UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For The Quarterly Period Ended June 30, 2017

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      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”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

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

On July 31, 2017, there were 82,795,519 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 

 

 


 

HERCULES CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

  

3

 

Item 1.

 

 

Consolidated Financial Statements

  

3

 

 

 

Consolidated Statement of Assets and Liabilities as of June 30, 2017 and December 31, 2016 (unaudited)

  

3

 

 

 

Consolidated Statement of Operations for the three and six months ended June 30, 2017 and 2016 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the six months ended June 30, 2017 and 2016 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the six months ended June 30, 2017 and 2016 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of June 30, 2017 (unaudited)

  

8

 

 

 

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

  

21

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

35

Item 2.

 

 

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

  

66

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

95

Item 4.

 

 

Controls and Procedures

  

96

 

PART II. OTHER INFORMATION

  

97

 

Item 1.

 

Legal Proceedings

  

97

Item 1A.

 

 

Risk Factors

 

97

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

135

Item 3.

 

 

Defaults Upon Senior Securities

  

135

Item 4.

 

 

Mine Safety Disclosures

  

135

Item 5.

 

 

Other Information

  

135

Item 6.

 

 

Exhibits and Financial Statement Schedules

  

136

 

SIGNATURES

  

138

 

 

 

 

2


 

PART I: FINANCIAL INFORMATION

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

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(unaudited)

(dollars in thousands, except per share data)

 

 

 

June 30, 2017

 

 

December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $1,385,401 and $1,475,918 respectively)

 

$

1,357,914

 

 

$

1,414,210

 

Control investments (cost of $102,888 and $22,598, respectively)

 

 

31,564

 

 

 

4,700

 

Affiliate investments (cost of $12,850 and $13,010, respectively)

 

 

5,991

 

 

 

5,032

 

Total investments, at value (cost of $1,501,139 and $1,511,526 respectively)

 

 

1,395,469

 

 

 

1,423,942

 

Cash and cash equivalents

 

 

160,412

 

 

 

13,044

 

Restricted cash

 

 

17,226

 

 

 

8,322

 

Interest receivable

 

 

10,204

 

 

 

11,614

 

Other assets

 

 

5,398

 

 

 

7,282

 

Total assets

 

$

1,588,709

 

 

$

1,464,204

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

22,193

 

 

$

21,463

 

Credit Facilities

 

 

 

 

 

5,016

 

2021 Asset-Backed Notes, net (principal of $87,678 and $109,205, respectively) (1)

 

 

86,865

 

 

 

107,972

 

Convertible Notes, net (principal of $230,000 and $0, respectively) (1)

 

 

222,898

 

 

 

 

2019 Notes, net (principal of $0 and $110,364, respectively) (1)

 

 

 

 

 

108,818

 

2024 Notes, net (principal of $258,510 and $252,873, respectively) (1)

 

 

251,478

 

 

 

245,490

 

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

 

 

187,824

 

 

 

187,501

 

Total liabilities

 

$

771,258

 

 

$

676,260

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

83

 

 

 

80

 

Capital in excess of par value

 

 

892,930

 

 

 

839,657

 

Unrealized depreciation on investments (2)

 

 

(106,941

)

 

 

(89,025

)

Accumulated undistributed realized gains on investments

 

 

35,128

 

 

 

37,603

 

Distributions in excess of net investment income

 

 

(3,749

)

 

 

(371

)

Total net assets

 

$

817,451

 

 

$

787,944

 

Total liabilities and net assets

 

$

1,588,709

 

 

$

1,464,204

 

 

 

 

 

 

 

 

 

 

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

 

 

82,819

 

 

 

79,555

 

Net asset value per share

 

$

9.87

 

 

$

9.90

 

 

(1)

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

(2)

Amounts include $1.3 million and $1.4 million in net unrealized depreciation on other assets and accrued liabilities, including escrow receivables, estimated taxes payable and warrant participation agreement liabilities as of June 30, 2017 and December 31, 2016, respectively.

 

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, 2017

 

 

December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

17,226

 

 

$

8,322

 

Total investments, at value (cost of $190,276 and $244,695, respectively)

 

 

190,168

 

 

 

242,349

 

Total assets

 

$

207,394

 

 

$

250,671

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

2021 Asset-Backed Notes, net (principal of $87,678 and $109,205, respectively) (1)

 

$

86,865

 

 

$

107,972

 

Total liabilities

 

$

86,865

 

 

$

107,972

 

 

(1)

The Company’s 2021 Asset-Backed Notes are presented net of the associated debt issuance costs. See “Note 4 – Borrowings”.

See notes to consolidated financial statements.

4


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and PIK interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

$

37,715

 

 

$

37,736

 

 

$

78,027

 

 

$

72,436

 

Control investments

 

340

 

 

 

 

 

 

672

 

 

 

 

Affiliate investments

 

 

 

 

50

 

 

 

2

 

 

 

115

 

Total interest income

 

38,055

 

 

 

37,786

 

 

 

78,701

 

 

 

72,551

 

PIK interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

2,264

 

 

 

1,835

 

 

 

4,297

 

 

 

3,544

 

Control investments

 

187

 

 

 

 

 

 

369

 

 

 

 

Total PIK interest income

 

2,451

 

 

 

1,835

 

 

 

4,666

 

 

 

3,544

 

Total interest and PIK interest income

 

40,506

 

 

 

39,621

 

 

 

83,367

 

 

 

76,095

 

Fee income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitment, facility and loan fee income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

2,440

 

 

 

3,126

 

 

 

5,374

 

 

 

5,426

 

Control investments

 

5

 

 

 

 

 

 

10

 

 

 

 

Total commitment, facility and loan fee income

 

2,445

 

 

 

3,126

 

 

 

5,384

 

 

 

5,426

 

One-time fee income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

5,501

 

 

 

791

 

 

 

6,066

 

 

 

956

 

Total one-time fee income

 

5,501

 

 

 

791

 

 

 

6,066

 

 

 

956

 

Total fee income

 

7,946

 

 

 

3,917

 

 

 

11,450

 

 

 

6,382

 

Total investment income

 

48,452

 

 

 

43,538

 

 

 

94,817

 

 

 

82,477

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

9,254

 

 

 

7,572

 

 

 

18,861

 

 

 

14,589

 

Loan fees

 

1,348

 

 

 

1,278

 

 

 

4,186

 

 

 

2,267

 

General and administrative

 

4,750

 

 

 

4,401

 

 

 

8,814

 

 

 

7,980

 

Employee compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

5,916

 

 

 

5,331

 

 

 

11,262

 

 

 

10,016

 

Stock-based compensation

 

1,909

 

 

 

1,602

 

 

 

3,742

 

 

 

4,174

 

Total employee compensation

 

7,825

 

 

 

6,933

 

 

 

15,004

 

 

 

14,190

 

Total operating expenses

 

23,177

 

 

 

20,184

 

 

 

46,865

 

 

 

39,026

 

Net investment income

 

25,275

 

 

 

23,354

 

 

 

47,952

 

 

 

43,451

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

(5,319

)

 

 

25

 

 

 

(2,030

)

 

 

(4,443

)

Control investments

 

(394

)

 

 

 

 

 

(445

)

 

 

 

Total net realized gain (loss) on investments

 

(5,713

)

 

 

25

 

 

 

(2,475

)

 

 

(4,443

)

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

66,255

 

 

 

(8,159

)

 

 

34,100

 

 

 

(9,618

)

Control investments

 

(53,349

)

 

 

(3,421

)

 

 

(53,135

)

 

 

(3,421

)

Affiliate investments

 

681

 

 

 

(2,324

)

 

 

1,119

 

 

 

(2,199

)

Total net unrealized appreciation (depreciation) on investments

 

13,587

 

 

 

(13,904

)

 

 

(17,916

)

 

 

(15,238

)

Total net realized and unrealized gain (loss)

 

7,874

 

 

 

(13,879

)

 

 

(20,391

)

 

 

(19,681

)

Net increase in net assets resulting from operations

$

33,149

 

 

$

9,475

 

 

$

27,561

 

 

$

23,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.32

 

 

$

0.58

 

 

$

0.59

 

Change in net assets resulting from operations per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.40

 

 

$

0.13

 

 

$

0.33

 

 

$

0.32

 

Diluted

$

0.40

 

 

$

0.13

 

 

$

0.33

 

 

$

0.32

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

82,292

 

 

 

72,746

 

 

 

81,858

 

 

 

71,959

 

Diluted

 

82,395

 

 

 

72,762

 

 

 

81,953

 

 

 

71,965

 

Distributions declared per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.31

 

 

$

0.62

 

 

$

0.62

 

See notes to consolidated financial statements.

