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, 2020

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

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

Emerging growth company

 

 

 

 

 

 

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

 

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

On April 29, 2020, there were 110,615,986 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 


 

HERCULES CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

  

3

 

Item 1.

 

 

Consolidated Financial Statements

  

3

 

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2020 and December 31, 2019 (unaudited)

  

3

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited)

  

5

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 and 2019 (unaudited)

  

6

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of March 31, 2020 (unaudited)

  

9

 

 

 

Consolidated Schedule of Investments as of December 31, 2019 (unaudited)

  

20

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

30

Item 2.

 

 

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

  

64

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

80

Item 4.

 

 

Controls and Procedures

  

81

 

PART II. OTHER INFORMATION

  

82

 

Item 1.

 

Legal Proceedings

  

82

Item 1A.

 

 

Risk Factors

 

82

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

84

Item 3.

 

Defaults Upon Senior Securities

  

84

Item 4.

 

 

Mine Safety Disclosures

  

84

Item 5.

 

 

Other Information

  

84

Item 6.

 

 

Exhibits and Financial Statement Schedules

  

85

 

SIGNATURES

  

88

 

 

 

 

2


 

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts, unless the context otherwise requires.

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(unaudited)

(in thousands, except per share data)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $2,312,460 and $2,248,524, respectively)

 

$

2,238,479

 

 

$

2,232,972

 

Control investments (cost of $65,213 and $65,333, respectively)

 

 

51,775

 

 

 

59,746

 

Affiliate investments (cost of $88,584 and $88,175, respectively)

 

 

12,226

 

 

 

21,808

 

Total investments in securities, at value (cost of $2,466,256 and $2,402,032, respectively)

 

 

2,302,480

 

 

 

2,314,526

 

Cash and cash equivalents

 

 

34,282

 

 

 

64,393

 

Restricted cash

 

 

22,060

 

 

 

50,603

 

Interest receivable

 

 

19,137

 

 

 

20,207

 

Right of use asset (2)

 

 

11,078

 

 

 

11,659

 

Other assets

 

 

7,714

 

 

 

580

 

Total assets

 

$

2,396,751

 

 

$

2,461,968

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

22,450

 

 

$

30,306

 

Operating lease liability (2)

 

 

11,144

 

 

 

11,538

 

SBA Debentures, net (principal of $110,250 and $149,000, respectively) (1)

 

 

109,725

 

 

 

148,165

 

2022 Notes, net (principal of $150,000 and $150,000, respectively) (1)

 

 

148,645

 

 

 

148,514

 

July 2024 Notes, net (principal of $105,000 and $105,000, respectively) (1)

 

 

103,721

 

 

 

103,685

 

February 2025 Notes, net (principal of $50,000 and $0, respectively) (1)

 

 

49,442

 

 

 

 

2025 Notes, net (principal of $75,000 and $75,000, respectively) (1)

 

 

73,066

 

 

 

72,970

 

2033 Notes, net (principal of $40,000 and $40,000, respectively) (1)

 

 

38,528

 

 

 

38,501

 

2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) (1)

 

 

197,377

 

 

 

197,312

 

2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) (1)

 

 

247,444

 

 

 

247,395

 

2022 Convertible Notes, net (principal of $230,000 and $230,000, respectively) (1)

 

 

227,004

 

 

 

226,614

 

Credit Facilities

 

 

71,125

 

 

 

103,919

 

Total liabilities

 

$

1,299,671

 

 

$

1,328,919

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

111

 

 

 

108

 

Capital in excess of par value

 

 

1,182,080

 

 

 

1,145,106

 

Total distributable earnings (loss)

 

 

(85,111

)

 

 

(12,165

)

Total net assets

 

$

1,097,080

 

 

$

1,133,049

 

Total liabilities and net assets

 

$

2,396,751

 

 

$

2,461,968

 

 

 

 

 

 

 

 

 

 

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

 

 

110,601

 

 

 

107,364

 

Net asset value per share

 

$

9.92

 

 

$

10.55

 

 

(1)

The Company’s SBA debentures, 2022 Notes, July 2024 Notes, February 2025 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”.

(2)

See “Note 2 – Summary of Significant Accounting Policies” for a description of Right of use asset and Operating lease liability.

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 Statements of Assets and Liabilities above.

 

(Dollars in thousands)

 

March 31, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

22,060

 

 

$

50,603

 

2027 Asset-Backed Notes, investments in securities, at value (cost of $297,682 and $283,891, respectively)

 

 

295,981

 

 

 

283,658

 

2028 Asset-Backed Notes, investments in securities, at value (cost of $365,755 and $347,295, respectively)

 

 

363,561

 

 

 

347,929

 

Total assets

 

$

681,602

 

 

$

682,190

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

2027 Asset-Backed Notes, net (principal of $200,000 and $200,000, respectively) (1)

 

$

197,377

 

 

$

197,312

 

2028 Asset-Backed Notes, net (principal of $250,000 and $250,000, respectively) (1)

 

 

247,444

 

 

 

247,395

 

Total liabilities

 

$

444,821

 

 

$

444,707

 

 

(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


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Investment income:

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

$

65,338

 

 

$

53,941

 

Control investments

 

 

646

 

 

 

1,024

 

Affiliate investments

 

 

220

 

 

 

508

 

Total interest income

 

 

66,204

 

 

 

55,473

 

Fee income

 

 

 

 

 

 

 

 

Commitment, facility and loan fee income

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

4,196

 

 

 

2,450

 

Control investments

 

 

5

 

 

 

4

 

Affiliate investments

 

 

 

 

 

88

 

Total commitment, facility and loan fee income

 

 

4,201

 

 

 

2,542

 

One-time fee income

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

3,214

 

 

 

780

 

Total one-time fee income

 

 

3,214

 

 

 

780

 

Total fee income

 

 

7,415

 

 

 

3,322

 

Total investment income

 

 

73,619

 

 

 

58,795

 

Operating expenses:

 

 

 

 

 

 

 

 

Interest

 

 

14,532

 

 

 

12,555

 

Loan fees

 

 

1,794

 

 

 

3,009

 

General and administrative

 

 

 

 

 

 

 

 

Legal expenses

 

 

899

 

 

 

663

 

Tax expenses

 

 

1,135

 

 

 

298

 

Other expenses

 

 

4,025

 

 

 

3,192

 

Total general and administrative

 

 

6,059

 

 

 

4,153

 

Employee compensation

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

8,214

 

 

 

6,623

 

Stock-based compensation

 

 

2,440

 

 

 

3,422

 

Total employee compensation

 

 

10,654

 

 

 

10,045

 

Total operating expenses

 

 

33,039

 

 

 

29,762

 

Net investment income

 

 

40,580

 

 

 

29,033

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

6,967

 

 

 

4,555

 

Total net realized gain (loss) on investments

 

 

6,967

 

 

 

4,555

 

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

(58,430

)

 

 

32,091

 

Control investments

 

 

(7,851

)

 

 

(2,875

)

Affiliate investments

 

 

(9,989

)

 

 

(1,219

)

Total net unrealized appreciation (depreciation) on investments

 

 

(76,270

)

 

 

27,997

 

Total net realized and unrealized gain (loss)

 

 

(69,303

)

 

 

32,552

 

Net increase (decrease) in net assets resulting from operations

 

$

(28,723

)

 

$

61,585

 

 

 

 

 

 

 

 

 

 

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

 

Basic

 

$

0.37

 

 

$

0.30

 

Change in net assets resulting from operations per common share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.27

)

 

$

0.64

 

Diluted

 

$

(0.27

)

 

$

0.64

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

108,955

 

 

 

96,218

 

Diluted

 

 

108,955

 

 

 

96,508

 

Distributions paid per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

 

$

0.31

 

 

See notes to consolidated financial statements

5


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS 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 March 31, 2020

Shares

 

 

Par Value

 

 

of par value

 

 

(loss)

 

 

Stock

 

 

Assets

 

Balance at December 31, 2019

 

107,364

 

 

$

108

 

 

$

1,145,106

 

 

$

(12,165

)

 

$

 

 

$

1,133,049

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(28,723

)

 

 

 

 

 

(28,723

)

Public offering, net of offering expenses

 

2,441

 

 

 

2

 

 

 

34,960

 

 

 

 

 

 

 

 

 

34,962

 

Issuance of common stock due to stock option exercises

 

29

 

 

 

 

 

 

362

 

 

 

 

 

 

 

 

 

362

 

Retired shares from net issuance

 

(24

)

 

 

 

 

 

(376

)

 

 

 

 

 

 

 

 

(376

)

Issuance of common stock under restricted stock plan

 

749

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(17

)

 

 

 

 

 

(880

)

 

 

 

 

 

 

 

 

(880

)

Distributions reinvested in common stock

 

59

 

 

 

 

 

 

827

 

 

 

 

 

 

 

 

 

827

 

Distributions

 

 

 

 

 

 

 

 

 

 

(44,223

)

 

 

 

 

 

(44,223

)

Stock-based compensation (1)

 

 

 

 

 

 

 

2,082

 

 

 

 

 

 

 

 

 

2,082

 

Balance at March 31, 2020

 

110,601

 

 

$

111

 

 

$

1,182,080

 

 

$

(85,111

)

 

$

 

 

$

1,097,080

 

 

(1)

Stock-based compensation includes $21 of restricted stock and option expense related to director compensation for the three months ended March 31, 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Distributable

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

Earnings

 

 

Treasury

 

 

Net

 

For the Three Months Ended March 31, 2019

 

Shares

 

 

Par Value

 

 

of par value

 

 

(loss)(2)

 

 

Stock

 

 

Assets

 

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 of restricted stock and option expense related to director compensation for the three months ended March 31, 2019.

(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


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

For the Three Months Ended March 31,

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

(28,723

)

 

$

61,585

 

Adjustments to reconcile net increase in net assets resulting from

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

 

 

 

 

 

 

 

Purchase of investments

 

(233,612

)

 

 

(239,702

)

Principal and fee payments received on investments

 

167,511

 

 

 

65,845

 

Proceeds from the sale of investments

 

17,076

 

 

 

9,830

 

Net unrealized depreciation (appreciation) on investments

 

76,270

 

 

 

(27,997

)

Net realized loss (gain) on investments

 

(6,967

)

 

 

(4,555

)

Accretion of paid-in-kind principal

 

(2,130

)

 

 

(2,099

)

Accretion of loan discounts

 

(1,147

)

 

 

(737

)

Accretion of loan discount on convertible notes

 

168

 

 

 

168

 

Accretion of loan exit fees

 

(6,265

)

 

 

(5,199

)

Change in deferred loan origination revenue

 

1,319

 

 

 

3,754

 

Unearned fees related to unfunded commitments

 

(463

)

 

 

992

 

Amortization of debt fees and issuance costs

 

1,332

 

 

 

2,653

 

Depreciation

 

126

 

 

 

51

 

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

 

2,082

 

 

 

3,305

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

1,070

 

 

 

(1,407

)

Prepaid expenses and other assets

 

(4,100

)

 

 

(9,272

)

Accounts payable

 

(16

)

 

 

(198

)

Accrued liabilities

 

(8,233

)

 

 

1,417

 

Net cash provided by (used in) operating activities

 

(24,702

)

 

 

(141,566

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(29

)

 

 

(83

)

Net cash provided by (used in) investing activities

 

(29

)

 

 

(83

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

34,963

 

 

 

(43

)

Retirement of employee shares

 

(896

)

 

 

(676

)

Distributions paid

 

(43,396

)

 

 

(29,268

)

Issuance of 2028 Asset-Backed Notes

 

 

 

 

250,000

 

Issuance of February 2025 Notes

 

50,000

 

 

 

 

Repayments of 2024 Notes

 

 

 

 

(83,510

)

Repayments of Long-Term SBA Debentures

 

(38,750

)

 

 

 

Borrowings of credit facilities

 

242,026

 

 

 

110,834

 

Repayments of credit facilities

 

(274,819

)

 

 

(119,523

)

Cash paid for debt issuance costs

 

(618

)

 

 

(2,965

)

Fees paid for credit facilities and debentures

 

(2,433

)

 

 

(2,443

)

Net cash provided by (used in) financing activities

 

(33,923

)

 

 

122,406

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(58,654

)

 

 

(19,243

)

Cash, cash equivalents, and restricted cash at beginning of period

 

114,996

 

 

 

45,857

 

Cash, cash equivalents, and restricted cash at end of period

$

56,342

 

 

$

26,614

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information and non-cash investing and financing activities:

 

Distributions reinvested

 

827

 

 

 

632

 

 

(1)

Stock-based compensation includes $21 and $7 of restricted stock and option expense related to director compensation for the three months ended March 31, 2020 and 2019, 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 Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

 

 

For the Three Months Ended March 31,

 

(Dollars in thousands)

2020

 

 

2019

 

Cash and cash equivalents

$

34,282

 

 

$

16,465

 

Restricted cash

 

22,060

 

 

 

10,149

 

Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows

$

56,342

 

 

$

26,614

 

See “Note 2 – Summary of Significant Accounting Policies” for a description of restricted cash and cash equivalents.

