UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For The Quarterly Period Ended March 31, 2019
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 |
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74-3113410 |
|
(State or Jurisdiction of Incorporation or Organization) |
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(IRS Employer Identification Number) |
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400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices) |
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94301 (Zip Code) |
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(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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☒ |
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Accelerated filer |
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☐ |
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|||
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Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
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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. |
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☐ |
||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Common Shares, par value $0.001 per share |
HTGC |
New York Stock Exchange |
|
5.25% Notes due 2025 |
HCXZ |
New York Stock Exchange |
|
6.25% Notes due 2033 |
HCXY |
New York Stock Exchange |
On April 29, 2019, there were 97,208,899 shares outstanding of the Registrant’s common stock, $0.001 par value.
FORM 10-Q TABLE OF CONTENTS
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3 |
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Item 1. |
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3 |
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3 |
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Consolidated Statement of Operations for the three months ended March 31, 2019 and 2018 (unaudited) |
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5 |
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6 |
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Consolidated Statement of Cash Flows for the three months ended March 31, 2019 and 2018 (unaudited) |
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7 |
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Consolidated Schedule of Investments as of March 31, 2019 (unaudited) |
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9 |
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Consolidated Schedule of Investments as of December 31, 2018 (unaudited) |
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24 |
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40 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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74 |
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Item 3. |
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92 |
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Item 4. |
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93 |
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94 |
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Item 1. |
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94 |
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Item 1A. |
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94 |
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Item 2. |
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96 |
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Item 3. |
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96 |
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Item 4. |
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96 |
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Item 5. |
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96 |
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Item 6. |
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97 |
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100 |
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2
In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts on or after February 25, 2016 and “Hercules Technology Growth Capital, Inc.” and its wholly owned subsidiaries and its affiliated securitization trusts prior to February 25, 2016, unless the context otherwise requires.
HERCULES CAPITAL, INC.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(unaudited)
(in thousands, except per share data)
|
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments (cost of $2,000,508 and $1,830,725, respectively) |
|
$ |
2,003,062 |
|
|
$ |
1,801,258 |
|
|
Control investments (cost of $64,968 and $64,799, respectively) |
|
|
54,913 |
|
|
|
57,619 |
|
|
Affiliate investments (cost of $87,787 and $85,000, respectively) |
|
|
23,067 |
|
|
|
21,496 |
|
|
Total investments in securities, at value (cost of $2,153,263 and $1,980,524, respectively) |
|
|
2,081,042 |
|
|
|
1,880,373 |
|
|
Cash and cash equivalents |
|
|
16,465 |
|
|
|
34,212 |
|
|
Restricted cash |
|
|
10,149 |
|
|
|
11,645 |
|
|
Interest receivable |
|
|
18,366 |
|
|
|
16,959 |
|
|
Right of use asset (1) |
|
|
8,856 |
|
|
|
— |
|
|
Other assets |
|
|
3,753 |
|
|
|
2,002 |
|
|
Total assets |
|
$ |
2,138,631 |
|
|
$ |
1,945,191 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
18,256 |
|
|
$ |
25,961 |
|
|
Operating lease liability (1) |
|
|
8,856 |
|
|
|
— |
|
|
SBA Debentures, net (principal of $149,000 and $149,000, respectively) |
|
|
147,783 |
|
|
|
147,655 |
|
|
2022 Notes, net (principal of $150,000 and $150,000, respectively) (2) |
|
|
148,121 |
|
|
|
147,990 |
|
|
2024 Notes, net (principal of $0 and $83,510, respectively) (2) |
|
|
— |
|
|
|
81,852 |
|
|
2025 Notes, net (principal of $75,000 and $75,000, respectively) (2) |
|
|
72,685 |
|
|
|
72,590 |
|
|
2033 Notes, net (principal of $40,000 and $40,000, respectively) (2) |
|
|
38,420 |
|
|
|
38,427 |
|
|
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) (2) |
|
|
197,102 |
|
|
|
197,265 |
|
|
2028 Asset-Backed Notes, net (principal of $250,000 and $0, respectively) (2) |
|
|
247,352 |
|
|
|
— |
|
|
2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) (2) |
|
|
225,441 |
|
|
|
225,051 |
|
|
Credit Facilities |
|
|
44,266 |
|
|
|
52,956 |
|
|
Total liabilities |
|
$ |
1,148,282 |
|
|
$ |
989,747 |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
96 |
|
|
|
96 |
|
|
Capital in excess of par value |
|
|
1,051,427 |
|
|
|
1,052,269 |
|
|
Total distributable earnings (loss) (3) |
|
|
(61,174 |
) |
|
|
(92,859 |
) |
|
Treasury Stock, at cost, no shares as of March 31, 2019 and 376,466 shares as of December 31, 2018 |
|
|
— |
|
|
|
(4,062 |
) |
|
Total net assets |
|
$ |
990,349 |
|
|
$ |
955,444 |
|
|
Total liabilities and net assets |
|
$ |
2,138,631 |
|
|
$ |
1,945,191 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized) |
|
|
96,543 |
|
|
|
96,501 |
|
|
Net asset value per share |
|
$ |
10.26 |
|
|
$ |
9.90 |
|
|
(1) |
See “Note 2 – Summary of Significant Accounting Policies” for a description of Right of use asset and Operating lease liability. |
|
(2) |
The Company’s SBA debentures, 2022 Notes, 2024 Notes, 2025 Notes, 2033 Notes, 2027 Asset-Backed Notes, 2028 Asset-Backed Notes, and 2022 Convertible Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument. See “Note 4 – Borrowings”. |
|
(3) |
Certain prior year numbers have been adjusted to conform with the SEC final rules on disclosure updates and simplification effective November 5, 2018. See Note 2. |
See notes to consolidated financial statements.
3
The following table presents the assets and liabilities of our consolidated securitization trusts for the 2027 Asset-Backed Notes and the 2028 Asset-Backed Notes (see Note 4), which are variable interest entities, or VIEs. The assets of our securitization VIEs can only be used to settle obligations of our consolidated securitization VIEs, these liabilities are only the obligations of our consolidated securitization VIEs, 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) |
|
March 31, 2019 |
|
|
December 31, 2018 |
|
||||
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Assets |
|
|
|
|
|
|
|
|
||
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Restricted Cash |
|
$ |
10,149 |
|
|
$ |
11,645 |
|
||
|
2027 Asset-Backed Notes, investments in securities, at value (cost of $290,242 and $279,373, respectively) |
|
|
289,556 |
|
|
|
277,781 |
|
||
|
2028 Asset-Backed Notes, investments in securities, at value (cost of $356,677 and $0, respectively) |
|
|
357,416 |
|
|
|
— |
|
||
|
Total assets |
|
$ |
657,121 |
|
|
$ |
289,426 |
|
||
|
|
|
|
|
|
|
|
|
|
||
|
Liabilities |
|
|
|
|
|
|
|
|
||
|
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) (1) |
|
$ |
197,102 |
|
|
$ |
197,265 |
|
||
|
2028 Asset-Backed Notes, net (principal of $250,000 and $0, respectively) (1) |
|
|
247,352 |
|
|
|
— |
|
||
|
Total liabilities |
|
$ |
444,454 |
|
|
$ |
197,265 |
|
||
|
(1) |
The Company’s 2027 Asset-Backed Notes and the 2028 Asset-Backed Notes are presented net of the associated debt issuance costs. See “Note 4 – Borrowings”. |
See notes to consolidated financial statements.
4
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2019 |
|
|
2018 |
|
||
|
Investment income: |
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
$ |
53,941 |
|
|
$ |
41,834 |
|
|
Control investments |
|
1,024 |
|
|
|
586 |
|
|
Affiliate investments |
|
508 |
|
|
|
561 |
|
|
Total interest income |
|
55,473 |
|
|
|
42,981 |
|
|
Fee income |
|
|
|
|
|
|
|
|
Commitment, facility and loan fee income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
2,450 |
|
|
|
2,440 |
|
|
Control investments |
|
4 |
|
|
|
— |
|
|
Affiliate investments |
|
88 |
|
|
|
108 |
|
|
Total commitment, facility and loan fee income |
|
2,542 |
|
|
|
2,548 |
|
|
One-time fee income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
780 |
|
|
|
3,171 |
|
|
Total one-time fee income |
|
780 |
|
|
|
3,171 |
|
|
Total fee income |
|
3,322 |
|
|
|
5,719 |
|
|
Total investment income |
|
58,795 |
|
|
|
48,700 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Interest |
|
12,555 |
|
|
|
9,386 |
|
|
Loan fees |
|
3,009 |
|
|
|
1,175 |
|
|
General and administrative |
|
4,153 |
|
|
|
4,009 |
|
|
Employee compensation: |
|
|
|
|
|
|
|
|
Compensation and benefits |
|
6,623 |
|
|
|
5,758 |
|
|
Stock-based compensation |
|
3,422 |
|
|
|
2,309 |
|
|
Total employee compensation |
|
10,045 |
|
|
|
8,067 |
|
|
Total operating expenses |
|
29,762 |
|
|
|
22,637 |
|
|
Net investment income |
|
29,033 |
|
|
|
26,063 |
|
|
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
4,555 |
|
|
|
(3,512 |
) |
|
Control investments |
|
— |
|
|
|
(1,408 |
) |
|
Total net realized gain (loss) on investments |
|
4,555 |
|
|
|
(4,920 |
) |
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
32,091 |
|
|
|
(14,340 |
) |
|
Control investments |
|
(2,875 |
) |
|
|
(620 |
) |
|
Affiliate investments |
|
(1,219 |
) |
|
|
(237 |
) |
|
Total net unrealized appreciation (depreciation) on investments |
|
27,997 |
|
|
|
(15,197 |
) |
|
Total net realized and unrealized gain (loss) |
|
32,552 |
|
|
|
(20,117 |
) |
|
Net increase (decrease) in net assets resulting from operations |
$ |
61,585 |
|
|
$ |
5,946 |
|
|
|
|
|
|
|
|
|
|
|
Net investment income before investment gains and losses per common share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
|
$ |
0.31 |
|
|
Change in net assets resulting from operations per common share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.64 |
|
|
$ |
0.07 |
|
|
Diluted |
$ |
0.64 |
|
|
$ |
0.07 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
96,218 |
|
|
|
84,596 |
|
|
Diluted |
|
96,508 |
|
|
|
84,666 |
|
|
Distributions paid per common share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.31 |
|
|
$ |
0.31 |
|
See notes to consolidated financial statements.
5
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
(dollars and shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital in |
|
|
Distributable |
|
|
|
|
|
|
|
|
|
||
|
|
Common Stock |
|
|
excess |
|
|
Earnings |
|
|
Treasury |
|
|
Net |
|
|||||||||
|
|
Shares |
|
|
Par Value |
|
|
of par value |
|
|
(loss)(2) |
|
|
Stock |
|
|
Assets |
|
||||||
|
Balance at December 31, 2017 |
|
84,424 |
|
|
$ |
85 |
|
|
$ |
908,501 |
|
|
$ |
(67,619 |
) |
|
$ |
— |
|
|
$ |
840,967 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,946 |
|
|
|
— |
|
|
|
5,946 |
|
|
Public offering, net of offering expenses |
|
478 |
|
|
|
— |
|
|
|
5,952 |
|
|
|
— |
|
|
|
— |
|
|
|
5,952 |
|
|
Issuance of common stock due to stock option exercises |
|
38 |
|
|
|
— |
|
|
|
432 |
|
|
|
— |
|
|
|
— |
|
|
|
432 |
|
|
Retired shares from net issuance |
|
(36 |
) |
|
|
— |
|
|
|
(446 |
) |
|
|
— |
|
|
|
— |
|
|
|
(446 |
) |
|
Issuance of common stock under restricted stock plan |
|
336 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(36 |
) |
|
|
— |
|
|
|
(446 |
) |
|
|
— |
|
|
|
— |
|
|
|
(446 |
) |
|
Distributions reinvested in common stock |
|
35 |
|
|
|
— |
|
|
|
426 |
|
|
|
— |
|
|
|
— |
|
|
|
426 |
|
|
Distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,419 |
) |
|
|
— |
|
|
|
(26,419 |
) |
|
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
2,319 |
|
|
|
— |
|
|
|
— |
|
|
|
2,319 |
|
|
Balance at March 31, 2018 |
|
85,239 |
|
|
$ |
85 |
|
|
$ |
916,738 |
|
|
$ |
(88,092 |
) |
|
$ |
— |
|
|
$ |
828,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2018 |
|
96,501 |
|
|
$ |
96 |
|
|
$ |
1,052,269 |
|
|
$ |
(92,859 |
) |
|
$ |
(4,062 |
) |
|
$ |
955,444 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61,585 |
|
|
|
— |
|
|
|
61,585 |
|
|
Public offering, net of offering expenses |
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
Issuance of common stock due to stock option exercises |
|
13 |
|
|
|
— |
|
|
|
154 |
|
|
|
— |
|
|
|
— |
|
|
|
154 |
|
|
Retired shares from net issuance |
|
(11 |
) |
|
|
— |
|
|
|
(159 |
) |
|
|
— |
|
|
|
— |
|
|
|
(159 |
) |
|
Issuance of common stock under restricted stock plan |
|
48 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retirement of common stock under repurchase plan |
|
— |
|
|
|
— |
|
|
|
(4,062 |
) |
|
|
— |
|
|
|
4,062 |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(55 |
) |
|
|
— |
|
|
|
(691 |
) |
|
|
— |
|
|
|
— |
|
|
|
(691 |
) |
|
Distributions reinvested in common stock |
|
47 |
|
|
|
— |
|
|
|
632 |
|
|
|
— |
|
|
|
— |
|
|
|
632 |
|
|
Distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,900 |
) |
|
|
— |
|
|
|
(29,900 |
) |
|
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
3,305 |
|
|
|
— |
|
|
|
— |
|
|
|
3,305 |
|
|
Balance at March 31, 2019 |
|
96,543 |
|
|
$ |
96 |
|
|
$ |
1,051,427 |
|
|
$ |
(61,174 |
) |
|
$ |
— |
|
|
$ |
990,349 |
|
|
(1) |
Stock-based compensation includes $7 and $10 of restricted stock and option expense related to director compensation for the three months ended March 31, 2019 and 2018, respectively. |
|
(2) |
Certain prior year numbers have been adjusted to conform with the SEC final rules on disclosure updates and simplification effective November 5, 2018. See Note 2. |
See notes to consolidated financial statements.