5


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(unaudited)

(dollars and shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Income/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Undistributed

 

 

(Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Appreciation

 

 

Realized

 

 

in Excess of

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

(Depreciation)

 

 

Gains (Losses)

 

 

Investment

 

 

Net

 

 

Shares

 

 

Par Value

 

 

of par value

 

 

on Investments

 

 

on Investments

 

 

Income)

 

 

Assets

 

Balance at December 31, 2015

 

72,118

 

 

$

73

 

 

$

751,902

 

 

$

(52,808

)

 

$

27,993

 

 

$

(10,026

)

 

$

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

 

Issuance of common stock under restricted stock plan

 

547

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(192

)

 

 

 

 

 

(2,122

)

 

 

 

 

 

 

 

 

 

 

 

(2,122

)

Distributions reinvested in common stock

 

85

 

 

 

 

 

 

997

 

 

 

 

 

 

 

 

 

 

 

 

997

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,206

)

 

 

(45,206

)

Stock-based compensation (1)

 

 

 

 

 

 

 

4,224

 

 

 

 

 

 

 

 

 

 

 

 

4,224

 

Balance at June 30, 2016

 

74,320

 

 

$

75

 

 

$

773,997

 

 

$

(68,046

)

 

$

23,550

 

 

$

(11,781

)

 

$

717,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2016

 

79,555

 

 

$

80

 

 

$

839,657

 

 

$

(89,025

)

 

$

37,603

 

 

$

(371

)

 

$

787,944

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(17,916

)

 

 

(2,475

)

 

 

47,952

 

 

 

27,561

 

Public offering, net of offering expenses

 

3,309

 

 

 

3

 

 

 

46,908

 

 

 

 

 

 

 

 

 

 

 

 

46,911

 

Issuance of common stock due to stock option exercises

 

27

 

 

 

 

 

 

211

 

 

 

 

 

 

 

 

 

 

 

 

211

 

Retired shares from net issuance

 

(18

)

 

 

 

 

 

(170

)

 

 

 

 

 

 

 

 

 

 

 

(170

)

Issuance of common stock under restricted stock plan

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(145

)

 

 

 

 

 

(1,988

)

 

 

 

 

 

 

 

 

 

 

 

(1,988

)

Distributions reinvested in common stock

 

81

 

 

 

 

 

 

1,122

 

 

 

 

 

 

 

 

 

 

 

 

1,122

 

Issuance of Convertible Notes

 

 

 

 

 

 

 

3,413

 

 

 

 

 

 

 

 

 

 

 

 

3,413

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51,330

)

 

 

(51,330

)

Stock-based compensation (1)

 

 

 

 

 

 

 

3,777

 

 

 

 

 

 

 

 

 

 

 

 

3,777

 

Balance at June 30, 2017

 

82,819

 

 

$

83

 

 

$

892,930

 

 

$

(106,941

)

 

$

35,128

 

 

$

(3,749

)

 

$

817,451

 

 

(1)

Stock-based compensation includes $35 and $50 of restricted stock and option expense related to director compensation for the six months ended June 30, 2017 and 2016, respectively.

 

See notes to consolidated financial statements.

6


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

For the Six Months Ended June 30,

 

 

2017

 

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

27,561

 

 

$

23,770

 

Adjustments to reconcile net increase in net assets resulting from

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

 

 

 

 

 

 

 

Purchase of investments

 

(340,632

)

 

 

(330,750

)

Principal and fee payments received on investments

 

349,519

 

 

 

221,331

 

Proceeds from the sale of investments

 

18,450

 

 

 

6,041

 

Net unrealized depreciation on investments

 

17,916

 

 

 

15,238

 

Net realized loss (gain) on investments

 

2,475

 

 

 

4,443

 

Accretion of paid-in-kind principal

 

(4,656

)

 

 

(3,243

)

Accretion of loan discounts

 

(3,776

)

 

 

(3,776

)

Accretion of loan discount on Convertible Notes

 

280

 

 

 

82

 

Accretion of loan exit fees

 

(10,653

)

 

 

(10,968

)

Change in deferred loan origination revenue

 

19

 

 

 

(44

)

Unearned fees related to unfunded commitments

 

769

 

 

 

(113

)

Amortization of debt fees and issuance costs

 

3,557

 

 

 

1,839

 

Depreciation

 

105

 

 

 

104

 

Stock-based compensation and amortization of restricted stock grants (1)

 

3,777

 

 

 

4,224

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

1,410

 

 

 

(214

)

Prepaid expenses and other assets

 

589

 

 

 

(9,041

)

Accounts payable

 

 

 

 

56

 

Accrued liabilities

 

898

 

 

 

(879

)

Net cash provided by (used in) operating activities

 

67,608

 

 

 

(81,900

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(89

)

 

 

(146

)

Reduction of (increase in) restricted cash

 

(8,904

)

 

 

5,586

 

Net cash (used in) provided by investing activities

 

(8,993

)

 

 

5,440

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

46,911

 

 

 

23,670

 

Repurchase of common stock, net

 

 

 

 

(4,790

)

Retirement of employee shares

 

(1,947

)

 

 

(2,004

)

Distributions paid

 

(50,208

)

 

 

(44,209

)

Issuance of Convertible Notes

 

230,000

 

 

 

 

Issuance of 2024 Notes Payable

 

5,637

 

 

 

141,945

 

Repayments of 2019 Notes Payable

 

(110,364

)

 

 

 

Repayments of 2021 Asset-Backed Notes

 

(21,527

)

 

 

 

Borrowings of credit facilities

 

8,497

 

 

 

170,985

 

Repayments of credit facilities

 

(13,513

)

 

 

(220,985

)

Cash paid for debt issuance costs

 

(4,480

)

 

 

(4,722

)

Cash paid for redemption of convertible notes

 

 

 

 

(17,604

)

Fees paid for credit facilities and debentures

 

(253

)

 

 

(1,307

)

Net cash provided by financing activities

 

88,753

 

 

 

40,979

 

Net increase (decrease) in cash and cash equivalents

 

147,368

 

 

 

(35,481

)

Cash and cash equivalents at beginning of period

 

13,044

 

 

 

95,196

 

Cash and cash equivalents at end of period

$

160,412

 

 

$

59,715

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Distributions reinvested

 

1,122

 

 

 

997

 

 

(1)

Stock-based compensation includes $35 and $50 of restricted stock and option expense related to director compensation for the six months ended June 30, 2017 and 2016, respectively.

 

See notes to consolidated financial statements.

7


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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)(14A)

 

Biotechnology Tools

 

Senior Secured

 

September 2019

 

Interest rate PRIME + 6.45%

or Floor rate of 9.95%

 

$

6,000

 

 

$

6,046

 

 

$

6,124

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

6,046

 

 

 

6,124

 

Subtotal: Biotechnology Tools (0.75%)*

 

 

 

 

 

 

 

 

 

 

 

 

6,046

 

 

 

6,124

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achilles Technology Management Co II, Inc. (6)(13)(14B)

 

Communications & Networking

 

Senior Secured

 

August 2017

 

PIK Interest 10.50%

 

$

819

 

 

 

928

 

 

 

928

 

OpenPeak, Inc. (7)

 

Communications & Networking

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 8.75%

or Floor rate of 12.00%

 

$

11,464

 

 

 

8,228

 

 

 

 

SkyCross, Inc. (6)(7)(13)(14B)(15)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate FIXED 10.95%,

PIK Interest 5.00%

 

$

14,916

 

 

 

15,058

 

 

 

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

24,214

 

 

 

928

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spring Mobile Solutions, Inc. (12)(14B)

 

Communications & Networking

 

Senior Secured

 

January 2019

 

Interest rate PRIME + 6.70%

or Floor rate of 9.95%

 

$

2,739

 

 

 

2,826

 

 

 

2,827

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

2,826

 

 

 

2,827

 

Subtotal: Communications & Networking (0.46%)*

 

 

 

 

 

 

 

 

 

 

 

 

27,040

 

 

 

3,755

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation) (14A)(15)

 

Consumer & Business Products

 

Senior Secured

 

December 2019

 

Interest rate PRIME + 7.45%

or Floor rate of 10.95%

 

$

20,000

 

 

 

19,988

 

 

 

20,146

 

 

 

Consumer & Business Products

 

Senior Secured

 

December 2018

 

Interest rate PRIME + 6.00%

or Floor rate of 9.50%

 

$

1,000

 

 

 

1,000

 

 

 

1,000

 

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

 

 

 

 

 

 

 

$

21,000

 

 

 

20,988

 

 

 

21,146

 

Second Time Around (Simplify Holdings, LLC) (7)(14A)(15)

 

Consumer & Business Products

 

Senior Secured

 

February 2019

 

Interest rate PRIME + 7.25%

or Floor rate of 10.75%

 

$

1,886

 

 

 

1,920

 

 

 

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

22,908

 

 

 

21,146

 

Subtotal: Consumer & Business Products (2.59%)*

 

 

 

 

 

 

 

 

 

 

 

 

22,908

 

 

 

21,146

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BioQ Pharma Incorporated (10)(14A)(14B)

 

Drug Delivery

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 8.00%

or Floor rate of 11.25%

 

$

6,356

 

 

 

6,850

 

 

 

6,850

 

 

 

Drug Delivery

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 7.00%

or Floor rate of 10.25%

 

$

1,898

 

 

 

1,979

 

 

 

1,979

 

Total BioQ Pharma Incorporated

 

 

 

 

 

 

 

$

8,254

 

 

 

8,829

 

 

 

8,829

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

8,829

 

 

 

8,829

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (9)(10)(14C)(15)

 

Drug Delivery

 

Senior Secured

 

March 2020

 

Interest rate PRIME + 6.05%

or Floor rate of 9.55%

 

$

20,466

 

 

 

21,340

 

 

 

21,425

 

Agile Therapeutics, Inc. (10)(14A)

 

Drug Delivery

 

Senior Secured

 

December 2018

 

Interest rate PRIME + 4.75%

or Floor rate of 9.00%

 

$

14,004

 

 

 

14,234

 

 

 

14,150

 

Antares Pharma Inc. (9)(14A)(15)

 

Drug Delivery

 

Senior Secured

 

July 2022

 

Interest rate PRIME + 4.50%

or Floor rate of 9.50%

 

$

25,000

 

 

 

24,862

 

 

 

24,862

 

Aprecia Pharmaceuticals Company (11)(14A)

 

Drug Delivery

 

Senior Secured

 

January 2020

 

Interest rate PRIME + 5.75%

or Floor rate of 9.25%

 

$

15,000

 

 

 

15,221

 

 

 

15,215

 

Edge Therapeutics, Inc. (11)(14A)

 

Drug Delivery

 

Senior Secured

 

February 2020

 

Interest rate PRIME + 4.65%

or Floor rate of 9.15%

 

$

20,000

 

 

 

20,131

 

 

 

20,226

 

Pulmatrix Inc. (8)(10)(14A)

 

Drug Delivery

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 6.25%

or Floor rate of 9.50%

 

$

4,639

 

 

 

4,772

 

 

 

4,807

 

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%

 

$

9,277

 

 

 

9,495

 

 

 

9,465

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

110,055

 

 

 

110,150

 

Subtotal: Drug Delivery (14.55%)*

 

 

 

 

 

 

 

 

 

 

 

 

118,884

 

 

 

118,979

 

 

 

 

See notes to consolidated financial statements.