 

See notes to consolidated financial statements

8


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Cytracom Holdings LLC (18)

Communications & Networking

Senior Secured

February 2025

Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.25%

$

7,000

 

$

6,793

 

$

6,793

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

6,793

 

 

6,793

 

Subtotal: Communications & Networking (0.62%)*

 

 

 

 

6,793

 

 

6,793

 

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

 

 

14,794

 

 

14,794

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

14,794

 

 

14,794

 

Subtotal: Diversified Financial Services (1.35%)*

 

 

 

 

 

 

14,794

 

 

14,794

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Antares Pharma Inc. (10)(11)(15)(17)

Drug Delivery

Senior Secured

July 2022

Interest rate PRIME + 4.50% or Floor rate of 8.50%, 4.14% Exit Fee

$

40,000

 

 

40,741

 

 

39,890

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

40,741

 

 

39,890

 

Subtotal: Drug Delivery (3.64%)*

 

 

 

 

40,741

 

 

39,890

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

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 11.55%

$

15,731

 

 

15,640

 

 

15,640

 

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

$

11,192

 

 

12,200

 

 

12,065

 

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

$

14,797

 

 

15,928

 

 

15,928

 

Subtotal: Under 1 Year Maturity

 

 

 

 

43,768

 

 

43,633

 

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

$

8,902

 

 

9,077

 

 

9,011

 

Aldeyra Therapeutics, Inc. (11)

Drug Discovery & Development

Senior Secured

October 2023

Interest rate PRIME + 3.10% or Floor rate of 9.10%, 6.95% Exit Fee

$

15,000

 

 

15,059

 

 

15,027

 

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

$

6,889

 

 

7,250

 

 

7,233

 

 

Drug Discovery & Development

Senior Secured

July 2021

Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee

$

6,889

 

 

7,141

 

 

7,185

 

Total Aveo Pharmaceuticals, Inc.

 

 

 

 

$

13,778

 

 

14,391

 

 

14,418

 

BridgeBio Pharma LLC (12)(13)(16)

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 3.85% or Floor rate of 8.85%, 6.35% Exit Fee

$

35,000

 

 

35,835

 

 

35,696

 

 

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee

$

20,000

 

 

20,351

 

 

20,461

 

 

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 3.10% or Floor rate of 9.10%, 5.75% Exit Fee

$

20,000

 

 

20,168

 

 

20,272

 

Total BridgeBio Pharma LLC

 

 

 

 

$

75,000

 

 

76,354

 

 

76,429

 

Chemocentryx, Inc. (10)(15)(17)

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee

$

20,000

 

 

20,401

 

 

20,567

 

 

Drug Discovery & Development

Senior Secured

February 2024

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

$

5,000

 

 

4,956

 

 

4,956

 

Total Chemocentryx, Inc.

 

 

 

 

$

25,000

 

 

25,357

 

 

25,523

 

Codiak Biosciences, Inc. (11)(17)

Drug Discovery & Development

Senior Secured

October 2024

Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee

$

10,000

 

 

9,989

 

 

9,970

 

Constellation Pharmaceuticals, Inc. (12)

Drug Discovery & Development

Senior Secured

April 2023

Interest rate PRIME + 2.55% or Floor rate of 8.55%, 6.35% Exit Fee

$

30,000

 

 

30,308

 

 

30,738

 

Dermavant Sciences Ltd. (5)(10)(13)

Drug Discovery & Development

Senior Secured

June 2022

Interest rate PRIME + 4.45% or Floor rate of 9.95%, 6.95% Exit Fee

$

20,000

 

 

20,245

 

 

20,295

 

Eidos Therapeutics, Inc. (10)(13)(17)

Drug Discovery & Development

Senior Secured

October 2023

Interest rate PRIME + 3.25% or Floor rate of 8.50%, 5.95% Exit Fee

$

8,750

 

 

8,771

 

 

8,771

 

Genocea Biosciences, Inc. (11)

Drug Discovery & Development

Senior Secured

May 2021

Interest rate PRIME + 3.00% or Floor rate of 8.00%, 13.43% Exit Fee

$

12,922

 

 

13,595

 

 

13,595

 

Kaleido Biosciences, Inc. (13)

Drug Discovery & Development

Senior Secured

January 2024

Interest rate PRIME + 4.20% or Floor rate of 8.95%, 7.55% Exit Fee

$

22,500

 

 

22,517

 

 

22,517

 

Mesoblast (5)(10)(11)

Drug Discovery & Development

Senior Secured

March 2022

Interest rate PRIME + 4.95% or Floor rate of 9.70%, 6.95% Exit Fee

$

50,000

 

 

51,902

 

 

51,972

 

Motif BioSciences Inc. (5)(8)(10)

Drug Discovery & Development

Senior Secured

September 2021

Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.87% Exit Fee

$

6,738

 

 

6,732

 

 

 

Nabriva Therapeutics (5)(10)

Drug Discovery & Development

Senior Secured

June 2023

Interest rate PRIME + 4.30% or Floor rate of 9.80%, 9.95% Exit Fee

$

5,000

 

 

5,071

 

 

5,098

 

See notes to consolidated financial statements

9


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(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)

 

Paratek Pharmaceuticals, Inc. (11)(15)(16)

Drug Discovery & Development

Senior Secured

September 2021

Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.13% Exit Fee

$

60,000

 

$

62,075

 

$

62,211

 

 

Drug Discovery & Development

Senior Secured

August 2022

Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee

$

10,000

 

 

10,298

 

 

10,338

 

Total Paratek Pharmaceuticals, Inc.

 

 

 

$

70,000

 

 

72,373

 

 

72,549

 

Replimune Group, Inc. (5)(10)(11)(17)

Drug Discovery & Development

Senior Secured

August 2023

Interest rate PRIME + 2.75% or Floor rate of 8.75%, 4.95% Exit Fee

$

10,000

 

 

10,013

 

 

10,044

 

Seres Therapeutics, Inc. (11)

Drug Discovery & Development

Senior Secured

November 2023

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

$

25,000

 

 

24,907

 

 

24,907

 

Syndax Pharmaceutics Inc. (13)

Drug Discovery & Development

Senior Secured

September 2023

Interest rate PRIME + 5.10% or Floor rate of 9.85%, 4.99% Exit Fee

$

20,000

 

 

19,929

 

 

19,929

 

TG Therapeutics, Inc. (10)(13)

Drug Discovery & Development

Senior Secured

March 2022

Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.25% Exit Fee

$

30,000

 

 

29,890

 

 

30,029

 

Tricida, Inc. (11)(15)(16)(17)

Drug Discovery & Development

Senior Secured

April 2023

Interest rate PRIME + 2.35% or Floor rate of 8.35%, 11.92% Exit Fee

$

60,000

 

 

61,090

 

 

61,689

 

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

 

 

36,219

 

 

36,526

 

Verastem, Inc. (11)

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

 

 

5,052

 

 

5,090

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

 

 

5,070

 

 

5,109

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

 

 

5,093

 

 

5,141

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

10,000

 

 

10,114

 

 

10,190

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

10,000

 

 

10,086

 

 

10,162

 

Total Verastem, Inc.

 

 

 

 

$

35,000

 

 

35,415

 

 

35,692

 

X4 Pharmaceuticals, Inc. (11)

Drug Discovery & Development

Senior Secured

July 2023

Interest rate PRIME + 3.75% or Floor rate of 8.75%, 7.18% Exit Fee

$

25,000

 

 

25,181

 

 

25,175

 

Yumanity Therapeutics, Inc. (11)

Drug Discovery & Development

Senior Secured

January 2024

Interest rate PRIME + 4.00% or Floor rate of 8.75%, 5.25% Exit Fee

$

15,000

 

 

14,811

 

 

14,660

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

639,196

 

 

634,564

 

Subtotal: Drug Discovery & Development (61.82%)*

 

 

 

 

 

 

682,964

 

 

678,197

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Glo AB (5)(8)(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%, 5.03% Exit Fee

$

6,635

 

 

7,149

 

 

2,783

 

Subtotal: Under 1 Year Maturity

 

 

 

 

7,149

 

 

2,783

 

Subtotal: Electronics & Computer Hardware (0.25%)*

 

 

 

 

 

 

7,149

 

 

2,783

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Oak Street Health (11)(16)

Healthcare Services, Other

Senior Secured

December 2022

Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee

$

80,000

 

 

81,642

 

 

82,039

 

The CM Group LLC (17)

Healthcare Services, Other

Senior Secured

June 2024

Interest rate 1-month LIBOR + 8.35% or Floor rate of 9.35%

$

9,429

 

 

9,275

 

 

8,852

 

Velocity Clinical Research, Inc. (17)(18)

Healthcare Services, Other

Senior Secured

November 2024

Interest rate 3-month LIBOR + 9.08% or Floor rate of 10.08%

$

7,481

 

 

7,220

 

 

7,220

 

 

Healthcare Services, Other

Senior Secured

November 2024

Interest rate 3-month LIBOR + 9.08% or Floor rate of 10.08%

$

1,985

 

 

1,912

 

 

1,912

 

 

Healthcare Services, Other

Senior Secured

November 2024

Interest rate 3-month LIBOR + 9.08% or Floor rate of 10.08%

$

453

 

 

426

 

 

426

 

Total Velocity Clinical Research, Inc.

 

 

 

$

9,919

 

 

9,558

 

 

9,558

 

Subtotal: 1-5 Years Maturity

 

 

 

 

100,475

 

 

100,449

 

Subtotal: Healthcare Services, Other (9.16%)*

 

 

 

 

 

 

100,475

 

 

100,449

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Labs, Inc. (11)

Information Services

Senior Secured

June 2022

Interest rate PRIME + 5.50% or Floor rate of 11.00%, 3.00% Exit Fee

$

20,000

 

 

19,619

 

 

19,571

 

Sapphire Digital, Inc. (p.k.a. MDX Medical, Inc.) (14)(15)(19)

Information Services

Senior Secured

June 2021

Interest rate PRIME + 2.75% or Floor rate of 9.50%, PIK Interest 1.70%, 2.80% Exit Fee

$

15,621

 

 

15,799

 

 

15,773

 

Yipit, LLC (17)(18)

Information Services

Senior Secured

May 2024

Interest rate 3-month LIBOR + 7.99% or Floor rate of 7.99%

$

10,625

 

 

10,426

 

 

10,084

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

45,844

 

 

45,428

 

Subtotal: Information Services (4.14%)*

 

 

 

 

 

 

 

45,844

 

 

45,428

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements

10


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(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)

 

Greenphire, Inc.

Internet Consumer & Business Services

Senior Secured

January 2021

Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%

$

1,612

 

$

1,612

 

$

1,612

 

 

Internet Consumer & Business Services

Senior Secured

January 2021

Interest rate PRIME + 3.75% or Floor rate of 8.75%

$

2,000

 

 

2,000

 

 

2,000

 

Total Greenphire, Inc.

