|
15,114 |
|
|
|
15,114 |
|
|
Modumetal, Inc.(11)(14C) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
October 2017 |
|
Interest rate PRIME + 6.00% or Floor rate of 9.25% |
|
$ |
5,259 |
|
|
|
5,698 |
|
|
|
5,630 |
|
|
Plug Power, Inc(9)(14B) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
June 2019 |
|
Interest rate PRIME + 6.45% or Floor rate of 10.45% |
|
$ |
25,000 |
|
|
|
24,649 |
|
|
|
24,649 |
|
|
Proterra, Inc.(10)(14B) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
December 2018 |
|
Interest rate PRIME + 6.95% or Floor rate of 10.20% |
|
$ |
30,000 |
|
|
|
30,262 |
|
|
|
30,188 |
|
|
Rive Technology, Inc.(14A)(15) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
January 2019 |
|
Interest rate PRIME + 6.20% or Floor rate of 9.45% |
|
$ |
7,500 |
|
|
|
7,493 |
|
|
|
7,493 |
|
|
Sungevity, Inc.(12)(14D) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
October 2017 |
|
Interest rate PRIME + 3.70% or Floor rate of 6.95% |
|
$ |
35,000 |
|
|
|
37,315 |
|
|
|
37,183 |
|
|
|
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
October 2017 |
|
Interest rate PRIME + 3.70% or Floor rate of 6.95% |
|
$ |
20,000 |
|
|
|
20,000 |
|
|
|
20,004 |
|
|
Total Sungevity, Inc. |
|
|
|
|
|
|
|
|
|
$ |
55,000 |
|
|
|
57,315 |
|
|
|
57,187 |
|
|
Tendril Networks(11)(14B) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
June 2019 |
|
Interest rate FIXED 7.25% |
|
$ |
15,000 |
|
|
|
15,082 |
|
|
|
14,843 |
|
|
Verdezyne, Inc.(14B)(15) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
April 2019 |
|
Interest rate PRIME + 8.25% or Floor rate of 11.75% |
|
$ |
15,000 |
|
|
|
14,944 |
|
|
|
14,944 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
170,557 |
|
|
|
170,048 |
|
||
|
Subtotal: Sustainable and Renewable Technology (25.08%)* |
|
|
|
|
|
|
|
|
|
|
|
|
180,519 |
|
|
|
180,010 |
|
||
|
Total Debt Investments (168.82%)* |
|
|
|
|
|
|
|
|
|
|
|
|
1,255,896 |
|
|
|
1,211,782 |
|
||
See notes to consolidated financial statements.
14
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology Tools |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NuGEN Technologies, Inc.(15) |
|
Biotechnology Tools |
|
Equity |
|
Preferred Series C |
|
|
189,394 |
|
|
$ |
500 |
|
|
$ |
571 |
|
|
Subtotal: Biotechnology Tools (0.08%)* |
|
|
|
|
|
|
|
|
|
|
500 |
|
|
|
571 |
|
||
|
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
GlowPoint, Inc.(3) |
|
Communications & Networking |
|
Equity |
|
Common Stock |
|
|
114,192 |
|
|
|
101 |
|
|
|
33 |
|
|
Peerless Network, Inc. |
|
Communications & Networking |
|
Equity |
|
Preferred Series A |
|
|
1,000,000 |
|
|
|
1,000 |
|
|
|
5,058 |
|
|
Achilles Technology Management Co II, Inc. (6)(15) |
|
Communications & Networking |
|
Equity |
|
Common Stock |
|
|
10,000 |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
Subtotal: Communications & Networking (1.27%)* |
|
|
|
|
|
|
|
|
|
|
5,101 |
|
|
|
9,091 |
|
||
|
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Market Force Information, Inc. |
|
Consumer & Business Products |
|
Equity |
|
Common Stock |
|
|
480,261 |
|
|
|
— |
|
|
|
353 |
|
|
|
|
Consumer & Business Products |
|
Equity |
|
Preferred Series B-1 |
|
|
187,970 |
|
|
|
500 |
|
|
|
3 |
|
|
Total Market Force Information, Inc. |
|
|
|
|
|
|
|
|
668,231 |
|
|
|
500 |
|
|
|
356 |
|
|
Subtotal: Consumer & Business Products (0.05%)* |
|
|
|
|
|
|
|
|
|
|
500 |
|
|
|
356 |
|
||
|
Diagnostic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Singulex, Inc. |
|
Diagnostic |
|
Equity |
|
Common Stock |
|
|
937,998 |
|
|
|
750 |
|
|
|
641 |
|
|
Subtotal: Diagnostic (0.09%)* |
|
|
|
|
|
|
|
|
|
|
750 |
|
|
|
641 |
|
||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AcelRx Pharmaceuticals, Inc.(3)(9) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
54,240 |
|
|
|
108 |
|
|
|
146 |
|
|
BioQ Pharma Incorporated(15) |
|
Drug Delivery |
|
Equity |
|
Preferred Series D |
|
|
165,000 |
|
|
|
500 |
|
|
|
684 |
|
|
Edge Therapeutics, Inc.(3) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
161,856 |
|
|
|
1,000 |
|
|
|
1,636 |
|
|
Merrion Pharmaceuticals, Plc(3)(4)(9) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
20,000 |
|
|
|
9 |
|
|
|
— |
|
|
Neos Therapeutics, Inc.(3)(15) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
125,000 |
|
|
|
1,500 |
|
|
|
1,160 |
|
|
Revance Therapeutics, Inc.(3) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
22,765 |
|
|
|
557 |
|
|
|
310 |
|
|
Subtotal: Drug Delivery (0.55%)* |
|
|
|
|
|
|
|
|
|
|
3,674 |
|
|
|
3,936 |
|
||
|
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Aveo Pharmaceuticals, Inc.(3)(9)(15) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
426,931 |
|
|
|
1,060 |
|
|
|
364 |
|
|
Cerecor, Inc.(3) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
119,087 |
|
|
|
1,000 |
|
|
|
262 |
|
|
Cerulean Pharma, Inc.(3) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
135,501 |
|
|
|
1,000 |
|
|
|
287 |
|
|
Dicerna Pharmaceuticals, Inc.(3)(15) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
142,858 |
|
|
|
1,000 |
|
|
|
429 |
|
|
Dynavax Technologies(3)(9) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
20,000 |
|
|
|
550 |
|
|
|
292 |
|
|
Epirus Biopharmaceuticals, Inc.(3) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
200,000 |
|
|
|
1,000 |
|
|
|
90 |
|
|
Genocea Biosciences, Inc.(3) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
223,463 |
