Annual report pursuant to Section 13 and 15(d)

N-2

v3.22.4
N-2 - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cover [Abstract]                                            
Entity Central Index Key                         0001280784                  
Amendment Flag                         false                  
Securities Act File Number                         814-00702                  
Document Type                         10-K                  
Entity Registrant Name                         HERCULES CAPITAL, INC.                  
Entity Address, Address Line One                         400 Hamilton Avenue                  
Entity Address, Address Line Two                         Suite 310                  
Entity Address, City or Town                         Palo Alto                  
Entity Address, State or Province                         CA                  
Entity Address, Postal Zip Code                         94301                  
City Area Code                         650                  
Local Phone Number                         289-3060                  
Entity Well-known Seasoned Issuer                         Yes                  
Entity Emerging Growth Company                         false                  
Fee Table [Abstract]                                            
Sales Load [Percent] [1]                         0.00%                  
Dividend Reinvestment and Cash Purchase Fees [2]                         $ 0                  
Other Transaction Expenses [Abstract]                                            
Other Transaction Expense 1 [Percent] [3]                         0.00%                  
Other Transaction Expenses [Percent] [4]                         0.00%                  
Annual Expenses [Table Text Block]                        

The following table is intended to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. The footnotes to the fee table state which items are estimates. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you” or “us” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Hercules Capital, Inc.

Stockholder Transaction Expenses (as a percentage of the public offering price):

 

 

 

 

Sales load (as a percentage of offering price)(1)

 

%

 

Offering expenses

 

%

(2)

Dividend reinvestment plan fees

 

%

(3)

Total stockholder transaction expenses (as a percentage of the public offering price)

 

%

(4)

 

 

 

 

 

Annual Expenses (as a percentage of net assets attributable to common stock):(5)

 

 

 

 

Operating expenses

 

5.29

 

%

(6)(7)

Interest and fees paid in connection with borrowed funds

 

4.63

 

%

(8)

Acquired fund fees and expenses

 

 

0.01

 

%

(10)

Total annual expenses

 

9.93

 

%

(9)

 

(1)
In the event that our securities are sold to or through underwriters, a corresponding prospectus supplement to the Prospectus will disclose the applicable sales load.
(2)
In the event that we conduct an offering of our securities, a corresponding prospectus supplement to this prospectus will disclose the estimated offering expenses.
(3)
The expenses associated with the administration of our dividend reinvestment plan are included in “Operating expenses.” We pay all brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under the plan. For more details about the plan, see “Dividend Reinvestment Plan.”
(4)
Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any.
(5)
“Net assets attributable to common stock” equals the weighted average net assets for the year ended December 31, 2022, which is approximately $1,347.3 million.
(6)
“Operating expenses” represent our actual operating expenses incurred for the twelve months ended December 31, 2022.
(7)
We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals.
(8)
“Interest and fees paid in connection with borrowed funds” represent our interest, fees, and credit facility expenses incurred for the year ended December 31, 2022.
(9)
“Total annual expenses” is the sum of “Operating expenses”, “Interest and fees paid in connection with borrowed funds”, and "Acquired fund fees and expenses". “Total annual expenses” is presented as a percentage of weighted average net assets attributable to common stockholders, because the holders of shares of our common stock (and not the holders of our debt securities or preferred stock, if any) bear all of our fees and expenses, including the fees and expenses of our wholly-owned consolidated subsidiaries, all of which are included in this fee table presentation.
Acquired fund fees and expenses” represent the estimated indirect expense incurred due to investments in other investment companies and private funds.
                 
Interest Expenses on Borrowings [Percent] [5],[6]                         4.63%                  
Acquired Fund Fees and Expenses [Percent] [6],[7]                         0.01%                  
Other Annual Expenses [Abstract]                                            
Other Annual Expenses [Percent] [6],[8],[9]                         5.29%                  
Total Annual Expenses [Percent] [6],[10]                         9.93%                  
Purpose of Fee Table , Note [Text Block]                        

Fees and Expenses

The following table is intended to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. The footnotes to the fee table state which items are estimates. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you” or “us” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Hercules Capital, Inc.