6
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(dollars in thousands)
|
|
For the Three Months Ended March 31, |
|
|||||
|
|
2019 |
|
|
2018 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
$ |
61,585 |
|
|
$ |
5,946 |
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Purchase of investments |
|
(239,702 |
) |
|
|
(236,285 |
) |
|
Principal and fee payments received on investments |
|
65,845 |
|
|
|
280,181 |
|
|
Proceeds from the sale of investments |
|
9,830 |
|
|
|
1,582 |
|
|
Net unrealized depreciation (appreciation) on investments |
|
(27,997 |
) |
|
|
15,197 |
|
|
Net realized loss (gain) on investments |
|
(4,555 |
) |
|
|
4,920 |
|
|
Accretion of paid-in-kind principal |
|
(2,099 |
) |
|
|
(2,507 |
) |
|
Accretion of loan discounts |
|
(737 |
) |
|
|
(763 |
) |
|
Accretion of loan discount on convertible notes |
|
168 |
|
|
|
168 |
|
|
Accretion of loan exit fees |
|
(5,199 |
) |
|
|
(4,407 |
) |
|
Change in deferred loan origination revenue |
|
3,754 |
|
|
|
631 |
|
|
Unearned fees related to unfunded commitments |
|
992 |
|
|
|
321 |
|
|
Amortization of debt fees and issuance costs |
|
2,653 |
|
|
|
840 |
|
|
Depreciation |
|
51 |
|
|
|
46 |
|
|
Stock-based compensation and amortization of restricted stock grants (1) |
|
3,305 |
|
|
|
2,319 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Interest and fees receivable |
|
(1,407 |
) |
|
|
1,175 |
|
|
Prepaid expenses and other assets |
|
(9,272 |
) |
|
|
1,870 |
|
|
Accounts payable |
|
(198 |
) |
|
|
(194 |
) |
|
Accrued liabilities |
|
1,417 |
|
|
|
(8,025 |
) |
|
Net cash provided by (used in) operating activities |
|
(141,566 |
) |
|
|
63,015 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of capital equipment |
|
(83 |
) |
|
|
(72 |
) |
|
Net cash provided by (used in) investing activities |
|
(83 |
) |
|
|
(72 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Issuance of common stock, net |
|
(43 |
) |
|
|
5,952 |
|
|
Retirement of employee shares |
|
(676 |
) |
|
|
(460 |
) |
|
Distributions paid |
|
(29,268 |
) |
|
|
(25,993 |
) |
|
Issuance of 2028 Asset-Backed Notes |
|
250,000 |
|
|
|
— |
|
|
Repayments of 2024 Notes |
|
(83,510 |
) |
|
|
— |
|
|
Repayments of 2021 Asset-Backed Notes |
|
— |
|
|
|
(15,577 |
) |
|
Borrowings of credit facilities |
|
110,834 |
|
|
|
— |
|
|
Repayments of credit facilities |
|
(119,523 |
) |
|
|
— |
|
|
Cash paid for debt issuance costs |
|
(2,965 |
) |
|
|
— |
|
|
Fees paid for credit facilities and debentures |
|
(2,443 |
) |
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
122,406 |
|
|
|
(36,078 |
) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(19,243 |
) |
|
|
26,865 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
45,857 |
|
|
|
94,995 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
26,614 |
|
|
$ |
121,860 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Distributions reinvested |
|
632 |
|
|
|
426 |
|
|
(1) |
Stock-based compensation includes $7 and $10 of restricted stock and option expense related to director compensation for the three months ended March 31, 2019 and 2018, respectively. |
See notes to consolidated financial statements.
7
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statement of Cash Flows:
|
|
For the Three Months Ended March 31, |
|
|||||
|
(Dollars in thousands) |
2019 |
|
|
2018 |
|
||
|
Cash and cash equivalents |
$ |
16,465 |
|
|
$ |
118,228 |
|
|
Restricted cash |
|
10,149 |
|
|
|
3,632 |
|
|
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows |
$ |
26,614 |
|
|
$ |
121,860 |
|
See “Note 2 – Summary of Significant Accounting Policies” for a description of restricted cash and cash equivalents.
See notes to consolidated financial statements.
8
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor (2) |
|
Principal Amount |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology Tools |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exicure, Inc. (11) |
|
Biotechnology Tools |
|
Senior Secured |
|
March 2020 |
|
Interest rate PRIME + 6.45% or Floor rate of 9.95%, 5.52% Exit Fee |
|
$ |
4,999 |
|
|
$ |
5,146 |
|
|
$ |
5,146 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
5,146 |
|
|
|
5,146 |
|
|||||||||
|
Subtotal: Biotechnology Tools (0.52%)* |
|
|
|
|
|
5,146 |
|
|
|
5,146 |
|
|||||||||
|
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WHOOP, INC. (12) |
|
Consumer & Business Products |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 3.75% or Floor rate of 8.50%, 6.95% Exit Fee |
|
$ |
6,000 |
|
|
|
6,083 |
|
|
|
6,097 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,083 |
|
|
|
6,097 |
|
|
Subtotal: Consumer & Business Products (0.62%)* |
|
|
|
|
|
|
6,083 |
|
|
|
6,097 |
|
||||||||
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar Business Capital, LLC (7) |
|
Diversified Financial Services |
|
Unsecured |
|
March 2023 |
|
Interest rate FIXED 14.50% |
|
$ |
15,000 |
|
|
|
14,741 |
|
|
|
14,903 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,741 |
|
|
|
14,903 |
|
|
Subtotal: Diversified Financial Services (1.50%)* |
|
|
|
|
|
14,741 |
|
|
|
14,903 |
|
|||||||||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AcelRx Pharmaceuticals, Inc. (11) |
|
Drug Delivery |
|
Senior Secured |
|
March 2020 |
|
Interest rate PRIME + 6.05% or Floor rate of 9.55%, 11.69% Exit Fee |
|
$ |
8,872 |
|
|
|
9,982 |
|
|
|
9,982 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
9,982 |
|
|
|
9,982 |
|
||||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Antares Pharma Inc. (10)(11)(15) |
|
Drug Delivery |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 4.50% or Floor rate of 9.50%, 4.25% Exit Fee |
|
$ |
25,000 |
|
|
|
25,393 |
|
|
|
25,390 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,393 |
|
|
|
25,390 |
|
|
Subtotal: Drug Delivery (3.57%)* |
|
|
|
|
|
|
35,375 |
|
|
|
35,372 |
|
||||||||
See notes to consolidated financial statements.
9
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor (2) |
|
Principal Amount |
|
|
Cost (3) |
|
|
Value (4) |
|
|||||||||
|
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Brickell Biotech, Inc. |
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2019 |
|
Interest rate PRIME + 5.70% or Floor rate of 9.20%, 7.82% Exit Fee |
|
$ |
4,013 |
|
|
$ |
4,536 |
|
|
$ |
3,195 |
|
||||||
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,536 |
|
|
|
3,195 |
|
||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Acacia Pharma Inc. (5)(10)(11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2022 |
|
Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee |
|
$ |
10,000 |
|
|
|
9,929 |
|
|
|
9,938 |
|
||||||
|
Aveo Pharmaceuticals, Inc. (11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 4.70% or Floor rate of 9.45%, 5.40% Exit Fee |
|
$ |
10,000 |
|
|
|
10,164 |
|
|
|
10,135 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee |
|
$ |
10,000 |
|
|
|
10,289 |
|
|
|
10,279 |
|
||||||
|
Total Aveo Pharmaceuticals, Inc. |
|
$ |
20,000 |
|
|
|
20,453 |
|
|
|
20,414 |
|
||||||||||||||
|
Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.) (5)(10)(11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2021 |
|
Interest rate PRIME + 6.80% or Floor rate of 10.55% |
|
$ |
45,293 |
|
|
|
44,700 |
|
|
|
44,627 |
|
||||||
|
BridgeBio Pharma LLC (13)(16) |
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 4.35% or Floor rate of 9.35%, 6.35% Exit Fee |
|
$ |
35,000 |
|
|
|
35,220 |
|
|
|
35,704 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 3.35% or Floor rate of 9.10%, 5.75% Exit Fee |
|
$ |
20,000 |
|
|
|
19,999 |
|
|
|
19,999 |
|
||||||
|
Total BridgeBio Pharma LLC |
|
|
|
|
|
|
|
|
|
$ |
55,000 |
|
|
|
55,219 |
|
|
|
55,703 |
|
||||||
|
Chemocentryx, Inc. (10)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2022 |
|
Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee |
|
$ |
20,000 |
|
|
|
20,054 |
|
|
|
20,379 |
|
||||||
|
Constellation Pharmaceuticals, Inc. (17) |
|
Drug Discovery & Development |
|
Senior Secured |
|
April 2023 |
|
Interest rate PRIME + 2.55% or Floor rate of 8.55%, 6.35% Exit Fee |
|
$ |
20,000 |
|
|
|
19,847 |
|
|
|
19,847 |
|
||||||
|
Genocea Biosciences, Inc. (11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
May 2021 |
|
Interest rate PRIME + 2.75% or Floor rate of 7.75%, 10.12% Exit Fee |
|
$ |
14,000 |
|
|
|
14,235 |
|
|
|
14,189 |
|
||||||
|
Merrimack Pharmaceuticals, Inc. (11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
August 2021 |
|
Interest rate PRIME + 4.00% or Floor rate of 9.25%, 5.55% Exit Fee |
|
$ |
15,000 |
|
|
|
15,122 |
|
|
|
15,073 |
|
||||||
|
Mesoblast (5)(10)(11)(16) |
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2022 |
|
Interest rate PRIME + 4.95% or Floor rate of 9.45%, 6.95% Exit Fee |
|
$ |
50,000 |
|
|
|
50,385 |
|
|
|
50,204 |
|
||||||
|
Metuchen Pharmaceuticals LLC (14) |
|
Drug Discovery & Development |
|
Senior Secured |
|
October 2020 |
|
Interest rate PRIME + 7.25% or Floor rate of 10.75%, PIK Interest 1.35%, 2.25% Exit Fee |
|
$ |
17,187 |
|
|
|
17,948 |
|
|
|
17,885 |
|
||||||
|
Motif BioSciences Inc. (5)(10)(11)(15) |
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.15% Exit Fee |
|
$ |
7,599 |
|
|
|
7,713 |
|
|
|
7,562 |
|
||||||
|
Myovant Sciences, Ltd. (5)(10)(11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
November 2021 |
|
Interest rate PRIME + 4.00% or Floor rate of 8.25%, 6.55% Exit Fee |
|
$ |
40,000 |
|
|
|
40,592 |
|
|
|
40,453 |
|
||||||
|
Nabriva Therapeutics (5)(10)(11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
June 2023 |
|
Interest rate PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee |
|
$ |
25,000 |
|
|
|
24,886 |
|
|
|
24,886 |
|
||||||
|
Paratek Pharmaceuticals, Inc. (10)(11)(15)(16) |
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee |
|
$ |
40,000 |
|
|
|
41,011 |
|
|
|
40,905 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee |
|
$ |
10,000 |
|
|
|
10,280 |
|
|
|
10,243 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 2.25% Exit Fee |
|
$ |
10,000 |
|
|
|
10,104 |
|
|
|
10,042 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
August 2022 |
|
Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee |
|
$ |
10,000 |
|
|
|
10,070 |
|
|
|
9,975 |
|
||||||
|
Total Paratek Pharmaceuticals, Inc. |
|
$ |
70,000 |
|
|
|
71,465 |
|
|
|
71,165 |
|
||||||||||||||
|
Stealth Bio Therapeutics Corp. (5)(10)(11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2021 |
|
Interest rate PRIME + 5.50% or Floor rate of 9.50%, 6.68% Exit Fee |
|
$ |
17,220 |
|
|
|
17,746 |
|
|
|
17,783 |
|
||||||
|
TG Therapeutics, Inc. (10)(13) |
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2022 |
|
Interest rate PRIME + 5.50% or Floor rate of 10.25%, 3.25% Exit Fee |
|
$ |
30,000 |
|
|
|
29,148 |
|
|
|
29,148 |
|
||||||
|
Tricida, Inc. (11)(15)(17) |
|
Drug Discovery & Development |
|
Senior Secured |
|
April 2023 |
|
Interest rate PRIME + 2.35% or Floor rate of 8.35%, 14.10% Exit Fee |
|
$ |
40,000 |
|
|
|
39,564 |
|
|
|
39,558 |
|
||||||
|
uniQure B.V. (5)(10)(11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
June 2023 |
|
Interest rate PRIME + 3.35% or Floor rate of 8.85%, 7.72% Exit Fee |
|
$ |
35,000 |
|
|
|
35,677 |
|
|
|
35,486 |
|
||||||
|
Urovant Sciences, Ltd. (10)(13)(17) |
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2022 |
|
Interest rate PRIME + 4.65% or Floor rate of 10.15%, 4.25% Exit Fee |
|
$ |
15,000 |
|
|
|
14,743 |
|
|
|
14,743 |
|
||||||
|
Verastem, Inc. (11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
5,000 |
|
|
|
5,092 |
|
|
|
5,121 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
5,000 |
|
|
|
5,105 |
|
|
|
5,125 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
5,000 |
|
|
|
5,084 |
|
|
|
5,103 |
|
||||||
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
10,000 |
|
|
|
10,100 |
|
|
|
10,088 |
|
||||||
|
Total Verastem, Inc. |
|
|
|
|
|
|
|
|
|
$ |
25,000 |
|
|
|
25,381 |
|
|
|
25,437 |
|
||||||
|
X4 Pharmaceuticals, Inc. (11) |
|
Drug Discovery & Development |
|
Senior Secured |
|
November 2021 |
|
Interest rate PRIME + 4.25% or Floor rate of 9.50%, 7.95% Exit Fee |
|
$ |
10,000 |
|
|
|
9,828 |
|
|
|
9,828 |
|
||||||
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
584,635 |
|
|
|
584,308 |
|
||||||
|
Subtotal: Drug Discovery & Development (59.32%)* |
|
|
|
589,171 |
|
|
|
587,503 |
|
|||||||||||||||||
See notes to consolidated financial statements.