8


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cerecor, Inc. (11)(14A)

 

Drug Discovery & Development

 

Senior Secured

 

August 2017

 

Interest rate PRIME + 4.70%

or Floor rate of 7.95%

 

$

607

 

 

$

792

 

 

$

792

 

Epirus Biopharmaceuticals, Inc. (7)(14A)

 

Drug Discovery & Development

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 4.70%

or Floor rate of 7.95%

 

$

3,066

 

 

 

3,349

 

 

 

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

4,141

 

 

 

792

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auris Medical Holding, AG (4)(9)(14B)

 

Drug Discovery & Development

 

Senior Secured

 

January 2020

 

Interest rate PRIME + 6.05%

or Floor rate of 9.55%

 

$

12,500

 

 

 

12,547

 

 

 

12,586

 

Aveo Pharmaceuticals, Inc. (9)(12)(14A)(14B)

 

Drug Discovery & Development

 

Senior Secured

 

December 2019

 

Interest rate PRIME + 6.90%

or Floor rate of 11.90%

 

$

10,000

 

 

 

10,339

 

 

 

10,377

 

 

 

Drug Discovery & Development

 

Senior Secured

 

December 2019

 

Interest rate PRIME + 6.90%

or Floor rate of 11.90%

 

$

10,000

 

 

 

9,842

 

 

 

9,858

 

Total Aveo Pharmaceuticals, Inc.

 

 

 

 

 

 

 

$

20,000

 

 

 

20,181

 

 

 

20,235

 

Axovant Sciences Ltd. (4)(9)

 

Drug Discovery & Development

 

Senior Secured

 

March 2021

 

Interest rate PRIME + 6.80%

or Floor rate of 10.55%

 

$

55,000

 

 

 

53,333

 

 

 

53,333

 

Bellicum Pharmaceuticals, Inc. (14A)(14B)(15)

 

Drug Discovery & Development

 

Senior Secured

 

March 2020

 

Interest rate PRIME + 5.85%

or Floor rate of 9.35%

 

$

15,000

 

 

 

15,421

 

 

 

15,640

 

 

 

Drug Discovery & Development

 

Senior Secured

 

March 2020

 

Interest rate PRIME + 5.85%

or Floor rate of 9.35%

 

$

5,000

 

 

 

5,022

 

 

 

5,114

 

 

 

Drug Discovery & Development

 

Senior Secured

 

March 2020

 

Interest rate PRIME + 5.85%

or Floor rate of 9.35%

 

$

10,000

 

 

 

10,030

 

 

 

10,163

 

Total Bellicum Pharmaceuticals, Inc.

 

 

 

 

 

 

 

$

30,000

 

 

 

30,473

 

 

 

30,917

 

Brickell Biotech, Inc. (11)(14B)

 

Drug Discovery & Development

 

Senior Secured

 

September 2019

 

Interest rate PRIME + 5.70%

or Floor rate of 9.20%

 

$

7,262

 

 

 

7,426

 

 

 

7,458

 

Concert Pharmaceuticals, Inc. (14A)(15)

 

Drug Discovery & Development

 

Senior Secured

 

June 2021

 

Interest rate PRIME + 4.05%

or Floor rate of 8.55%

 

$

30,000

 

 

 

29,540

 

 

 

29,540

 

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%

 

$

15,639

 

 

 

15,469

 

 

 

15,589

 

CytRx Corporation (10)(14B)(15)

 

Drug Discovery & Development

 

Senior Secured

 

February 2020

 

Interest rate PRIME + 6.00%

or Floor rate of 9.50%

 

$

22,573

 

 

 

23,068

 

 

 

23,265

 

Genocea Biosciences, Inc. (10)(14A)

 

Drug Discovery & Development

 

Senior Secured

 

January 2019

 

Interest rate PRIME + 2.25%

or Floor rate of 7.25%

 

$

17,000

 

 

 

17,475

 

 

 

17,532

 

Immune Pharmaceuticals (10)(14B)

 

Drug Discovery & Development

 

Senior Secured

 

September 2018

 

Interest rate PRIME + 4.75%

or Floor rate of 10.00%

 

$

2,398

 

 

 

2,551

 

 

 

2,551

 

Insmed, Incorporated (10)(14A)

 

Drug Discovery & Development

 

Senior Secured

 

October 2020

 

Interest rate PRIME + 4.75%

or Floor rate of 9.25%

 

$

55,000

 

 

 

55,065

 

 

 

55,082

 

Metuchen Pharmaceuticals LLC (13)(14A)

 

Drug Discovery & Development

 

Senior Secured

 

October 2020

 

Interest rate PRIME + 7.25%

or Floor rate of 10.75%,

PIK Interest 1.35%

 

$

35,322

 

 

 

35,030

 

 

 

35,221

 

Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (14A)(15)

 

Drug Discovery & Development

 

Senior Secured

 

September 2020

 

Interest rate PRIME + 2.75%

or Floor rate of 8.50%

 

$

40,000

 

 

 

39,721

 

 

 

39,744

 

 

 

Drug Discovery & Development

 

Senior Secured

 

September 2020

 

Interest rate PRIME + 2.75%

or Floor rate of 8.50%

 

$

10,000

 

 

 

9,934

 

 

 

9,937

 

Total Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.)

 

 

 

$

50,000

 

 

 

49,655

 

 

 

49,681

 

PhaseRx,Inc. (14B)(15)

 

Drug Discovery & Development

 

Senior Secured

 

December 2019

 

Interest rate PRIME + 5.75%

or Floor rate of 9.25%

 

$

6,000

 

 

 

6,034

 

 

 

6,047

 

Sorrento Therapeutics, Inc. (9)(14A)

 

Drug Discovery & Development

 

Senior Secured

 

December 2020

 

Interest rate PRIME + 5.75%

or Floor rate of 9.25%

 

$

30,000

 

 

 

28,879

 

 

 

28,736

 

Stealth Bio Therapeutics Corp. (4)(9)(14A)

 

Drug Discovery & Development

 

Senior Secured

 

January 2021

 

Interest rate PRIME + 5.50%

or Floor rate of 9.50%

 

$

12,500

 

 

 

12,260

 

 

 

12,260

 

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

 

 

 

20,359

 

 

 

20,342

 

Verastem, Inc. (14A)(17)

 

Drug Discovery & Development

 

Senior Secured

 

December 2020

 

Interest rate PRIME + 6.00%

or Floor rate of 10.50%

 

$

2,500

 

 

 

2,465

 

 

 

2,465

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

421,810

 

 

 

422,840

 

Subtotal: Drug Discovery & Development (51.82%)*

 

 

 

 

 

 

 

 

 

 

 

 

425,951

 

 

 

423,632

 

 

 

 

See notes to consolidated financial statements.

9


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

908 DEVICES INC. (14A)(15)(17)

 

Electronics & Computer Hardware

 

Senior Secured

 

September 2020

 

Interest rate PRIME + 4.00%

or Floor rate of 8.25%

 

$

7,500

 

 

$

7,470

 

 

$

7,470

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

7,470

 

 

 

7,470

 

Subtotal: Electronics & Computer Hardware (0.91%)*

 

 

 

 

 

 

 

 

 

 

 

 

7,470

 

 

 

7,470

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PH Group Holdings

 

Healthcare Services, Other

 

Senior Secured

 

September 2020

 

Interest rate PRIME + 7.45%

or Floor rate of 10.95%

 

$

20,000

 

 

 

19,841

 

 

 

19,955

 

 

 

Healthcare Services, Other

 

Senior Secured

 

September 2020

 

Interest rate PRIME + 7.45%

or Floor rate of 10.95%

 

$

10,000

 

 

 

9,899

 

 

 

9,899

 

Total PH Group Holdings

 

 

 

 

 

 

 

$

30,000

 

 

 

29,740

 

 

 

29,854

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

29,740

 

 

 

29,854

 

Subtotal: Healthcare Services, Other (3.65%)*

 

 

 

 

 

 

 

 

 

 

 

 

29,740

 

 

 

29,854

 

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MDX Medical, Inc. (13)(15)(17)

 

Information Services

 

Senior Secured

 

December 2020

 

Interest rate PRIME + 4.00%

or Floor rate of 8.25%,

PIK Interest 1.70%

 

$

7,502

 

 

 

7,264

 

 

 

7,264

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

7,264

 

 

 

7,264

 

Subtotal: Information Services (0.89%)*

 

 

 

 

 

 

 

 

 

 

 

 

7,264

 

 

 

7,264

 

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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%

 

$

2,082

 

 

 

2,071

 

 

 

2,068

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

June 2019

 

Interest rate PRIME + 5.20%

or Floor rate of 8.95%,

PIK Interest 1.95%

 

$

18,646

 

 

 

18,539

 

 

 

18,533

 

Total Aria Systems, Inc.

 

 

 

 

 

 

 

 

 

$

20,728

 

 

 

20,610

 

 

 

20,601

 

Intent Media, Inc. (13)(14A)(15)

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2019

 

Interest rate PRIME + 5.25%

or Floor rate of 8.75%,

PIK Interest 1.00%

 

$

5,025

 

 

 

4,929

 

 

 

4,957

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2019

 

Interest rate PRIME + 5.50%

or Floor rate of 9.00%,

PIK Interest 2.35%

 

$

2,000

 

 

 

1,938

 

 

 

1,940

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

May 2019

 

Interest rate PRIME + 5.50%

or Floor rate of 9.00%,

PIK Interest 2.50%

 

$

2,000

 

 

 

1,938

 

 

 

1,940

 

Total Intent Media, Inc.