 

 

 

 

$

3,612

 

 

3,612

 

 

3,612

 

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

$

42,886

 

 

43,702

 

 

43,691

 

 

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

$

5,159

 

 

5,219

 

 

5,209

 

Total Snagajob.com, Inc.

 

 

 

 

$

48,045

 

 

48,921

 

 

48,900

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

52,533

 

 

52,512

 

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

 

 

20,350

 

 

20,070

 

Arctic Wolf Networks, Inc. (13)(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

$

30,000

 

 

30,415

 

 

30,182

 

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

$

15,000

 

 

15,392

 

 

15,228

 

Contentful, Inc. (5)(10)(11)(14)(17)

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

$

3,806

 

 

3,820

 

 

3,783

 

ePayPolicy Holdings, LLC (11)(17)

Internet Consumer & Business Services

Senior Secured

December 2024

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

$

8,000

 

 

7,768

 

 

7,475

 

EverFi, Inc. (11)(14)(16)

Internet Consumer & Business Services

Senior Secured

May 2022

Interest rate PRIME + 3.90% or Floor rate of 9.15%, PIK Interest 2.30%

$

82,628

 

 

82,354

 

 

81,628

 

Houzz, Inc. (13)(14)

Internet Consumer & Business Services

Senior Secured

November 2022

Interest rate PRIME + 3.20% or Floor rate of 8.45%, PIK Interest 2.50%, 4.50% Exit Fee

$

50,432

 

 

50,239

 

 

49,782

 

Intent (p.k.a. Intent Media, Inc.) (12)

Internet Consumer & Business Services

Senior Secured

September 2021

Interest rate PRIME + 5.13% or Floor rate of 10.13%, 2.00% Exit Fee

$

15,200

 

 

15,165

 

 

12,971

 

Nextroll, Inc. (14)(19)

Internet Consumer & Business Services

Senior Secured

June 2022

Interest rate PRIME + 3.85% or Floor rate of 9.35%, PIK Interest 2.95%, 3.50% Exit Fee

$

20,455

 

 

20,505

 

 

20,445

 

Patron Technology (13)(18)

Internet Consumer & Business Services

Senior Secured

June 2024

Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%

$

32,500

 

 

31,655

 

 

29,993

 

 

Internet Consumer & Business Services

Senior Secured

June 2024

Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%

$

2,500

 

 

2,500

 

 

2,414

 

 

Internet Consumer & Business Services

Senior Secured

June 2024

Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%

$

6,750

 

 

6,560

 

 

6,383

 

Total Patron Technology

 

 

 

 

$

41,750

 

 

40,715

 

 

38,790

 

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

 

 

20,464

 

 

20,174

 

SeatGeek, Inc. (14)(16)

Internet Consumer & Business Services

Senior Secured

June 2023

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

$

60,076

 

 

58,765

 

 

57,144

 

Skyword, Inc. (14)

Internet Consumer & Business Services

Senior Secured

September 2023

Interest rate PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.25%, 4.00% Exit Fee

$

12,080

 

 

11,985

 

 

11,823

 

Tectura Corporation (7)(8)(9)(14)

Internet Consumer & Business Services

Senior Secured

June 2021

PIK Interest 5.00%

$

10,680

 

 

240

 

 

 

 

Internet Consumer & Business Services

Senior Secured

June 2021

Interest rate FIXED 8.25%

$

8,250

 

 

8,250

 

 

8,250

 

 

Internet Consumer & Business Services

Senior Secured

June 2021

PIK Interest 5.00%

$

13,023

 

 

13,023

 

 

281

 

Total Tectura Corporation

 

 

 

 

$

31,953

 

 

21,513

 

 

8,531

 

Varsity Tutors LLC (13)(14)

Internet Consumer & Business Services

Senior Secured

August 2023

Interest rate PRIME + 5.25% or Floor rate of 10.75%, PIK Interest 0.55%, 3.00% Exit Fee

$

39,101

 

 

38,927

 

 

38,901

 

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%

$

16,310

 

 

16,221

 

 

15,955

 

Xometry, Inc. (13)

Internet Consumer & Business Services

Senior Secured

May 2022

Interest rate PRIME + 3.95% or Floor rate of 8.70%, 7.09% Exit Fee

$

11,000

 

 

11,402

 

 

11,380

 

 

Internet Consumer & Business Services

Senior Secured

May 2022

Interest rate PRIME + 3.95% or Floor rate of 8.70%, 3.95% Exit Fee

$

4,000

 

 

4,011

 

 

4,011

 

Total Xometry, Inc.

 

 

 

 

$

15,000

 

 

15,413

 

 

15,391

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

470,011

 

 

448,273

 

Subtotal: Internet Consumer & Business Services (45.65%)*

 

 

 

 

 

 

522,544

 

 

500,785

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements

11


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(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)

 

Bustle (14)(15)

Media/Content/Info

Senior Secured

June 2023

Interest rate PRIME + 4.35% or Floor rate of 9.35%, PIK Interest 1.95%, 4.34% Exit Fee

$

20,734

 

$

20,801

 

$

20,636

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

20,801

 

 

20,636

 

Subtotal: Media/Content/Info (1.88%)*

 

 

 

 

 

 

 

20,801

 

 

20,636

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

11,558

 

 

11,558

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

11,558

 

 

11,558

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Flowonix Medical Incorporated (11)

Medical Devices & Equipment

Senior Secured

October 2021

Interest rate PRIME + 4.00% or Floor rate of 9.00%, 7.95% Exit Fee

$

7,561

 

 

8,248

 

 

8,205

 

Intuity Medical, Inc. (11)(15)

Medical Devices & Equipment

Senior Secured

June 2021

Interest rate PRIME + 5.00% or Floor rate of 9.25%, 6.95% Exit Fee

$

11,970

 

 

12,837

 

 

12,733

 

Optiscan Biomedical, Corp. (6)(9)

Medical Devices & Equipment

Convertible Debt

July 2021

Interest rate FIXED 8.00%

$

408

 

 

408

 

 

407

 

Quanterix Corporation (11)

Medical Devices & Equipment

Senior Secured

October 2021

Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.96% Exit Fee

$

7,688

 

 

7,626

 

 

7,572

 

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

 

 

18,695

 

 

18,695

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

47,814

 

 

47,612

 

Subtotal: Medical Devices & Equipment (5.39%)*

 

 

 

 

 

 

59,372

 

 

59,170

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation

Semiconductors

Senior Secured

December 2020

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

$

25,000

 

 

25,000

 

 

25,000

 

Subtotal: Under 1 Year Maturity

 

 

 

 

25,000

 

 

25,000

 

Subtotal: Semiconductors (2.28%)*

 

 

 

 

 

 

 

25,000

 

 

25,000

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightbend, Inc. (14)(15)

Software

Senior Secured

June 2020

Interest rate PRIME + 4.25% or Floor rate of 9.25%, PIK Interest 2.00%, 12.95% Exit Fee

$

2,037

 

 

2,076

 

 

2,076

 

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

 

 

7,364

 

 

7,364

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

9,440

 

 

9,440

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

3GTMS, LLC. (18)

Software

Senior Secured

February 2025

Interest rate 3-month 3-month LIBOR + 9.28% or Floor rate of 10.28%

$

10,000

 

 

9,727

 

 

9,727

 

Abrigo (18)

Software

Senior Secured

March 2023

Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%

$

39,203

 

 

38,597

 

 

37,833

 

 

Software

Senior Secured

March 2023

Interest rate 3-month LIBOR + 5.92% or Floor rate of 6.92%

$

2,356

 

 

2,303

 

 

2,303

 

Total Abrigo

 

 

 

 

$

41,559

 

 

40,900

 

 

40,136

 

Businessolver.com, Inc. (11)(16)

Software

Senior Secured

May 2023

Interest rate 3-month LIBOR + 7.50% or Floor rate of 8.50%

$

58,650

 

 

57,833

 

 

56,237

 

 

Software

Senior Secured

May 2023

Interest rate 1-month LIBOR + 7.50% or Floor rate of 8.50%

$

7,650

 

 

7,499

 

 

7,499

 

Total Businessolver.com, Inc.

 

 

 

 

$

66,300

 

 

65,332

 

 

63,736

 

Clarabridge, Inc. (12)(13)(14)(17)

Software

Senior Secured

April 2022

Interest rate PRIME + 4.80% or Floor rate of 8.55%, PIK Interest 2.25%

$

48,543

 

 

48,224

 

 

47,192

 

Cloud 9 Software (13)

Software

Senior Secured

April 2024

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

$

10,000

 

 

9,841

 

 

9,634

 

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

 

 

15,462

 

 

15,233

 

Couchbase, Inc. (11)(15)(19)

Software

Senior Secured

May 2023

Interest rate PRIME + 5.25% or Floor rate of 10.75%, 3.75% Exit Fee

$

50,000

 

 

49,724

 

 

49,531

 

Dashlane, Inc. (11)(14)(17)(19)

Software

Senior Secured

April 2022

Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 8.50% Exit Fee

$

10,208

 

 

10,541

 

 

10,385

 

 

Software

Senior Secured

March 2023

Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 4.95% Exit Fee

$

10,109

 

 

9,999

 

 

9,770

 

Total Dashlane, Inc.

 

 

 

 

$

20,317

 

 

20,540

 

 

20,155

 

Delphix Corp. (13)(16)(19)

Software

Senior Secured

February 2023

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

$

60,000

 

 

58,727

 

 

57,872

 

Envisage Technologies, LLC (18)

Software

Senior Secured

March 2025

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

$

9,750

 

 

9,493

 

 

9,493

 

Evernote Corporation (11)(14)(15)(19)

Software

Senior Secured

July 2021

Interest rate PRIME + 5.45% or Floor rate of 8.95%

$

5,549

 

 

5,506

 

 

5,454

 

See notes to consolidated financial statements

12


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(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)

 

 

Software

Senior Secured

July 2021

Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%

$

4,139

 

$

4,084

 

$

4,045

 

 

Software

Senior Secured

July 2022

Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%

$

5,094

 

 

5,038

 

 

4,964

 

Total Evernote Corporation

 

 

 

 

$

14,782

 

 

14,628

 

 

14,463

 

Ikon Science Limited (5)(10)(11)(17)(18)

Software

Senior Secured

October 2024

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

$

7,000

 

 

6,701

 

 

6,701

 

Insurance Technologies Corporation (11)(18)

Software

Senior Secured

January 2025

Interest rate 3-month LIBOR + 8.27% or Floor rate of 9.27%

$

17,000

 

 

16,538

 

 

16,288

 

Jolt Software, Inc. (14)

Software

Senior Secured

October 2022

Interest rate PRIME + 3.00% or Floor rate of 8.50%, PIK Interest 1.75%, 4.50% Exit Fee

$

7,539

 

 

7,531

 

 

7,503

 

Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.) (11)(18)

Software

Senior Secured

July 2023

Interest rate 1-month LIBOR + 8.65% or Floor rate of 9.65%

$

8,763

 

 

8,580

 

 

8,256

 

Khoros (p.k.a Lithium Technologies) (11)

Software

Senior Secured

October 2022

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

$

12,000

 

 

11,848

 

 

11,442

 

 

Software

Senior Secured

October 2022

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

$

43,000

 

 

42,294

 

 

40,719

 

Total Khoros (p.k.a Lithium Technologies)

 

 

 

$

55,000

 

 

54,142

 

 

52,161

 

Lastline, Inc. (19)

Software

Senior Secured

July 2022

Interest rate PRIME + 5.45% or Floor rate of 10.95%

$

6,000

 

 

5,852

 

 

5,816

 

Lightbend, Inc. (14)(15)

Software

Senior Secured

February 2022

Interest rate PRIME + 4.25% or Floor rate of 9.25%, PIK Interest 2.00%, 3.00% Exit Fee

$

16,593

 

 

16,579

 

 

16,487

 

Mobile Solutions Services (18)

Software

Senior Secured

October 2024

Interest rate 6-month LIBOR + 8.80% or Floor rate of 9.80%

$

5,500

 

 

5,336

 

 

5,336

 

 

Software

Senior Secured

October 2024

Interest rate 3-month LIBOR + 8.80% or Floor rate of 9.80%

$

367

 

 

367

 

 

367

 

Total Mobile Solutions Services

 

 

 

$

5,867

 

 

5,703

 

 

5,703

 

Nuvolo Technologies Corporation (19)

Software

Senior Secured

October 2022

Interest rate PRIME + 6.25% or Floor rate of 11.75%

$

15,000

 

 

14,800

 

 

14,824

 

OrthoFi, Inc. (13)(18)

Software

Senior Secured

April 2024

Interest rate 3-month LIBOR + 8.28% or Floor rate of 9.28%

$

17,853

 

 

17,438

 

 

16,720

 

 

Software

Senior Secured

April 2024

Interest rate 6-month LIBOR + 8.28% or Floor rate of 9.28%

$

1,667

 

 

1,667

 

 

1,667

 

Total OrthoFi, Inc.

