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 September 30, 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 |
|
74-3113410 |
|
(State or Jurisdiction of Incorporation or Organization) |
|
(IRS Employer Identification Number) |
|
400 Hamilton Ave., Suite 310 Palo Alto, California (Address of Principal Executive Offices) |
|
94301 (Zip Code) |
|
|
(650) 289-3060
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Common Shares, par value $0.001 per share |
HTGC |
New York Stock Exchange |
|
5.25% Notes due 2025 |
HCXZ |
New York Stock Exchange |
|
6.25% Notes due 2033 |
HCXY |
New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
|
☒ |
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Accelerated filer |
|
☐ |
|
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|
|
|
|||
|
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
|
☐ |
|
Emerging growth company |
|
☐ |
|
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
|
☐ |
||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On October 25, 2019, there were 104,633,262 shares outstanding of the Registrant’s common stock, $0.001 par value.
FORM 10-Q TABLE OF CONTENTS
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3 |
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Item 1. |
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3 |
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3 |
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5 |
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6 |
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8 |
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Consolidated Schedule of Investments as of September 30, 2019 (unaudited) |
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10 |
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Consolidated Schedule of Investments as of December 31, 2018 (unaudited) |
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20 |
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36 |
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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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68 |
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Item 3. |
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84 |
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Item 4. |
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85 |
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86 |
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Item 1. |
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86 |
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Item 1A. |
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86 |
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Item 2. |
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89 |
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Item 3. |
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89 |
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Item 4. |
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89 |
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Item 5. |
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89 |
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Item 6. |
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90 |
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93 |
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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)
|
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments (cost of $2,182,777 and $1,830,725, respectively) |
|
$ |
2,167,682 |
|
|
$ |
1,801,258 |
|
|
Control investments (cost of $65,319 and $64,799, respectively) |
|
|
58,560 |
|
|
|
57,619 |
|
|
Affiliate investments (cost of $88,238 and $85,000, respectively) |
|
|
20,964 |
|
|
|
21,496 |
|
|
Total investments in securities, at value (cost of $2,336,334 and $1,980,524, respectively) |