 

 

 

 

 

 

 

 

 

$

9,025

 

 

 

8,805

 

 

 

8,837

 

LogicSource (14B)(15)

 

Internet Consumer & Business Services

 

Senior Secured

 

October 2019

 

Interest rate PRIME + 6.25%

or Floor rate of 9.75%

 

$

8,001

 

 

 

8,147

 

 

 

8,241

 

Snagajob.com, Inc. (12)(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%

 

$

35,642

 

 

 

35,125

 

 

 

35,788

 

Tectura Corporation (6)(7)(8)(13)

 

Internet Consumer & Business Services

 

Senior Secured

 

June 2021

 

Interest rate FIXED 6.00%,

PIK Interest 3.00%

 

$

19,991

 

 

 

19,991

 

 

 

19,991

 

 

 

Internet Consumer & Business Services

 

Senior Secured

 

June 2021

 

PIK Interest 8.00%

 

$

11,015

 

 

 

240

 

 

 

 

Total Tectura Corporation

 

 

 

 

 

 

 

$

31,006

 

 

 

20,231

 

 

 

19,991

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

92,918

 

 

 

93,458

 

Subtotal: Internet Consumer & Business Services (11.43%)*

 

 

 

 

 

 

 

 

 

 

 

 

92,918

 

 

 

93,458

 

 

 

See notes to consolidated financial statements.

10


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year 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%

 

$

105,369

 

 

$

104,512

 

 

$

104,512

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

104,512

 

 

 

104,512

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FanDuel, Inc. (14B)

 

Media/Content/Info

 

Senior Secured

 

November 2019

 

Interest rate PRIME + 7.25%

or Floor rate of 10.75%

 

$

20,000

 

 

 

19,871

 

 

 

19,851

 

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

 

 

 

5,080

 

 

 

5,177

 

 

 

Media/Content/Info

 

Senior Secured

 

April 2020

 

Interest rate PRIME + 4.75%

or Floor rate of 8.25%

 

$

5,000

 

 

 

4,997

 

 

 

5,077

 

Total WP Technology, Inc. (Wattpad, Inc.)

 

 

 

 

 

 

$

10,000

 

 

 

10,077

 

 

 

10,254

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

29,948

 

 

 

30,105

 

Subtotal: Media/Content/Info (16.47%)*

 

 

 

 

 

 

 

 

 

 

 

 

134,460

 

 

 

134,617

 

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amedica Corporation (8)(14B)(15)

 

Medical Devices & Equipment

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 7.70%

or Floor rate of 10.95%

 

$

4,098

 

 

 

5,678

 

 

 

5,678

 

Gamma Medica, Inc. (7)(10)(14B)

 

Medical Devices & Equipment

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 6.50%

or Floor rate of 9.75%

 

$

161

 

 

 

366

 

 

 

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

6,044

 

 

 

5,678

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspire Bariatrics, Inc. (14B)(15)

 

Medical Devices & Equipment

 

Senior Secured

 

October 2018

 

Interest rate PRIME + 4.00%

or Floor rate of 9.25%

 

$

3,943

 

 

 

4,173

 

 

 

4,126

 

IntegenX, Inc. (14B)(15)

 

Medical Devices & Equipment

 

Senior Secured

 

June 2019

 

Interest rate PRIME + 6.05%

or Floor rate of 10.05%

 

$

15,000

 

 

 

15,370

 

 

 

15,362

 

 

 

Medical Devices & Equipment

 

Senior Secured

 

June 2019

 

Interest rate PRIME + 6.05%

or Floor rate of 10.05%

 

$

2,500

 

 

 

2,528

 

 

 

2,528

 

Total IntegenX, Inc.

 

 

 

 

 

 

 

 

 

$

17,500

 

 

 

17,898

 

 

 

17,890

 

Micell Technologies, Inc. (11)(14B)

 

Medical Devices & Equipment

 

Senior Secured

 

August 2019

 

Interest rate PRIME + 7.25%

or Floor rate of 10.50%

 

$

6,909

 

 

 

7,006

 

 

 

7,070

 

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%

 

$

11,625

 

 

 

11,811

 

 

 

11,847

 

Quanterix Corporation (10)(14A)

 

Medical Devices & Equipment

 

Senior Secured

 

March 2019

 

Interest rate PRIME + 2.75%

or Floor rate of 8.00%

 

$

9,043

 

 

 

9,427

 

 

 

9,424

 

Sebacia (14B)(15)

 

Medical Devices & Equipment

 

Senior Secured

 

July 2020

 

Interest rate PRIME + 4.35%

or Floor rate of 8.85%

 

$

8,000

 

 

 

7,805

 

 

 

7,805

 

Tela Bio, Inc. (14A)(15)

 

Medical Devices & Equipment

 

Senior Secured

 

September 2020

 

Interest rate PRIME + 4.95%

or Floor rate of 9.45%

 

$

5,000

 

 

 

4,945

 

 

 

4,945

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

63,065

 

 

 

63,107

 

Subtotal: Medical Devices & Equipment (8.41%)*

 

 

 

 

 

 

 

 

 

 

 

 

69,109

 

 

 

68,785

 

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation (15)

 

Semiconductors

 

Senior Secured

 

November 2017

 

Interest rate PRIME + 7.00%

or Floor rate of 10.50%

 

$

4,025

 

 

 

4,025

 

 

 

4,025

 

Aquantia Corp. (17)

 

Semiconductors

 

Senior Secured

 

February 2018

 

Interest rate PRIME + 3.95%

or Floor rate of 7.20%

 

$

5,000

 

 

 

5,000

 

 

 

5,000

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

9,025

 

 

 

9,025

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation (14B)(15)

 

Semiconductors

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 8.25%

or Floor rate of 11.50%

 

$

2,356

 

 

 

2,623

 

 

 

2,607

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

2,623

 

 

 

2,607

 

Subtotal: Semiconductors (1.42%)*

 

 

 

 

 

 

 

 

 

 

 

 

11,648

 

 

 

11,632

 

 

See notes to consolidated financial statements.

11


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clickfox, Inc. (12)(14C)

 

Software

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 8.00%

or Floor rate of 11.50%

 

$

9,672

 

 

$

10,437

 

 

$

10,437

 

Cloud Technology Partners, Inc.

 

Software

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 3.05%

or Floor rate of 7.05%

 

$

3,400

 

 

 

3,400

 

 

 

3,400

 

JumpStart Games, Inc. (p.k.a Knowledge Holdings, Inc.) (7)(13)(14A)(14C)(15)(18)

 

Software

 

Senior Secured

 

March 2018

 

Interest rate FIXED 5.75%,

PIK Interest 10.75%

 

$

13,000

 

 

 

12,747

 

 

 

3,220

 

 

 

Software

 

Senior Secured

 

February 2017

 

Interest rate FIXED 5.75%,

PIK Interest 10.75%

 

$

1,566

 

 

 

1,698

 

 

 

429

 

Total JumpStart Games, Inc. (p.k.a Knowledge Holdings, Inc.)

 

 

 

 

 

$

14,566

 

 

 

14,445

 

 

 

3,649

 

RedSeal Inc. (14A)(15)(17)

 

Software

 

Senior Secured

 

August 2017

 

Interest rate PRIME + 3.25%

or Floor rate of 6.50%

 

$

1,205

 

 

 

1,205

 

 

 

1,205

 

 

 

Software

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 7.75%

or Floor rate of 11.00%

 

$

3,431

 

 

 

3,581

 

 

 

3,581

 

Total RedSeal Inc.

 

 

 

 

 

 

 

 

 

$

4,636

 

 

 

4,786

 

 

 

4,786

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

33,068

 

 

 

22,272

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clarabridge, Inc. (13)

 

Software

 

Senior Secured

 

April 2021

 

Interest rate PRIME + 4.80%

or Floor rate of 8.55%,

PIK Interest 3.25%

 

$

40,224

 

 

 

40,196

 

 

 

40,196

 

Cloud Technology Partners, Inc. (14A)

 

Software

 

Senior Secured

 

December 2019

 

Interest rate PRIME + 5.75%

or Floor rate of 9.75%

 

$

10,000

 

 

 

9,982

 

 

 

9,914

 

Evernote Corporation (13)(15)(17)

 

Software

 

Senior Secured

 

October 2020

 

Interest rate PRIME + 5.45%

or Floor rate of 8.95%

 

$

6,000

 

 

 

5,967

 

 

 

6,134

 

 

 

Software

 

Senior Secured

 

July 2021

 

Interest rate PRIME + 6.00%

or Floor rate of 9.50%,

PIK Interest 1.25%

 

$

4,000

 

 

 

3,972

 

 

 

3,972

 

Total Evernote Corporation

 

 

 

 

 

 

 

$

10,000

 

 

 

9,939

 

 

 

10,106

 

Fuze, Inc. (13)(14A)(15)

 

Software

 

Senior Secured

 

July 2021

 

Interest rate PRIME + 3.70%

or Floor rate of 7.95%,

PIK Interest 1.55%

 

$

50,000

 

 

 

49,901

 

 

 

49,901

 

Impact Radius Holdings, Inc. (13)(14A)

 

Software

 

Senior Secured

 

December 2020

 

Interest rate PRIME + 4.25%

or Floor rate of 8.75%,

PIK Interest 1.55%

 

$

5,000

 

 

 

4,990

 

 

 

4,990

 

Lithium Technologies, Inc. (13)(14A)(15)(19)

 

Software

 

Senior Secured

 

June 2020

 

Interest rate PRIME + 6.45%

or Floor rate of 9.95%,

PIK Interest 1.80%

 

$

25,247

 

 

 

25,351

 

 

 

25,351

 

OneLogin, Inc. (13)(15)

 

Software

 

Senior Secured

 

August 2019

 

Interest rate PRIME + 6.45%

or Floor rate of 9.95%,

PIK Interest 3.25%

 

$

15,623

 

 

 

15,526

 

 

 

15,838

 

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%

 

$

8,208

 

 

 

8,278

 

 

 

8,399

 

RedSeal Inc. (14A)(15)(17)

 

Software

 

Senior Secured

 

January 2020

 

Interest rate PRIME + 7.75%

or Floor rate of 11.25%

 

$

5,000

 

 

 

4,952

 

 

 

4,952

 

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%

 

$

15,373

 

 

 

15,306

 

 

 

15,447

 

Vela Trading Technologies (17)

 

Software

 

Senior Secured

 

July 2022

 

Interest rate LIBOR + 9.50%

or Floor rate of 10.50%

 

$

15,200

 

 

 

14,782

 

 

 

14,782

 

Wrike, Inc. (13)(14A)(17)

 

Software

 

Senior Secured

 

February 2021

 

Interest rate PRIME + 6.00%

or Floor rate of 9.50%,

PIK Interest 2.00%

 

$

10,062

 

 

 

9,790

 

 

 

9,790

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

208,993

 

 

 

209,666

 

Subtotal: Software (28.37%)*

 

 

 

 

 

 

 

 

 

 

 

 

242,061

 

 

 

231,938

 

 

 

 

See notes to consolidated financial statements.