 

 

 

 

$

19,520

 

 

19,105

 

 

18,387

 

Regent Education (14)

Software

Senior Secured

January 2022

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

$

3,171

 

 

3,239

 

 

2,092

 

Salsa Labs, Inc. (11)

Software

Senior Secured

April 2023

Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%

$

6,000

 

 

5,920

 

 

5,829

 

 

Software

Senior Secured

April 2023

Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%

$

500

 

 

500

 

 

494

 

Total Salsa Labs, Inc.

 

 

 

 

$

6,500

 

 

6,420

 

 

6,323

 

Tact.ai Technologies, Inc. (14)

Software

Senior Secured

February 2023

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

$

5,004

 

 

4,750

 

 

4,750

 

ThreatConnect, Inc. (13)(18)

Software

Senior Secured

May 2024

Interest rate 3-month LIBOR + 8.26% or Floor rate of 9.26%

$

4,500

 

 

4,371

 

 

4,348

 

 

Software

Senior Secured

May 2024

Interest rate 3-month LIBOR + 8.26% or Floor rate of 9.26%

$

1,800

 

 

1,800

 

 

1,800

 

Total ThreatConnect, Inc.

 

 

 

$

6,300

 

 

6,171

 

 

6,148

 

Vela Trading Technologies (11)(18)

Software

Senior Secured

July 2022

Interest rate 3-month LIBOR + 9.50% or Floor rate of 10.50%

$

18,845

 

 

18,506

 

 

18,456

 

ZeroFox, Inc.

Software

Senior Secured

January 2023

Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.00% Exit Fee

$

15,000

 

 

14,977

 

 

14,861

 

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

 

 

30,306

 

 

30,354

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

582,498

 

 

572,282

 

Greater than 5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

Campaign Monitor Limited (11)(17)(19)

Software

Senior Secured

November 2025

Interest rate 1-month LIBOR + 8.50% or Floor rate of 9.50%

$

29,333

 

 

28,697

 

 

27,385

 

 

Software

Senior Secured

November 2025

Interest rate 1-month LIBOR + 8.50% or Floor rate of 9.50%

$

688

 

 

672

 

 

662

 

Total Campaign Monitor Limited

 

$

30,021

 

 

29,369

 

 

28,047

 

Imperva, Inc. (19)

Software

Senior Secured

January 2027

Interest rate 1-month LIBOR + 7.75% or Floor rate of 8.75%

$

20,000

 

 

19,811

 

 

19,447

 

Subtotal: Greater than 5 Years Maturity

 

 

 

 

 

 

 

49,180

 

 

47,494

 

Subtotal: Software (57.35%)*

 

 

 

 

 

 

 

641,118

 

 

629,216

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements

13


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(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)

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6)(8)(14)

Sustainable and Renewable Technology

Senior Secured

December 2020

Interest rate FIXED 6.48%, PIK Interest 6.48%, 6.67% Exit Fee

$

10,000

 

$

10,775

 

$

8,509

 

 

Sustainable and Renewable Technology

Senior Secured

December 2020

PIK Interest 10.00%

$

683

 

 

683

 

 

 

 

Sustainable and Renewable Technology

Senior Secured

December 2020

Interest rate FIXED 8.85%, PIK Interest 8.85%

$

1,492

 

 

1,492

 

 

1,492

 

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

 

 

 

$

12,175

 

 

12,950

 

 

10,001

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

12,950

 

 

10,001

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Impossible Foods, Inc. (12)(13)

Sustainable and Renewable Technology

Senior Secured

July 2022

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

$

50,000

 

 

52,244

 

 

52,301

 

Proterra, Inc. (11)(14)(19)

Sustainable and Renewable Technology

Senior Secured

May 2021

Interest rate PRIME + 5.05% or Floor rate of 10.55%, PIK Interest 1.75%

$

10,146

 

 

10,111

 

 

10,147

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

62,355

 

 

62,448

 

Subtotal: Sustainable and Renewable Technology (6.60%)*

 

 

 

 

 

 

75,305

 

 

72,449

 

Total: Debt Investments (200.13%)*

 

 

 

 

 

 

2,242,900

 

 

2,195,590

 

 

 

See notes to consolidated financial statements

14


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(unaudited)

(dollars in thousands)

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Series

 

Shares

 

 

Cost (3)

 

 

Value (4)

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peerless Network Holdings, Inc.

 

Communications & Networking

 

Equity

 

Preferred Series A

 

 

1,135,000

 

 

$

1,230

 

 

$

2,935

 

Subtotal: Communications & Networking (0.27%)*

 

 

 

 

 

 

 

 

1,230

 

 

 

2,935

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gibraltar Business Capital, LLC (7)

 

Diversified Financial Services

 

Equity

 

Common Stock

 

 

830,000

 

 

 

1,884

 

 

 

1,914

 

 

 

Diversified Financial Services

 

Equity

 

Preferred Series A

 

 

10,602,752

 

 

 

26,122

 

 

 

26,536

 

Total Gibraltar Business Capital, LLC

 

 

 

 

 

 

 

 

11,432,752

 

 

 

28,006

 

 

 

28,450

 

Subtotal: Diversified Financial Services (2.59%)*

 

 

 

 

 

 

 

 

28,006

 

 

 

28,450

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (4)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

176,730

 

 

 

1,329

 

 

 

209

 

BioQ Pharma Incorporated (15)

 

Drug Delivery

 

Equity

 

Preferred Series D

 

 

165,000

 

 

 

500

 

 

 

576

 

Kaleo, Inc.

 

Drug Delivery

 

Equity

 

Preferred Series B

 

 

82,500

 

 

 

1,007

 

 

 

2,769

 

Neos Therapeutics, Inc. (4)(15)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

125,000

 

 

 

1,500

 

 

 

94

 

PDS Biotechnology Corporation (p.k.a. Edge Therapeutics, Inc.) (4)

 

Drug Delivery

 

Equity

 

Common Stock

 

 

2,498

 

 

 

309

 

 

 

2

 

Subtotal: Drug Delivery (0.33%)*

 

 

 

 

 

 

 

 

4,645

 

 

 

3,650

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aveo Pharmaceuticals, Inc. (4)(15)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

190,175

 

 

 

1,714

 

 

 

688

 

Axovant Gene Therapies Ltd. (p.k.a. Axovant Sciences Ltd.) (4)(5)(10)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

16,228

 

 

 

1,269

 

 

 

40

 

BridgeBio Pharma LLC (4)(16)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

203,579

 

 

 

2,000

 

 

 

5,904

 

Cerecor, Inc. (4)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

119,087

 

 

 

1,000

 

 

 

295

 

Concert Pharmaceuticals, Inc. (4)(10)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

70,796

 

 

 

1,367

 

 

 

626

 

Dare Biosciences, Inc. (4)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

13,550

 

 

 

1,000

 

 

 

12

 

Dynavax Technologies (4)(10)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

20,000

 

 

 

550

 

 

 

71

 

Eidos Therapeutics, Inc. (4)(10)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

15,000

 

 

 

255

 

 

 

735

 

Genocea Biosciences, Inc. (4)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

27,932

 

 

 

2,000

 

 

 

48

 

Paratek Pharmaceuticals, Inc. (4)(16)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

76,362

 

 

 

2,744

 

 

 

240

 

Rocket Pharmaceuticals, Ltd. (4)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

944

 

 

 

1,500

 

 

 

13

 

Savara, Inc. (4)(15)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

11,119

 

 

 

203

 

 

 

24

 

uniQure B.V. (4)(5)(10)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

17,175

 

 

 

332

 

 

 

815

 

X4 Pharmaceuticals, Inc. (4)

 

Drug Discovery & Development

 

Equity

 

Common Stock

 

 

83,334

 

 

 

641

 

 

 

833

 

Subtotal: Drug Discovery & Development (0.94%)*

 

 

 

 

 

 

 

 

16,575

 

 

 

10,344

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23andMe, Inc.

 

Healthcare Services, Other

 

Equity

 

Common Stock

 

 

360,000

 

 

 

5,094

 

 

 

4,336

 

Chromadex Corporation (4)

 

Healthcare Services, Other

 

Equity

 

Common Stock

 

 

44,264

 

 

 

157

 

 

 

144

 

Subtotal: Healthcare Services, Other (0.41%)*

 

 

 

 

 

 

 

 

5,251

 

 

 

4,480

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blurb, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series B

 

 

220,653

 

 

 

175

 

 

 

48

 

Contentful, Inc. (5)(10)

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series D

 

 

217

 

 

 

500

 

 

 

458

 

Countable Corporation (p.k.a. Brigade Group, Inc.)

 

Internet Consumer & Business Services

 

Equity

 

Common Stock

 

 

9,023

 

 

 

93

 

 

 

 

DoorDash, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Common Stock

 

 

105,000

 

 

 

6,051

 

 

 

10,480

 

Lyft, Inc. (4)

 

Internet Consumer & Business Services

 

Equity

 

Common Stock

 

 

200,738

 

 

 

10,487

 

 

 

5,390

 

Nextdoor.com, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Common Stock

 

 

328,190

 

 

 

4,854

 

 

 

4,430

 

OfferUp, Inc.

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series A

 

 

286,080

 

 

 

1,663

 

 

 

1,220

 

 

 

Internet Consumer & Business Services

 

Equity

 

Preferred Series A-1

 

 

108,710

 

 

 

632

 

 

 

462

 

Total OfferUp, Inc.

 

 

 

 

 

 

 

 

394,790

 

 

 

2,295

 

 

 

1,682

 

Oportun (4)

 

Internet Consumer & Business Services

 

Equity

 

Common Stock

 

 

37,393

 

 

 

500

 

 

 

394

 

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 (2.09%)*

 

 

 

 

 

 

 

 

25,855

 

 

 

22,882

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flowonix Medical Incorporated

 

Medical Devices & Equipment

 

Equity

 

Preferred Series AA

 

 

221,893

 

 

 

1,500

 

 

 

 

Gelesis, Inc.

 

Medical Devices & Equipment

 

Equity

 

Common Stock

 

 

227,013

 

 

 

 

 

 

456

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series A-1

 

 

191,210

 

 

 

425

 

 

 

405

 

See notes to consolidated financial statements

 

15


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Series

 

Shares

 

 

Cost (3)

 

 

Value (4)

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series A-2

 

 

191,626

 

 

$

500

 

 

$

394

 

Total Gelesis, Inc.

 

 

 

 

 

 

 

 

609,849

 

 

 

925

 

 

 

1,255

 

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

 

 

 

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series C

 

 

19,273

 

 

 

655

 

 

 

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series D

 

 

551,038

 

 

 

5,257

 

 

 

 

 

 

Medical Devices & Equipment

 

Equity

 

Preferred Series E

 

 

507,103

 

 

 

4,240

 

 

 

1,818

 

Total Optiscan Biomedical, Corp.

 

 

 

 

 

 

 

 

1,139,269

 

 

 

13,152

 

 

 

1,818

 

Outset Medical, Inc.