|
|
2,247,206 |
|
|
|
1,880,373 |
|
|
Cash and cash equivalents |
|
|
21,045 |
|
|
|
34,212 |
|
|
Restricted cash |
|
|
14,886 |
|
|
|
11,645 |
|
|
Interest receivable |
|
|
19,847 |
|
|
|
16,959 |
|
|
Right of use asset (1) |
|
|
12,218 |
|
|
|
— |
|
|
Other assets |
|
|
1,727 |
|
|
|
2,002 |
|
|
Total assets |
|
$ |
2,316,929 |
|
|
$ |
1,945,191 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
25,451 |
|
|
$ |
25,961 |
|
|
Operating lease liability (1) |
|
|
11,922 |
|
|
|
— |
|
|
SBA Debentures, net (principal of $149,000 and $149,000, respectively) (2) |
|
|
148,038 |
|
|
|
147,655 |
|
|
2022 Notes, net (principal of $150,000 and $150,000, respectively) (2) |
|
|
148,383 |
|
|
|
147,990 |
|
|
2024 Notes, net (principal of $0 and $83,510, respectively) (2) |
|
|
— |
|
|
|
81,852 |
|
|
July 2024 Notes, net (principal of $105,000 and $0, respectively) (2) |
|
|
103,723 |
|
|
|
— |
|
|
2025 Notes, net (principal of $75,000 and $75,000, respectively) (2) |
|
|
72,875 |
|
|
|
72,590 |
|
|
2033 Notes, net (principal of $40,000 and $40,000, respectively) (2) |
|
|
38,474 |
|
|
|
38,427 |
|
|
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) (2) |
|
|
197,241 |
|
|
|
197,265 |
|
|
2028 Asset-Backed Notes, net (principal of $250,000 and $0, respectively) (2) |
|
|
247,333 |
|
|
|
— |
|
|
2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) (2) |
|
|
226,223 |
|
|
|
225,051 |
|
|
Credit Facilities |
|
|
11,585 |
|
|
|
52,956 |
|
|
Total liabilities |
|
$ |
1,231,248 |
|
|
$ |
989,747 |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
105 |
|
|
|
96 |
|
|
Capital in excess of par value |
|
|
1,147,054 |
|
|
|
1,052,269 |
|
|
Total distributable earnings (loss) (3) |
|
|
(61,478 |
) |
|
|
(92,859 |
) |
|
Treasury Stock, at cost, no shares as of September 30, 2019 and 376,466 shares as of December 31, 2018 |
|
|
— |
|
|
|
(4,062 |
) |
|
Total net assets |
|
$ |
1,085,681 |
|
|
$ |
955,444 |
|
|
Total liabilities and net assets |
|
$ |
2,316,929 |
|
|
$ |
1,945,191 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding ($0.001 par value and 200,000,000 authorized) |
|
|
104,636 |
|
|
|
96,501 |
|
|
Net asset value per share |
|
$ |
10.38 |
|
|
$ |
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, July 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 11. |
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) |
|
September 30, 2019 |
|
|
December 31, 2018 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Restricted Cash |
|
$ |
14,886 |
|
|
$ |
11,645 |
|
|
2027 Asset-Backed Notes, investments in securities, at value (cost of $296,240 and $279,373, respectively) |
|
|
288,524 |
|
|
|
277,781 |
|
|
2028 Asset-Backed Notes, investments in securities, at value (cost of $365,607 and $0, respectively) |
|
|
366,033 |
|
|
|
— |
|
|
Total assets |
|
$ |
669,443 |
|
|
$ |
289,426 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) (1) |
|
$ |
197,241 |
|
|
$ |
197,265 |
|
|
2028 Asset-Backed Notes, net (principal of $250,000 and $0, respectively) (1) |
|
|
247,333 |
|
|
|
— |
|
|
Total liabilities |
|
$ |
444,574 |
|
|
$ |
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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2019 |
|
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2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
$ |
62,696 |
|
|
$ |
47,662 |
|
|
$ |
176,568 |
|
|
$ |
134,031 |
|
|
Control investments |
|
|
1,055 |
|
|
|
921 |
|
|
|
3,119 |
|
|
|
2,348 |
|
|
Affiliate investments |
|
|
493 |
|
|
|
509 |
|
|
|
1,740 |
|
|
|
1,570 |
|
|
Total interest income |
|
|
64,244 |
|
|
|
49,092 |
|
|
|
181,427 |
|
|
|
137,949 |
|
|
Fee income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitment, facility and loan fee income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
|
3,591 |
|
|
|
1,858 |
|
|
|
11,069 |
|
|
|
6,228 |
|
|
Control investments |