10
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor (2) |
|
Principal Amount |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|||||||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
908 DEVICES INC. (15) |
|
Electronics & Computer Hardware |
|
Senior Secured |
|
September 2020 |
|
Interest rate PRIME + 4.00% or Floor rate of 8.25%, 4.25% Exit Fee |
|
$ |
10,000 |
|
|
$ |
10,211 |
|
|
$ |
10,270 |
|
|
Glo AB (5)(10)(14) |
|
Electronics & Computer Hardware |
|
Senior Secured |
|
February 2021 |
|
Interest rate PRIME + 6.20% or Floor rate of 10.45%, PIK Interest 1.75%, 2.95% Exit Fee |
|
$ |
11,389 |
|
|
|
11,518 |
|
|
|
6,547 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,729 |
|
|
|
16,817 |
|
|
Subtotal: Electronics & Computer Hardware (1.70%)* |
|
|
|
21,729 |
|
|
|
16,817 |
|
|||||||||||
|
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oak Street Health (11) |
|
Healthcare Services, Other |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee |
|
$ |
30,000 |
|
|
|
30,656 |
|
|
|
30,689 |
|
|
PH Group Holdings (13) |
|
Healthcare Services, Other |
|
Senior Secured |
|
September 2020 |
|
Interest rate PRIME + 7.45% or Floor rate of 10.95% |
|
$ |
20,000 |
|
|
|
19,916 |
|
|
|
19,904 |
|
|
|
|
Healthcare Services, Other |
|
Senior Secured |
|
September 2020 |
|
Interest rate PRIME + 7.45% or Floor rate of 10.95% |
|
$ |
10,000 |
|
|
|
9,952 |
|
|
|
9,946 |
|
|
Total PH Group Holdings |
|
|
|
|
|
|
|
|
|
$ |
30,000 |
|
|
|
29,868 |
|
|
|
29,850 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,524 |
|
|
|
60,539 |
|
|
Subtotal: Healthcare Services, Other (6.11%)* |
|
|
|
60,524 |
|
|
|
60,539 |
|
|||||||||||
|
Information Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MDX Medical, Inc. (14)(15)(19) |
|
Information Services |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 4.00% or Floor rate of 8.25%, PIK Interest 1.70% |
|
$ |
15,353 |
|
|
|
15,152 |
|
|
|
15,187 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,152 |
|
|
|
15,187 |
|
|
Subtotal: Information Services (1.53%)* |
|
|
|
15,152 |
|
|
|
15,187 |
|
|||||||||||
See notes to consolidated financial statements.
11
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor (2) |
|
Principal Amount |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LogicSource (12) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
October 2019 |
|
Interest rate PRIME + 6.25% or Floor rate of 9.75%, 5.00% Exit Fee |
|
$ |
2,201 |
|
|
$ |
2,607 |
|
|
$ |
2,607 |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,607 |
|
|
|
2,607 |
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AppDirect, Inc. (11)(19) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
January 2022 |
|
Interest rate PRIME + 5.70% or Floor rate of 9.95%, 3.45% Exit Fee |
|
$ |
20,000 |
|
|
|
20,081 |
|
|
|
20,188 |
|
|
Arctic Wolf Networks, Inc. (17)(19) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
April 2023 |
|
Interest rate 3-month LIBOR + 7.75% or Floor rate of 10.10%, 7.55% Exit Fee |
|
$ |
20,000 |
|
|
|
19,791 |
|
|
|
19,791 |
|
|
Cloudpay, Inc. (5)(10)(11) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
April 2022 |
|
Interest rate PRIME + 4.05% or Floor rate of 8.55%, 6.95% Exit Fee |
|
$ |
11,000 |
|
|
|
11,085 |
|
|
|
11,182 |
|
|
Contentful, Inc. (5)(10)(11)(14) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 2.95% or Floor rate of 7.95%, PIK Interest 1.25%, 3.55% Exit Fee |
|
$ |
3,758 |
|
|
|
3,713 |
|
|
|
3,713 |
|
|
Convercent, Inc. (14)(15)(17) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 2.55% or Floor rate of 7.80%, PIK Interest 2.95%, 1.00% Exit Fee |
|
$ |
7,547 |
|
|
|
7,479 |
|
|
|
7,479 |
|
|
EverFi, Inc. (11)(14)(16) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
May 2022 |
|
Interest rate PRIME + 3.90% or Floor rate of 8.65%, PIK Interest 2.30% |
|
$ |
61,079 |
|
|
|
61,040 |
|
|
|
61,662 |
|
|
Fastly, Inc. (11)(17)(19) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
December 2021 |
|
Interest rate PRIME + 4.25%, 1.50% Exit Fee |
|
$ |
6,667 |
|
|
|
6,578 |
|
|
|
6,578 |
|
|
First Insight, Inc. (15) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
November 2021 |
|
Interest rate PRIME + 6.25% or Floor rate of 11.25% |
|
$ |
10,000 |
|
|
|
9,828 |
|
|
|
9,882 |
|
|
Greenphire, Inc. (17) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
January 2021 |
|
Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00% |
|
$ |
2,427 |
|
|
|
2,427 |
|
|
|
2,440 |
|
|
|
|
Internet Consumer & Business Services |
|
Senior Secured |
|
January 2021 |
|
Interest rate PRIME + 3.75% or Floor rate of 7.00% |
|
$ |
1,500 |
|
|
|
1,500 |
|
|
|
1,500 |
|
|
Total Greenphire, Inc. |
|
|
|
|
|
|
|
|
|
$ |
3,927 |
|
|
|
3,927 |
|
|
|
3,940 |
|
|
Intent (p.k.a. Intent Media, Inc.) (12)(17) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 5.13% or Floor rate of 10.13%, 2.00% Exit Fee |
|
$ |
12,200 |
|
|
|
12,229 |
|
|
|
12,255 |
|
|
Interactions Corporation (11)(19) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
March 2021 |
|
Interest rate 3-month LIBOR + 8.60% or Floor rate of 9.85%, 1.75% Exit Fee |
|
$ |
25,000 |
|
|
|
25,114 |
|
|
|
25,281 |
|
|
Lendio, Inc. (17)(19) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
April 2023 |
|
Interest rate PRIME + 4.45% or Floor rate of 9.95%, 5.25% Exit Fee |
|
$ |
5,000 |
|
|
|
4,902 |
|
|
|
4,902 |
|
|
Postmates, Inc. (19) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
September 2022 |
|
Interest rate PRIME + 3.85% or Floor rate of 8.85%, 8.05% Exit Fee |
|
$ |
20,000 |
|
|
|
19,817 |
|
|
|
19,942 |
|
|
RumbleON, Inc. (11) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
May 2021 |
|
Interest rate PRIME + 5.75% or Floor rate of 10.25%, 4.55% Exit Fee |
|
$ |
5,000 |
|
|
|
5,050 |
|
|
|
5,045 |
|
|
|
|
Internet Consumer & Business Services |
|
Senior Secured |
|
October 2021 |
|
Interest rate PRIME + 5.75% or Floor rate of 10.25%, 2.95% Exit Fee |
|
$ |
5,000 |
|
|
|
4,968 |
|
|
|
4,968 |
|
|
Total RumbleON, Inc. |
|
|
|
|
|
|
|
|
|
$ |
10,000 |
|
|
|
10,018 |
|
|
|
10,013 |
|
|
Snagajob.com, Inc. (13)(14) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
August 2020 |
|
Interest rate PRIME + 5.15% or Floor rate of 9.15%, PIK Interest 1.95%, 2.55% Exit Fee |
|
$ |
42,045 |
|
|
|
42,290 |
|
|
|
42,419 |
|
|
|
|
Internet Consumer & Business Services |
|
Senior Secured |
|
August 2020 |
|
Interest rate PRIME + 5.65% or Floor rate of 10.65%, PIK Interest 1.95%, 2.55% Exit Fee |
|
$ |
5,058 |
|
|
|
4,921 |
|
|
|
4,937 |
|
|
Total Snagajob.com, Inc. |
|
|
|
|
|
|
|
|
|
$ |
47,103 |
|
|
|
47,211 |
|
|
|
47,356 |
|
|
Tectura Corporation (7)(8)(9)(14) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
June 2021 |
|
Interest rate FIXED 6.00%, PIK Interest 3.00% |
|
$ |
21,081 |
|
|
|
21,081 |
|
|
|
10,260 |
|
|
|
|
Internet Consumer & Business Services |
|
Senior Secured |
|
June 2021 |
|
PIK Interest 8.00% |
|
$ |
10,680 |
|
|
|
240 |
|
|
|
— |
|
|
Total Tectura Corporation |
|
|
|
|
|
|
|
|
|
$ |
31,761 |
|
|
|
21,321 |
|
|
|
10,260 |
|
|
Thumbtack, Inc. (13)(14) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
May 2022 |
|
Interest rate PRIME + 3.45% or Floor rate of 7.95%, PIK Interest 1.50%, 2.95% Exit Fee |
|
$ |
25,000 |
|
|
|
24,631 |
|
|
|
24,631 |
|
|
Wheels Up Partners LLC (11) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
July 2022 |
|
Interest rate 3-month LIBOR + 8.55% or Floor rate of 9.55% |
|
$ |
19,486 |
|
|
|
19,337 |
|
|
|
19,349 |
|
|
Xometry, Inc. (13)(17)(19) |
|
Internet Consumer & Business Services |
|
Senior Secured |
|
November 2021 |
|
Interest rate PRIME + 3.95% or Floor rate of 8.45%, 7.09% Exit Fee |
|
$ |
11,000 |
|
|
|
11,078 |
|
|
|
11,194 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
339,180 |
|
|
|
329,598 |
|
|
Subtotal: Internet Consumer & Business Services (33.54%)* |
|
|
|
341,787 |
|
|
|
332,205 |
|
|||||||||||
See notes to consolidated financial statements.
12
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor (2) |
|
Principal Amount |
|
|
Cost (3) |
|
|
Value (4) |
|
||||
|
Media/Content/Info |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bustle (14)(15) |
|
Media/Content/Info |
|
Senior Secured |
|
June 2021 |
|
Interest rate PRIME + 4.10% or Floor rate of 8.35%, PIK Interest 1.95%, 3.12% Exit Fee |
|
$ |
15,390 |
|
|
$ |
15,457 |
|
|
$ |
15,675 |
|
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,457 |
|
|
|
15,675 |
|
|
|
Subtotal: Media/Content/Info (1.58%)* |
|
|
|
|
|
15,457 |
|
|
|
15,675 |
|
||||||||||
|
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Micell Technologies, Inc. (8) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
August 2019 |
|
Interest rate PRIME + 7.25% or Floor rate of 10.50%, 5.00% Exit Fee |
|
$ |
1,762 |
|
|
|
2,174 |
|
|
|
496 |
|
|
|
Quanterix Corporation (11) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
March 2020 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.58% Exit Fee |
|
$ |
7,688 |
|
|
|
7,678 |
|
|
|
7,678 |
|
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
9,852 |
|
|
|
8,174 |
|
|||||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flowonix Medical Incorporated (11)(14) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
October 2021 |
|
Interest rate PRIME + 4.00% or Floor rate of 9.00%, PIK Interest 0.5%, 7.95% Exit Fee |
|
$ |
15,024 |
|
|
|
14,875 |
|
|
|
14,929 |
|
|
|
Intuity Medical, Inc. (11)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
June 2021 |
|
Interest rate PRIME + 5.00% or Floor rate of 9.25%, 5.95% Exit Fee |
|
$ |
17,500 |
|
|
|
17,680 |
|
|
|
17,675 |
|
|
|
Quanta Fluid Solutions (5)(10) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
April 2020 |
|
Interest rate PRIME + 8.05% or Floor rate of 11.55%, 5.00% Exit Fee |
|
$ |
4,722 |
|
|
|
5,274 |
|
|
|
5,393 |
|
|
|
Rapid Micro Biosystems, Inc. (11)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
April 2022 |
|
Interest rate PRIME + 5.15% or Floor rate of 9.65%, 7.25% Exit Fee |
|
$ |
18,000 |
|
|
|
18,253 |
|
|
|
18,290 |
|
|
|
Sebacia, Inc. (11)(15) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
January 2021 |
|
Interest rate PRIME + 4.35% or Floor rate of 8.85%, 6.05% Exit Fee |
|
$ |
11,000 |
|
|
|
11,242 |
|
|
|
11,197 |
|
|
|
Transenterix, Inc. (10)(11) |
|
Medical Devices & Equipment |
|
Senior Secured |
|
June 2022 |
|
Interest rate PRIME + 4.55% or Floor rate of 9.55%, 6.95% Exit Fee |
|
$ |
30,000 |
|
|
|
30,138 |
|
|
|
29,972 |
|
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,462 |
|
|
|
97,456 |
|
|
|
Subtotal: Medical Devices & Equipment (10.67%)* |
|
|
|
|
|
107,314 |
|
|
|
105,630 |
|
||||||||||
|
Semiconductors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elenion Technologies LLC (13)(14) |
|
Semiconductors |
|
Senior Secured |
|
February 2022 |
|
Interest rate PRIME + 4.25% or Floor rate of 9.75%, PIK Interest 2.25%, 5.00% Exit Fee |
|
$ |
10,013 |
|
|
|
9,927 |
|
|
|
9,927 |
|
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,927 |
|
|
|
9,927 |
|
|
|
Subtotal: Semiconductors (1.00%)* |
|
|
|
|
|
9,927 |
|
|
|
9,927 |
|
||||||||||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Signpost, Inc. (11)(14) |
|
Software |
|
Senior Secured |
|
February 2020 |
|
Interest rate PRIME + 4.15% or Floor rate of 8.15%, PIK Interest 1.75%, 5.75% Exit Fee |
|
$ |
15,856 |
|
|
|
16,477 |
|
|
|
16,477 |
|
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
16,477 |
|
|
|
16,477 |
|
|||||||||
See notes to consolidated financial statements.