 

Medical Devices & Equipment

 

Equity

 

Preferred Series B

 

 

232,061

 

 

 

527

 

 

 

430

 

ViewRay, Inc. (4)(15)

 

Medical Devices & Equipment

 

Equity

 

Common Stock

 

 

36,457

 

 

 

333

 

 

 

91

 

Subtotal: Medical Devices & Equipment (0.33%)*

 

 

 

 

 

 

 

 

17,342

 

 

 

3,594

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CapLinked, Inc.

 

Software

 

Equity

 

Preferred Series A-3

 

 

53,614

 

 

 

51

 

 

 

58

 

Docker, Inc.

 

Software

 

Equity

 

Common Stock

 

 

20,000

 

 

 

4,283

 

 

 

16

 

Druva Holdings, Inc. (p.k.a. Druva, Inc.)

 

Software

 

Equity

 

Preferred Series 2

 

 

458,841

 

 

 

1,000

 

 

 

1,759

 

 

 

Software

 

Equity

 

Preferred Series 3

 

 

93,620

 

 

 

300

 

 

 

415

 

Total Druva Holdings, Inc. (p.k.a. Druva, Inc.)

 

 

 

 

 

 

 

 

552,461

 

 

 

1,300

 

 

 

2,174

 

HighRoads, Inc.

 

Software

 

Equity

 

Common Stock

 

 

190

 

 

 

307

 

 

 

 

Palantir Technologies

 

Software

 

Equity

 

Preferred Series D

 

 

9,535

 

 

 

47

 

 

 

37

 

 

 

Software

 

Equity

 

Preferred Series E

 

 

1,749,089

 

 

 

10,489

 

 

 

6,826

 

 

 

Software

 

Equity

 

Preferred Series G

 

 

326,797

 

 

 

2,211

 

 

 

1,275

 

Total Palantir Technologies

 

 

 

 

 

 

 

 

2,085,421

 

 

 

12,747

 

 

 

8,138

 

Sprinklr, Inc.

 

Software

 

Equity

 

Common Stock

 

 

700,000

 

 

 

3,749

 

 

 

3,087

 

Subtotal: Software (1.23%)*

 

 

 

 

 

 

 

 

 

 

 

 

22,437

 

 

 

13,473

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc. (15)

 

Surgical Devices

 

Equity

 

Preferred Series B

 

 

219,298

 

 

 

250

 

 

 

6

 

 

 

Surgical Devices

 

Equity

 

Preferred Series C

 

 

656,538

 

 

 

282

 

 

 

18

 

 

 

Surgical Devices

 

Equity

 

Preferred Series D

 

 

1,991,157

 

 

 

712

 

 

 

60

 

 

 

Surgical Devices

 

Equity

 

Preferred Series E

 

 

2,786,367

 

 

 

429

 

 

 

99

 

 

 

Surgical Devices

 

Equity

 

Preferred Series F

 

 

1,523,693

 

 

 

118

 

 

 

117

 

 

 

Surgical Devices

 

Equity

 

Preferred Series F-1

 

 

2,418,125

 

 

 

150

 

 

 

160

 

Total Gynesonics, Inc.

 

 

 

 

 

 

 

 

9,595,178

 

 

 

1,941

 

 

 

460

 

TransMedics Group, Inc. (p.k.a Transmedics, Inc.) (4)

 

Surgical Devices

 

Equity

 

Common Stock

 

 

162,617

 

 

 

2,550

 

 

 

1,964

 

Subtotal: Surgical Devices (0.22%)*

 

 

 

 

 

 

 

 

 

 

 

 

4,491

 

 

 

2,424

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impossible Foods, Inc.

 

Sustainable and Renewable Technology

 

Equity

 

Preferred Series E-1

 

 

188,611

 

 

 

2,000

 

 

 

2,066

 

Modumetal, Inc.

 

Sustainable and Renewable Technology

 

Equity

 

Preferred Series A-1

 

 

103,584

 

 

 

500

 

 

 

4

 

Proterra, Inc.

 

Sustainable and Renewable Technology

 

Equity

 

Preferred Series 5

 

 

99,280

 

 

 

500

 

 

 

251

 

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

 

Sustainable and Renewable Technology

 

Equity

 

Common Stock

 

 

488

 

 

 

61,502

 

 

 

 

Subtotal: Sustainable and Renewable Technology (0.21%)*

 

 

 

 

 

 

 

 

64,502

 

 

 

2,321

 

Total: Equity Investments (8.62%)*

 

 

 

 

 

 

 

 

190,334

 

 

 

94,553

 

Warrant Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peerless Network Holdings, Inc.

 

Communications & Networking

 

Warrant

 

Common Stock

 

 

3,328

 

 

 

 

 

 

5

 

Spring Mobile Solutions, Inc.

 

Communications & Networking

 

Warrant

 

Common Stock

 

 

2,834,375

 

 

 

418

 

 

 

 

Subtotal: Communications & Networking (0.00%)*

 

 

 

 

 

 

 

 

418

 

 

 

5

 

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

 

 

 

248

 

The Neat Company

 

Consumer & Business Products

 

Warrant

 

Common Stock

 

 

54,054

 

 

 

365

 

 

 

 

Whoop, Inc.

 

Consumer & Business Products

 

Warrant

 

Preferred Series C

 

 

68,627

 

 

 

18

 

 

 

27

 

Subtotal: Consumer & Business Products (0.03%)*

 

 

 

 

 

 

 

 

841

 

 

 

275

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerami Therapeutics (p.k.a. Dance Biopharm, Inc.) (15)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

110,882

 

 

 

74

 

 

 

 

BioQ Pharma Incorporated

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

459,183

 

 

 

1

 

 

 

670

 

Neos Therapeutics, Inc. (4)(15)

 

Drug Delivery

 

Warrant

 

Common Stock

 

 

70,833

 

 

 

285

 

 

 

 

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

 

 

2,035

 

 

 

102

 

 

 

 

See notes to consolidated financial statements

16


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Series

 

Shares

 

 

Cost (3)

 

 

Value (4)

 

Subtotal: Drug Delivery (0.06%)*

 

 

 

 

 

 

 

 

 

 

 

$

968

 

 

$

670

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acacia Pharma Inc. (4)(5)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

201,330

 

 

 

304

 

 

 

175

 

ADMA Biologics, Inc. (4)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

89,750

 

 

 

295

 

 

 

20

 

Brickell Biotech, Inc. (4)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

9,005

 

 

 

119

 

 

 

 

Cerecor, Inc. (4)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

22,328

 

 

 

70

 

 

 

1

 

Concert Pharmaceuticals, Inc. (4)(10)(15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

61,273

 

 

 

178

 

 

 

68

 

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

 

 

 

 

Dermavant Sciences Ltd. (5)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

223,642

 

 

 

101

 

 

 

322

 

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

 

 

 

15

 

Genocea Biosciences, Inc. (4)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

41,176

 

 

 

165

 

 

 

11

 

Motif BioSciences Inc. (4)(5)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

121,337,041

 

 

 

281

 

 

 

 

Myovant Sciences, Ltd. (4)(5)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

73,710

 

 

 

460

 

 

 

132

 

Ology Bioservices, Inc. (15)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

171,389

 

 

 

838

 

 

 

 

Paratek Pharmaceuticals, Inc. (4)(15)(16)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

94,841

 

 

 

204

 

 

 

15

 

Sorrento Therapeutics, Inc. (4)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

306,748

 

 

 

889

 

 

 

82

 

Stealth Bio Therapeutics Corp. (4)(5)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

500,000

 

 

 

158

 

 

 

173

 

TG Therapeutics, Inc. (4)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

147,058

 

 

 

563

 

 

 

787

 

Tricida, Inc. (4)(15)(16)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

131,998

 

 

 

1,102

 

 

 

1,214

 

Urovant Sciences, Ltd. (4)(5)(10)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

99,777

 

 

 

383

 

 

 

333

 

X4 Pharmaceuticals, Inc. (4)

 

Drug Discovery & Development

 

Warrant

 

Common Stock

 

 

108,334

 

 

 

673

 

 

 

282

 

Yumanity Therapeutics, Inc.

 

Drug Discovery & Development

 

Warrant

 

Class B Preferred Units

 

 

34,946

 

 

 

110

 

 

 

14

 

Subtotal: Drug Discovery & Development (0.33%)*

 

 

 

 

 

 

 

 

7,512

 

 

 

3,644

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

908 Devices, Inc. (15)

 

Electronics & Computer Hardware

 

Warrant

 

Preferred Series D

 

 

79,856

 

 

 

101

 

 

 

25

 

Subtotal: Electronics & Computer Hardware (0.00%)*

 

 

 

 

 

 

 

 

101

 

 

 

25

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

InMobi Inc. (5)(10)

 

Information Services

 

Warrant

 

Common Stock

 

 

65,587

 

 

 

82

 

 

 

 

Netbase Solutions, Inc.

 

Information Services

 

Warrant

 

Preferred Series 1

 

 

60,000

 

 

 

356

 

 

 

315

 

Planet Labs, Inc.

 

Information Services

 

Warrant

 

Common Stock

 

 

274,160

 

 

 

565

 

 

 

100

 

RichRelevance, Inc.

 

Information Services

 

Warrant

 

Preferred Series E

 

 

112,612

 

 

 

98

 

 

 

 

Sapphire Digital, Inc. (p.k.a. MDX Medical, Inc.) (15)

 

Information Services

 

Warrant

 

Common Stock

 

 

2,812,500

 

 

 

283

 

 

 

90

 

Subtotal: Information Services (0.05%)*

 

 

 

 

 

 

 

 

 

 

 

 

1,384

 

 

 

505

 

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

 

 

 

16

 

Cloudpay, Inc. (5)(10)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

6,763

 

 

 

54

 

 

 

8

 

Contentful, Inc. (5)(10)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

82

 

 

 

1

 

 

 

20

 

Fastly, Inc. (4)

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

76,098

 

 

 

71

 

 

 

568

 

First Insight, Inc. (15)

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

75,917

 

 

 

96

 

 

 

93

 

Houzz, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

529,661

 

 

 

20

 

 

 

3

 

Intent (p.k.a. Intent Media, Inc.)

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

140,077

 

 

 

168

 

 

 

 

Interactions Corporation

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series G-3

 

 

68,187

 

 

 

204

 

 

 

421

 

Just Fabulous, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

206,184

 

 

 

1,102

 

 

 

780

 

Lendio, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series D

 

 

127,032

 

 

 

39

 

 

 

7

 

LogicSource

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

79,625

 

 

 

30

 

 

 

44

 

Oportun (4)

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

23,514

 

 

 

78

 

 

 

57

 

Postmates, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

189,865

 

 

 

317

 

 

 

51

 

RumbleON, Inc. (4)

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

102,768

 

 

 

87

 

 

 

 

SeatGeek, Inc. (16)

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

1,379,761

 

 

 

842

 

 

 

435

 

ShareThis, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series C

 

 

493,502

 

 

 

547

 

 

 

 

See notes to consolidated financial statements

17


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Series

 

Shares

 

 

Cost (3)

 

 

Value (4)

 

Skyword, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

444,444

 

 

$

83

 

 

$

17

 

Snagajob.com, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series A

 

 

1,800,000

 

 

 

782

 

 

 

7

 

 

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

1,211,537

 

 

 

62

 

 

 

2

 

Total Snagajob.com, Inc.

 

 

 

 

 

 

 

 

3,011,537

 

 

 

844

 

 

 

9

 

Tapjoy, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series D

 

 

748,670

 

 

 

316

 

 

 

 

The Faction Group LLC

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series AA

 

 

8,076

 

 

 

234

 

 

 

354

 

Thumbtack, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Common Stock

 

 

190,953

 

 

 

553

 

 

 

219

 

Xometry, Inc.

 

Internet Consumer & Business Services

 

Warrant

 

Preferred Series B

 

 

87,784

 

 

 

47

 

 

 

79

 

Subtotal: Internet Consumer & Business Services (0.29%)*

 

 

 

 

 

 

 

 

6,442

 

 

 

3,181

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Machine Zone, Inc.