|
|
5 |
|
|
|
1 |
|
|
|
13 |
|
|
|
1 |
|
|
Affiliate investments |
|
|
26 |
|
|
|
71 |
|
|
|
186 |
|
|
|
263 |
|
|
Total commitment, facility and loan fee income |
|
|
3,622 |
|
|
|
1,930 |
|
|
|
11,268 |
|
|
|
6,492 |
|
|
One-time fee income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
|
1,372 |
|
|
|
1,580 |
|
|
|
4,602 |
|
|
|
6,423 |
|
|
Total one-time fee income |
|
|
1,372 |
|
|
|
1,580 |
|
|
|
4,602 |
|
|
|
6,423 |
|
|
Total fee income |
|
|
4,994 |
|
|
|
3,510 |
|
|
|
15,870 |
|
|
|
12,915 |
|
|
Total investment income |
|
|
69,238 |
|
|
|
52,602 |
|
|
|
197,297 |
|
|
|
150,864 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
13,857 |
|
|
|
9,451 |
|
|
|
39,927 |
|
|
|
28,715 |
|
|
Loan fees |
|
|
1,138 |
|
|
|
1,502 |
|
|
|
5,793 |
|
|
|
6,039 |
|
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal expenses |
|
|
1,586 |
|
|
|
677 |
|
|
|
4,212 |
|
|
|
1,889 |
|
|
Tax expenses |
|
|
815 |
|
|
|
117 |
|
|
|
1,706 |
|
|
|
689 |
|
|
Other expenses |
|
|
3,967 |
|
|
|
2,927 |
|
|
|
10,398 |
|
|
|
8,826 |
|
|
Total general and administrative |
|
|
6,368 |
|
|
|
3,721 |
|
|
|
16,316 |
|
|
|
11,404 |
|
|
Employee compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
7,559 |
|
|
|
5,294 |
|
|
|
23,372 |
|
|
|
18,069 |
|
|
Stock-based compensation |
|
|
1,443 |
|
|
|
3,332 |
|
|
|
8,716 |
|
|
|
8,498 |
|
|
Total employee compensation |
|
|
9,002 |
|
|
|
8,626 |
|
|
|
32,088 |
|
|
|
26,567 |
|
|
Total operating expenses |
|
|
30,365 |
|
|
|
23,300 |
|
|
|
94,124 |
|
|
|
72,725 |
|
|
Net investment income |
|
|
38,873 |
|
|
|
29,302 |
|
|
|
103,173 |
|
|
|
78,139 |
|
|
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
|
4,807 |
|
|
|
3,350 |
|
|
|
13,633 |
|
|
|
(4,115 |
) |
|
Control investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,308 |
) |
|
Affiliate investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,058 |
) |
|
Total net realized gain (loss) on investments |
|
|
4,807 |
|
|
|
3,350 |
|
|
|
13,633 |
|
|
|
(10,481 |
) |
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
|
(26,351 |
) |
|
|
3,967 |
|
|
|
15,533 |
|
|
|
22,327 |
|
|
Control investments |
|
|
2,489 |
|
|
|
378 |
|
|
|
421 |
|
|
|
3,715 |
|
|
Affiliate investments |
|
|
(547 |
) |
|
|
(1,368 |
) |
|
|
(3,773 |
) |
|
|
(66 |
) |
|
Total net unrealized appreciation (depreciation) on investments |
|
|
(24,409 |
) |
|
|
2,977 |
|
|
|
12,181 |
|
|
|
25,976 |
|
|
Total net realized and unrealized gain (loss) |
|
|
(19,602 |
) |
|
|
6,327 |
|
|
|
25,814 |
|
|
|
15,495 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
19,271 |
|
|
$ |
35,629 |
|
|
$ |
128,987 |
|
|
$ |
93,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income before investment gains and losses per common share: |
|
|||||||||||||||
|
Basic |
|
$ |
0.37 |
|
|
$ |
0.31 |
|
|
$ |
1.03 |
|
|
$ |
0.87 |
|
|
Change in net assets resulting from operations per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
|
$ |
0.37 |
|
|
$ |
1.29 |
|
|
$ |
1.04 |
|
|
Diluted |
|
$ |
0.18 |
|
|
$ |
0.37 |
|
|
$ |
1.29 |
|
|
$ |
1.04 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
104,314 |
|
|
|
95,460 |
|
|
|
99,615 |
|
|
|
89,100 |
|
|
Diluted |
|
|
104,655 |
|
|
|
95,671 |
|
|
|
100,043 |
|
|
|
89,212 |
|
|
Distributions paid per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
0.31 |
|
|
$ |
0.98 |
|
|
$ |
0.93 |
|
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 |
|
|||||||||
|
For the Three Months Ended September 30, 2019 |
Shares |
|
|
Par Value |
|
|
of par value |
|
|
(loss) (2) |
|
|
Stock |
|
|
Assets |
|
||||||
|
Balance at June 30, 2019 |
|
104,282 |
|
|
$ |
104 |
|
|
$ |
1,149,774 |
|
|
$ |
(45,194 |
) |
|
$ |
— |
|
|
$ |
1,104,684 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19,271 |
|
|
|
— |
|
|
|
19,271 |
|
|
Public offering, net of offering expenses |
|
— |
|
|
|
— |
|
|
|
(331 |
) |
|
|
— |
|
|
|
— |
|
|
|
(331 |
) |