13
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor (2) |
|
Principal Amount |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abrigo (18) |
|
Software |
|
Senior Secured |
|
March 2023 |
|
Interest rate 3-month LIBOR + 7.88% or Floor rate of 7.88% |
|
$ |
39,601 |
|
|
$ |
38,813 |
|
|
$ |
38,744 |
|
|
Businessolver.com, Inc. (11)(16)(17) |
|
Software |
|
Senior Secured |
|
May 2023 |
|
Interest rate 3-month LIBOR + 7.50% or Floor rate of 7.50% |
|
$ |
53,933 |
|
|
|
53,011 |
|
|
|
53,407 |
|
|
|
|
Software |
|
Senior Secured |
|
May 2023 |
|
Interest rate 3-month LIBOR + 7.50% or Floor rate of 7.50% |
|
$ |
1,275 |
|
|
|
1,275 |
|
|
|
1,275 |
|
|
Total Businessolver.com, Inc. |
|
|
|
|
|
|
|
|
|
$ |
55,208 |
|
|
|
54,286 |
|
|
|
54,682 |
|
|
Clarabridge, Inc. (12)(14)(17) |
|
Software |
|
Senior Secured |
|
April 2022 |
|
Interest rate PRIME + 4.80% or Floor rate of 8.55%, PIK Interest 2.25% |
|
$ |
42,511 |
|
|
|
42,088 |
|
|
|
42,715 |
|
|
Cloudian, Inc. (11) |
|
Software |
|
Senior Secured |
|
November 2022 |
|
Interest rate PRIME + 3.25% or Floor rate of 8.25%, 9.75% Exit Fee |
|
$ |
15,000 |
|
|
|
14,933 |
|
|
|
14,933 |
|
|
Couchbase, Inc. (15)(19) |
|
Software |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 5.25% or Floor rate of 10.75% |
|
$ |
35,000 |
|
|
|
34,812 |
|
|
|
34,699 |
|
|
Credible Behavioral Health, Inc. (11)(14)(17) |
|
Software |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 3.20% or Floor rate of 7.95%, PIK Interest 3.30% |
|
$ |
7,636 |
|
|
|
7,565 |
|
|
|
7,662 |
|
|
Dashlane, Inc. (14)(19) |
|
Software |
|
Senior Secured |
|
April 2022 |
|
Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 9.25% Exit Fee |
|
$ |
10,095 |
|
|
|
10,195 |
|
|
|
10,346 |
|
|
|
|
Software |
|
Senior Secured |
|
March 2023 |
|
Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 4.95% Exit Fee |
|
$ |
10,000 |
|
|
|
9,692 |
|
|
|
9,692 |
|
|
Total Dashlane, Inc. |
|
|
|
|
|
|
|
|
|
$ |
20,095 |
|
|
|
19,887 |
|
|
|
20,038 |
|
|
DocuTAP, Inc. (11)(17) |
|
Software |
|
Senior Secured |
|
October 2023 |
|
Interest rate 3-month LIBOR + 8.00% or Floor rate of 8.00% |
|
$ |
14,000 |
|
|
|
13,625 |
|
|
|
13,625 |
|
|
Emma, Inc. (13)(17)(18) |
|
Software |
|
Senior Secured |
|
September 2022 |
|
Interest rate 3-month LIBOR + 8.39% or Floor rate of 8.39% |
|
$ |
36,944 |
|
|
|
35,824 |
|
|
|
35,841 |
|
|
|
|
Software |
|
Senior Secured |
|
September 2022 |
|
Interest rate 3-month LIBOR + 8.18% or Floor rate of 8.18% |
|
$ |
6,000 |
|
|
|
5,837 |
|
|
|
5,837 |
|
|
Total Emma, Inc. |
|
|
|
|
|
|
|
|
|
$ |
42,944 |
|
|
|
41,661 |
|
|
|
41,678 |
|
|
Evernote Corporation (11)(14)(15)(19) |
|
Software |
|
Senior Secured |
|
October 2020 |
|
Interest rate PRIME + 5.45% or Floor rate of 8.95% |
|
$ |
5,549 |
|
|
|
5,400 |
|
|
|
5,395 |
|
|
|
|
Software |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25% |
|
$ |
4,087 |
|
|
|
3,956 |
|
|
|
3,956 |
|
|
|
|
Software |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25% |
|
$ |
5,029 |
|
|
|
4,936 |
|
|
|
5,065 |
|
|
Total Evernote Corporation |
|
|
|
|
|
|
|
|
|
$ |
14,665 |
|
|
|
14,292 |
|
|
|
14,416 |
|
|
Fuze, Inc. (13)(14)(15)(16)(19) |
|
Software |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.55%, 3.55% Exit Fee |
|
$ |
51,328 |
|
|
|
51,660 |
|
|
|
52,722 |
|
|
Imperva, Inc. (19) |
|
Software |
|
Senior Secured |
|
January 2027 |
|
Interest rate 3-month LIBOR + 7.75% or Floor rate of 7.75% |
|
$ |
20,000 |
|
|
|
19,791 |
|
|
|
19,791 |
|
|
Insurance Technologies Corporation (11)(17)(18) |
|
Software |
|
Senior Secured |
|
March 2023 |
|
Interest rate 3-month LIBOR + 7.82% or Floor rate of 8.75% |
|
$ |
12,500 |
|
|
|
12,270 |
|
|
|
12,395 |
|
|
Lightbend, Inc. (14)(15) |
|
Software |
|
Senior Secured |
|
February 2022 |
|
Interest rate PRIME + 4.25% or Floor rate of 8.50%, PIK Interest 2.00% |
|
$ |
16,259 |
|
|
|
15,968 |
|
|
|
16,009 |
|
|
Lithium Technologies, Inc. (11)(16)(17) |
|
Software |
|
Senior Secured |
|
October 2022 |
|
Interest rate 1-month LIBOR + 8.00% or Floor rate of 9.00% |
|
$ |
12,000 |
|
|
|
11,797 |
|
|
|
11,797 |
|
|
|
|
Software |
|
Senior Secured |
|
October 2022 |
|
Interest rate 1-month LIBOR + 8.00% or Floor rate of 9.00% |
|
$ |
43,000 |
|
|
|
42,062 |
|
|
|
42,062 |
|
|
Total Lithium Technologies, Inc. |
|
$ |
55,000 |
|
|
|
53,859 |
|
|
|
53,859 |
|
||||||||
|
Microsystems Holding Company, LLC (11)(19) |
|
Software |
|
Senior Secured |
|
July 2022 |
|
Interest rate 3-month LIBOR + 8.25% or Floor rate of 9.25% |
|
$ |
12,000 |
|
|
|
11,863 |
|
|
|
11,983 |
|
|
Nuvolo Technologies Corporation (19) |
|
Software |
|
Senior Secured |
|
April 2022 |
|
Interest rate PRIME + 6.25% or Floor rate of 11.75% |
|
$ |
10,000 |
|
|
|
9,812 |
|
|
|
9,812 |
|
|
Pollen, Inc. (15) |
|
Software |
|
Senior Secured |
|
October 2020 |
|
Interest rate PRIME + 4.25% or Floor rate of 8.50%, 5.95% Exit Fee |
|
$ |
7,000 |
|
|
|
7,268 |
|
|
|
7,203 |
|
|
Quid, Inc. (14)(15) |
|
Software |
|
Senior Secured |
|
February 2021 |
|
Interest rate PRIME + 4.75% or Floor rate of 8.25%, PIK Interest 2.25%, 4.60% Exit Fee |
|
$ |
8,542 |
|
|
|
8,715 |
|
|
|
8,702 |
|
See notes to consolidated financial statements.
14
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Maturity Date |
|
Interest Rate and Floor (2) |
|
Principal Amount |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Regent Education (14) |
|
Software |
|
Senior Secured |
|
January 2022 |
|
Interest rate FIXED 10.00%, PIK Interest 2.00%, 7.94% Exit Fee |
|
$ |
3,107 |
|
|
$ |
3,139 |
|
|
$ |
1,585 |
|
|
Salsa Labs, Inc. (11)(17) |
|
Software |
|
Senior Secured |
|
April 2023 |
|
Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15% |
|
$ |
6,000 |
|
|
|
5,899 |
|
|
|
6,004 |
|
|
ThreatConnect, Inc. (14)(15)(19) |
|
Software |
|
Senior Secured |
|
October 2022 |
|
Interest rate PRIME + 4.95% or Floor rate of 9.95%, PIK Interest 1.05%, 2.20% Exit Fee |
|
$ |
7,539 |
|
|
|
7,483 |
|
|
|
7,541 |
|
|
Vela Trading Technologies (11)(18) |
|
Software |
|
Senior Secured |
|
July 2022 |
|
Interest rate 3-month LIBOR + 9.50% or Floor rate of 10.50% |
|
$ |
19,625 |
|
|
|
19,246 |
|
|
|
19,443 |
|
|
YouEarnedIt, Inc. (11)(18) |
|
Software |
|
Senior Secured |
|
July 2023 |
|
Interest rate 1-month LIBOR + 8.66% |
|
$ |
8,955 |
|
|
|
8,723 |
|
|
|
8,723 |
|
|
ZocDoc (11)(19) |
|
Software |
|
Senior Secured |
|
August 2021 |
|
Interest rate PRIME + 6.20% or Floor rate of 10.95%, 2.00% Exit Fee |
|
$ |
30,000 |
|
|
|
30,053 |
|
|
|
30,213 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
547,711 |
|
|
|
549,177 |
|
|
Subtotal: Software (57.12%)* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
564,188 |
|
|
|
565,654 |
|
|
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6)(14)(19) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
August 2019 |
|
Interest rate PRIME + 8.70% or Floor rate of 12.95%, 5.00% Exit Fee |
|
$ |
10,000 |
|
|
|
10,286 |
|
|
|
10,287 |
|
|
|
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
June 2019 |
|
PIK Interest 10.00% |
|
$ |
666 |
|
|
|
666 |
|
|
|
666 |
|
|
|
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
June 2019 |
|
Interest rate PRIME + 10.70% or Floor rate of 15.70%, PIK Interest 2.00% |
|
$ |
1,609 |
|
|
|
1,609 |
|
|
|
1,609 |
|
|
Total Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.)
|
|
|
|
|
|
|
|
$ |
12,275 |
|
|
|
12,561 |
|
|
|
12,562 |
|
||
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
12,561 |
|
|
|
12,562 |
|
||||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FuelCell Energy, Inc. (12) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
April 2020 |
|
Interest rate PRIME + 5.40% or Floor rate of 9.90%, 6.68% Exit Fee |
|
$ |
13,091 |
|
|
|
13,310 |
|
|
|
13,304 |
|
|
|
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
April 2020 |
|
Interest rate PRIME + 5.40% or Floor rate of 9.90%, 14.27% Exit Fee |
|
$ |
11,909 |
|
|
|
11,692 |
|
|
|
11,688 |
|
|
Total FuelCell Energy, Inc. |
|
|
|
|
|
|
|
|
|
$ |
25,000 |
|
|
|
25,002 |
|
|
|
24,992 |
|
|
Impossible Foods, Inc. (12)(16) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
January 2022 |
|
Interest rate PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee |
|
$ |
50,000 |
|
|
|
50,102 |
|
|
|
49,875 |
|
|
Metalysis Limited (5)(10)(11) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
March 2021 |
|
Interest rate PRIME + 5.00% or Floor rate of 9.25%, 6.95% Exit Fee |
|
$ |
6,498 |
|
|
|
6,718 |
|
|
|
6,324 |
|
|
Proterra, Inc. (11)(14) |
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
November 2020 |
|
Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.75%, 5.95% Exit Fee |
|
$ |
25,596 |
|
|
|
26,968 |
|
|
|
27,198 |
|
|
|
|
Sustainable and Renewable Technology |
|
Senior Secured |
|
November 2020 |
|
Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.75%, 5.95% Exit Fee |
|
$ |
5,119 |
|
|
|
5,433 |
|
|
|
5,458 |
|
|
Total Proterra, Inc. |
|
|
|
|
|
|
|
|
|
$ |
30,715 |
|
|
|
32,401 |
|
|
|
32,656 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114,223 |
|
|
|
113,847 |
|
|
Subtotal: Sustainable and Renewable Technology (12.76%)* |
|
|
|
|
|
|
126,784 |
|
|
|
126,409 |
|
||||||||
|
Total: Debt Investments (191.56%)* |
|
|
|
|
|
|
1,913,378 |
|
|
|
1,897,064 |
|
||||||||
See notes to consolidated financial statements.