 

Media/Content/Info

 

Warrant

 

Common Stock

 

 

1,552,710

 

 

 

1,959

 

 

 

62

 

Napster

 

Media/Content/Info

 

Warrant

 

Common Stock

 

 

715,755

 

 

 

384

 

 

 

 

WP Technology, Inc. (Wattpad, Inc.) (5)(10)

 

Media/Content/Info

 

Warrant

 

Common Stock

 

 

255,818

 

 

 

4

 

 

 

 

Zoom Media Group, Inc.

 

Media/Content/Info

 

Warrant

 

Preferred Series A

 

 

1,204

 

 

 

348

 

 

 

 

Subtotal: Media/Content/Info (0.01%)*

 

 

 

 

 

 

 

 

 

 

 

 

2,695

 

 

 

62

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspire Bariatrics, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series B-1

 

 

112,858

 

 

 

455

 

 

 

 

Flowonix Medical Incorporated

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series AA

 

 

155,325

 

 

 

362

 

 

 

 

 

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series BB

 

 

725,806

 

 

 

351

 

 

 

 

Total Flowonix Medical Incorporated

 

 

 

 

 

 

 

 

881,131

 

 

 

713

 

 

 

 

Gelesis, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A-1

 

 

74,784

 

 

 

78

 

 

 

113

 

InspireMD, Inc. (4)(5)(10)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

23

 

 

 

 

 

 

 

Intuity Medical, Inc. (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series 5

 

 

1,819,078

 

 

 

294

 

 

 

159

 

Medrobotics Corporation (15)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series E

 

 

455,539

 

 

 

370

 

 

 

 

NinePoint Medical, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A-1

 

 

587,840

 

 

 

170

 

 

 

 

Optiscan Biomedical, Corp. (6)

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series E

 

 

74,424

 

 

 

572

 

 

 

 

Outset Medical, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A

 

 

500,000

 

 

 

402

 

 

 

116

 

Sebacia, Inc.

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series D

 

 

778,301

 

 

 

133

 

 

 

3

 

SonaCare Medical, LLC

 

Medical Devices & Equipment

 

Warrant

 

Preferred Series A

 

 

6,464

 

 

 

188

 

 

 

 

Tela Bio, Inc. (4)

 

Medical Devices & Equipment

 

Warrant

 

Common Stock

 

 

15,712

 

 

 

61

 

 

 

2

 

Subtotal: Medical Devices & Equipment (0.04%)*

 

 

 

 

 

 

 

 

3,436

 

 

 

393

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achronix Semiconductor Corporation

 

Semiconductors

 

Warrant

 

Preferred Series C

 

 

360,000

 

 

 

160

 

 

 

3

 

 

 

Semiconductors

 

Warrant

 

Preferred Series D-2

 

 

750,000

 

 

 

99

 

 

 

265

 

Total Achronix Semiconductor Corporation

 

 

 

 

 

 

 

 

1,110,000

 

 

 

259

 

 

 

268

 

Subtotal: Semiconductors (0.02%)*

 

 

 

 

 

 

 

 

 

 

 

 

259

 

 

 

268

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actifio, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

73,584

 

 

 

249

 

 

 

23

 

 

 

Software

 

Warrant

 

Preferred Series F

 

 

31,673

 

 

 

343

 

 

 

33

 

Total Actifio, Inc.

 

 

 

 

 

 

 

 

105,257

 

 

 

592

 

 

 

56

 

BryterCX, Inc. (p.k.a. ClickFox, Inc.) (15)

 

Software

 

Warrant

 

Preferred Series B

 

 

492,877

 

 

 

152

 

 

 

 

 

 

Software

 

Warrant

 

Preferred Series C

 

 

592,019

 

 

 

730

 

 

 

 

 

 

Software

 

Warrant

 

Preferred Series C-A

 

 

2,218,214

 

 

 

231

 

 

 

 

Total BryterCX, Inc. (p.k.a. ClickFox, Inc.)

 

 

 

 

 

 

 

 

3,303,110

 

 

 

1,113

 

 

 

 

Cloudian, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

477,454

 

 

 

72

 

 

 

14

 

Couchbase, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

263,377

 

 

 

462

 

 

 

277

 

Dashlane, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

346,747

 

 

 

303

 

 

 

259

 

Delphix Corp. (16)

 

Software

 

Warrant

 

Common Stock

 

 

718,898

 

 

 

1,593

 

 

 

761

 

DNAnexus, Inc.

 

Software

 

Warrant

 

Preferred Series C

 

 

909,091

 

 

 

97

 

 

 

37

 

Evernote Corporation

 

Software

 

Warrant

 

Common Stock

 

 

62,500

 

 

 

106

 

 

 

27

 

Fuze, Inc. (15)

 

Software

 

Warrant

 

Preferred Series F

 

 

256,158

 

 

 

89

 

 

 

 

Lastline, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

363,636

 

 

 

133

 

 

 

40

 

Lightbend, Inc. (15)

 

Software

 

Warrant

 

Preferred Series C-1

 

 

854,787

 

 

 

130

 

 

 

68

 

Message Systems, Inc. (15)

 

Software

 

Warrant

 

Preferred Series C

 

 

503,718

 

 

 

334

 

 

 

473

 

Nuvolo Technologies Corporation

 

Software

 

Warrant

 

Common Stock

 

 

30,000

 

 

 

43

 

 

 

54

 

OneLogin, Inc. (15)

 

Software

 

Warrant

 

Common Stock

 

 

381,620

 

 

 

304

 

 

 

357

 

See notes to consolidated financial statements

18


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2020

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Series

 

Shares

 

 

Cost (3)

 

 

Value (4)

 

Poplicus, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

132,168

 

 

$

 

 

$

 

RapidMiner, Inc.

 

Software

 

Warrant

 

Preferred Series C-1

 

 

4,982

 

 

 

24

 

 

 

7

 

Signpost, Inc.

 

Software

 

Warrant

 

Series Junior 1 Preferred

 

 

474,019

 

 

 

314

 

 

 

 

Tact.ai Technologies, Inc.

 

Software

 

Warrant

 

Common Stock

 

 

1,041,667

 

 

 

206

 

 

 

122

 

ZeroFox, Inc.

 

Software

 

Warrant

 

Preferred Series C-1

 

 

487,804

 

 

 

57

 

 

 

80

 

Subtotal: Software (0.24%)*

 

 

 

 

 

 

 

 

 

 

 

 

5,972

 

 

 

2,632

 

Specialty Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alimera Sciences, Inc. (4)

 

Specialty Pharmaceuticals

 

Warrant

 

Common Stock

 

 

114,513

 

 

 

861

 

 

 

6

 

Subtotal: Specialty Pharmaceuticals (0.00%)*

 

 

 

 

 

 

 

 

 

 

 

 

861

 

 

 

6

 

Surgical Devices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc. (15)

 

Surgical Devices

 

Warrant

 

Preferred Series C

 

 

151,123

 

 

 

67

 

 

 

3

 

 

 

Surgical Devices

 

Warrant

 

Preferred Series D

 

 

1,575,965

 

 

 

320

 

 

 

14

 

Total Gynesonics, Inc.

 

 

 

 

 

 

 

 

1,727,088

 

 

 

387

 

 

 

17

 

TransMedics Group, Inc. (p.k.a Transmedics, Inc.) (4)

 

Surgical Devices

 

Warrant

 

Common Stock

 

 

64,441

 

 

 

139

 

 

 

182

 

Subtotal: Surgical Devices (0.02%)*

 

 

 

 

 

 

 

 

 

 

 

 

526

 

 

 

199

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agrivida, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series D

 

 

471,327

 

 

 

120

 

 

 

 

Calera, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series C

 

 

44,529

 

 

 

513

 

 

 

 

Fulcrum Bioenergy, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series C-1

 

 

280,897

 

 

 

275

 

 

 

351

 

Kinestral Technologies, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series A

 

 

325,000

 

 

 

155

 

 

 

77

 

 

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series B

 

 

131,883

 

 

 

63

 

 

 

23

 

Total Kinestral Technologies, Inc.

 

 

 

 

 

 

 

 

456,883

 

 

 

218

 

 

 

100

 

NantEnergy, Inc. (p.k.a. Fluidic, Inc.)

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series D

 

 

61,804

 

 

 

102

 

 

 

 

Polyera Corporation (15)

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series C

 

 

311,609

 

 

 

337

 

 

 

 

Proterra, Inc.

 

Sustainable and Renewable Technology

 

Warrant

 

Common Stock

 

 

36,630

 

 

 

1

 

 

 

 

 

 

Sustainable and Renewable Technology

 

Warrant

 

Preferred Series 4

 

 

477,517

 

 

 

41

 

 

 

21

 

Total Proterra, Inc.

 

 

 

 

 

 

 

 

514,147

 

 

 

42

 

 

 

21

 

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

 

Sustainable and Renewable Technology

 

Warrant

 

Class A Units

 

 

1

 

 

 

 

 

 

 

Subtotal: Sustainable and Renewable Technology (0.04%)*

 

 

 

 

 

 

1,607

 

 

 

472

 

Total: Warrant Investments (1.12%)*

 

 

 

 

 

 

33,022

 

 

 

12,337

 

Total: Investments in Securities (209.87%)*

 

 

 

 

 

$

2,466,256

 

 

$

2,302,480

 

 

*

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 3.25% at March 31, 2020. 1-month LIBOR, 3-month LIBOR and 12-month LIBOR represent 0.99%, 1.45% and 1.00%, respectively, at March 31, 2020.

(3)

Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $38.8 million, $184.0 million and $145.2 million, respectively. The tax cost of investments is $2.4 billion.

(4)

Except for warrants in 30 publicly traded companies and common stock in 22 publicly traded companies, all investments are restricted at March 31, 2020 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, 2020, and is therefore considered non-income producing. Note that at March 31, 2020, only the PIK, or payment-in-kind, portion is on non-accrual for the Company’s debt investment in Solar Spectrum Holdings LLC (p.k.a. Sungevity Inc.), Tectura Corporation, and Glo AB.

(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, 2020.

(17)

Denotes that there is an unfunded contractual commitment available at the request of this portfolio company at March 31, 2020. 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

19


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 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

 

$

5,067

 

$

5,067

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

5,067

 

 

5,067

 

Subtotal: Biotechnology Tools (0.45%)*

 

 

 

 

 

5,067

 

 

5,067

 

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

 

 

14,780

 

 

14,780

 

Pico Quantitative Trading LLC (18)

Diversified Financial Services

Senior Secured

June 2024

Interest rate 1-month LIBOR + 8.60% or Floor rate of 9.60%

$

30,000

 

 

29,556

 

 

28,773

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

44,336

 

 

43,553

 

Subtotal: Diversified Financial Services (3.84%)*

 

 

 

 

 

44,336

 

 

43,553

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

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 4.50%, 4.14% Exit Fee

$

40,000

 

 

40,626

 

 

40,773

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

40,626

 

 

40,773

 

Subtotal: Drug Delivery (3.60%)*

 

 

 

 

 

40,626

 

 

40,773

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

12,775

 

 

13,730

 

 

13,731

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

13,730

 

 

13,731

 

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

 

 

10,115

 

 

10,043

 

Aldeyra Therapeutics, Inc

Drug Discovery & Development

Senior Secured

October 2023

Interest rate PRIME + 3.10% or Floor rate of 9.10%, 6.95% Exit Fee

$

15,000

 

 

14,969

 

 

14,969

 

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

$

8,084

 

 

8,404

 

 

8,340

 

 

Drug Discovery & Development

Senior Secured

July 2021

Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee

$

8,084

 

 

8,280

 

 

8,274

 

Total Aveo Pharmaceuticals, Inc.