|
|
|
2,000 |
|
|
|
916 |
|
|
Inotek Pharmaceuticals Corporation(3) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
3,778 |
|
|
|
1,500 |
|
|
|
28 |
|
|
Insmed, Incorporated(3) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
70,771 |
|
|
|
1,000 |
|
|
|
698 |
|
|
Melinta Therapeutics |
|
Drug Discovery & Development |
|
Equity |
|
Preferred Series 4 |
|
|
1,914,448 |
|
|
|
2,000 |
|
|
|
2,078 |
|
|
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)(3) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
76,362 |
|
|
|
2,743 |
|
|
|
1,063 |
|
|
Subtotal: Drug Discovery & Development (0.91%)* |
|
|
|
|
|
|
|
|
|
|
14,853 |
|
|
|
6,507 |
|
||
|
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Identiv, Inc.(3) |
|
Electronics & Computer Hardware |
|
Equity |
|
Common Stock |
|
|
6,700 |
|
|
|
34 |
|
|
|
12 |
|
|
Subtotal: Electronics & Computer Hardware (0.00%)* |
|
|
|
|
|
|
|
|
|
|
34 |
|
|
|
12 |
|
||
|
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Blurb, Inc.(15) |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series B |
|
|
220,653 |
|
|
|
175 |
|
|
|
200 |
|
|
Lightspeed POS, Inc.(4)(9) |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series C |
|
|
230,030 |
|
|
|
250 |
|
|
|
261 |
|
|
|
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series D |
|
|
198,677 |
|
|
|
250 |
|
|
|
249 |
|
|
Total Lightspeed POS, Inc. |
|
|
|
|
|
|
|
|
428,707 |
|
|
|
500 |
|
|
|
510 |
|
|
Oportun (p.k.a. Progress Financial) |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series G |
|
|
218,351 |
|
|
|
250 |
|
|
|
330 |
|
|
|
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series H |
|
|
87,802 |
|
|
|
250 |
|
|
|
238 |
|
|
Total Oportun (p.k.a. Progress Financial) |
|
|
|
|
|
|
306,153 |
|
|
|
500 |
|
|
|
568 |
|
||
|
Philotic, Inc. |
|
Internet Consumer & Business Services |
|
Equity |
|
Common Stock |
|
|
9,023 |
|
|
|
93 |
|
|
|
— |
|
|
RazorGator Interactive Group, Inc. |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series AA |
|
|
34,783 |
|
|
|
15 |
|
|
|
32 |
|
|
Tectura Corporation |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series BB |
|
|
1,000,000 |
|
|
|
— |
|
|
|
— |
|
|
Subtotal: Internet Consumer & Business Services (0.18%)* |
|
|
|
|
|
|
|
|
|
|
1,283 |
|
|
|
1,310 |
|
||
See notes to consolidated financial statements.
15
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AtriCure, Inc.(3)(15) |
|
Medical Devices & Equipment |
|
Equity |
|
Common Stock |
|
|
7,536 |
|
|
$ |
266 |
|
|
$ |
98 |
|
|
Flowonix Medical Incorporated |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series E |
|
|
221,893 |
|
|
|
1,500 |
|
|
|
1,893 |
|
|
Gelesis, Inc.(15) |
|
Medical Devices & Equipment |
|
Equity |
|
Common Stock |
|
|
198,202 |
|
|
|
— |
|
|
|
679 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series A-1 |
|
|
191,210 |
|
|
|
425 |
|
|
|
734 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series A-2 |
|
|
191,626 |
|
|
|
500 |
|
|
|
695 |
|
|
Total Gelesis, Inc. |
|
|
|
|
|
|
|
|
581,038 |
|
|
|
925 |
|
|
|
2,108 |
|
|
Medrobotics Corporation(15) |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series E |
|
|
136,798 |
|
|
|
250 |
|
|
|
220 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series F |
|
|
73,971 |
|
|
|
155 |
|
|
|
184 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series G |
|
|
163,934 |
|
|
|
500 |
|
|
|
517 |
|
|
Total Medrobotics Corporation |
|
|
|
|
|
|
|
|
374,703 |
|
|
|
905 |
|
|
|
921 |
|
|
Novasys Medical, Inc. |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series D-1 |
|
|
4,118,444 |
|
|
|
1,000 |
|
|
|
— |
|
|
Optiscan Biomedical, Corp.(5)(15) |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series B |
|
|
6,185,567 |
|
|
|
3,000 |
|
|
|
278 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series C |
|
|
1,927,309 |
|
|
|
655 |
|
|
|
82 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series D |
|
|
55,103,923 |
|
|
|
5,257 |
|
|
|
3,046 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series E |
|
|
11,508,204 |
|
|
|
963 |
|
|
|
987 |
|
|
Total Optiscan Biomedical, Corp. |
|
|
|
|
|
|
|
|
74,725,003 |
|
|
|
9,875 |
|
|
|
4,393 |
|
|
Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.) |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series B |
|
|
232,061 |
|
|
|
527 |
|
|
|
530 |
|
|
Quanterix Corporation |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series D |
|
|
272,479 |
|
|
|
1,000 |
|
|
|
1,093 |
|
|
Subtotal: Medical Devices & Equipment (1.54%)* |
|
|
|
|
|
|
|
|
|
|
15,998 |
|
|
|
11,036 |
|
||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Box, Inc.(3)(15) |
|
Software |
|
Equity |
|
Common Stock |
|
|
1,287,347 |
|
|
|
5,654 |
|
|
|
12,794 |
|
|
CapLinked, Inc. |
|
Software |
|
Equity |
|
Preferred Series A-3 |
|
|
53,614 |
|
|
|
51 |
|
|
|
83 |
|
|
Druva, Inc. |
|
Software |
|
Equity |
|
Preferred Series 2 |
|
|
458,841 |
|
|
|
1,000 |
|
|
|
1,239 |
|
|
ForeScout Technologies, Inc. |
|
Software |
|
Equity |
|
Preferred Series D |
|
|
319,099 |
|
|
|
398 |
|
|
|
1,229 |
|
|
|
|
Software |
|
Equity |
|
Preferred Series E |
|
|
80,587 |
|
|
|
131 |
|
|
|
314 |
|
|
Total ForeScout Technologies, Inc. |
|
|
|
|
|
|
|
|
399,686 |
|
|
|
529 |
|
|
|
1,543 |
|
|
HighRoads, Inc. |
|
Software |
|
Equity |
|
Preferred Series B |
|
|
190,170 |
|
|
|
307 |
|
|
|
— |
|
|
NewVoiceMedia Limited(4)(9) |
|
Software |
|
Equity |
|