15
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Series |
|
Shares |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlowPoint, Inc. (4) |
|
Communications & Networking |
|
Equity |
|
Common Stock |
|
|
114,192 |
|
|
$ |
102 |
|
|
$ |
16 |
|
|
Peerless Network Holdings, Inc. |
|
Communications & Networking |
|
Equity |
|
Preferred Series A |
|
|
1,135,000 |
|
|
|
1,229 |
|
|
|
4,609 |
|
|
Subtotal: Communications & Networking (0.47%)* |
|
|
|
1,331 |
|
|
|
4,625 |
|
|||||||||
|
Diagnostic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singulex, Inc. |
|
Diagnostic |
|
Equity |
|
Common Stock |
|
|
937,998 |
|
|
|
750 |
|
|
|
533 |
|
|
Subtotal: Diagnostic (0.05%)* |
|
|
|
|
|
|
|
|
|
|
|
|
750 |
|
|
|
533 |
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar Business Capital, LLC (7) |
|
Diversified Financial Services |
|
Equity |
|
Common Stock |
|
|
830,000 |
|
|
|
1,884 |
|
|
|
2,002 |
|
|
|
|
Diversified Financial Services |
|
Equity |
|
Preferred Series A |
|
|
10,602,752 |
|
|
|
26,122 |
|
|
|
27,748 |
|
|
Total Gibraltar Business Capital, LLC |
|
|
|
|
|
|
|
|
11,432,752 |
|
|
|
28,006 |
|
|
|
29,750 |
|
|
Subtotal: Diversified Financial Services (3.00%)* |
|
|
|
|
|
28,006 |
|
|
|
29,750 |
|
|||||||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AcelRx Pharmaceuticals, Inc. (4) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
176,730 |
|
|
|
1,329 |
|
|
|
557 |
|
|
BioQ Pharma Incorporated (15) |
|
Drug Delivery |
|
Equity |
|
Preferred Series D |
|
|
165,000 |
|
|
|
500 |
|
|
|
740 |
|
|
Neos Therapeutics, Inc. (4)(15) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
125,000 |
|
|
|
1,500 |
|
|
|
326 |
|
|
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.) (4) |
|
Drug Delivery |
|
Equity |
|
Common Stock |
|
|
2,498 |
|
|
|
309 |
|
|
|
18 |
|
|
Subtotal: Drug Delivery (0.17%)* |
|
|
|
|
|
|
|
|
|
|
|
|
3,638 |
|
|
|
1,641 |
|
|
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aveo Pharmaceuticals, Inc. (4)(15) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
1,901,791 |
|
|
|
1,715 |
|
|
|
1,559 |
|
|
Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.) (4)(5)(10) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
129,827 |
|
|
|
1,269 |
|
|
|
173 |
|
|
BridgeBio Pharma LLC (16) |
|
Drug Discovery & Development |
|
Equity |
|
Preferred Series D |
|
|
1,008,929 |
|
|
|
2,000 |
|
|
|
2,121 |
|
|
Cerecor, Inc. (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
119,087 |
|
|
|
1,000 |
|
|
|
695 |
|
|
Concert Pharmaceuticals, Inc. (4)(10) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
70,796 |
|
|
|
1,367 |
|
|
|
695 |
|
|
Dare Biosciences, Inc. (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
13,550 |
|
|
|
1,000 |
|
|
|
19 |
|
|
Dicerna Pharmaceuticals, Inc. (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
142,858 |
|
|
|
1,000 |
|
|
|
2,094 |
|
|
Dynavax Technologies (4)(10) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
20,000 |
|
|
|
550 |
|
|
|
146 |
|
|
Eidos Therapeutics, Inc. (4)(10) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
15,000 |
|
|
|
255 |
|
|
|
352 |
|
|
Genocea Biosciences, Inc. (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
223,463 |
|
|
|
2,000 |
|
|
|
132 |
|
|
Insmed, Incorporated (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
70,771 |
|
|
|
1,000 |
|
|
|
1,930 |
|
|
Melinta Therapeutics (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
10,364 |
|
|
|
2,000 |
|
|
|
36 |
|
|
Paratek Pharmaceuticals, Inc. (4)(10)(16) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
76,362 |
|
|
|
2,744 |
|
|
|
410 |
|
|
Rocket Pharmaceuticals, Ltd. (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
944 |
|
|
|
1,500 |
|
|
|
17 |
|
|
Tricida, Inc. (4) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
105,260 |
|
|
|
2,000 |
|
|
|
4,065 |
|
|
uniQure B.V. (4)(5)(10) |
|
Drug Discovery & Development |
|
Equity |
|
Common Stock |
|
|
37,175 |
|
|
|
718 |
|
|
|
1,845 |
|
|
Subtotal: Drug Discovery & Development (1.64%)* |
|
|
|
|
|
|
22,118 |
|
|
|
16,289 |
|
||||||
|
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identiv, Inc. (4) |
|
Electronics & Computer Hardware |
|
Equity |
|
Common Stock |
|
|
6,700 |
|
|
|
34 |
|
|
|
34 |
|
|
Subtotal: Electronics & Computer Hardware (0.00%)* |
|
|
|
|
|
|
34 |
|
|
|
34 |
|
||||||
|
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23andMe, Inc. |
|
Healthcare Services, Other |
|
Equity |
|
Common Stock |
|
|
360,000 |
|
|
|
5,094 |
|
|
|
5,094 |
|
|
Subtotal: Healthcare Services, Other (0.51%)* |
|
|
|
|
|
|
5,094 |
|
|
|
5,094 |
|
||||||
|
Information Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DocuSign, Inc. (4) |
|
Information Services |
|
Equity |
|
Common Stock |
|
|
385,000 |
|
|
|
6,081 |
|
|
|
17,942 |
|
|
Subtotal: Information Services (1.81%)* |
|
|
|
|
|
|
6,081 |
|
|
|
17,942 |
|
||||||
See notes to consolidated financial statements.
16
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Series |
|
Shares |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Blurb, Inc. |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series B |
|
|
220,653 |
|
|
$ |
175 |
|
|
$ |
46 |
|
|
Brigade Group, Inc. |
|
Internet Consumer & Business Services |
|
Equity |
|
Common Stock |
|
|
9,023 |
|
|
|
93 |
|
|
|
— |
|
|
Contentful, Inc. (5)(10) |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series D |
|
|
217 |
|
|
|
500 |
|
|
|
524 |
|
|
DoorDash, Inc. |
|
Internet Consumer & Business Services |
|
Equity |
|
Common Stock |
|
|
105,000 |
|
|
|
6,051 |
|
|
|
8,925 |
|
|
Lightspeed POS, Inc. (4)(5)(10) |
|
Internet Consumer & Business Services |
|
Equity |
|
Common Stock |
|
|
107,177 |
|
|
|
500 |
|
|
|
1,655 |
|
|
Lyft, Inc. (4) |
|
Internet Consumer & Business Services |
|
Equity |
|
Common Stock |
|
|
200,738 |
|
|
|
10,487 |
|
|
|
15,715 |
|
|
Nextdoor.com, Inc. |
|
Internet Consumer & Business Services |
|
Equity |
|
Common Stock |
|
|
328,190 |
|
|
|
4,854 |
|
|
|
4,945 |
|
|
OfferUp, Inc. |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series A |
|
|
286,080 |
|
|
|
1,663 |
|
|
|
1,992 |
|
|
|
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series A-1 |
|
|
108,710 |
|
|
|
632 |
|
|
|
757 |
|
|
Total OfferUp, Inc. |
|
|
394,790 |
|
|
|
2,295 |
|
|
|
2,749 |
|
||||||
|
Oportun |
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series G |
|
|
218,351 |
|
|
|
250 |
|
|
|
757 |
|
|
|
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series H |
|
|
87,802 |
|
|
|
250 |
|
|
|
332 |
|
|
Total Oportun |
|
|
306,153 |
|
|
|
500 |
|
|
|
1,089 |
|
||||||
|
Tectura Corporation (7) |
|
Internet Consumer & Business Services |
|
Equity |
|
Common Stock |
|
|
414,994,863 |
|
|
|
900 |
|
|
|
— |
|
|
|
|
Internet Consumer & Business Services |
|
Equity |
|
Preferred Series BB |
|
|
1,000,000 |
|
|
|
— |
|
|
|
— |
|
|
Total Tectura Corporation |
|
|
415,994,863 |
|
|
|
900 |
|
|
|
— |
|
||||||
|
Subtotal: Internet Consumer & Business Services (3.60%)* |
|
|
|
|
|
|
26,355 |
|
|
|
35,648 |
|
||||||
|
Media/Content/Info |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinterest, Inc. |
|
Media/Content/Info |
|
Equity |
|
Preferred Series Seed |
|
|
206,666 |
|
|
|
4,085 |
|
|
|
3,307 |
|
|
Subtotal: Media/Content/Info (0.33%)* |
|
|
|
|
|
|
4,085 |
|
|
|
3,307 |
|
||||||
|
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AtriCure, Inc. (4)(15) |
|
Medical Devices & Equipment |
|
Equity |
|
Common Stock |
|
|
10,119 |
|
|
|
266 |
|
|
|
270 |
|
|
Flowonix Medical Incorporated |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series AA |
|
|
221,893 |
|
|
|
1,500 |
|
|
|
32 |
|
|
Gelesis, Inc. |
|
Medical Devices & Equipment |
|
Equity |
|
Common Stock |
|
|
198,202 |
|
|
|
— |
|
|
|
871 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series A-1 |
|
|
191,210 |
|
|
|
425 |
|
|
|
936 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series A-2 |
|
|
191,626 |
|
|
|
500 |
|
|
|
886 |
|
|
Total Gelesis, Inc. |
|
|
|
|
|
|
|
|
581,038 |
|
|
|
925 |
|
|
|
2,693 |
|
|
Medrobotics Corporation (15) |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series E |
|
|
136,798 |
|
|
|
250 |
|
|
|
— |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series F |
|
|
73,971 |
|
|
|
155 |
|
|
|
— |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series G |
|
|
163,934 |
|
|
|
500 |
|
|
|
— |
|
|
Total Medrobotics Corporation |
|
|
374,703 |
|
|
|
905 |
|
|
|
— |
|
||||||
|
Optiscan Biomedical, Corp. (6) |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series B |
|
|
61,855 |
|
|
|
3,000 |
|
|
|
427 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series C |
|
|
19,273 |
|
|
|
655 |
|
|
|
123 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series D |
|
|
551,038 |
|
|
|
5,257 |
|
|
|
3,628 |
|
|
|
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series E |
|
|
507,103 |
|
|
|
4,240 |
|
|
|
4,265 |
|
|
Total Optiscan Biomedical, Corp. |
|
|
1,139,269 |
|
|
|
13,152 |
|
|
|
8,443 |
|
||||||
|
Outset Medical, Inc. |
|
Medical Devices & Equipment |
|
Equity |
|
Preferred Series B |
|
|
232,061 |
|
|
|
527 |
|
|
|
518 |
|
|
Quanterix Corporation (4) |
|
Medical Devices & Equipment |
|
Equity |
|
Common Stock |
|
|
84,778 |
|
|
|
1,000 |
|
|
|
2,191 |
|
|
Subtotal: Medical Devices & Equipment (1.43%)* |
|
|
|
|
|
|
18,275 |
|
|
|
14,147 |
|
||||||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CapLinked, Inc. |
|
Software |
|
Equity |
|
Preferred Series A-3 |
|
|
53,614 |
|
|
|
51 |
|
|
|
99 |
|
|
Docker, Inc. |
|
Software |
|
Equity |
|
Common Stock |
|
|
200,000 |
|
|
|
4,284 |
|
|
|
4,284 |
|
|
Druva Holdings, Inc. (p.k.a. Druva, Inc.) |
|
Software |
|
Equity |
|
Preferred Series 2 |
|
|
458,841 |
|
|
|
1,000 |
|
|
|
2,231 |
|
|
|
|
Software |
|
Equity |
|
Preferred Series 3 |
|
|
93,620 |
|
|
|
300 |
|
|
|
481 |
|
|
Total Druva Holdings, Inc. (p.k.a. Druva, Inc.) |
|
|
552,461 |
|
|
|
1,300 |
|
|
|
2,712 |
|
||||||
|
HighRoads, Inc. |
|
Software |
|
Equity |
|
Common Stock |
|
|
190 |
|
|
|
307 |
|
|
|
— |
|
|
Palantir Technologies |
|
Software |
|
Equity |
|
Preferred Series D |
|
|
9,535 |
|
|
|
47 |
|
|
|
47 |
|
|
|
|
Software |
|
Equity |
|
Preferred Series E |
|
|
1,749,089 |
|
|
|
10,489 |
|
|
|
8,661 |
|
|
|
|
Software |
|
Equity |
|
Preferred Series G |
|
|
326,797 |
|
|
|
2,211 |
|
|
|
1,618 |
|
|
Total Palantir Technologies |
|
|
2,085,421 |
|
|
|
12,747 |
|
|
|
10,326 |
|
||||||
|
Sprinklr, Inc. |
|
Software |
|
Equity |
|
Common Stock |
|
|
700,000 |
|
|
|
3,749 |
|
|
|
4,602 |
|
|
WildTangent, Inc. |
|
Software |
|
Equity |
|
Preferred Series 3 |
|
|
100,000 |
|
|
|
402 |
|
|
|
184 |
|
|
Subtotal: Software (2.24%)* |
|
|
|
|
|
|
22,840 |
|
|
|
22,207 |
|
||||||
See notes to consolidated financial statements.