12


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Specialty Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alimera Sciences, Inc. (10)(13)(14A)

 

Specialty Pharmaceuticals

 

Senior Secured

 

November 2020

 

Interest rate PRIME + 7.50%

or Floor rate of 11.00%,

PIK Interest 1.00%

 

$

35,218

 

 

$

35,049

 

 

$

35,398

 

Jaguar Animal Health, Inc. (10)(14B)

 

Specialty Pharmaceuticals

 

Senior Secured

 

August 2018

 

Interest rate PRIME + 5.65%

or Floor rate of 9.90%

 

$

2,520

 

 

 

2,876

 

 

 

2,821

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

37,925

 

 

 

38,219

 

Subtotal: Specialty Pharmaceuticals (4.68%)*

 

 

 

 

 

 

 

 

 

 

 

 

37,925

 

 

 

38,219

 

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmedics, Inc. (12)(14B)

 

Surgical Devices

 

Senior Secured

 

February 2020

 

Interest rate PRIME + 5.30%

or Floor rate of 9.55%

 

$

8,500

 

 

 

8,621

 

 

 

8,632

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

8,621

 

 

 

8,632

 

Subtotal: Surgical Devices (1.06%)*

 

 

 

 

 

 

 

 

 

 

 

 

8,621

 

 

 

8,632

 

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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%

 

$

20,000

 

 

 

20,925

 

 

 

21,034

 

Proterra, Inc. (10)(14A)(14B)

 

Sustainable and Renewable Technology

 

Senior Secured

 

June 2019

 

Interest rate PRIME + 6.95%

or Floor rate of 10.20%

 

$

5,000

 

 

 

5,109

 

 

 

5,137

 

 

 

Sustainable and Renewable Technology

 

Senior Secured

 

June 2019

 

Interest rate PRIME + 6.95%

or Floor rate of 10.20%

 

$

25,000

 

 

 

25,872

 

 

 

25,814

 

 

 

Sustainable and Renewable Technology

 

Senior Secured

 

June 2019

 

Interest rate PRIME + 5.75%

or Floor rate of 9.25%

 

$

10,000

 

 

 

10,089

 

 

 

10,115

 

Total Proterra, Inc.

 

 

 

 

 

 

 

 

 

$

40,000

 

 

 

41,070

 

 

 

41,066

 

Rive Technology, Inc. (14A)(15)

 

Sustainable and Renewable Technology

 

Senior Secured

 

January 2019

 

Interest rate PRIME + 6.20%

or Floor rate of 9.45%

 

$

6,061

 

 

 

6,234

 

 

 

6,283

 

Tendril Networks (11)(14B)

 

Sustainable and Renewable Technology

 

Senior Secured

 

June 2019

 

Interest rate FIXED 9.25%

 

$

13,156

 

 

 

13,765

 

 

 

13,735

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

81,994

 

 

 

82,118

 

Subtotal: Sustainable and Renewable Technology (10.05%)*

 

 

 

 

 

 

 

 

 

 

 

 

81,994

 

 

 

82,118

 

Total: Debt Investments (157.52%)*

 

 

 

 

 

 

 

 

 

 

 

 

1,324,039

 

 

 

1,287,623

 

 

 

 

See notes to consolidated financial statements.

13


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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

 

Common Stock

 

 

55,780

 

 

$

500

 

 

$

 

Subtotal: Biotechnology Tools (0.00%)*

 

 

 

 

 

 

 

 

 

 

500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achilles Technology Management Co II, Inc. (6)(15)

 

Communications & Networking

 

Equity

 

Common Stock

 

 

100

 

 

 

4,000

 

 

 

1,188

 

GlowPoint, Inc. (3)

 

Communications & Networking

 

Equity

 

Common Stock

 

 

114,192

 

 

 

101

 

 

 

32

 

Peerless Network Holdings, Inc.

 

Communications & Networking

 

Equity

 

Preferred Series A

 

 

1,000,000

 

 

 

1,000

 

 

 

4,585

 

Subtotal: Communications & Networking (0.71%)*

 

 

 

 

 

 

 

 

 

 

5,101

 

 

 

5,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Force Information, Inc.

 

Consumer & Business Products

 

Equity

 

Common Stock

 

 

480,261

 

 

 

 

 

 

433

 

 

 

Consumer & Business Products

 

Equity

 

Preferred Series B-1

 

 

187,970

 

 

 

500

 

 

 

280

 

Total Market Force Information, Inc.

 

 

 

 

 

 

 

 

668,231

 

 

 

500

 

 

 

713

 

Subtotal: Consumer & Business Products (0.09%)*

 

 

 

 

 

 

 

 

 

 

500

 

 

 

713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diagnostic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Singulex, Inc.

 

Diagnostic

 

Equity

 

Common Stock

 

 

937,998

 

 

 

750

 

 

 

655

 

Subtotal: Diagnostic (0.08%)*

 

 

 

 

 

 

 

 

 

 

750

 

 

 

655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (3)(9)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

54,240

 

 

 

108

 

 

 

117

 

BioQ Pharma Incorporated (15)

 

Drug Delivery

 

Equity

 

Preferred Series D

 

 

165,000

 

 

 

500

 

 

 

599

 

Edge Therapeutics, Inc. (3)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

53,165

 

 

 

329

 

 

 

545

 

Merrion Pharmaceuticals, Plc (4)(9)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

20,000

 

 

 

9

 

 

 

 

Neos Therapeutics, Inc. (3)(15)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

125,000

 

 

 

1,500

 

 

 

913

 

Revance Therapeutics, Inc. (3)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

22,765

 

 

 

557

 

 

 

601

 

Subtotal: Drug Delivery (0.34%)*

 

 

 

 

 

 

 

 

 

 

3,003

 

 

 

2,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aveo Pharmaceuticals, Inc. (3)(9)(15)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

426,931

 

 

 

1,060

 

 

 

950

 

Cerecor, Inc. (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

119,087

 

 

 

1,000

 

 

 

68

 

Cerulean Pharma, Inc. (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

135,501

 

 

 

1,000

 

 

 

60

 

Dicerna Pharmaceuticals, Inc. (3)(15)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

142,858

 

 

 

1,000

 

 

 

453

 

Dynavax Technologies (3)(9)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

20,000

 

 

 

550

 

 

 

193

 

Epirus Biopharmaceuticals, Inc.

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

200,000

 

 

 

1,000

 

 

 

 

Genocea Biosciences, Inc. (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

223,463

 

 

 

2,000

 

 

 

1,166

 

Inotek Pharmaceuticals Corporation (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

3,778

 

 

 

1,500

 

 

 

7

 

Insmed, Incorporated (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

70,771

 

 

 

1,000

 

 

 

1,214

 

Melinta Therapeutics

 

Drug Discovery & Development

 

Equity

 

Preferred Series 4

 

 

1,914,448

 

 

 

2,000

 

 

 

2,598

 

Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (3)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

76,362

 

 

 

2,743

 

 

 

1,840

 

Subtotal: Drug Discovery & Development (1.05%)*

 

 

 

 

 

 

 

 

 

 

14,853

 

 

 

8,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identiv, Inc. (3)

 

Electronics & Computer Hardware

 

Equity

 

Common Stock

 

 

6,700

 

 

 

34

 

 

 

35

 

Subtotal: Electronics & Computer Hardware (0.00%)*

 

 

 

 

 

 

 

 

 

 

34

 

 

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DocuSign, Inc.

 

Information Services

 

Equity

 

Common Stock

 

 

385,000

 

 

 

6,081

 

 

 

7,201

 

Subtotal: Information Services (0.88%)*

 

 

 

 

 

 

 

 

 

 

6,081

 

 

 

7,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blurb, Inc. (15)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series B

 

 

220,653

 

 

 

175

 

 

 

170

 

Brigade Group, Inc. (p.k.a. Philotic, Inc.)

 

Internet Consumer & Business Services

 

Equity

 

Common Stock

 

 

9,023

 

 

 

93

 

 

 

 

Lightspeed POS, Inc. (4)(9)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series C

 

 

230,030

 

 

 

250

 

 

 

245

 

 

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series D

 

 

198,677

 

 

 

250

 

 

 

241

 

Total Lightspeed POS, Inc.

 

 

 

 

 

 

 

 

428,707

 

 

 

500

 

 

 

486

 

OfferUp, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series A

 

 

286,080

 

 

 

1,663

 

 

 

1,917

 

 

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series A-1

 

 

108,710

 

 

 

632

 

 

 

728

 

Total OfferUp, Inc.

 

 

 

 

 

 

 

 

394,790

 

 

 

2,295

 

 

 

2,645

 

Oportun (p.k.a. Progress Financial)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series G

 

 

218,351

 

 

 

250

 

 

 

430

 

 

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series H

 

 

87,802

 

 

 

250

 

 

 

254

 

Total Oportun (p.k.a. Progress Financial)

 

 

 

 

 

 

 

 

306,153

 

 

 

500

 

 

 

684

 

RazorGator Interactive Group, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series AA

 

 

34,783

 

 

 

15

 

 

 

46

 

Tectura Corporation (6)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series BB

 

 

1,000,000

 

 

 

 

 

 

 

Subtotal: Internet Consumer & Business Services (0.49%)*

 

 

 

 

 

 

 

 

 

 

3,578

 

 

 

4,031

 

See notes to consolidated financial statements.