Preferred Series E |
|
|
669,173 |
|
|
|
963 |
|
|
|
806 |
|
|
Palantir Technologies |
|
Software |
|
Equity |
|
Preferred Series E |
|
|
727,696 |
|
|
|
5,431 |
|
|
|
5,431 |
|
|
WildTangent, Inc.(15) |
|
Software |
|
Equity |
|
Preferred Series 3 |
|
|
100,000 |
|
|
|
402 |
|
|
|
163 |
|
|
Subtotal: Software (3.07%)* |
|
|
|
|
|
|
|
|
|
|
14,337 |
|
|
|
22,059 |
|
||
|
Specialty Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
QuatRx Pharmaceuticals Company |
|
Specialty Pharmaceuticals |
|
Equity |
|
Preferred Series E |
|
|
241,829 |
|
|
|
750 |
|
|
|
— |
|
|
|
|
Specialty Pharmaceuticals |
|
Equity |
|
Preferred Series E-1 |
|
|
26,955 |
|
|
|
— |
|
|
|
— |
|
|
|
|
Specialty Pharmaceuticals |
|
Equity |
|
Preferred Series G |
|
|
4,667,636 |
|
|
|
— |
|
|
|
— |
|
|
Total QuatRx Pharmaceuticals Company |
|
|
|
|
|
|
4,936,420 |
|
|
|
750 |
|
|
|
— |
|
||
|
Subtotal: Specialty Pharmaceuticals (0.00%)* |
|
|
|
|
|
|
|
|
|
|
750 |
|
|
|
— |
|
||
|
Surgical Devices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Gynesonics, Inc.(15) |
|
Surgical Devices |
|
Equity |
|
Preferred Series B |
|
|
219,298 |
|
|
|
250 |
|
|
|
29 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series C |
|
|
656,538 |
|
|
|
282 |
|
|
|
39 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series D |
|
|
1,991,157 |
|
|
|
712 |
|
|
|
640 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series E |
|
|
2,786,367 |
|
|
|
429 |
|
|
|
413 |
|
|
Total Gynesonics, Inc. |
|
|
|
|
|
|
|
|
5,653,360 |
|
|
|
1,673 |
|
|
|
1,121 |
|
|
Transmedics, Inc. |
|
Surgical Devices |
|
Equity |
|
Preferred Series B |
|
|
88,961 |
|
|
|
1,100 |
|
|
|
336 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series C |
|
|
119,999 |
|
|
|
300 |
|
|
|
258 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series D |
|
|
260,000 |
|
|
|
650 |
|
|
|
871 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series F |
|
|
100,200 |
|
|
|
500 |
|
|
|
516 |
|
|
Total Transmedics, Inc. |
|
|
|
|
|
|
|
|
569,160 |
|
|
|
2,550 |
|
|
|
1,981 |
|
|
Subtotal: Surgical Devices (0.43%)* |
|
|
|
|
|
|
|
|
|
|
4,223 |
|
|
|
3,102 |
|
||
|
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Glori Energy, Inc.(3) |
|
Sustainable and Renewable Technology |
|
Equity |
|
Common Stock |
|
|
18,208 |
|
|
|
165 |
|
|
|
4 |
|
|
Modumetal, Inc. |
|
Sustainable and Renewable Technology |
|
Equity |
|
Preferred Series C |
|
|
3,107,520 |
|
|
|
500 |
|
|
|
503 |
|
|
SCIEnergy, Inc. |
|
Sustainable and Renewable Technology |
|
Equity |
|
Common Stock |
|
|
19,250 |
|
|
|
761 |
|
|
|
— |
|
|
Sungevity, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Equity |
|
Preferred Series D |
|
|
68,807,339 |
|
|
|
6,750 |
|
|
|
6,777 |
|
|
Subtotal: Sustainable and Renewable Technology (1.01%)* |
|
|
|
|
|
|
|
|
|
|
8,176 |
|
|
|
7,284 |
|
||
|
Total: Equity Investments (9.18%)* |
|
|
|
|
|
|
|
|
|
|
70,179 |
|
|
|
65,905 |
|
||
See notes to consolidated financial statements.
16
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Warrant Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Biotechnology Tools |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Exicure, Inc. |
|
Biotechnology Tools |
|
Warrant |
|
Preferred Series C |
|
|
104,348 |
|
|
$ |
107 |
|
|
$ |
103 |
|
|
Labcyte, Inc.(15) |
|
Biotechnology Tools |
|
Warrant |
|
Preferred Series C |
|
|
1,127,624 |
|
|
|
323 |
|
|
|
215 |
|
|
Subtotal: Biotechnology Tools (0.04%)* |
|
|
|
|
|
|
|
|
|
|
430 |
|
|
|
318 |
|
||
|
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Intelepeer, Inc.(15) |
|
Communications & Networking |
|
Warrant |
|
Common Stock |
|
|
117,958 |
|
|
|
102 |
|
|
|
— |
|
|
OpenPeak, Inc. |
|
Communications & Networking |
|
Warrant |
|
Common Stock |
|
|
108,982 |
|
|
|
149 |
|
|
|
— |
|
|
PeerApp, Inc. |
|
Communications & Networking |
|
Warrant |
|
Preferred Series B |
|
|
298,779 |
|
|
|
61 |
|
|
|
15 |
|
|
Peerless Network, Inc. |
|
Communications & Networking |
|
Warrant |
|
Preferred Series A |
|
|
135,000 |
|
|
|
95 |
|
|
|
439 |
|
|
SkyCross, Inc.(6)(15) |
|
Communications & Networking |
|
Warrant |
|
Preferred Series F |
|
|
9,762,777 |
|
|
|
394 |
|
|
|
— |
|
|
Spring Mobile Solutions, Inc. |
|
Communications & Networking |
|
Warrant |
|
Preferred Series D |
|
|
2,834,375 |
|
|
|
418 |
|
|
|
38 |
|
|
Subtotal: Communications & Networking (0.07%)* |
|
|
|
|
|
|
|
|
|
|
1,219 |
|
|
|
492 |
|
||
|
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Antenna79 (p.k.a. Pong Research Corporation)(15) |
|
Consumer & Business Products |
|
Warrant |
|
Preferred Series A |
|
|
1,662,441 |
|
|
|
228 |
|
|
|
— |
|
|
Intelligent Beauty, Inc.(15) |
|
Consumer & Business Products |
|
Warrant |
|
Preferred Series B |
|
|
190,234 |
|
|
|
230 |
|
|
|
287 |
|
|
IronPlanet, Inc. |
|
Consumer & Business Products |
|
Warrant |
|
Preferred Series D |
|
|
1,155,821 |
|
|
|
1,077 |
|
|
|
766 |
|
|
Nasty Gal(15) |
|
Consumer & Business Products |
|
Warrant |
|
Preferred Series C |
|
|
845,194 |
|
|
|
23 |
|
|
|
7 |
|
|
The Neat Company(15) |
|
Consumer & Business Products |
|
Warrant |
|
Preferred Series C-1 |
|
|
540,540 |
|
|
|
365 |
|
|
|
— |
|
|
Subtotal: Consumer & Business Products (0.15%)* |
|
|
|
|
|
|
|
|
|
|
1,923 |
|
|
|
1,060 |
|
||
|
Diagnostic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Navidea Biopharmaceuticals, Inc. (p.k.a. Neoprobe)(3)(15) |
|
Diagnostic |
|
Warrant |