|
Issuance of common stock due to stock option exercises |
|
23 |
|
|
|
— |
|
|
|
300 |
|
|
|
— |
|
|
|
— |
|
|
|
300 |
|
|
Retired shares from net issuance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock under restricted stock plan |
|
770 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(482 |
) |
|
|
— |
|
|
|
(4,471 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,471 |
) |
|
Distributions reinvested in common stock |
|
43 |
|
|
|
— |
|
|
|
544 |
|
|
|
— |
|
|
|
— |
|
|
|
544 |
|
|
Distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35,555 |
) |
|
|
— |
|
|
|
(35,555 |
) |
|
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
1,239 |
|
|
|
— |
|
|
|
— |
|
|
|
1,239 |
|
|
Balance at September 30, 2019 |
|
104,636 |
|
|
$ |
105 |
|
|
$ |
1,147,054 |
|
|
$ |
(61,478 |
) |
|
$ |
— |
|
|
$ |
1,085,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
128,987 |
|
|
|
— |
|
|
|
128,987 |
|
|
Public offering, net of offering expenses |
|
7,700 |
|
|
|
8 |
|
|
|
95,084 |
|
|
|
— |
|
|
|
— |
|
|
|
95,092 |
|
|
Issuance of common stock due to stock option exercises |
|
37 |
|
|
|
— |
|
|
|
461 |
|
|
|
— |
|
|
|
— |
|
|
|
461 |
|
|
Retired shares from net issuance |
|
(12 |
) |
|
|
— |
|
|
|
(166 |
) |
|
|
— |
|
|
|
— |
|
|
|
(166 |
) |
|
Issuance of common stock under restricted stock plan |
|
828 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retirement of common stock under repurchase plan |
|
— |
|
|
|
— |
|
|
|
(4,062 |
) |
|
|
— |
|
|
|
4,062 |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(550 |
) |
|
|
— |
|
|
|
(5,358 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,358 |
) |
|
Distributions reinvested in common stock |
|
132 |
|
|
|
— |
|
|
|
1,733 |
|
|
|
— |
|
|
|
— |
|
|
|
1,733 |
|
|
Distributions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(97,606 |
) |
|
|
— |
|
|
|
(97,606 |
) |
|
Stock-based compensation (1) |
|
— |
|
|
|
— |
|
|
|
7,094 |
|
|
|
— |
|
|
|
— |
|
|
|
7,094 |
|
|
Balance at September 30, 2019 |
|
104,636 |
|
|
$ |
105 |
|
|
$ |
1,147,054 |
|
|
$ |
(61,478 |
) |
|
$ |
— |
|
|
$ |
1,085,681 |
|
|
(1) |
Stock-based compensation includes $25 and $56 of restricted stock and option expense related to director compensation for the three and nine months ended September 30, 2019, 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 11. |
See notes to consolidated financial statements
6
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
(dollars and shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital in |
|
|
Distributable |
|
|
|
|
|
||
|
|
|
Common Stock |
|
|
excess |
|
|
Earnings |
|
|
Net |
|
||||||||
|
For the Three Months Ended September 30, 2018 |
|
Shares |
|
|
Par Value |
|
|
of par value |
|
|
(loss)(2) |
|
|
Assets |
|
|||||
|
Balance at June 30, 2018 |
|
|
94,260 |
|
|
$ |
94 |
|
|
$ |
1,026,313 |
|
|
$ |
(62,710 |
) |
|
$ |
963,697 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,629 |
|
|
|
35,629 |
|
|
Public offering, net of offering expenses |
|
|
2,467 |
|
|
|
2 |
|
|
|
31,170 |
|
|
|
— |
|
|
|
31,172 |
|
|
Issuance of common stock due to stock option exercises |
|
|
25 |
|
|
|
— |
|
|
|
271 |
|
|
|
— |
|
|
|
271 |
|
|
Retired shares from net issuance |
|
|
(21 |
) |
|
|
— |
|
|
|
(271 |
) |
|
|
— |
|
|
|
(271 |
) |
|
Issuance of common stock under restricted stock plan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
|
(19 |
) |
|
|
— |
|
|
|
(249 |
) |
|
|
— |
|
|
|
(249 |
) |
|
Distributions reinvested in common stock |
|
|
39 |
|
|
|
— |
|
|
|
518 |
|
|
|
— |
|
|
|
518 |
|
|
Distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,710 |
) |
|
|
(29,710 |
) |
|
Stock-based compensation (1) |
|
|
— |
|
|
|
— |
|
|
|
3,123 |
|
|
|
— |
|
|
|
3,123 |
|
|
Balance at September 30, 2018 |
|
|
96,751 |
|
|
$ |
96 |
|
|
$ |
1,060,875 |
|
|
$ |
(56,791 |
) |
|
$ |
1,004,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||