14


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinterest, Inc.

 

Media/Content/Info

 

Equity

 

Preferred Series Seed

 

 

620,000

 

 

$

4,085

 

 

$

4,452

 

Subtotal: Media/Content/Info (0.54%)*

 

 

 

 

 

 

 

 

 

 

4,085

 

 

 

4,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AtriCure, Inc. (3)(15)

 

Medical Devices & Equipment

 

Equity

 

Common Stock

 

 

7,536

 

 

 

266

 

 

 

168

 

Flowonix Medical Incorporated

 

Medical Devices & Equipment

 

Equity

 

Preferred Series AA

 

 

221,893

 

 

 

1,500

 

 

 

 

Gelesis, Inc. (15)

 

Medical Devices & Equipment

 

Equity

 

Common Stock

 

 

198,202

 

 

 

 

 

 

888

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series A-1

 

 

191,210

 

 

 

425

 

 

 

954

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series A-2

 

 

191,626

 

 

 

500

 

 

 

905

 

Total Gelesis, Inc.

 

 

 

 

 

 

 

 

581,038

 

 

 

925

 

 

 

2,747

 

HercGamma, Inc. (6)

 

Medical Devices & Equipment

 

Equity

 

Common Stock

 

 

100

 

 

 

1,169

 

 

 

1,169

 

Medrobotics Corporation (15)

 

Medical Devices & Equipment

 

Equity

 

Preferred Series E

 

 

136,798

 

 

 

250

 

 

 

236

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series F

 

 

73,971

 

 

 

155

 

 

 

185

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series G

 

 

163,934

 

 

 

500

 

 

 

486

 

Total Medrobotics Corporation

 

 

 

 

 

 

 

 

374,703

 

 

 

905

 

 

 

907

 

Optiscan Biomedical, Corp. (5)(15)

 

Medical Devices & Equipment

 

Equity

 

Preferred Series B

 

 

6,185,567

 

 

 

3,000

 

 

 

383

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series C

 

 

1,927,309

 

 

 

655

 

 

 

110

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series D

 

 

55,103,923

 

 

 

5,257

 

 

 

3,826

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series E

 

 

15,638,888

 

 

 

1,308

 

 

 

1,492

 

Total Optiscan Biomedical, Corp.

 

 

 

 

 

 

 

 

78,855,687

 

 

 

10,220

 

 

 

5,811

 

Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.)

 

Medical Devices & Equipment

 

Equity

 

Preferred Series B

 

 

232,061

 

 

 

527

 

 

 

566

 

Quanterix Corporation

 

Medical Devices & Equipment

 

Equity

 

Preferred Series D

 

 

272,479

 

 

 

1,000

 

 

 

1,111

 

Subtotal: Medical Devices & Equipment (1.53%)*

 

 

 

 

 

 

 

 

 

 

16,512

 

 

 

12,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CapLinked, Inc.

 

Software

 

Equity

 

Preferred Series A-3

 

 

53,614

 

 

 

51

 

 

 

96

 

Druva, Inc.

 

Software

 

Equity

 

Preferred Series 2

 

 

458,841

 

 

 

1,000

 

 

 

1,584

 

ForeScout Technologies, Inc.

 

Software

 

Equity

 

Preferred Series D

 

 

319,099

 

 

 

398

 

 

 

1,937

 

 

 

Software

 

Equity

 

Preferred Series E

 

 

80,587

 

 

 

131

 

 

 

493

 

Total ForeScout Technologies, Inc.

 

 

 

 

 

 

 

 

399,686

 

 

 

529

 

 

 

2,430

 

HighRoads, Inc.

 

Software

 

Equity

 

Common Stock

 

 

190

 

 

 

307

 

 

 

 

NewVoiceMedia Limited (4)(9)

 

Software

 

Equity

 

Preferred Series E

 

 

669,173

 

 

 

963

 

 

 

1,343

 

Palantir Technologies

 

Software

 

Equity

 

Preferred Series E

 

 

727,696

 

 

 

5,431

 

 

 

5,774

 

Sprinklr, Inc.

 

Software

 

Equity

 

Common Stock

 

 

700,000

 

 

 

3,749

 

 

 

3,749

 

WildTangent, Inc. (15)

 

Software

 

Equity

 

Preferred Series 3

 

 

100,000

 

 

 

402

 

 

 

175

 

Subtotal: Software (1.85%)*

 

 

 

 

 

 

 

 

 

 

12,432

 

 

 

15,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc. (15)

 

Surgical Devices

 

Equity

 

Preferred Series B

 

 

219,298

 

 

 

250

 

 

 

41

 

 

 

Surgical Devices

 

Equity

 

Preferred Series C

 

 

656,538

 

 

 

282

 

 

 

57

 

 

 

Surgical Devices

 

Equity

 

Preferred Series D

 

 

1,991,157

 

 

 

712

 

 

 

772

 

 

 

Surgical Devices

 

Equity

 

Preferred Series E

 

 

2,786,367

 

 

 

429

 

 

 

507

 

Total Gynesonics, Inc.

 

 

 

 

 

 

 

 

5,653,360

 

 

 

1,673

 

 

 

1,377

 

Transmedics, Inc.

 

Surgical Devices

 

Equity

 

Preferred Series B

 

 

88,961

 

 

 

1,100

 

 

 

507

 

 

 

Surgical Devices

 

Equity

 

Preferred Series C

 

 

119,999

 

 

 

300

 

 

 

388

 

 

 

Surgical Devices

 

Equity

 

Preferred Series D

 

 

260,000

 

 

 

650

 

 

 

1,243

 

 

 

Surgical Devices

 

Equity

 

Preferred Series F

 

 

100,200

 

 

 

500

 

 

 

600

 

Total Transmedics, Inc.

 

 

 

 

 

 

 

 

569,160

 

 

 

2,550

 

 

 

2,738

 

Subtotal: Surgical Devices (0.50%)*

 

 

 

 

 

 

 

 

 

 

4,223

 

 

 

4,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flywheel Building Intelligence, Inc. (p.k.a. SCIEnergy, Inc.)

 

Sustainable and Renewable Technology

 

Equity

 

Common Stock

 

 

19,250

 

 

 

761

 

 

 

 

Glori Energy, Inc. (3)

 

Sustainable and Renewable Technology

 

Equity

 

Common Stock

 

 

18,208

 

 

 

165

 

 

 

 

Modumetal, Inc.

 

Sustainable and Renewable Technology

 

Equity

 

Preferred Series C

 

 

3,107,520

 

 

 

500

 

 

 

551

 

Proterra, Inc.

 

Sustainable and Renewable Technology

 

Equity

 

Preferred Series 5

 

 

99,280

 

 

 

500

 

 

 

516

 

Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6)

 

Sustainable and Renewable Technology

 

Equity

 

Common Stock

 

 

333

 

 

 

61,502

 

 

 

8,288

 

Subtotal: Sustainable and Renewable Technology (1.14%)*

 

 

 

 

 

 

 

 

 

 

63,428

 

 

 

9,355

 

Total: Equity Investments (9.21%)*

 

 

 

 

 

 

 

 

 

 

135,080

 

 

 

75,316

 

 

See notes to consolidated financial statements.

15


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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

 

 

$

202

 

Labcyte, Inc. (15)

 

Biotechnology Tools

 

Warrant

 

Preferred Series C

 

 

1,127,624

 

 

 

323

 

 

 

397

 

Subtotal: Biotechnology Tools (0.07%)*

 

 

 

 

 

 

 

 

 

 

430

 

 

 

599

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PeerApp, Inc.

 

Communications & Networking

 

Warrant

 

Preferred Series B

 

 

298,779

 

 

 

61

 

 

 

27

 

Peerless Network Holdings, Inc.

 

Communications & Networking

 

Warrant

 

Preferred Series A

 

 

135,000

 

 

 

95

 

 

 

345

 

Spring Mobile Solutions, Inc.

 

Communications & Networking

 

Warrant

 

Common Stock

 

 

2,834,375

 

 

 

418

 

 

 

 

Subtotal: Communications & Networking (0.05%)*

 

 

 

 

 

 

 

 

 

 

574

 

 

 

372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation) (15)

 

Consumer & Business Products

 

Warrant

 

Common Stock

 

 

1,662,441

 

 

 

228

 

 

 

 

Intelligent Beauty, Inc. (15)

 

Consumer & Business Products

 

Warrant

 

Preferred Series B

 

 

190,234

 

 

 

230

 

 

 

288

 

The Neat Company (15)

 

Consumer & Business Products

 

Warrant

 

Preferred Series C-1

 

 

540,540

 

 

 

365

 

 

 

 

Subtotal: Consumer & Business Products (0.04%)*

 

 

 

 

 

 

 

 

 

 

823

 

 

 

288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (3)(9)(15)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

176,730

 

 

 

785

 

 

 

36

 

Agile Therapeutics, Inc. (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

180,274

 

 

 

730

 

 

 

136

 

Aprecia Pharmaceuticals Company

 

Drug Delivery

 

Warrant

 

Preferred Series A-1

 

 

735,981

 

 

 

366

 

 

 

31

 

BIND Therapeutics, Inc. (15)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

152,586

 

 

 

488

 

 

 

 

BioQ Pharma Incorporated

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

459,183

 

 

 

1

 

 

 

379

 

Celsion Corporation (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

13,927

 

 

 

428

 

 

 

 

Dance Biopharm, Inc. (15)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

110,882

 

 

 

74

 

 

 

 

Edge Therapeutics, Inc. (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

78,595

 

 

 

390

 

 

 

266

 

Kaleo, Inc. (p.k.a. Intelliject, Inc.)