|
Common Stock |
|
|
333,333 |
|
|
|
244 |
|
|
|
— |
|
|
Subtotal: Diagnostic (0.00%)* |
|
|
|
|
|
|
|
|
|
|
244 |
|
|
|
— |
|
||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AcelRx Pharmaceuticals, Inc.(3)(9)(15) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
176,730 |
|
|
|
785 |
|
|
|
107 |
|
|
Agile Therapeutics, Inc.(3) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
180,274 |
|
|
|
730 |
|
|
|
523 |
|
|
Aprecia Pharmaceuticals Company |
|
Drug Delivery |
|
Warrant |
|
Preferred Series A-1 |
|
|
735,981 |
|
|
|
366 |
|
|
|
362 |
|
|
BIND Therapeutics, Inc.(3)(15) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
152,586 |
|
|
|
488 |
|
|
|
— |
|
|
BioQ Pharma Incorporated |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
459,183 |
|
|
|
1 |
|
|
|
524 |
|
|
Celsion Corporation(3) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
194,986 |
|
|
|
428 |
|
|
|
4 |
|
|
Dance Biopharm, Inc.(15) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
110,882 |
|
|
|
74 |
|
|
|
— |
|
|
Edge Therapeutics, Inc.(3) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
78,595 |
|
|
|
390 |
|
|
|
283 |
|
|
Kaleo, Inc. (p.k.a. Intelliject, Inc.) |
|
Drug Delivery |
|
Warrant |
|
Preferred Series B |
|
|
82,500 |
|
|
|
594 |
|
|
|
370 |
|
|
Neos Therapeutics, Inc.(3)(15) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
70,833 |
|
|
|
285 |
|
|
|
90 |
|
|
Pulmatrix Inc.(3) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
25,150 |
|
|
|
116 |
|
|
|
4 |
|
|
ZP Opco, Inc (p.k.a. Zosano Pharma)(3) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
72,379 |
|
|
|
266 |
|
|
|
— |
|
|
Subtotal: Drug Delivery (0.32%)* |
|
|
|
|
|
|
|
|
|
|
4,523 |
|
|
|
2,267 |
|
||
See notes to consolidated financial statements.
17
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
ADMA Biologics, Inc.(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
89,750 |
|
|
$ |
295 |
|
|
$ |
49 |
|
|
Anthera Pharmaceuticals, Inc.(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
40,178 |
|
|
|
984 |
|
|
|
— |
|
|
Aveo Pharmaceuticals, Inc.(3)(9) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
2,069,880 |
|
|
|
396 |
|
|
|
505 |
|
|
Brickell Biotech, Inc. |
|
Drug Discovery & Development |
|
Warrant |
|
Preferred Series C |
|
|
26,086 |
|
|
|
119 |
|
|
|
118 |
|
|
Cerecor, Inc.(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
22,328 |
|
|
|
70 |
|
|
|
3 |
|
|
Cerulean Pharma, Inc.(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
171,901 |
|
|
|
369 |
|
|
|
75 |
|
|
Chroma Therapeutics, Ltd.(4)(9) |
|
Drug Discovery & Development |
|
Warrant |
|
Preferred Series D |
|
|
325,261 |
|
|
|
490 |
|
|
|
— |
|
|
Cleveland BioLabs, Inc.(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
7,813 |
|
|
|
105 |
|
|
|
2 |
|
|
Concert Pharmaceuticals, Inc.(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
70,796 |
|
|
|
367 |
|
|
|
90 |
|
|
CTI BioPharma Corp. (p.k.a. Cell Therapeutics, Inc.)(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
292,398 |
|
|
|
165 |
|
|
|
5 |
|
|
CytRx Corporation(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
634,146 |
|
|
|
416 |
|
|
|
599 |
|
|
Dicerna Pharmaceuticals, Inc.(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
200 |
|
|
|
28 |
|
|
|
— |
|
|
Epirus Biopharmaceuticals, Inc.(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
64,194 |
|
|
|
276 |
|
|
|
— |
|
|
Fortress Biotech, Inc. (p.k.a. Coronado Biosciences, Inc.)(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
73,009 |
|
|
|
142 |
|
|
|
10 |
|
|
Genocea Biosciences, Inc.(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
73,725 |
|
|
|
266 |
|
|
|
86 |
|
|
Immune Pharmaceuticals(3) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
214,853 |
|
|
|
164 |
|
|
|
— |
|
|
Mast Therapeutics, Inc.(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
2,272,724 |
|
|
|
203 |
|
|
|
455 |
|
|
Melinta Therapeutics |
|
Drug Discovery & Development |
|
Warrant |
|
Preferred Series 3 |
|
|
1,382,323 |
|
|
|
626 |
|
|
|
155 |
|
|
Nanotherapeutics, Inc.(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
171,389 |
|
|
|
838 |
|
|
|
705 |
|
|
Neothetics, Inc. (p.k.a. Lithera, Inc)(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
46,838 |
|
|
|
266 |
|
|
|
18 |
|
|
Neuralstem, Inc.(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
75,187 |
|
|
|
77 |
|
|
|
2 |
|
|
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
16,346 |
|
|
|
42 |
|
|
|
16 |
|
|
PhaseRx,Inc.(3)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
63,000 |
|
|
|
125 |
|
|
|
92 |
|
|
uniQure B.V.(3)(4)(9) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
37,174 |
|
|
|
218 |
|
|
|
28 |
|
|
XOMA Corporation(3)(9)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
181,268 |
|
|
|
279 |
|
|
|
30 |
|
|
Subtotal: Drug Discovery & Development (0.42%)* |
|
|
|
|
|
|
|
|
|
|
7,326 |
|
|
|
3,043 |
|
||
|
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Clustrix, Inc. |
|
Electronics & Computer Hardware |
|
Warrant |
|
Common Stock |
|
|
50,000 |
|
|
|
12 |
|
|
|
— |
|
|
Persimmon Technologies |
|
Electronics & Computer Hardware |
|
Warrant |
|
Preferred Series C |
|
|
43,076 |
|
|
|
40 |
|
|
|
37 |
|
|
Subtotal: Electronics & Computer Hardware (0.01%)* |
|
|
|
|
|
|
|
|
|
|
52 |
|
|
|
37 |
|
||
|
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Chromadex Corporation(3)(15) |
|
Healthcare Services, Other |