17
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Series |
|
Shares |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Surgical Devices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gynesonics, Inc. (15) |
|
Surgical Devices |
|
Equity |
|
Preferred Series B |
|
|
219,298 |
|
|
$ |
250 |
|
|
$ |
10 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series C |
|
|
656,538 |
|
|
|
282 |
|
|
|
31 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series D |
|
|
1,991,157 |
|
|
|
712 |
|
|
|
96 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series E |
|
|
2,786,367 |
|
|
|
429 |
|
|
|
150 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series F |
|
|
1,523,693 |
|
|
|
118 |
|
|
|
133 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series F-1 |
|
|
2,418,125 |
|
|
|
150 |
|
|
|
191 |
|
|
Total Gynesonics, Inc. |
|
|
9,595,178 |
|
|
|
1,941 |
|
|
|
611 |
|
||||||
|
Transmedics, Inc. |
|
Surgical Devices |
|
Equity |
|
Preferred Series B |
|
|
88,961 |
|
|
|
1,100 |
|
|
|
416 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series C |
|
|
119,999 |
|
|
|
300 |
|
|
|
561 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series D |
|
|
260,000 |
|
|
|
650 |
|
|
|
1,216 |
|
|
|
|
Surgical Devices |
|
Equity |
|
Preferred Series F |
|
|
100,200 |
|
|
|
500 |
|
|
|
469 |
|
|
Total Transmedics, Inc. |
|
|
|
|
|
|
|
|
569,160 |
|
|
|
2,550 |
|
|
|
2,662 |
|
|
Subtotal: Surgical Devices (0.33%)* |
|
|
|
|
|
|
4,491 |
|
|
|
3,273 |
|
||||||
|
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Modumetal, Inc. |
|
Sustainable and Renewable Technology |
|
Equity |
|
Preferred Series C |
|
|
3,107,520 |
|
|
|
500 |
|
|
|
328 |
|
|
Proterra, Inc. |
|
Sustainable and Renewable Technology |
|
Equity |
|
Preferred Series 5 |
|
|
99,280 |
|
|
|
500 |
|
|
|
452 |
|
|
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6) |
|
Sustainable and Renewable Technology |
|
Equity |
|
Common Stock |
|
|
380 |
|
|
|
61,502 |
|
|
|
1,775 |
|
|
Subtotal: Sustainable and Renewable Technology (0.26%)* |
|
|
|
|
|
|
62,502 |
|
|
|
2,555 |
|
||||||
|
Total: Equity Investments (15.86%)* |
|
|
|
|
|
|
205,600 |
|
|
|
157,045 |
|
||||||
See notes to consolidated financial statements.
18
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Series |
|
Shares |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Warrant Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications & Networking |
|
|
|
|
|
|
|
|
|
|||||||||
|
Peerless Network Holdings, Inc. |
|
Communications & Networking |
|
Warrant |
|
Common Stock |
|
|
3,328 |
|
|
$ |
— |
|
|
$ |
10 |
|
|
Spring Mobile Solutions, Inc. |
|
Communications & Networking |
|
Warrant |
|
Common Stock |
|
|
2,834,375 |
|
|
|
418 |
|
|
|
— |
|
|
Subtotal: Communications & Networking (0.00%)* |
|
|
|
|
|
|
418 |
|
|
|
10 |
|
||||||
|
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gadget Guard (15) |
|
Consumer & Business Products |
|
Warrant |
|
Common Stock |
|
|
1,662,441 |
|
|
|
228 |
|
|
|
— |
|
|
Intelligent Beauty, Inc. |
|
Consumer & Business Products |
|
Warrant |
|
Preferred Series B |
|
|
190,234 |
|
|
|
230 |
|
|
|
255 |
|
|
The Neat Company |
|
Consumer & Business Products |
|
Warrant |
|
Common Stock |
|
|
54,054 |
|
|
|
365 |
|
|
|
— |
|
|
WHOOP, INC. |
|
Consumer & Business Products |
|
Warrant |
|
Preferred Series C |
|
|
68,627 |
|
|
|
18 |
|
|
|
6 |
|
|
Subtotal: Consumer & Business Products (0.03%)* |
|
|
|
|
|
|
841 |
|
|
|
261 |
|
||||||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agile Therapeutics, Inc. (4) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
180,274 |
|
|
|
730 |
|
|
|
47 |
|
|
BioQ Pharma Incorporated |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
459,183 |
|
|
|
1 |
|
|
|
846 |
|
|
Dance Biopharm, Inc. (15) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
110,882 |
|
|
|
74 |
|
|
|
— |
|
|
Kaleo, Inc. |
|
Drug Delivery |
|
Warrant |
|
Preferred Series B |
|
|
82,500 |
|
|
|
594 |
|
|
|
3,449 |
|
|
Neos Therapeutics, Inc. (4)(15) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
70,833 |
|
|
|
285 |
|
|
|
1 |
|
|
PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.) (4) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
3,929 |
|
|
|
390 |
|
|
|
— |
|
|
Pulmatrix Inc. (4) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
2,515 |
|
|
|
116 |
|
|
|
— |
|
|
ZP Opco, Inc. (4) |
|
Drug Delivery |
|
Warrant |
|
Common Stock |
|
|
3,618 |
|
|
|
266 |
|
|
|
— |
|
|
Subtotal: Drug Delivery (0.44%)* |
|
|
|
|
|
|
2,456 |
|
|
|
4,343 |
|
||||||
See notes to consolidated financial statements.
19
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(3) |
|
|
Value(4) |
|
|||
|
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Acacia Pharma Inc. (4)(5)(10) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
201,330 |
|
|
$ |
303 |
|
|
$ |
124 |
|
|
ADMA Biologics, Inc. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
89,750 |
|
|
|
295 |
|
|
|
31 |
|
|
Brickell Biotech, Inc. |
|
Drug Discovery & Development |
|
Warrant |
|
Preferred Series C |
|
|
26,086 |
|
|
|
119 |
|
|
|
— |
|
|
Cerecor, Inc. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
22,328 |
|
|
|
70 |
|
|
|
25 |
|
|
Concert Pharmaceuticals, Inc. (4)(10)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
61,273 |
|
|
|
178 |
|
|
|
117 |
|
|
CTI BioPharma Corp. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
29,239 |
|
|
|
165 |
|
|
|
— |
|
|
CytRx Corporation (4)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
105,694 |
|
|
|
160 |
|
|
|
— |
|
|
Dare Biosciences, Inc. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
17,190 |
|
|
|
369 |
|
|
|
— |
|
|
Dicerna Pharmaceuticals, Inc. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
200 |
|
|
|
28 |
|
|
|
— |
|
|
Evofem Biosciences, Inc. (4)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
7,806 |
|
|
|
266 |
|
|
|
11 |
|
|
Fortress Biotech, Inc. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
73,009 |
|
|
|
142 |
|
|
|
11 |
|
|
Genocea Biosciences, Inc. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
403,136 |
|
|
|
431 |
|
|
|
101 |
|
|
Immune Pharmaceuticals (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
10,742 |
|
|
|
164 |
|
|
|
— |
|
|
Melinta Therapeutics (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
8,109 |
|
|
|
626 |
|
|
|
— |
|
|
Motif BioSciences Inc. (4)(5)(10)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
73,452 |
|
|
|
282 |
|
|
|
38 |
|
|
Myovant Sciences, Ltd. (4)(5)(10) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
73,710 |
|
|
|
460 |
|
|
|
871 |
|
|
Neuralstem, Inc. (4)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
5,783 |
|
|
|
77 |
|
|
|
— |
|
|
Ology Bioservices, Inc. (15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
171,389 |
|
|
|
838 |
|
|
|
— |
|
|
Paratek Pharmaceuticals, Inc. (4)(10)(15)(16) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
94,841 |
|
|
|
204 |
|
|
|
20 |
|
|
Savara Inc. (4)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
32,467 |
|
|
|
203 |
|
|
|
50 |
|
|
Sorrento Therapeutics, Inc. (4)(10) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
306,748 |
|
|
|
889 |
|
|
|
624 |
|
|
Stealth Bio Therapeutics Corp. (4)(5)(10) |
|
Drug Discovery & Development |
|
Warrant |
|
American Depositary Shares |
|
|
41,667 |
|
|
|
158 |
|
|
|
113 |
|
|
TG Therapeutics, Inc. (4)(10) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
147,058 |
|
|
|
564 |
|
|
|
637 |
|
|
Tricida, Inc. (4)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
123,637 |
|
|
|
978 |
|
|
|
2,677 |
|
|
Urovant Sciences, Ltd. (4)(10) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
33,259 |
|
|
|
143 |
|
|
|
133 |
|
|
X4 Pharmaceuticals, Inc. (4) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
25,000 |
|
|
|
314 |
|
|
|
149 |
|
|
XOMA Corporation (4)(10)(15) |
|
Drug Discovery & Development |
|
Warrant |
|
Common Stock |
|
|
9,063 |
|
|
|
279 |
|
|
|
1 |
|
|
Subtotal: Drug Discovery & Development (0.58%)* |
|
|
|
|
|
8,705 |
|
|
|
5,733 |
|
|||||||
|
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
908 DEVICES INC. (15) |
|
Electronics & Computer Hardware |
|
Warrant |
|
Preferred Series D |
|
|
79,856 |
|
|
|
101 |
|
|
|
51 |
|
|
Subtotal: Electronics & Computer Hardware (0.01%)* |
|
|
|
|
|
|
101 |
|
|
|
51 |
|
||||||
|
Healthcare Services, Other |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Chromadex Corporation (4) |
|
Healthcare Services, Other |
|
Warrant |
|
Common Stock |
|
|
139,673 |
|
|
|
157 |
|
|
|
157 |
|
|
Subtotal: Healthcare Services, Other (0.02%)* |
|
|
|
|
|
|
157 |
|
|
|
157 |
|
||||||
|
Information Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INMOBI Inc. (5)(10) |
|
Information Services |
|
Warrant |
|
Common Stock |
|
|
65,587 |
|
|
|
82 |
|
|
|
— |
|
|
MDX Medical, Inc. (15) |
|
Information Services |
|
Warrant |
|
Common Stock |
|
|
2,812,500 |
|
|
|
283 |
|
|
|
200 |
|
|
Netbase Solutions, Inc. |
|
Information Services |
|
Warrant |
|
Preferred Series 1 |
|
|
60,000 |
|
|
|
356 |
|
|
|
418 |
|
|
RichRelevance, Inc. |
|
Information Services |
|
Warrant |
|
Preferred Series E |
|
|
112,612 |
|
|
|
98 |
|
|
|
— |
|
|
Subtotal: Information Services (0.06%)* |
|
|
|
|
|
|
819 |
|
|
|
618 |
|
||||||
See notes to consolidated financial statements.