 

Drug Delivery

 

Warrant

 

Preferred Series B

 

 

82,500

 

 

 

594

 

 

 

306

 

Neos Therapeutics, Inc. (3)(15)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

70,833

 

 

 

285

 

 

 

25

 

Pulmatrix Inc. (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

25,150

 

 

 

116

 

 

 

14

 

ZP Opco, Inc (p.k.a. Zosano Pharma) (3)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

72,379

 

 

 

266

 

 

 

5

 

Subtotal: Drug Delivery (0.15%)*

 

 

 

 

 

 

 

 

 

 

4,523

 

 

 

1,198

 

 

See notes to consolidated financial statements.

16


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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

 

 

$

15

 

Anthera Pharmaceuticals, Inc. (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

5,022

 

 

 

984

 

 

 

 

Audentes Therapeutics, Inc (3)(9)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

9,914

 

 

 

62

 

 

 

82

 

Auris Medical Holding, AG (3)(4)(9)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

156,726

 

 

 

249

 

 

 

21

 

Aveo Pharmaceuticals, Inc. (3)(9)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

2,069,880

 

 

 

396

 

 

 

2,089

 

Axovant Sciences Ltd. (3)(4)(9)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

274,086

 

 

 

1,269

 

 

 

3,237

 

Brickell Biotech, Inc.

 

Drug Discovery & Development

 

Warrant

 

Preferred Series C

 

 

26,086

 

 

 

119

 

 

 

124

 

Cerecor, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

22,328

 

 

 

70

 

 

 

 

Cerulean Pharma, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

171,901

 

 

 

369

 

 

 

17

 

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

 

 

 

1

 

Concert Pharmaceuticals, Inc. (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

132,069

 

 

 

545

 

 

 

369

 

CTI BioPharma Corp. (p.k.a. Cell Therapeutics, Inc.) (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

29,239

 

 

 

165

 

 

 

4

 

CytRx Corporation (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

634,146

 

 

 

416

 

 

 

150

 

Dicerna Pharmaceuticals, Inc. (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

200

 

 

 

28

 

 

 

 

Epirus Biopharmaceuticals, Inc.

 

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

 

 

 

54

 

Genocea Biosciences, Inc. (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

73,725

 

 

 

266

 

 

 

86

 

Immune Pharmaceuticals (3)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

10,742

 

 

 

164

 

 

 

 

Melinta Therapeutics

 

Drug Discovery & Development

 

Warrant

 

Preferred Series 3

 

 

1,382,323

 

 

 

626

 

 

 

564

 

Nanotherapeutics, Inc. (15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

171,389

 

 

 

838

 

 

 

245

 

Neothetics, Inc. (p.k.a. Lithera, Inc) (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

46,838

 

 

 

266

 

 

 

11

 

Neuralstem, Inc. (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

5,783

 

 

 

77

 

 

 

2

 

Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

75,214

 

 

 

178

 

 

 

477

 

PhaseRx,Inc. (3)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

63,000

 

 

 

125

 

 

 

4

 

Savara Inc. (p.k.a. Mast Therapeutics, Inc.)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

32,467

 

 

 

203

 

 

 

50

 

Sorrento Therapeutics, Inc.

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

306,748

 

 

 

890

 

 

 

180

 

Stealth Bio Therapeutics Corp.

 

Drug Discovery & Development

 

Warrant

 

Preferred Series A

 

 

487,500

 

 

 

116

 

 

 

116

 

uniQure B.V.

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

37,174

 

 

 

218

 

 

 

10

 

XOMA Corporation

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

9,063

 

 

 

279

 

 

 

10

 

Subtotal: Drug Discovery & Development (0.97%)*

 

 

 

 

 

 

 

 

 

 

10,226

 

 

 

7,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

908 DEVICES INC. (15)

 

Electronics & Computer Hardware

 

Warrant

 

Preferred Series D

 

 

79,856

 

 

 

100

 

 

 

114

 

Clustrix, Inc.

 

Electronics & Computer Hardware

 

Warrant

 

Common Stock

 

 

50,000

 

 

 

12

 

 

 

 

Subtotal: Electronics & Computer Hardware (0.01%)*

 

 

 

 

 

 

 

 

 

 

112

 

 

 

114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chromadex Corporation (3)(15)

 

Healthcare Services, Other

 

Warrant

 

Common Stock

 

 

139,673

 

 

 

157

 

 

 

155

 

Subtotal: Healthcare Services, Other (0.02%)*

 

 

 

 

 

 

 

 

 

 

157

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INMOBI Inc. (4)(9)

 

Information Services

 

Warrant

 

Common Stock

 

 

46,874

 

 

 

82

 

 

 

 

InXpo, Inc. (15)

 

Information Services

 

Warrant

 

Preferred Series C

 

 

648,400

 

 

 

98

 

 

 

15

 

 

 

Information Services

 

Warrant

 

Preferred Series C-1

 

 

1,165,183

 

 

 

74

 

 

 

27

 

Total InXpo, Inc.

 

 

 

 

 

 

 

 

1,813,583

 

 

 

172

 

 

 

42

 

MDX Medical, Inc. (15)

 

Information Services

 

Warrant

 

Common Stock

 

 

2,250,000

 

 

 

246

 

 

 

215

 

RichRelevance, Inc.

 

Information Services

 

Warrant

 

Preferred Series E

 

 

112,612

 

 

 

98

 

 

 

 

Subtotal: Information Services (0.03%)*

 

 

 

 

 

 

 

 

 

 

598

 

 

 

257

 

 

See notes to consolidated financial statements.

17


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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

 

 

$

 

Blurb, Inc. (15)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

234,280

 

 

 

636

 

 

 

61

 

CashStar, Inc. (15)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C-2

 

 

727,272

 

 

 

130

 

 

 

30

 

ClearObject, Inc. (p.k.a. CloudOne, Inc.)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series E

 

 

968,992

 

 

 

19

 

 

 

112

 

Intent Media, Inc. (15)

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

140,077

 

 

 

168

 

 

 

148

 

Just Fabulous, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

206,184

 

 

 

1,102

 

 

 

1,850

 

Lightspeed POS, Inc. (4)(9)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

245,610

 

 

 

20

 

 

 

25

 

LogicSource (15)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

79,625

 

 

 

30

 

 

 

32

 

Oportun (p.k.a. Progress Financial)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series G

 

 

174,562

 

 

 

78

 

 

 

175

 

ShareThis, Inc. (15)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

493,502

 

 

 

547

 

 

 

 

Snagajob.com, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series A

 

 

1,575,000

 

 

 

640

 

 

 

782

 

Tapjoy, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series D

 

 

748,670

 

 

 

316

 

 

 

1

 

Subtotal: Internet Consumer & Business Services (0.39%)*

 

 

 

 

 

 

 

 

 

 

3,759

 

 

 

3,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FanDuel, Inc.

 

Media/Content/Info

 

Warrant

 

Preferred Series E-1

 

 

4,648

 

 

 

730

 

 

 

851

 

Machine Zone, Inc. (16)

 

Media/Content/Info

 

Warrant

 

Common Stock

 

 

1,552,710

 

 

 

1,958

 

 

 

4,484

 

Rhapsody International, Inc. (15)

 

Media/Content/Info

 

Warrant

 

Common Stock

 

 

715,755

 

 

 

385

 

 

 

17

 

WP Technology, Inc. (Wattpad, Inc.) (4)(9)

 

Media/Content/Info

 

Warrant

 

Common Stock

 

 

255,818

 

 

 

4

 

 

 

8

 

Zoom Media Group, Inc.

 

Media/Content/Info

 

Warrant

 

Preferred Series A

 

 

1,204

 

 

 

348

 

 

 

21

 

Subtotal: Media/Content/Info (0.66%)*

 

 

 

 

 

 

 

 

 

 

3,425

 

 

 

5,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amedica Corporation (3)(15)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

103,225

 

 

 

459

 

 

 

5

 

Aspire Bariatrics, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series B-1

 

 

112,858

 

 

 

455

 

 

 

303

 

Avedro, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series AA

 

 

300,000

 

 

 

401

 

 

 

316

 

Flowonix Medical Incorporated

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series AA

 

 

155,325

 

 

 

362

 

 

 

 

Gelesis, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A-1

 

 

74,784

 

 

 

78

 

 

 

215

 

InspireMD, Inc. (3)(4)(9)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

39,364

 

 

 

242

 

 

 

1

 

IntegenX, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series C

 

 

547,752

 

 

 

15

 

 

 

33

 

Medrobotics Corporation (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series E

 

 

455,539

 

 

 

370

 

 

 

360

 

Micell Technologies, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D-2

 

 

84,955

 

 

 

262

 

 

 

277

 

NetBio, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A

 

 

7,841

 

 

 

408

 

 

 

123

 

NinePoint Medical, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A-1

 

 

587,840

 

 

 

170

 

 

 

73

 

Optiscan Biomedical, Corp. (5)(15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

10,535,275

 

 

 

1,252

 

 

 

180

 

Outset Medical, Inc. (p.k.a. Home Dialysis Plus, Inc.)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A

 

 

500,000

 

 

 

402

 

 

 

410

 

Quanterix Corporation

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series C

 

 

173,428

 

 

 

180

 

 

 

82

 

 

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

38,828

 

 

 

25

 

 

 

16

 

Total Quanterix Corporation

 

 

 

 

 

 

 

 

212,256

 

 

 

205

 

 

 

98

 

Sebacia (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

778,301

 

 

 

133

 

 

 

133

 

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

 

 

13,864

 

 

 

402

 

 

 

 

Tela Bio, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series B

 

 

129,310

 

 

 

20

 

 

 

12

 

ViewRay, Inc. (3)(15)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

128,231

 

 

 

333

 

 

 

130

 

Subtotal: Medical Devices & Equipment (0.33%)*

 

 

 

 

 

 

 

 

 

 

6,157

 

 

 

2,669

 

 

See notes to consolidated financial statements.