|
Warrant |
|
Common Stock |
|
|
139,673 |
|
|
|
157 |
|
|
|
203 |
|
|
Subtotal: Healthcare Services, Other (0.03%)* |
|
|
|
|
|
|
|
|
|
|
157 |
|
|
|
203 |
|
||
|
Information Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cha Cha Search, Inc.(15) |
|
Information Services |
|
Warrant |
|
Preferred Series G |
|
|
48,232 |
|
|
|
58 |
|
|
|
— |
|
|
INMOBI Inc.(4)(9) |
|
Information Services |
|
Warrant |
|
Common Stock |
|
|
46,874 |
|
|
|
82 |
|
|
|
— |
|
|
InXpo, Inc.(15) |
|
Information Services |
|
Warrant |
|
Preferred Series C |
|
|
648,400 |
|
|
|
98 |
|
|
|
1 |
|
|
|
|
Information Services |
|
Warrant |
|
Preferred Series C-1 |
|
|
1,165,183 |
|
|
|
74 |
|
|
|
1 |
|
|
Total InXpo, Inc. |
|
|
|
|
|
|
|
|
1,813,583 |
|
|
|
172 |
|
|
|
2 |
|
|
RichRelevance, Inc.(15) |
|
Information Services |
|
Warrant |
|
Preferred Series E |
|
|
112,612 |
|
|
|
98 |
|
|
|
— |
|
|
Subtotal: Information Services (0.00%)* |
|
|
|
|
|
|
|
|
|
|
410 |
|
|
|
2 |
|
||
See notes to consolidated financial statements.
18
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Aria Systems, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series E |
|
|
239,692 |
|
|
$ |
73 |
|
|
$ |
60 |
|
|
Blurb, Inc.(15) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
234,280 |
|
|
|
636 |
|
|
|
102 |
|
|
CashStar, Inc.(15) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C-2 |
|
|
727,272 |
|
|
|
130 |
|
|
|
22 |
|
|
CloudOne, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series E |
|
|
968,992 |
|
|
|
19 |
|
|
|
38 |
|
|
Just Fabulous, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B |
|
|
206,184 |
|
|
|
1,102 |
|
|
|
1,950 |
|
|
Lightspeed POS, Inc.(4)(9) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
245,610 |
|
|
|
20 |
|
|
|
65 |
|
|
LogicSource(15) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
79,625 |
|
|
|
30 |
|
|
|
58 |
|
|
Oportun (p.k.a. Progress Financial) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series G |
|
|
174,562 |
|
|
|
78 |
|
|
|
102 |
|
|
Prism Education Group, Inc.(15) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B |
|
|
200,000 |
|
|
|
43 |
|
|
|
— |
|
|
ReachLocal(3) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Common Stock |
|
|
300,000 |
|
|
|
155 |
|
|
|
764 |
|
|
ShareThis, Inc.(15) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
493,502 |
|
|
|
547 |
|
|
|
132 |
|
|
Snagajob.com, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series A |
|
|
1,575,000 |
|
|
|
640 |
|
|
|
640 |
|
|
Tapjoy, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series D |
|
|
748,670 |
|
|
|
316 |
|
|
|
174 |
|
|
Tectura Corporation |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B-1 |
|
|
253,378 |
|
|
|
51 |
|
|
|
— |
|
|
Subtotal: Internet Consumer & Business Services (0.57%)* |
|
|
|
|
|
|
|
|
|
|
3,840 |
|
|
|
4,107 |
|
||
|
Media/Content/Info |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Machine Zone, Inc.(16) |
|
Media/Content/Info |
|
Warrant |
|
Common Stock |
|
|
155,271 |
|
|
|
1,960 |
|
|
|
2,730 |
|
|
Rhapsody International, Inc.(15) |
|
Media/Content/Info |
|
Warrant |
|
Common Stock |
|
|
715,755 |
|
|
|
384 |
|
|
|
116 |
|
|
WP Technology, Inc. (Wattpad, Inc.)(4)(9) |
|
Media/Content/Info |
|
Warrant |
|
Common Stock |
|
|
127,909 |
|
|
|
1 |
|
|
|
1 |
|
|
Zoom Media Group, Inc. |
|
Media/Content/Info |
|
Warrant |
|
Preferred Series A |
|
|
1,204 |
|
|
|
347 |
|
|
|
17 |
|
|
Subtotal: Media/Content/Info (0.40%)* |
|
|
|
|
|
|
|
|
|
|
2,692 |
|
|
|
2,864 |
|
||
|
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Amedica Corporation(3)(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
103,225 |
|
|
|
459 |
|
|
|
52 |
|
|
Aspire Bariatrics, Inc.(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series D |
|
|
395,000 |
|
|
|
455 |
|
|
|
229 |
|
|
Avedro, Inc.(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series AA |
|
|
300,000 |
|
|
|
401 |
|
|
|
148 |
|
|
Flowonix Medical Incorporated |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series E |
|
|
155,325 |
|
|
|
362 |
|
|
|
595 |
|
|
Gamma Medica, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A |
|
|
450,956 |
|
|
|
170 |
|
|
|
210 |
|
|
Gelesis, Inc.(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A-1 |
|
|
74,784 |
|
|
|
78 |
|
|
|
164 |
|
|
InspireMD, Inc.(3)(4)(9) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
441,019 |
|
|
|
242 |
|
|
|
— |
|
|
IntegenX, Inc.(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series C |
|
|
547,752 |
|
|
|
15 |
|
|
|
16 |
|
|
Medrobotics Corporation(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series E |
|
|
455,539 |
|
|
|
370 |
|
|
|
322 |
|
|
Micell Technologies, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series D-2 |
|
|
84,955 |
|
|
|
262 |
|
|
|
337 |
|
|
NetBio, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
2,568 |
|
|
|
408 |
|
|
|
37 |
|
|
NinePoint Medical, Inc.(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A-1 |
|
|
587,840 |
|
|
|
170 |
|
|
|
58 |
|
|
Novasys Medical, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
109,449 |
|
|
|
2 |
|
|
|
— |
|
|
|
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series D |
|
|
526,840 |
|
|
|
125 |
|
|
|
— |
|
|
|
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series D-1 |
|
|
53,607 |
|
|
|
6 |
|
|
|
— |
|
|
Total Novasys Medical, Inc. |
|
|
|
|
|
|
|
|
689,896 |
|
|
|
133 |
|
|
|
— |
|
|