$

16,168

 

 

16,684

 

 

16,614

 

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 11.55%

$

15,731

 

 

15,608

 

 

15,608

 

BridgeBio Pharma LLC (12)(13)(16)

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 3.85% or Floor rate of 8.85%, 6.35% Exit Fee

$

35,000

 

 

35,684

 

 

35,721

 

 

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 2.85% or Floor rate of 8.60%, 5.75% Exit Fee

$

20,000

 

 

20,264

 

 

20,495

 

 

Drug Discovery & Development

Senior Secured

January 2023

Interest rate PRIME + 3.10% or Floor rate of 9.10%, 5.75% Exit Fee

$

20,000

 

 

20,062

 

 

20,284

 

Total BridgeBio Pharma LLC

$

75,000

 

 

76,010

 

 

76,500

 

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

 

 

20,306

 

 

20,501

 

Codiak Biosciences, Inc. (11)(17)

Drug Discovery & Development

Senior Secured

October 2024

Interest rate PRIME + 3.75% or Floor rate of 9.00%, 5.50% Exit Fee

$

10,000

 

 

9,955

 

 

9,955

 

Constellation Pharmaceuticals, Inc. (12)(17)

Drug Discovery & Development

Senior Secured

April 2023

Interest rate PRIME + 2.55% or Floor rate of 8.55%, 6.35% Exit Fee

$

30,000

 

 

30,139

 

 

30,636

 

Dermavant Sciences Ltd. (5)(10)(13)

Drug Discovery & Development

Senior Secured

June 2022

Interest rate PRIME + 4.45% or Floor rate of 9.95%, 6.95% Exit Fee

$

20,000

 

 

20,085

 

 

20,113

 

Eidos Therapeutics, Inc. (10)(17)

Drug Discovery & Development

Senior Secured

October 2023

Interest rate PRIME + 3.25% or Floor rate of 8.50%, 5.95% Exit Fee

$

8,750

 

 

8,728

 

 

8,728

 

Genocea Biosciences, Inc. (11)

Drug Discovery & Development

Senior Secured

May 2021

Interest rate PRIME + 3.00% or Floor rate of 8.00%, 13.43% Exit Fee

$

12,922

 

 

13,502

 

 

13,542

 

Kaleido Biosciences, Inc.

Drug Discovery & Development

Senior Secured

January 2024

Interest rate PRIME + 4.20% or Floor rate of 8.95%, 7.55% Exit Fee

$

22,500

 

 

22,372

 

 

22,373

 

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

$

50,000

 

 

51,552

 

 

51,547

 

Motif BioSciences Inc. (5)(8)(10)

Drug Discovery & Development

Senior Secured

September 2021

Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.87% Exit Fee

$

6,738

 

 

6,732

 

 

 

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

$

35,000

 

 

35,259

 

 

35,536

 

Paratek Pharmaceuticals, Inc. (11)(15)(16)

Drug Discovery & Development

Senior Secured

September 2021

Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.13% Exit Fee

$

60,000

 

 

61,905

 

 

62,131

 

 

Drug Discovery & Development

Senior Secured

August 2022

Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee

$

10,000

 

 

10,241

 

 

10,295

 

Total Paratek Pharmaceuticals, Inc.

$

70,000

 

 

72,146

 

 

72,426

 

See notes to consolidated financial statements

 

20


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 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)

 

Replimune Group, Inc. (5)(10)(11)

Drug Discovery & Development

Senior Secured

August 2023

Interest rate PRIME + 2.75% or Floor rate of 8.75%, 4.95% Exit Fee

$

10,000

 

$

9,974

 

$

9,974

 

Seres Therapeutics, Inc. (11)

Drug Discovery & Development

Senior Secured

November 2023

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

$

25,000

 

 

24,804

 

 

24,804

 

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

$

16,509

 

 

17,502

 

 

17,501

 

TG Therapeutics, Inc. (10)(13)

Drug Discovery & Development

Senior Secured

March 2022

Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.25% Exit Fee

$

30,000

 

 

29,726

 

 

29,849

 

Tricida, Inc. (11)(15)(16)(17)

Drug Discovery & Development

Senior Secured

April 2023

Interest rate PRIME + 2.35% or Floor rate of 8.35%, 11.92% Exit Fee

$

60,000

 

 

60,442

 

 

61,193

 

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

 

 

36,090

 

 

36,419

 

Urovant Sciences, Ltd. (5)(10)(13)

Drug Discovery & Development

Senior Secured

March 2023

Interest rate PRIME + 4.65% or Floor rate of 10.15%, 4.25% Exit Fee

$

45,000

 

 

44,622

 

 

44,622

 

Verastem, Inc. (11)

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

 

 

5,028

 

 

5,073

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

 

 

5,048

 

 

5,094

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

5,000

 

 

5,060

 

 

5,083

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

10,000

 

 

10,066

 

 

10,157

 

 

Drug Discovery & Development

Senior Secured

December 2022

Interest rate PRIME + 4.25% or Floor rate of 9.75%, 5.25% Exit Fee

$

10,000

 

 

10,035

 

 

10,125

 

Total Verastem, Inc.

$

35,000

 

 

35,237

 

 

35,532

 

X4 Pharmaceuticals, Inc. (11)(17)

Drug Discovery & Development

Senior Secured

July 2023

Interest rate PRIME + 2.75% or Floor rate of 8.75%, 7.98% Exit Fee

$

20,000

 

 

20,088

 

 

20,165

 

Yumanity Therapeutics, Inc.

Drug Discovery & Development

Senior Secured

January 2024

Interest rate PRIME + 4.00% or Floor rate of 8.75%, 5.25% Exit Fee

$

15,000

 

 

14,732

 

 

14,732

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

717,379

 

 

713,882

 

Subtotal: Drug Discovery & Development (64.22%)*

 

 

 

 

 

731,109

 

 

727,613

 

Electronics & Computer Hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

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%, 5.03% Exit Fee

$

8,215

 

 

8,730

 

 

4,410

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

8,730

 

 

4,410

 

Subtotal: Electronics & Computer Hardware (0.39%)*

 

 

 

 

 

8,730

 

 

4,410

 

Healthcare Services, Other

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Oak Street Health (11)(16)

Healthcare Services, Other

Senior Secured

June 2022

Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee

$

80,000

 

 

81,190

 

 

81,270

 

The CM Group LLC (17)

Healthcare Services, Other

Senior Secured

June 2024

Interest rate 1-month LIBOR + 8.35% or Floor rate of 9.35%

$

9,429

 

 

9,268

 

 

9,114

 

Velocity Clinical Research, Inc. (18)

Healthcare Services, Other

Senior Secured

November 2024

Interest rate 3-month LIBOR + 9.08% or Floor rate of 10.08%

$

7,500

 

 

7,226

 

 

7,226

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

97,684

 

 

97,610

 

Subtotal: Healthcare Services, Other (8.61%)*

 

 

 

 

 

97,684

 

 

97,610

 

Information Services

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Labs, Inc. (11)

Information Services

Senior Secured

June 2022

Interest rate PRIME + 5.50% or Floor rate of 11.00%, 3.00% Exit Fee

$

20,000

 

 

19,526

 

 

19,583

 

Sapphire Digital, Inc. (p.k.a. MDX Medical, Inc.) (14)(15)(19)

Information Services

Senior Secured

June 2021

Interest rate PRIME + 2.75% or Floor rate of 9.50%, PIK Interest 1.70%, 2.80% Exit Fee

$

15,554

 

 

15,647

 

 

15,682

 

Yipit, LLC (17)(18)

Information Services

Senior Secured

May 2024

Interest rate 3-month LIBOR + 7.99% or Floor rate of 8.99%

$

10,625

 

 

10,415

 

 

10,272

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

45,588

 

 

45,537

 

Subtotal: Information Services (4.02%)*

 

 

 

 

 

45,588

 

 

45,537

 

Internet Consumer & Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

42,676

 

 

43,344

 

 

43,344

 

 

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

$

5,134

 

 

5,127

 

 

5,127

 

Total Snagajob.com, Inc.

$

47,810

 

 

48,471

 

 

48,471

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

48,471

 

 

48,471

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements

21


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 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)

 

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

 

$

20,288

 

$

20,239

 

Arctic Wolf Networks, Inc. (13)(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

$

30,000

 

 

30,214

 

 

30,280

 

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

$

15,000

 

 

15,304

 

 

15,169

 

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

$

3,794

 

 

3,793

 

 

3,786

 

ePayPolicy Holdings, LLC (17)

Internet Consumer & Business Services

Senior Secured

December 2024

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

$

8,000

 

 

7,758

 

 

7,758

 

EverFi, Inc. (11)(14)(16)

Internet Consumer & Business Services

Senior Secured

May 2022

Interest rate PRIME + 3.90% or Floor rate of 9.15%, PIK Interest 2.30%

$

72,208

 

 

71,905

 

 

72,277

 

Greenphire, Inc.

Internet Consumer & Business Services

Senior Secured

January 2021

Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00%

$

1,612

 

 

1,612

 

 

1,610

 

 

Internet Consumer & Business Services

Senior Secured

January 2021

Interest rate PRIME + 3.75% or Floor rate of 8.75%

$

2,000

 

 

2,000

 

 

2,000

 

Total Greenphire, Inc.

$

3,612

 

 

3,612

 

 

3,610

 

Houzz, Inc. (14)

Internet Consumer & Business Services

Senior Secured

November 2022

Interest rate PRIME + 3.20% or Floor rate of 8.45%, PIK Interest 2.50%, 4.50% Exit Fee

$

50,115

 

 

49,720

 

 

49,720

 

Intent (p.k.a. Intent Media, Inc.) (12)

Internet Consumer & Business Services

Senior Secured

September 2021

Interest rate PRIME + 5.13% or Floor rate of 10.13%, 2.00% Exit Fee

$

15,200

 

 

15,141

 

 

15,034

 

Lendio, Inc. (11)(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

 

 

4,985

 

 

4,999

 

Nextroll, Inc. (14)(19)

Internet Consumer & Business Services

Senior Secured

June 2022

Interest rate PRIME + 3.85% or Floor rate of 9.35%, PIK Interest 2.95%, 3.50% Exit Fee

$

20,303

 

 

20,268

 

 

20,459

 

Patron Technology (18)

Internet Consumer & Business Services

Senior Secured

June 2024

Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%

$

35,750

 

 

34,776

 

 

35,400

 

 

Internet Consumer & Business Services

Senior Secured

June 2024

Interest rate 3-month LIBOR + 8.30% or Floor rate of 9.30%

$

1,500

 

 

1,500

 

 

1,500

 

Total Patron Technology

$

37,250

 

 

36,276

 

 

36,900

 

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

 

 

20,313

 

 

20,274

 

SeatGeek, Inc. (14)(17)

Internet Consumer & Business Services

Senior Secured

June 2023

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

$

23,043

 

 

22,382

 

 

22,471

 

Skyword, Inc. (14)

Internet Consumer & Business Services

Senior Secured

September 2023

Interest rate PRIME + 3.88% or Floor rate of 9.38%, PIK Interest 1.25%, 2.75% Exit Fee

$

12,042

 

 

11,886

 

 

11,886

 

Tectura Corporation (7)(8)(9)(14)

Internet Consumer & Business Services

Senior Secured

June 2021

Interest rate FIXED 6.00%, PIK Interest 3.00%

$

21,407

 

 

21,407

 

 

9,586

 

 

Internet Consumer & Business Services

Senior Secured

June 2021

PIK Interest 8.00%

$

10,680

 

 

240

 

 

 

Total Tectura Corporation

$

32,087

 

 

21,647

 

 

9,586

 

Varsity Tutors LLC (14)

Internet Consumer & Business Services

Senior Secured

August 2023

Interest rate PRIME + 5.25% or Floor rate of 10.75%, PIK Interest 0.55%, 3.00% Exit Fee

$

35,052

 

 

34,822

 

 

34,822

 

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%

$

17,129

 

 

17,026

 

 

16,988

 

Xometry, Inc. (13)(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

 

 

11,345

 

 

11,401

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

418,685

 

 

407,659

 

Subtotal: Internet Consumer & Business Services (40.26%)*

 

 

 

 

 

467,156

 

 

456,130

 

Media/Content/Info

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Bustle (14)(15)