18


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Series

 

Shares

 

 

Cost(2)

 

 

Value(3)

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation (15)

 

Semiconductors

 

Warrant

 

Preferred Series C

 

 

360,000

 

 

$

160

 

 

$

15

 

 

 

Semiconductors

 

Warrant

 

Preferred Series D-2

 

 

750,000

 

 

 

99

 

 

 

307

 

Total Achronix Semiconductor Corporation

 

 

 

 

 

 

1,110,000

 

 

 

259

 

 

 

322

 

Aquantia Corp.

 

Semiconductors

 

Warrant

 

Preferred Series G

 

 

196,831

 

 

 

4

 

 

 

168

 

Avnera Corporation

 

Semiconductors

 

Warrant

 

Preferred Series E

 

 

141,567

 

 

 

46

 

 

 

114

 

Subtotal: Semiconductors (0.07%)*

 

 

 

 

 

 

 

 

 

 

309

 

 

 

604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actifio, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

73,584

 

 

 

249

 

 

 

79

 

 

 

Software

 

Warrant

 

Preferred Series F

 

 

31,673

 

 

 

343

 

 

 

60

 

Total Actifio, Inc.

 

 

 

 

 

 

105,257

 

 

 

592

 

 

 

139

 

Braxton Technologies, LLC

 

Software

 

Warrant

 

Preferred Series A

 

 

168,750

 

 

 

188

 

 

 

 

CareCloud Corporation (15)

 

Software

 

Warrant

 

Preferred Series B

 

 

413,433

 

 

 

258

 

 

 

634

 

Clickfox, Inc. (15)

 

Software

 

Warrant

 

Preferred Series B

 

 

1,038,563

 

 

 

330

 

 

 

152

 

 

 

Software

 

Warrant

 

Preferred Series C

 

 

592,019

 

 

 

730

 

 

 

183

 

 

 

Software

 

Warrant

 

Preferred Series C-A

 

 

2,218,214

 

 

 

230

 

 

 

3,673

 

Total Clickfox, Inc.

 

 

 

 

 

 

3,848,796

 

 

 

1,290

 

 

 

4,008

 

Cloud Technology Partners, Inc.

 

Software

 

Warrant

 

Preferred Series C

 

 

113,960

 

 

 

34

 

 

 

4

 

Evernote Corporation (15)

 

Software

 

Warrant

 

Common Stock

 

 

62,500

 

 

 

106

 

 

 

131

 

Fuze, Inc. (15)

 

Software

 

Warrant

 

Preferred Series F

 

 

256,158

 

 

 

89

 

 

 

89

 

JumpStart Games, Inc. (p.k.a Knowledge Holdings, Inc.) (15)

 

Software

 

Warrant

 

Preferred Series E

 

 

614,333

 

 

 

16

 

 

 

 

Mattersight Corporation (3)

 

Software

 

Warrant

 

Common Stock

 

 

357,143

 

 

 

538

 

 

 

173

 

Message Systems, Inc. (15)

 

Software

 

Warrant

 

Preferred Series C

 

 

503,718

 

 

 

334

 

 

 

306

 

Mobile Posse, Inc. (15)

 

Software

 

Warrant

 

Preferred Series C

 

 

396,430

 

 

 

130

 

 

 

130

 

Neos, Inc. (15)

 

Software

 

Warrant

 

Common Stock

 

 

221,150

 

 

 

22

 

 

 

18

 

NewVoiceMedia Limited (4)(9)

 

Software

 

Warrant

 

Preferred Series E

 

 

225,586

 

 

 

33

 

 

 

125

 

OneLogin, Inc. (15)

 

Software

 

Warrant

 

Common Stock

 

 

228,972

 

 

 

150

 

 

 

348

 

Poplicus, Inc. (15)

 

Software

 

Warrant

 

Preferred Series C

 

 

2,595,230

 

 

 

 

 

 

5

 

Quid, Inc. (15)

 

Software

 

Warrant

 

Preferred Series D

 

 

71,576

 

 

 

1

 

 

 

5

 

RedSeal Inc. (15)

 

Software

 

Warrant

 

Preferred Series C-Prime

 

 

640,603

 

 

 

66

 

 

 

81

 

Signpost, Inc. (15)

 

Software

 

Warrant

 

Preferred Series C

 

 

324,005

 

 

 

314

 

 

 

130

 

Sonian, Inc. (15)

 

Software

 

Warrant

 

Preferred Series C

 

 

185,949

 

 

 

106

 

 

 

109

 

Wrike, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

139,751

 

 

 

462

 

 

 

691

 

Subtotal: Software (0.87%)*

 

 

 

 

 

 

 

 

 

 

4,729

 

 

 

7,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alimera Sciences, Inc. (3)

 

Specialty Pharmaceuticals

 

Warrant

 

Common Stock

 

 

1,717,709

 

 

 

861

 

 

 

584

 

Subtotal: Specialty Pharmaceuticals (0.07%)*

 

 

 

 

 

 

 

 

 

 

861

 

 

 

584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc. (15)

 

Surgical Devices

 

Warrant

 

Preferred Series C

 

 

180,480

 

 

 

75

 

 

 

14

 

 

 

Surgical Devices

 

Warrant

 

Preferred Series D

 

 

1,575,965

 

 

 

320

 

 

 

278

 

Total Gynesonics, Inc.

 

 

 

 

 

 

 

 

1,756,445

 

 

 

395

 

 

 

292

 

Transmedics, Inc.

 

Surgical Devices

 

Warrant

 

Preferred Series B

 

 

40,436

 

 

 

225

 

 

 

12

 

 

 

Surgical Devices

 

Warrant

 

Preferred Series D

 

 

175,000

 

 

 

100

 

 

 

543

 

 

 

Surgical Devices

 

Warrant

 

Preferred Series F

 

 

50,544

 

 

 

38

 

 

 

66

 

Total Transmedics, Inc.

 

 

 

 

 

 

 

 

265,980

 

 

 

363

 

 

 

621

 

Subtotal: Surgical Devices (0.11%)*

 

 

 

 

 

 

 

 

 

 

758

 

 

 

913

 

 

See notes to consolidated financial statements.

19


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2017

(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

 

 

$

110

 

Alphabet Energy, Inc. (15)

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series 1B

 

 

13,667

 

 

 

82

 

 

 

 

American Superconductor Corporation (3)

 

Sustainable and Renewable Technology

 

Warrant

 

Common Stock

 

 

58,823

 

 

 

39

 

 

 

29

 

Brightsource Energy, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series 1

 

 

116,666

 

 

 

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

 

 

 

51

 

Fluidic, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series D

 

 

61,804

 

 

 

102

 

 

 

4

 

Flywheel Building Intelligence, Inc. (p.k.a. 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 Flywheel Building Intelligence, Inc. (p.k.a. SCIEnergy, Inc.)

 

 

 

 

 

 

537,040

 

 

 

231

 

 

 

 

Fulcrum Bioenergy, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series C-1

 

 

280,897

 

 

 

275

 

 

 

292

 

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

 

 

 

 

Proterra, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series 4

 

 

477,517

 

 

 

41

 

 

 

548

 

Rive Technology, Inc. (15)

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series E

 

 

234,477

 

 

 

12

 

 

 

4

 

Stion Corporation (5)

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series Seed

 

 

2,154

 

 

 

1,378

 

 

 

 

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

 

 

 

98

 

Subtotal: Sustainable and Renewable Technology (0.14%)*

 

 

 

 

 

 

 

 

 

 

4,579

 

 

 

1,136

 

Total: Warrant Investments (3.98%)*

 

 

 

 

 

 

 

 

 

 

42,020

 

 

 

32,530

 

Total Investments (170.71%)*

 

 

 

 

 

 

 

 

 

$

1,501,139

 

 

$

1,395,469

 

 

*

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 unrealized depreciation for federal income tax purposes totaled $22.2 million, $135.8 million and $113.6 million respectively. The tax cost of investments is $1.5 billion.

(3)

Except for warrants in 39 publicly traded companies and common stock in 17 publicly traded companies, all investments are restricted at June 30, 2017 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, 2017, and is therefore considered non-income producing. Note that at June 30, 2017, only the $11.0 million PIK, or payment-in-kind, 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 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 Bank Facility (as defined in Note 4).

(13)

Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments.

(14)

Denotes that all or a portion of the 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.

(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 small business investment companies, or 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, 2017.

(17)

Denotes that there is an unfunded contractual commitment available at the request of this portfolio company at June 30, 2017. Refer to Note 10.

(18)

Repayment of debt investment is delinquent of the contractual maturity date as of June 30, 2017.

(19)

The stated PIK interest rate may be reduced to 1.45% subject to achievement of a milestone by the portfolio company.

 

 


See notes to consolidated financial statements.

20


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2016

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost(2)

 

 

Value(3)

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exicure, Inc. (11) (14A)

 

Biotechnology Tools

 

Senior Secured

 

September 2019

 

Interest rate PRIME + 6.45%

or Floor rate of 9.95%

 

$

6,000

 

 

$

5,971

 

 

$

6,035

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

5,971

 

 

 

6,035

 

Subtotal: Biotechnology Tools (0.77%)*

 

 

 

 

 

 

 

 

 

 

 

 

5,971

 

 

 

6,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achilles Technology Management Co II, Inc. (6) (13) (14B)

 

Communications & Networking

 

Senior Secured

 

August 2017

 

PIK Interest 10.50%

 

$

1,278

 

 

 

1,304

 

 

 

1,304

 

OpenPeak, Inc. (7)

 

Communications & Networking

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 8.75%

or Floor rate of 12.00%

 

$

12,211

 

 

 

8,975

 

 

 

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

10,279

 

 

 

1,304

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avanti Communications Group (4) (9)

 

Communications & Networking

 

Senior Secured

 

October 2019

 

Interest rate FIXED 10.00%

 

$

8,025

 

 

 

7,212

 

 

 

4,825

 

SkyCross, Inc. (6) (7) (13) (14B) (15)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate FIXED 10.95%,

PIK Interest 5.00%

 

$

16,758

 

 

 

16,900

 

 

 

 

Spring Mobile Solutions, Inc. (12) (14B)

 

Communications & Networking

 

Senior Secured

 

January 2019