Optiscan Biomedical, Corp.(5)(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series D |
|
|
10,535,275 |
|
|
|
1,252 |
|
|
|
156 |
|
|
Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A |
|
|
500,000 |
|
|
|
402 |
|
|
|
305 |
|
|
Quanterix Corporation |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series C |
|
|
173,428 |
|
|
|
180 |
|
|
|
104 |
|
|
SonaCare Medical, LLC (p.k.a. US HIFU, LLC) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A |
|
|
6,464 |
|
|
|
188 |
|
|
|
— |
|
|
Strata Skin Sciences, Inc. (p.k.a. MELA Sciences, Inc.)(3) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
69,320 |
|
|
|
402 |
|
|
|
— |
|
|
ViewRay, Inc.(3)(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
128,231 |
|
|
|
333 |
|
|
|
19 |
|
|
Subtotal: Medical Devices & Equipment (0.38%)* |
|
|
|
|
|
|
|
|
|
|
6,282 |
|
|
|
2,752 |
|
||
|
Semiconductors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Achronix Semiconductor Corporation(15) |
|
Semiconductors |
|
Warrant |
|
Preferred Series C |
|
|
360,000 |
|
|
|
160 |
|
|
|
58 |
|
|
|
|
Semiconductors |
|
Warrant |
|
Preferred Series D-1 |
|
|
500,000 |
|
|
|
7 |
|
|
|
1 |
|
|
Total Achronix Semiconductor Corporation |
|
|
|
|
|
|
860,000 |
|
|
|
167 |
|
|
|
59 |
|
||
|
Aquantia Corp. |
|
Semiconductors |
|
Warrant |
|
Preferred Series G |
|
|
196,831 |
|
|
|
4 |
|
|
|
53 |
|
|
Avnera Corporation |
|
Semiconductors |
|
Warrant |
|
Preferred Series E |
|
|
141,567 |
|
|
|
46 |
|
|
|
48 |
|
|
Subtotal: Semiconductors (0.02%)* |
|
|
|
|
|
|
|
|
|
|
217 |
|
|
|
160 |
|
||
See notes to consolidated financial statements.
19
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Actifio, Inc. |
|
Software |
|
Warrant |
|
Common Stock |
|
|
73,584 |
|
|
$ |
249 |
|
|
$ |
163 |
|
|
|
|
Software |
|
Warrant |
|
Preferred Series F |
|
|
31,673 |
|
|
|
343 |
|
|
|
85 |
|
|
Total Actifio, Inc. |
|
|
|
|
|
|
|
|
105,257 |
|
|
|
592 |
|
|
|
248 |
|
|
Braxton Technologies, LLC |
|
Software |
|
Warrant |
|
Preferred Series A |
|
|
168,750 |
|
|
|
188 |
|
|
|
— |
|
|
CareCloud Corporation(15) |
|
Software |
|
Warrant |
|
Preferred Series B |
|
|
413,433 |
|
|
|
258 |
|
|
|
457 |
|
|
Clickfox, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series B |
|
|
1,038,563 |
|
|
|
330 |
|
|
|
105 |
|
|
|
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
592,019 |
|
|
|
730 |
|
|
|
110 |
|
|
|
|
Software |
|
Warrant |
|
Preferred Series C-A |
|
|
2,218,214 |
|
|
|
230 |
|
|
|
224 |
|
|
Total Clickfox, Inc. |
|
|
|
|
|
|
|
|
3,848,796 |
|
|
|
1,290 |
|
|
|
439 |
|
|
Hillcrest Laboratories, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series E |
|
|
1,865,650 |
|
|
|
55 |
|
|
|
207 |
|
|
JumpStart Games, Inc. (p.k.a Knowledge Holdings, Inc.)(15) |
|
Software |
|
Warrant |
|
Preferred Series E |
|
|
614,333 |
|
|
|
16 |
|
|
|
— |
|
|
Message Systems, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
503,718 |
|
|
|
334 |
|
|
|
247 |
|
|
Mobile Posse, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
396,430 |
|
|
|
130 |
|
|
|
108 |
|
|
Neos, Inc.(15) |
|
Software |
|
Warrant |
|
Common Stock |
|
|
221,150 |
|
|
|
22 |
|
|
|
105 |
|
|
NewVoiceMedia Limited(4)(9) |
|
Software |
|
Warrant |
|
Preferred Series E |
|
|
225,586 |
|
|
|
33 |
|
|
|
34 |
|
|
OneLogin, Inc.(15) |
|
Software |
|
Warrant |
|
Common Stock |
|
|
228,972 |
|
|
|
150 |
|
|
|
155 |
|
|
Poplicus, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
2,595,230 |
|
|
|
— |
|
|
|
69 |
|
|
Quid, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series D |
|
|
71,576 |
|
|
|
1 |
|
|
|
1 |
|
|
Signpost, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
324,005 |
|
|
|
314 |
|
|
|
384 |
|
|
Soasta, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series E |
|
|
410,800 |
|
|
|
691 |
|
|
|
292 |
|
|
Sonian, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
185,949 |
|
|
|
106 |
|
|
|
23 |
|
|
Touchcommerce, Inc.(15) |
|
Software |
|
Warrant |
|
Preferred Series E |
|
|
2,282,968 |
|
|
|
446 |
|
|
|
2,187 |
|
|
Subtotal: Software (0.69%)* |
|
|
|
|
|
|
|
|
|
|
4,626 |
|
|
|
4,956 |
|
||
|
Specialty Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Alimera Sciences, Inc.(3) |
|
Specialty Pharmaceuticals |
|
Warrant |
|
Common Stock |
|
|
862,069 |
|
|
|
728 |
|
|
|
147 |
|
|
QuatRx Pharmaceuticals Company |
|
Specialty Pharmaceuticals |
|
Warrant |
|
Preferred Series E |
|
|
155,324 |
|
|
|
308 |
|
|
|
— |
|
|
Subtotal: Specialty Pharmaceuticals (0.02%)* |
|
|
|
|
|
|
|
|
|
|
1,036 |
|
|
|
147 |
|
||
|
Surgical Devices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Gynesonics, Inc.(15) |
|
Surgical Devices |
|
Warrant |
|
Preferred Series C |
|
|
180,480 |
|
|
|
74 |
|
|
|
9 |
|
|
|
|
Surgical Devices |
|
Warrant |
|
Preferred Series D |
|
|
1,575,965 |
|
|
|
320 |
|
|
|
215 |
|
|
Total Gynesonics, Inc. |
|
|
|
|
|
|
|
|
1,756,445 |
|
|
|
394 |
|
|
|
224 |
|
|
Transmedics, Inc. |
|
Surgical Devices |
|
Warrant |
|
Preferred Series B |
|
|
40,436 |
|
|
|
225 |
|
|
|
10 |
|
|
|
|
Surgical Devices |
|
Warrant |
|
Preferred Series D |
|
|
175,000 |
|
|
|
100 |
|
|
|
370 |
|
|
|
|
Surgical Devices |
|
Warrant |
|
Preferred Series F |
|
|
16,476 |
|
|
|
3 |
|
|
|
15 |
|
|
Total Transmedics, Inc. |
|
|
|
|
|
|
|
|
231,912 |
|
|
|
328 |
|
|
|
395 |
|
|
Subtotal: Surgical Devices (0.09%)* |
|
|
|
|
|
|
|
|
|
|
722 |
|
|
|
619 |
|
||
See notes to consolidated financial statements.