20
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Series |
|
Shares |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Internet Consumer & Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Aria Systems, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series G |
|
|
231,535 |
|
|
$ |
73 |
|
|
$ |
— |
|
|
Blurb, Inc. (15) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
234,280 |
|
|
|
636 |
|
|
|
14 |
|
|
Cloudpay, Inc. (5)(10) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B |
|
|
4,960 |
|
|
|
45 |
|
|
|
12 |
|
|
Contentful, Inc. (5)(10) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
82 |
|
|
|
1 |
|
|
|
50 |
|
|
Fastly, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series F |
|
|
152,195 |
|
|
|
71 |
|
|
|
80 |
|
|
First Insight, Inc. (15) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B |
|
|
75,917 |
|
|
|
96 |
|
|
|
105 |
|
|
Intent (p.k.a. Intent Media, Inc.) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Common Stock |
|
|
140,077 |
|
|
|
168 |
|
|
|
112 |
|
|
Interactions Corporation |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series G-3 |
|
|
68,187 |
|
|
|
204 |
|
|
|
441 |
|
|
Just Fabulous, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B |
|
|
206,184 |
|
|
|
1,102 |
|
|
|
2,703 |
|
|
Lendio, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series D |
|
|
127,032 |
|
|
|
39 |
|
|
|
39 |
|
|
Lightspeed POS, Inc. (4)(5)(10) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Common Stock |
|
|
61,402 |
|
|
|
20 |
|
|
|
528 |
|
|
LogicSource |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
79,625 |
|
|
|
30 |
|
|
|
60 |
|
|
Oportun |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series G |
|
|
174,562 |
|
|
|
78 |
|
|
|
419 |
|
|
Postmates, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Common Stock |
|
|
189,865 |
|
|
|
317 |
|
|
|
338 |
|
|
RumbleON, Inc. (4) |
|
Internet Consumer & Business Services |
|
Warrant |
|
Common Stock |
|
|
102,768 |
|
|
|
87 |
|
|
|
55 |
|
|
ShareThis, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series C |
|
|
493,502 |
|
|
|
547 |
|
|
|
— |
|
|
Snagajob.com, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series A |
|
|
1,800,000 |
|
|
|
782 |
|
|
|
104 |
|
|
|
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B |
|
|
173,076 |
|
|
|
8 |
|
|
|
6 |
|
|
Total Snagajob.com, Inc. |
|
|
1,973,076 |
|
|
|
790 |
|
|
|
110 |
|
||||||
|
Tapjoy, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series D |
|
|
748,670 |
|
|
|
316 |
|
|
|
7 |
|
|
The Faction Group LLC |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series A |
|
|
8,703 |
|
|
|
234 |
|
|
|
324 |
|
|
Thumbtack, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Common Stock |
|
|
102,821 |
|
|
|
124 |
|
|
|
97 |
|
|
Xometry, Inc. |
|
Internet Consumer & Business Services |
|
Warrant |
|
Preferred Series B |
|
|
87,784 |
|
|
|
47 |
|
|
|
90 |
|
|
Subtotal: Internet Consumer & Business Services (0.56%)* |
|
|
|
|
|
|
5,025 |
|
|
|
5,584 |
|
||||||
|
Media/Content/Info |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Machine Zone, Inc. |
|
Media/Content/Info |
|
Warrant |
|
Common Stock |
|
|
1,552,710 |
|
|
|
1,960 |
|
|
|
2,003 |
|
|
Napster |
|
Media/Content/Info |
|
Warrant |
|
Common Stock |
|
|
715,755 |
|
|
|
383 |
|
|
|
110 |
|
|
WP Technology, Inc. (Wattpad, Inc.) (5)(10) |
|
Media/Content/Info |
|
Warrant |
|
Common Stock |
|
|
255,818 |
|
|
|
4 |
|
|
|
4 |
|
|
Zoom Media Group, Inc. |
|
Media/Content/Info |
|
Warrant |
|
Preferred Series A |
|
|
1,204 |
|
|
|
348 |
|
|
|
26 |
|
|
Subtotal: Media/Content/Info (0.22%)* |
|
|
|
|
|
|
2,695 |
|
|
|
2,143 |
|
||||||
|
Medical Devices & Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Aspire Bariatrics, Inc. (15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series B-1 |
|
|
112,858 |
|
|
|
455 |
|
|
|
— |
|
|
Avedro, Inc. (4)(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
67,415 |
|
|
|
401 |
|
|
|
407 |
|
|
Flowonix Medical Incorporated |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series AA |
|
|
155,325 |
|
|
|
362 |
|
|
|
3 |
|
|
|
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series BB |
|
|
725,806 |
|
|
|
351 |
|
|
|
409 |
|
|
Total Flowonix Medical Incorporated |
|
|
881,131 |
|
|
|
713 |
|
|
|
412 |
|
||||||
|
Gelesis, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A-1 |
|
|
74,784 |
|
|
|
78 |
|
|
|
203 |
|
|
InspireMD, Inc. (4)(5)(10) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
1,105 |
|
|
|
— |
|
|
|
— |
|
|
Intuity Medical, Inc. (15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series 4 |
|
|
1,819,078 |
|
|
|
294 |
|
|
|
390 |
|
|
Medrobotics Corporation (15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series E |
|
|
455,539 |
|
|
|
370 |
|
|
|
— |
|
|
Micell Technologies, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series D-2 |
|
|
84,955 |
|
|
|
262 |
|
|
|
— |
|
|
NinePoint Medical, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A-1 |
|
|
587,840 |
|
|
|
170 |
|
|
|
144 |
|
|
Optiscan Biomedical, Corp. (6) |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series E |
|
|
74,424 |
|
|
|
573 |
|
|
|
287 |
|
|
Outset Medical, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A |
|
|
500,000 |
|
|
|
402 |
|
|
|
250 |
|
|
Quanterix Corporation (4) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
66,039 |
|
|
|
204 |
|
|
|
754 |
|
|
Sebacia, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series D |
|
|
778,301 |
|
|
|
133 |
|
|
|
157 |
|
|
Sintx Technologies, Inc. (4)(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
8,603 |
|
|
|
459 |
|
|
|
— |
|
|
SonaCare Medical, LLC |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series A |
|
|
6,464 |
|
|
|
188 |
|
|
|
— |
|
|
Tela Bio, Inc. |
|
Medical Devices & Equipment |
|
Warrant |
|
Preferred Series B |
|
|
387,930 |
|
|
|
61 |
|
|
|
46 |
|
|
ViewRay, Inc. (4)(15) |
|
Medical Devices & Equipment |
|
Warrant |
|
Common Stock |
|
|
128,231 |
|
|
|
333 |
|
|
|
243 |
|
|
Subtotal: Medical Devices & Equipment (0.33%)* |
|
|
|
|
|
|
5,096 |
|
|
|
3,293 |
|
||||||
|
Semiconductors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Achronix Semiconductor Corporation |
|
Semiconductors |
|
Warrant |
|
Preferred Series C |
|
|
360,000 |
|
|
|
160 |
|
|
|
242 |
|
|
|
|
Semiconductors |
|
Warrant |
|
Preferred Series D-2 |
|
|
750,000 |
|
|
|
99 |
|
|
|
433 |
|
|
Total Achronix Semiconductor Corporation |
|
|
1,110,000 |
|
|
|
259 |
|
|
|
675 |
|
||||||
|
Aquantia Corp. (4) |
|
Semiconductors |
|
Warrant |
|
Common Stock |
|
|
19,683 |
|
|
|
4 |
|
|
|
3 |
|
|
Elenion Technologies Corporation |
|
Semiconductors |
|
Warrant |
|
Preferred Series C |
|
|
225 |
|
|
|
8 |
|
|
|
12 |
|
|
Subtotal: Semiconductors (0.07%)* |
|
|
|
|
|
|
271 |
|
|
|
690 |
|
||||||
See notes to consolidated financial statements.
21
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment (1) |
|
Series |
|
Shares |
|
|
Cost (3) |
|
|
Value (4) |
|
|||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actifio, Inc. |
|
Software |
|
Warrant |
|
Common Stock |
|
|
73,584 |
|
|
$ |
249 |
|
|
$ |
79 |
|
|
|
|
Software |
|
Warrant |
|
Preferred Series F |
|
|
31,673 |
|
|
|
343 |
|
|
|
89 |
|
|
Total Actifio, Inc. |
|
|
|
|
|
|
|
|
105,257 |
|
|
|
592 |
|
|
|
168 |
|
|
CareCloud Corporation (15) |
|
Software |
|
Warrant |
|
Preferred Series B |
|
|
413,433 |
|
|
|
258 |
|
|
|
15 |
|
|
Clickfox, Inc. (15) |
|
Software |
|
Warrant |
|
Preferred Series B |
|
|
539,818 |
|
|
|
167 |
|
|
|
3 |
|
|
|
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
592,019 |
|
|
|
729 |
|
|
|
6 |
|
|
|
|
Software |
|
Warrant |
|
Preferred Series C-A |
|
|
2,218,214 |
|
|
|
231 |
|
|
|
88 |
|
|
Total Clickfox, Inc. |
|
|
|
|
|
|
|
|
3,350,051 |
|
|
|
1,127 |
|
|
|
97 |
|
|
Cloudian, Inc. |
|
Software |
|
Warrant |
|
Common Stock |
|
|
477,454 |
|
|
|
72 |
|
|
|
67 |
|
|
Dashlane, Inc. |
|
Software |
|
Warrant |
|
Common Stock |
|
|
239,852 |
|
|
|
219 |
|
|
|
224 |
|
|
DNAnexus, Inc. |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
909,091 |
|
|
|
97 |
|
|
|
116 |
|
|
Evernote Corporation |
|
Software |
|
Warrant |
|
Common Stock |
|
|
62,500 |
|
|
|
106 |
|
|
|
75 |
|
|
Fuze, Inc. (15)(16) |
|
Software |
|
Warrant |
|
Series F Preferred |
|
|
256,158 |
|
|
|
89 |
|
|
|
— |
|
|
Lightbend, Inc. (15) |
|
Software |
|
Warrant |
|
Preferred Series C-1 |
|
|
712,323 |
|
|
|
109 |
|
|
|
95 |
|
|
Message Systems, Inc. (15) |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
503,718 |
|
|
|
333 |
|
|
|
796 |
|
|
Neos, Inc. |
|
Software |
|
Warrant |
|
Common Stock |
|
|
221,150 |
|
|
|
22 |
|
|
|
— |
|
|
Nuvolo Technologies Corporation |
|
Software |
|
Warrant |
|
Common Stock |
|
|
30,000 |
|
|
|
43 |
|
|
|
44 |
|
|
OneLogin, Inc. (15) |
|
Software |
|
Warrant |
|
Common Stock |
|
|
381,620 |
|
|
|
304 |
|
|
|
600 |
|
|
Poplicus, Inc. |
|
Software |
|
Warrant |
|
Common Stock |
|
|
132,168 |
|
|
|
— |
|
|
|
— |
|
|
Quid, Inc. (15) |
|
Software |
|
Warrant |
|
Preferred Series D |
|
|
71,576 |
|
|
|
1 |
|
|
|
2 |
|
|
RapidMiner, Inc. |
|
Software |
|
Warrant |
|
Preferred Series C-1 |
|
|
4,982 |
|
|
|
24 |
|
|
|
18 |
|
|
RedSeal Inc. (15) |
|
Software |
|
Warrant |
|
Preferred Series C-Prime |
|
|
640,603 |
|
|
|
66 |
|
|
|
21 |
|
|
Signpost, Inc. |
|
Software |
|
Warrant |
|
Preferred Series C |
|
|
324,005 |
|
|
|
314 |
|
|
|
44 |
|
|
ThreatConnect, Inc. (15) |
|
Software |
|
Warrant |
|
Preferred Series B |
|
|
134,086 |
|
|
|
26 |
|
|
|
27 |
|
|
Subtotal: Software (0.24%)* |
|
|
|
|
|
|
3,802 |
|
|
|
2,409 |
|
||||||
|
Specialty Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alimera Sciences, Inc. (4) |
|
Specialty Pharmaceuticals |
|
Warrant |
|
Common Stock |
|
|
1,717,709 |
|
|
|
861 |
|
|
|
156 |
|
|
Subtotal: Specialty Pharmaceuticals (0.02%)* |
|
|
|
|
|
|
861 |
|
|
|
156 |
|
||||||
|
Surgical Devices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gynesonics, Inc. (15) |
|
Surgical Devices |
|
Warrant |
|
Preferred Series C |
|
|
180,480 |
|
|
|
74 |
|
|
|
7 |
|
|
|
|
Surgical Devices |
|
Warrant |
|
Preferred Series D |
|
|
1,575,965 |
|
|
|
321 |
|
|
|
31 |
|
|
Total Gynesonics, Inc. |
|
|
1,756,445 |
|
|
|
395 |
|
|
|
38 |
|
||||||
|
Transmedics, Inc. |
|
Surgical Devices |
|
Warrant |
|
Preferred Series D |
|
|
175,000 |
|
|
|
100 |
|
|
|
382 |
|
|
|
|
Surgical Devices |
|
Warrant |
|
Preferred Series F |
|
|
50,544 |
|
|
|
38 |
|
|
|
— |
|
|
Total Transmedics, Inc. |
|
|
225,544 |
|
|
|
138 |
|
|
|
382 |
|
||||||
|
Subtotal: Surgical Devices (0.04%)* |
|
|
|
|
|
|
533 |
|
|
|
420 |
|
||||||
See notes to consolidated financial statements.
22
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2019
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
Sub-Industry |
|
Type of Investment(1) |
|
Series |
|
Shares |
|
|
Cost(3) |
|
|
Value(4) |
|
|||
|
Sustainable and Renewable Technology |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Agrivida, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series D |
|
|
471,327 |
|
|
$ |
120 |
|
|
$ |
— |
|
|
American Superconductor Corporation (4) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Common Stock |
|
|
58,823 |
|
|
|
39 |
|
|
|
272 |
|
|
Calera, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series C |
|
|
44,529 |
|
|
|
513 |
|
|
|
— |
|
|
Fluidic, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series D |
|
|
61,804 |
|
|
|
102 |
|
|
|
— |
|
|
Fulcrum Bioenergy, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series C-1 |
|
|
280,897 |
|
|
|
274 |
|
|
|
435 |
|
|
GreatPoint Energy, Inc. (15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series D-1 |
|
|
393,212 |
|
|
|
548 |
|
|
|
— |
|
|
Kinestral Technologies, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series A |
|
|
325,000 |
|
|
|
155 |
|
|
|
157 |
|
|
|
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series B |
|
|
131,883 |
|
|
|
63 |
|
|
|
50 |
|
|
Total Kinestral Technologies, Inc. |
|
|
456,883 |
|
|
|
218 |
|
|
|
207 |
|
||||||
|
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 |
|
|
|
150 |
|
|
Rive Technology, Inc. (15) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series E |
|
|
234,477 |
|
|
|
13 |
|
|
|
1 |
|
|
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6) |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Class A Units |
|
|
0.69 |
|
|
|
— |
|
|
|
— |
|
|
TAS Energy, Inc. |
|
Sustainable and Renewable Technology |
|
Warrant |
|
Preferred Series AA |
|
|
428,571 |
|
|
|
299 |
|
|
|
— |
|
|
Subtotal: Sustainable and Renewable Technology (0.11%)* |
|
|
|
|
|
|
2,505 |
|
|
|
1,065 |
|
||||||
|
Total: Warrant Investments (2.72%)* |
|
|
|
|
|
|
34,285 |
|
|
|
26,933 |
|
||||||
|
Total Investments in Securities (210.13%)* |
|
|
|
|
|
$ |
2,153,263 |
|
|
$ |
2,081,042 |
|
||||||
|
* |
Value as a percent of net assets |
|
(1) |
Preferred and common stock, warrants, and equity interests are generally non-income producing. |
|
(2) |
Interest rate PRIME represents 5.50% at March 31, 2019. Daily LIBOR, 1-month LIBOR, 3-month LIBOR and 12-month LIBOR represent 2.39%, 2.50%, 2.59% and |
2.69%, respectively, at March 31, 2019.