Stockholder Transaction Expenses (as a percentage of the public offering price):

 

 

 

 

Sales load (as a percentage of offering price)(1)

 

%

 

Offering expenses

 

%

(2)

Dividend reinvestment plan fees

 

%

(3)

Total stockholder transaction expenses (as a percentage of the public offering price)

 

%

(4)

 

 

 

 

 

Annual Expenses (as a percentage of net assets attributable to common stock):(5)

 

 

 

 

Operating expenses

 

5.29

 

%

(6)(7)

Interest and fees paid in connection with borrowed funds

 

4.63

 

%

(8)

Acquired fund fees and expenses

 

 

0.01

 

%

(10)

Total annual expenses

 

9.93

 

%

(9)

 

(1)
In the event that our securities are sold to or through underwriters, a corresponding prospectus supplement to the Prospectus will disclose the applicable sales load.
(2)
In the event that we conduct an offering of our securities, a corresponding prospectus supplement to this prospectus will disclose the estimated offering expenses.
(3)
The expenses associated with the administration of our dividend reinvestment plan are included in “Operating expenses.” We pay all brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under the plan. For more details about the plan, see “Dividend Reinvestment Plan.”
(4)
Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any.
(5)
“Net assets attributable to common stock” equals the weighted average net assets for the year ended December 31, 2022, which is approximately $1,347.3 million.
(6)
“Operating expenses” represent our actual operating expenses incurred for the twelve months ended December 31, 2022.
(7)
We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals.
(8)
“Interest and fees paid in connection with borrowed funds” represent our interest, fees, and credit facility expenses incurred for the year ended December 31, 2022.
(9)
“Total annual expenses” is the sum of “Operating expenses”, “Interest and fees paid in connection with borrowed funds”, and "Acquired fund fees and expenses". “Total annual expenses” is presented as a percentage of weighted average net assets attributable to common stockholders, because the holders of shares of our common stock (and not the holders of our debt securities or preferred stock, if any) bear all of our fees and expenses, including the fees and expenses of our wholly-owned consolidated subsidiaries, all of which are included in this fee table presentation.
Acquired fund fees and expenses” represent the estimated indirect expense incurred due to investments in other investment companies and private funds.
                 
Other Transaction Fees, Note [Text Block]                        
(3)
The expenses associated with the administration of our dividend reinvestment plan are included in “Operating expenses.” We pay all brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under the plan. For more details about the plan, see “Dividend Reinvestment Plan.”
                 
Acquired Fund Fees Estimated, Note [Text Block]                         Acquired fund fees and expenses” represent the estimated indirect expense incurred due to investments in other investment companies and private funds.                  
Financial Highlights [Abstract]                                            
Senior Securities [Table Text Block]                        

Senior Securities

Information about our senior securities is shown in the following table for the periods as of December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013 which is derived from our audited financial statements for these periods, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. The “N/A” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

 

Total Amount

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Average

 

 

Exclusive of

 

 

 

 

Market

 

 

Treasury

 

Asset Coverage

 

 

Value

 

Class and Year

Securities (1)

 

per Unit (2)

 

 

per Unit(3)

 

Securitized Credit Facility with Wells Fargo Capital Finance

 

 

 

 

 

 

 

December 31, 2013(7)

 

 

 

 

 

N/A

 

December 31, 2014(7)

 

 

 

 

 

N/A

 

December 31, 2015

$

50,000,000

 

$

26,352

 

 

N/A

 

December 31, 2016

$

5,015,620

 

$

290,234

 

 

N/A

 

December 31, 2017(7)

 

 

 

 

 

N/A

 

December 31, 2018

$

13,106,582

 

$

147,497

 

 

N/A

 

December 31, 2019(7)

 

 

 

 

 

N/A

 

December 31, 2020(7)

 

 

 

 

 

N/A

 

December 31, 2021(7)

 

 

 

 

 

N/A

 

Secured Credit Facility with MUFG Bank Ltd. (MUFG)(9)

 

 

 

 

 

 

 

December 31, 2013(7)

 

 

 

 

 

N/A

 

December 31, 2014(7)

 

 

 

 

 

N/A

 

December 31, 2015(7)

 

 

 

 

 

N/A

 

December 31, 2016(7)

 

 

 

 

 

N/A

 

December 31, 2017(7)

 

 

 

 

 

N/A

 

December 31, 2018

$

39,849,010

 

$

48,513

 

 

N/A

 

December 31, 2019

$

103,918,736

 

$

23,423

 

 

N/A

 

December 31, 2020(7)

 

 

 

 

 

N/A

 

December 31, 2021(7)

 

 