20
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2016
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(2) |
|
|
Value(3) |
|
|||
|
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Agrivida, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series D |
|
|
471,327 |
|
|
$ |
120 |
|
|
$ |
70 |
|
|
Alphabet Energy, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series A |
|
|
86,329 |
|
|
|
82 |
|
|
|
160 |
|
|
American Superconductor Corporation(3) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Common Stock |
|
|
58,823 |
|
|
|
39 |
|
|
|
125 |
|
|
Brightsource Energy, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series 1 |
|
|
116,667 |
|
|
|
104 |
|
|
|
— |
|
|
Calera, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series C |
|
|
44,529 |
|
|
|
513 |
|
|
|
— |
|
|
EcoMotors, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series B |
|
|
437,500 |
|
|
|
308 |
|
|
|
76 |
|
|
Fluidic, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series D |
|
|
61,804 |
|
|
|
102 |
|
|
|
52 |
|
|
Fulcrum Bioenergy, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series C-1 |
|
|
280,897 |
|
|
|
275 |
|
|
|
198 |
|
|
GreatPoint Energy, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series D-1 |
|
|
393,212 |
|
|
|
548 |
|
|
|
— |
|
|
Polyera Corporation(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series C |
|
|
311,609 |
|
|
|
338 |
|
|
|
12 |
|
|
Proterra, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series 4 |
|
|
477,517 |
|
|
|
41 |
|
|
|
14 |
|
|
Rive Technology, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series E |
|
|
234,477 |
|
|
|
12 |
|
|
|
10 |
|
|
SCIEnergy, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Common Stock |
|
|
530,811 |
|
|
|
181 |
|
|
|
— |
|
|
|
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series 2-A |
|
|
6,229 |
|
|
|
50 |
|
|
|
— |
|
|
Total SCIEnergy, Inc. |
|
|
|
|
|
|
|
|
537,040 |
|
|
|
231 |
|
|
|
— |
|
|
Solexel, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series C |
|
|
1,171,625 |
|
|
|
1,162 |
|
|
|
662 |
|
|
Stion Corporation (5) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series Seed |
|
|
2,154 |
|
|
|
1,378 |
|
|
|
— |
|
|
Sungevity, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Common Stock |
|
|
20,000,000 |
|
|
|
543 |
|
|
|
257 |
|
|
|
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series C |
|
|
32,472,222 |
|
|
|
902 |
|
|
|
138 |
|
|
Total Sungevity, Inc. |
|
|
|
|
|
|
|
|
52,472,222 |
|
|
|
1,445 |
|
|
|
395 |
|
|
TAS Energy, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series AA |
|
|
428,571 |
|
|
|
299 |
|
|
|
— |
|
|
Tendril Networks |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series 3-A |
|
|
1,019,793 |
|
|
|
189 |
|
|
|
205 |
|
|
TPI Composites, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series B |
|
|
160 |
|
|
|
273 |
|
|
|
9 |
|
|
Trilliant, Inc.(15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series A |
|
|
320,000 |
|
|
|
162 |
|
|
|
76 |
|
|
Subtotal: Sustainable and Renewable Technology (0.29%)* |
|
|
|
|
|
|
|
|
|
|
7,621 |
|
|
|
2,064 |
|
||
|
Total: Warrant Investments (3.50%)* |
|
|
|
|
|
|
|
|
|
|
43,320 |
|
|
|
25,091 |
|
||
|
Total Investments (181.50%)* |
|
|
|
|
|
|
|
|
|
$ |
1,369,395 |
|
|
$ |
1,302,778 |
|
||
|
* |
Value as a percent of net assets |
|
(1) |
Preferred and common stock, warrants, and equity interests are generally non-income producing. |
|
(2) |
Gross unrealized appreciation, gross unrealized depreciation, and net depreciation for federal income tax purposes totaled $22.5 million, $89.4 million and $66.9 million respectively. The tax cost of investments is $1.4 billion. |
|
(3) |
Except for warrants in 38 publicly traded companies and common stock in 20 publicly traded companies, all investments are restricted at June 30, 2016 and were valued at fair value as determined in good faith by the Company’s board of directors (the “Board of Directors”). No unrestricted securities of the same issuer are outstanding. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies. |
|
(4) |
Non-U.S. company or the company’s principal place of business is outside the United States. |
|
(5) |
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. |
|
(6) |
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. |
|
(7) |
Debt is on non-accrual status at June 30, 2016, and is therefore considered non-income producing. Note that at June 30, 2016, only the $11.0 million PIK loan is on non-accrual for the Company’s debt investment in Tectura Corporation. |
|
(8) |
Denotes that all or a portion of the debt investment is convertible debt. |
|
(9) |
Indicates assets that the Company deems not “qualifying assets” under section 55(a) of the 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. |
|
(10) |
Denotes that all or a portion of the debt investment secures the notes offered in the Debt Securitization (as defined in Note 4). |
|
(11) |
Denotes that all or a portion of the debt investment is pledged as collateral under the Wells Facility (as defined in Note 4). |
|
(12) |
Denotes that all or a portion of the debt investment is pledged as collateral under the Union Facility (as defined in Note 4). |
|
(13) |
Denotes that all or a portion of the debt investment principal includes accumulated PIK, or payment-in-kind, interest and is net of repayments. |
|
(14) |
Denotes that all or a portion of the debt investment includes an exit fee receivable. |
A. This fee ranges from 1.0% to 5.0% of the total debt commitment based on the contractual terms of our loan servicing agreements.