|
(3) |
Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $63.5 million, $153.0 million and $89.4 million respectively. The tax cost of investments is $2.2 billion. |
|
(4) |
Except for warrants in 41 publicly traded companies and common stock in 25 publicly traded companies, all investments are restricted at March 31, 2019 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board 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. |
|
(5) |
Non-U.S. company or the company’s principal place of business is outside the United States. |
|
(6) |
Affiliate investment as defined under the Investment Company Act of 1940, as amended, (the “1940 Act”) in which Hercules owns at least 5% but generally less than 25% of the company’s voting securities. |
|
(7) |
Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board. |
|
(8) |
Debt is on non-accrual status at March 31, 2019, and is therefore considered non-income producing. Note that at March 31, 2019, only the $10.7 million PIK, or payment-in-kind, loan is on non-accrual for the Company’s debt investment in Tectura Corporation. |
|
(9) |
Denotes that all or a portion of the debt investment is convertible debt. |
|
(10) |
Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. |
|
(11) |
Denotes that all or a portion of the debt investment secures the notes offered in the Debt Securitization (as defined in Note 4). |
|
(12) |
Denotes that all or a portion of the debt investment is pledged as collateral under the Wells Facility (as defined in Note 4). |
|
(13) |
Denotes that all or a portion of the debt investment is pledged as collateral under the Union Bank Facility (as defined in Note 4). |
|
(14) |
Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments. |
|
(15) |
Denotes that all or a portion of the investment in this portfolio company is held by Hercules Technology III, L.P., or HT III, the Company’s wholly owned small business investment company, or SBIC, subsidiary. |
|
(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 March 31, 2019. |
|
(17) |
Denotes that there is an unfunded contractual commitment available at the request of this portfolio company at March 31, 2019. Refer to Note 10. |
|
(18) |
Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition. |
|
(19) |
Denotes second lien senior secured debt. |
See notes to consolidated financial statements.
23
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2018
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor(2) |
|
Principal Amount |
|
|
Cost(3) |
|
|
Value(4) |
|
|||||||||
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Biotechnology Tools |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Exicure, Inc. (11) |
|
|
Biotechnology Tools |
|
Senior Secured |
|
September 2019 |
|
Interest rate PRIME + 6.45% or Floor rate of 9.95%, 3.85% Exit Fee |
|
$ |
4,999 |
|
|
$ |
5,165 |
|
|
$ |
5,165 |
|
||||||
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,165 |
|
|
|
5,165 |
|
||||||
|
Subtotal: Biotechnology Tools (0.54%)* |
|
|
|
|
|
|
|
|
|
|
|
|
5,165 |
|
|
|
5,165 |
|
|||||||||
|
Consumer & Business Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
WHOOP, INC. (12) |
|
|
Consumer & Business Products |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 3.75% or Floor rate of 8.50%, 6.95% Exit Fee |
|
$ |
6,000 |
|
|
|
6,026 |
|
|
|
5,983 |
|
||||||
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,026 |
|
|
|
5,983 |
|
||||||
|
Subtotal: Consumer & Business Products (0.63%)* |
|
|
|
|
|
|
|
|
|
|
|
|
6,026 |
|
|
|
5,983 |
|
|||||||||
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Gibraltar Business Capital, LLC. (7) |
|
|
Diversified Financial Services |
|
Unsecured |
|
March 2023 |
|
Interest rate FIXED 14.50% |
|
$ |
15,000 |
|
|
|
14,729 |
|
|
|
14,401 |
|
||||||
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,729 |
|
|
|
14,401 |
|
||||||
|
Subtotal: Diversified Financial Services (1.51%)* |
|
|
|
14,729 |
|
|
|
14,401 |
|
||||||||||||||||||
|
Drug Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
AcelRx Pharmaceuticals, Inc. (11) |
|
|
Drug Delivery |
|
Senior Secured |
|
March 2020 |
|
Interest rate PRIME + 6.05% or Floor rate of 9.55%, 11.69% Exit Fee |
|
$ |
10,936 |
|
|
|
11,926 |
|
|
|
11,842 |
|
||||||
|
Antares Pharma Inc. (10)(11)(15) |
|
|
Drug Delivery |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 4.50% or Floor rate of 9.25%, 4.25% Exit Fee |
|
$ |
25,000 |
|
|
|
25,313 |
|
|
|
25,081 |
|
||||||
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,239 |
|
|
|
36,923 |
|
||||||
|
Subtotal: Drug Delivery (3.86%)* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,239 |
|
|
|
36,923 |
|
||||||
See notes to consolidated financial statements.
24
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2018
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor(2) |
|
Principal Amount |
|
|
Cost(3) |
|
|
Value(4) |
|
|||
|
Drug Discovery & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auris Medical Holding, AG (5)(10) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
February 2019 |
|
Interest rate PRIME + 6.05% or Floor rate of 9.55%, 5.75% Exit Fee |
|
$ |
757 |
|
|
$ |
1,471 |
|
|
$ |
1,471 |
|
|
Brickell Biotech, Inc. (12) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2019 |
|
Interest rate PRIME + 5.70% or Floor rate of 9.20%, 7.82% Exit Fee |
|
$ |
4,808 |
|
|
|
5,281 |
|
|
|
5,281 |
|
|
Epirus Biopharmaceuticals, Inc. (8) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
June 2019 |
|
Interest rate PRIME + 4.70% or Floor rate of 7.95%, 3.00% Exit Fee |
|
$ |
2,203 |
|
|
|
2,487 |
|
|
|
— |
|
|
Subtotal: Under 1 Year Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
9,239 |
|
|
|
6,752 |
|
|||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acacia Pharma Inc. (10)(11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2022 |
|
Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee |
|
$ |
10,000 |
|
|
|
9,871 |
|
|
|
9,819 |
|
|
Aveo Pharmaceuticals, Inc. (11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 4.70% or Floor rate of 9.45%, 5.40% Exit Fee |
|
$ |
10,000 |
|
|
|
10,111 |
|
|
|
10,042 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2021 |
|
Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee |
|
$ |
10,000 |
|
|
|
10,220 |
|
|
|
10,157 |
|
|
Total Aveo Pharmaceuticals, Inc. |
|
|
|
|
|
|
|
$ |
20,000 |
|
|
|
20,331 |
|
|
|
20,199 |
|
|||
|
Axovant Sciences Ltd. (5)(10)(11)(16) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2021 |
|
Interest rate PRIME + 6.80% or Floor rate of 10.55% |
|
$ |
50,219 |
|
|
|
49,485 |
|
|
|
49,286 |
|
|
BridgeBio Pharma LLC (13)(16) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 4.35% or Floor rate of 9.35%, 6.35% Exit Fee |
|
$ |
35,000 |
|
|
|
35,054 |
|
|
|
35,263 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
July 2022 |
|
Interest rate PRIME + 3.35% or Floor rate of 9.10%, 5.75% Exit Fee |
|
$ |
20,000 |
|
|
|
19,904 |
|
|
|
19,904 |
|
|
Total BridgeBio Pharma LLC |
|
|
|
|
|
|
|
$ |
55,000 |
|
|
|
54,958 |
|
|
|
55,167 |
|
|||
|
Chemocentryx, Inc. (10)(15) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2022 |
|
Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee |
|
$ |
20,000 |
|
|
|
19,957 |
|
|
|
20,104 |
|
|
Genocea Biosciences, Inc. (11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
May 2021 |
|
Interest rate PRIME + 2.75% or Floor rate of 7.75%, 10.12% Exit Fee |
|
$ |
14,000 |
|
|
|
14,937 |
|
|
|
14,788 |
|
|
Merrimack Pharmaceuticals, Inc. (12) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
August 2021 |
|
Interest rate PRIME + 4.00% or Floor rate of 9.25%, 5.55% Exit Fee |
|
$ |
15,000 |
|
|
|
15,024 |
|
|
|
15,024 |
|
|
Mesoblast (5)(10)(11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2022 |
|
Interest rate PRIME + 4.95% or Floor rate of 9.45%, 6.95% Exit Fee |
|
$ |
35,000 |
|
|
|
35,346 |
|
|
|
35,190 |
|
|
Metuchen Pharmaceuticals LLC (14) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
October 2020 |
|
Interest rate PRIME + 7.25% or Floor rate of 10.75%, PIK Interest 1.35%, 2.25% Exit Fee |
|
$ |
18,569 |
|
|
|
19,256 |
|
|
|
19,122 |
|
|
Motif BioSciences Inc. (5)(10)(11)(15) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.15% Exit Fee |
|
$ |
15,000 |
|
|
|
14,907 |
|
|
|
14,786 |
|
|
Myovant Sciences, Ltd. (5)(10)(11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
November 2021 |
|
Interest rate PRIME + 4.00% or Floor rate of 8.25%, 6.55% Exit Fee |
|
$ |
40,000 |
|
|
|
40,320 |
|
|
|
40,151 |
|
See notes to consolidated financial statements.
25
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2018
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor(2) |
|
Principal Amount |
|
|
Cost(3) |
|
|
Value(4) |
|
|||
|
Nabriva Therapeutics (5)(10) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
June 2023 |
|
Interest rate PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee |
|
$ |
25,000 |
|
|
$ |
24,750 |
|
|
$ |
24,750 |
|
|
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (10)(11)(15)(16) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2020 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee |
|
$ |
40,000 |
|
|
|
40,882 |
|
|
|
40,472 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee |
|
$ |
10,000 |
|
|
|
10,240 |
|
|
|
10,137 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
September 2021 |
|
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 2.25% Exit Fee |
|
$ |
10,000 |
|
|
|
10,084 |
|
|
|
9,925 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
August 2022 |
|
Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee |
|
$ |
10,000 |
|
|
|
10,014 |
|
|
|
10,014 |
|
|
Total Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) |
|
$ |
70,000 |
|
|
|
71,220 |
|
|
|
70,548 |
|
|||||||||
|
Stealth Bio Therapeutics Corp. (5)(10)(11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
January 2021 |
|
Interest rate PRIME + 5.50% or Floor rate of 9.50%, 6.25% Exit Fee |
|
$ |
19,313 |
|
|
|
19,740 |
|
|
|
19,597 |
|
|
Tricida, Inc. (11)(15) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
March 2022 |
|
Interest rate PRIME + 3.35% or Floor rate of 8.85%, 8.19% Exit Fee |
|
$ |
40,000 |
|
|
|
39,622 |
|
|
|
39,794 |
|
|
uniQure B.V. (5)(10)(11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
June 2023 |
|
Interest rate PRIME + 3.35% or Floor rate of 8.85%, 7.72% Exit Fee |
|
$ |
35,000 |
|
|
|
35,538 |
|
|
|
35,386 |
|
|
Verastem, Inc. (11) |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
5,000 |
|
|
|
5,058 |
|
|
|
5,059 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
5,000 |
|
|
|
5,082 |
|
|
|
5,083 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
5,000 |
|
|
|
5,057 |
|
|
|
5,057 |
|
|
|
|
|
Drug Discovery & Development |
|
Senior Secured |
|
December 2020 |
|
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
|
$ |
10,000 |
|
|
|
10,033 |
|
|
|
9,976 |
|
|
Total Verastem, Inc. |
|
|
|
|
|
|
|
|
|
|
$ |
25,000 |
|
|
|
25,230 |
|
|
|
25,175 |
|
|
X4 Pharmaceuticals Inc. |
|
|
Drug Discovery & Development |
|
Senior Secured |
|
November 2021 |
|
Interest rate PRIME + 4.25% or Floor rate of 9.50%, 7.95% Exit Fee |
|
$ |
10,000 |
|
|
|
9,746 |
|
|
|
9,746 |
|
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
520,238 |
|
|
|
518,632 |
|
|
Subtotal: Drug Discovery & Development (54.99%)* |
|
|
|
|
|
|
529,477 |
|
|
|
525,384 |
|
|||||||||
See notes to consolidated financial statements.
26
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2018
(unaudited)
(dollars in thousands)
|
Portfolio Company |
|
|
Sub-Industry |
|
Type of Investment(1) |
|
Maturity Date |
|
Interest Rate and Floor(2) |
|
Principal Amount |
|
|
Cost(3) |
|
|
Value(4) |
|
||||
|
Electronics & Computer Hardware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
908 DEVICES INC. (15) |
|
|
Electronics & Computer Hardware |
|
Senior Secured |
|
September 2020 |
|
Interest rate PRIME + 4.00% or Floor rate of 8.25%, 4.25% Exit Fee |
|
$ |
10,000 |
|
|
$ |
10,145 |
|
|
$ |
10,155 |
|
|
|
Glo AB (5)(10)(13)(14) |
|
|
Electronics & Computer Hardware |
|
Senior Secured |
|
February 2021 |
|
Interest rate PRIME + 6.20% or Floor rate of 10.45%, PIK Interest 1.75%, 2.95% Exit Fee |
|
$ |
12,192 |
|
|
12,265 |
|
|
5,556 |
|
|||
|
Subtotal: 1-5 Years Maturity |
|
|
|
|
|
22,410 |
|
|
15,711 |
|
||||||||||||
|
Subtotal: Electronics & Computer Hardware (1.64%)* |
|
|
|
|
22,410 |
|
|
15,711 |
||||||||||||||
|
Healthcare Services, Other |
|
|
|
|
|
|
|
|||||||||||||||