Media/Content/Info

Senior Secured

June 2023

Interest rate PRIME + 4.35% or Floor rate of 9.35%, PIK Interest 1.95%, 4.34% Exit Fee

$

20,632

 

 

20,647

 

 

20,786

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

20,647

 

 

20,786

 

Subtotal: Media/Content/Info (1.83%)*

 

 

 

 

 

20,647

 

 

20,786

 

Medical Devices & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Flowonix Medical Incorporated (11)

Medical Devices & Equipment

Senior Secured

October 2021

Interest rate PRIME + 4.00% or Floor rate of 9.00%, 7.95% Exit Fee

$

7,561

 

 

8,178

 

 

8,158

 

Intuity Medical, Inc. (11)(15)

Medical Devices & Equipment

Senior Secured

June 2021

Interest rate PRIME + 5.00% or Floor rate of 9.25%, 6.95% Exit Fee

$

14,188

 

 

14,906

 

 

14,810

 

Quanterix Corporation (11)

Medical Devices & Equipment

Senior Secured

October 2021

Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.96% Exit Fee

$

7,688

 

 

7,683

 

 

7,728

 

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

 

 

18,586

 

 

18,454

 

See notes to consolidated financial statements

22


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 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)

 

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

 

$

11,503

 

$

11,426

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

60,856

 

 

60,576

 

Subtotal: Medical Devices & Equipment (5.35%)*

 

 

 

 

 

60,856

 

 

60,576

 

Semiconductors

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Elenion Technologies Corporation (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

$

10,187

 

 

10,316

 

 

10,316

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

10,316

 

 

10,316

 

Subtotal: Semiconductors (0.91%)*

 

 

 

 

 

10,316

 

 

10,316

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Delphix Corp. (19)

Software

Senior Secured

September 2020

Interest rate PRIME + 5.25% or Floor rate of 10.25%, 7.00% Exit Fee

$

10,000

 

 

9,878

 

 

9,878

 

Evernote Corporation (11)(14)(15)(19)

Software

Senior Secured

October 2020

Interest rate PRIME + 5.45% or Floor rate of 8.95%

$

5,549

 

 

5,494

 

 

5,494

 

Lightbend, Inc. (14)(15)

Software

Senior Secured

June 2020

Interest rate PRIME + 4.25% or Floor rate of 9.25%, PIK Interest 2.00%, 12.95% Exit Fee

$

2,026

 

 

2,026

 

 

2,026

 

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

 

 

7,339

 

 

7,339

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

24,737

 

 

24,737

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Abrigo (18)

Software

Senior Secured

March 2023

Interest rate 3-month LIBOR + 7.88% or Floor rate of 8.88%

$

39,303

 

 

38,649

 

 

38,826

 

 

Software

Senior Secured

March 2023

Interest rate 3-month LIBOR + 5.92% or Floor rate of 6.92%

$

2,362

 

 

2,304

 

 

2,304

 

Total Abrigo

$

41,665

 

 

40,953

 

 

41,130

 

Businessolver.com, Inc. (11)(16)

Software

Senior Secured

May 2023

Interest rate 3-month LIBOR + 7.50% or Floor rate of 8.50%

$

58,650

 

 

57,776

 

 

57,760

 

 

Software

Senior Secured

May 2023

Interest rate 3-month LIBOR + 7.50% or Floor rate of 8.50% and Interest rate PRIME + 6.5% or Floor rate of 8.50%

$

2,550

 

 

2,550

 

 

2,550

 

Total Businessolver.com, Inc.

$

61,200

 

 

60,326

 

 

60,310

 

Clarabridge, Inc. (12)(13)(14)(17)

Software

Senior Secured

April 2022

Interest rate PRIME + 4.80% or Floor rate of 8.55%, PIK Interest 2.25%

$

48,268

 

 

47,907

 

 

48,006

 

Cloud 9 Software (13)(17)

Software

Senior Secured

April 2024

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

$

9,500

 

 

9,332

 

 

9,374

 

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

 

 

15,323

 

 

15,211

 

Couchbase, Inc. (11)(15)(19)

Software

Senior Secured

May 2023

Interest rate PRIME + 5.25% or Floor rate of 10.75%, 3.75% Exit Fee

$

50,000

 

 

49,575

 

 

49,932

 

Dashlane, Inc. (11)(14)(17)(19)

Software

Senior Secured

April 2022

Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 8.50% Exit Fee

$

10,180

 

 

10,457

 

 

10,481

 

 

Software

Senior Secured

March 2023

Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 4.95% Exit Fee

$

10,081

 

 

9,920

 

 

9,899

 

Total Dashlane, Inc.

$

20,261

 

 

20,377

 

 

20,380

 

Evernote Corporation (11)(14)(15)(19)

Software

Senior Secured

July 2021

Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%

$

4,126

 

 

4,055

 

 

4,038

 

 

Software

Senior Secured

July 2022

Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25%

$

5,077

 

 

5,012

 

 

5,065

 

Total Evernote Corporation

$

9,203

 

 

9,067

 

 

9,103

 

Ikon Science Limited (5)(10)(18)

Software

Senior Secured

October 2024

Interest rate LIBOR + 9.00% or Floor rate of 10.00%

$

7,000

 

 

6,688

 

 

6,688

 

Insurance Technologies Corporation (11)(18)

Software

Senior Secured

March 2023

Interest rate 3-month LIBOR + 7.90% or Floor rate of 8.90%

$

13,750

 

 

13,526

 

 

13,330

 

Jolt Software, Inc. (14)

Software

Senior Secured

October 2022

Interest rate PRIME + 3.00% or Floor rate of 8.50%, PIK Interest 1.75%, 4.50% Exit Fee

$

5,017

 

 

5,004

 

 

5,004

 

Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.) (11)(18)

Software

Senior Secured

July 2023

Interest rate 1-month LIBOR + 8.65% or Floor rate of 9.65%

$

8,785

 

 

8,589

 

 

8,531

 

Khoros (p.k.a Lithium Technologies) (11)

Software

Senior Secured

October 2022

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

$

12,000

 

 

11,835

 

 

11,825

 

 

Software

Senior Secured

October 2022

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

$

43,000

 

 

42,233

 

 

42,049

 

Total Khoros (p.k.a Lithium Technologies)

$

55,000

 

 

54,068

 

 

53,874

 

Lastline, Inc. (19)

Software

Senior Secured

July 2022

Interest rate PRIME + 5.45% or Floor rate of 10.95%

$

6,000

 

 

5,834

 

 

5,844

 

See notes to consolidated financial statements

23


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 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)

 

Lightbend, Inc. (14)(15)

Software

Senior Secured

February 2022

Interest rate PRIME + 4.25% or Floor rate of 9.25%, PIK Interest 2.00%, 3.00% Exit Fee

$

16,509

 

$

16,384

 

$

16,333

 

Mobile Solutions Services (17)(18)

Software

Senior Secured

October 2024

Interest rate 3-month LIBOR + 8.80% or Floor rate of 9.80%

$

5,500

 

 

5,329

 

 

5,329

 

Nuvolo Technologies Corporation (19)

Software

Senior Secured

October 2022

Interest rate PRIME + 6.25% or Floor rate of 11.75%

$

13,000

 

 

12,815

 

 

12,877

 

OrthoFi, Inc. (13)(18)

Software

Senior Secured

April 2024

Interest rate 3-month LIBOR + 8.28% or Floor rate of 9.28%

$

17,853

 

 

17,417

 

 

17,283

 

Quid, Inc. (11)(14)(15)

Software

Senior Secured

November 2022

Interest rate PRIME + 4.45% or Floor rate of 9.95%, PIK Interest 2.25%, 3.61% Exit Fee

$

13,251

 

 

13,235

 

 

13,235

 

Regent Education (14)

Software

Senior Secured

January 2022

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

$

3,155

 

 

3,214

 

 

1,773

 

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

 

 

5,915

 

 

5,959

 

 

Software

Senior Secured

April 2023

Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15%

$

150

 

 

150

 

 

151

 

Total Salsa Labs, Inc.

$

6,150

 

 

6,065

 

 

6,110

 

ThreatConnect, Inc. (13)(17)(18)

Software

Senior Secured

May 2024

Interest rate 3-month LIBOR + 8.26% or Floor rate of 9.26%

$

4,500

 

 

4,365

 

 

4,387

 

Vela Trading Technologies (11)(18)

Software

Senior Secured

July 2022

Interest rate 3-month LIBOR + 10.50% or Floor rate of 11.50%

$

19,095

 

 

18,721

 

 

18,721

 

ZeroFox, Inc.

Software

Senior Secured

January 2023

Interest rate PRIME + 4.75% or Floor rate of 10.25%, 3.00% Exit Fee

$

15,000

 

 

14,927

 

 

14,948

 

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

 

 

30,241

 

 

30,287

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

489,282

 

 

488,000

 

Greater than 5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Campaign Monitor Limited (11)(17)(19)

Software

Senior Secured

November 2025

Interest rate 1-month LIBOR + 8.50% or Floor rate of 9.50%

$

29,333

 

 

28,676

 

 

28,511

 

 

Software

Senior Secured

November 2025

Interest rate 1-month LIBOR + 8.50% or Floor rate of 9.50%

$

688

 

 

672

 

 

672

 

Total Campaign Monitor Limited

$

30,021

 

 

29,348

 

 

29,183

 

Imperva, Inc. (19)

Software

Senior Secured

January 2027

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

$

20,000

 

 

19,806

 

 

19,806

 

Subtotal: Greater than 5 Years Maturity

 

 

 

 

 

 

 

 

49,154

 

 

48,989

 

Subtotal: Software (49.58%)*

 

 

 

 

 

563,173

 

 

561,726

 

Sustainable and Renewable Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Impossible Foods, Inc. (12)(13)

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

 

 

51,843

 

 

51,780

 

Proterra, Inc. (11)(14)(19)

Sustainable and Renewable Technology

Senior Secured

May 2021

Interest rate PRIME + 5.05% or Floor rate of 10.55%, PIK Interest 1.75%

$

10,101

 

 

10,059

 

 

10,100

 

Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6)(8)(14)(19)

Sustainable and Renewable Technology

Senior Secured

December 2020

Interest rate FIXED 6.73%, PIK Interest 6.73%, 6.67% Exit Fee

$

10,000

 

 

10,775

 

 

10,512

 

 

Sustainable and Renewable Technology

Senior Secured

December 2020

PIK Interest 10.00%

$

683

 

 

683

 

 

664

 

 

Sustainable and Renewable Technology

Senior Secured

December 2020

Interest rate FIXED 8.85%, PIK Interest 8.85%

$

1,492

 

 

1,492

 

 

1,439

 

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

$

12,175

 

 

12,950

 

 

12,615

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

74,852

 

 

74,495

 

Subtotal: Sustainable and Renewable Technology (6.57%)*

 

 

 

 

 

74,852

 

 

74,495

 

Total: Debt Investments (189.63%)*

 

 

 

 

 

2,170,140

 

 

2,148,592

 

See notes to consolidated financial statements

24


HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2019

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Series

 

Shares

 

 

Cost (3)

 

 

Value (4)

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peerless Network Holdings, Inc.

 

Communications & Networking

 

Equity

 

Preferred Series A

 

 

1,135,000

 

 

$

1,230

 

 

$

3,955

Subtotal: Communications & Networking (0.35%)*

 

 

 

1,230

 

 

 

3,955

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gibraltar Business Capital, LLC (7)

 

Diversified Financial Services

 

Equity

 

Common Stock

 

 

830,000

 

 

 

1,884

 

 

 

2,380

 

 

Diversified Financial Services

 

Equity

 

Preferred Series A

 

 

10,602,752

 

 

 

26,122

 

 

 

33,000

Total Gibraltar Business Capital, LLC

 

 

 

 

 

 

 

 

11,432,752

 

 

 

28,006

 

 

 

35,380

Subtotal: Diversified Financial Services (3.11%)*

 

 

 

 

 

28,006

 

 

 

35,380

Drug Delivery