B. This fee ranges from 5.0% to 10.0% of the total debt commitment based on the contractual terms of our loan servicing agreements.
C. This fee ranges from 10.0% to 15.0% of the total debt commitment based on the contractual terms of our loan servicing agreements.
D. This fee is greater than 15.0% of the total debt commitment based on the contractual terms of our loan servicing agreements.
|
(15) |
Denotes that all or a portion of the investment in this portfolio company is held by Hercules Technology II, L.P., or HT II, or Hercules Technology III, L.P., or HT III, the Company’s wholly owned SBIC subsidiaries. |
|
(16) |
Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total assets at June 30, 2016. |
|
(17) |
Denotes that there is an unfunded contractual commitment available at the request of this portfolio company at June 30, 2016. Refer to Note 10. |
|
(18) |
Repayment of a portion of the debt investment is delinquent of the contractual maturity date. |
See notes to consolidated financial statements.
21
HERCULES CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2015
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost (2) |
|
|
Value (3) |
|
|||
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Avanti Communications Group (4)(9) |
|
Communications & Networking |
|
Senior Secured |
|
October 2019 |
|
Interest rate FIXED 10.00% |
|
$ |
10,000 |
|
|
$ |
8,900 |
|
|
$ |
7,812 |
|
|
OpenPeak, Inc. (7) |
|
Communications & Networking |
|
Senior Secured |
|
April 2017 |
|
Interest rate PRIME + 8.75% or Floor rate of 12.00% |
|
$ |
12,370 |
|
|
|
9,134 |
|
|
|
2,444 |
|
|
SkyCross, Inc. (7)(12)(13)(14) |
|
Communications & Networking |
|
Senior Secured |
|
January 2018 |
|
Interest rate PRIME + 7.70% or Floor rate of 10.95%, PIK Interest 5.00% |
|
$ |
19,649 |
|
|
|
20,080 |
|
|
|
14,859 |
|
|
Spring Mobile Solutions, Inc. (13) |
|
Communications & Networking |
|
Senior Secured |
|
January 2019 |
|
Interest rate PRIME + 6.70% or Floor rate of 9.95% |
|
$ |
3,000 |
|
|
|
2,935 |
|
|
|
2,935 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
41,049 |
|
|
|
28,050 |
|
||
|
Subtotal: Communications & Networking (3.91%)* |
|
|
|
|
|
|
|
|
|
|
|
|
41,049 |
|
|
|
28,050 |
|
||
|
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Antenna79 (p.k.a. Pong Research Corporation) (12)(14) |
|
Consumer & Business Products |
|
Senior Secured |
|
June 2016 |
|
Interest rate PRIME + 8.75% or Floor rate of 12.00% |
|
$ |
308 |
|
|
|
308 |
|
|
|
308 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
308 |
|
|
|
308 |
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Antenna79 (p.k.a. Pong Research Corporation) (12)(13)(14) |
|
Consumer & Business Products |
|
Senior Secured |
|
December 2017 |
|
Interest rate PRIME + 6.75% or Floor rate of 10.00%, PIK Interest 2.50% |
|
$ |
4,955 |
|
|
|
4,785 |
|
|
|
4,783 |
|
|
Miles, Inc. (p.k.a. Fluc, Inc.) (8) |
|
Consumer & Business Products |
|
Convertible Debt |
|
March 2017 |
|
Interest rate FIXED 4.00% |
|
$ |
100 |
|
|
|
100 |
|
|
|
— |
|
|
Nasty Gal (13)(14) |
|
Consumer & Business Products |
|
Senior Secured |
|
May 2019 |
|
Interest rate PRIME + 5.45% or Floor rate of 8.95% |
|
$ |
15,000 |
|
|
|
14,876 |
|
|
|
14,876 |
|
|
The Neat Company (7)(12)(13)(14) |
|
Consumer & Business Products |
|
Senior Secured |
|
September 2017 |
|
Interest rate PRIME + 7.75% or Floor rate of 11.00%, PIK Interest 1.00% |
|
$ |
15,936 |
|
|
|
15,545 |
|
|
|
5,527 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
35,306 |
|
|
|
25,186 |
|
||
|
Subtotal: Consumer & Business Products (3.55%)* |
|
|
|
|
|
|
|
|
|
|
|
|
35,614 |
|
|
|
25,494 |
|
||
See notes to consolidated financial statements.
22
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2015
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor |
|
Principal Amount |
|
|
Cost (2) |
|
|
Value (3) |
|
|||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
AcelRx Pharmaceuticals, Inc. (9)(10)(13)(14) |
|
Drug Delivery |
|
Senior Secured |
|
October 2017 |
|
Interest rate PRIME + 3.85% or Floor rate of 9.10% |
|
$ |
20,466 |
|
|
$ |
20,772 |
|
|
$ |
20,678 |
|
|
Agile Therapeutics, Inc. (10)(13) |
|
Drug Delivery |
|
Senior Secured |
|
December 2018 |
|
Interest rate PRIME + 4.75% or Floor rate of 9.00% |
|
$ |
16,500 |
|
|
|
16,231 |
|
|
|
16,107 |
|
|
BIND Therapeutics, Inc. (13)(14) |
|
Drug Delivery |
|
Senior Secured |
|
July 2018 |
|
Interest rate PRIME + 5.10% or Floor rate of 8.35% |
|
$ |
15,000 |
|
|
|
15,119 |
|
|
|
15,044 |
|
|
BioQ Pharma Incorporated (10)(13) |
|
Drug Delivery |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 8.00% or Floor rate of 11.25% |
|
$ |
10,000 |
|
|
|
10,180 |
|
|
|
10,066 |
|
|
|
|
Drug Delivery |
|
Senior Secured |
|
May 2018 |
|
Interest rate PRIME + 7.00% or Floor rate of 10.50% |
|
$ |
3,000 |
|
|
|
2,962 |
|
|
|
2,962 |
|
|
Total BioQ Pharma Incorporated |
|
|
|
$ |
13,000 |
|
|
|
13,142 |
|
|
|
13,028 |
|
||||||
|
Celator Pharmaceuticals, Inc. (10)(13) |
|
Drug Delivery |
|
Senior Secured |
|
June 2018 |
|
Interest rate PRIME + 6.50% or Floor rate of 9.75% |
|
$ |
14,573 |
|
|
|
14,594 |
|
|
|
14,609 |
|
|
Celsion Corporation (10)(13) |
|
Drug Delivery |
|
Senior Secured |
|
June 2017 |
|
Interest rate PRIME + 8.00% or Floor rate of 11.25% |
|
$ |
6,346 |
|
|
|
6,501 |
|
|
|||