 

 

 

N/A

 

December 31, 2022

$

107,000,000

 

$

27,964

 

 

N/A

 

Secured Credit Facility with Sumitomo Mitsui Banking Corporation (SMBC)

 

 

 

 

 

 

 

December 31, 2021

$

29,924,726

 

$

85,479

 

 

N/A

 

December 31, 2022

$

72,000,000

 

$

41,558

 

 

N/A

 

Small Business Administration Debentures (HT II)(4)

 

 

 

 

 

 

 

December 31, 2013

$

76,000,000

 

$

16,075

 

 

N/A

 

December 31, 2014

$

41,200,000

 

$

31,535

 

 

N/A

 

December 31, 2015

$

41,200,000

 

$

31,981

 

 

N/A

 

December 31, 2016

$

41,200,000

 

$

35,333

 

 

N/A

 

December 31, 2017

$

41,200,000

 

$

39,814

 

 

N/A

 

December 31, 2018

 

 

 

 

 

N/A

 

Small Business Administration Debentures (HT III)(5)

 

 

 

 

 

 

 

December 31, 2013

$

149,000,000

 

$

8,199

 

 

N/A

 

December 31, 2014

$

149,000,000

 

$

8,720

 

 

N/A

 

December 31, 2015

$

149,000,000

 

$

8,843

 

 

N/A

 

December 31, 2016

$

149,000,000

 

$

9,770

 

 

N/A

 

December 31, 2017

$

149,000,000

 

$

11,009

 

 

N/A

 

December 31, 2018

$

149,000,000

 

$

12,974

 

 

N/A

 

December 31, 2019

$

149,000,000

 

$

16,336

 

 

N/A

 

December 31, 2020

$

99,000,000

 

$

26,168

 

 

N/A

 

December 31, 2021

 

 

 

 

 

N/A

 

Small Business Administration Debentures (HC IV)(6)

 

 

 

 

 

 

 

December 31, 2021

$

150,500,000

 

$

16,996

 

 

N/A

 

December 31, 2022

$

175,000,000

 

$

17,098

 

 

N/A

 

2016 Convertible Notes

 

 

 

 

 

 

 

December 31, 2013

$

75,000,000

 

$

16,847

 

 

$

1,403

 

December 31, 2014

$

17,674,000

 

$

74,905

 

 

$

1,290

 

December 31, 2015

$

17,604,000

 

$

74,847

 

 

$

1,110

 

December 31, 2016

 

 

 

 

 

N/A

 

April 2019 Notes

 

 

 

 

 

 

 

December 31, 2013

$

84,489,500

 

$

14,460

 

 

$

1,021

 

December 31, 2014

$

84,489,500

 

$

15,377

 

 

$

1,023

 

December 31, 2015

$

64,489,500

 

$

20,431

 

 

$

1,017

 

December 31, 2016

$

64,489,500

 

$

22,573

 

 

$

1,022

 

December 31, 2017

 

 

 

 

 

N/A

 

 

 

 

Total Amount

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Average

 

 

Exclusive of

 

 

 

 

Market

 

 

Treasury

 

Asset Coverage

 

 

Value

 

Class and Year

Securities (1)

 

per Unit (2)

 

 

per Unit(3)

 

September 2019 Notes

 

 

 

 

 

 

 

December 31, 2013

$

85,875,000

 

$

14,227

 

 

$

1,016

 

December 31, 2014

$

85,875,000

 

$

15,129

 

 

$

1,026

 

December 31, 2015

$

45,875,000

 

$

28,722

 

 

$

1,009

 

December 31, 2016

$

45,875,000

 

$

31,732

 

 

$

1,023

 

December 31, 2017

 

 

 

 

 

N/A

 

2022 Notes

 

 

 

 

 

 

 

December 31, 2017

$

150,000,000

 

$

10,935

 

 

$

1,014

 

December 31, 2018

$

150,000,000

 

$

12,888

 

 

$

976

 

December 31, 2019

$

150,000,000

 

$

16,227

 

 

$

1,008

 

December 31, 2020

$

150,000,000

 

$

17,271

 

 

$

1,017

 

December 31, 2021

$

150,000,000

 

$

17,053

 

 

$

1,019

 

December 31, 2022

 

 

 

 

 

N/A

 

2024 Notes

 

 

 

 

 

 

 

December 31, 2014

$

103,000,000

 

$

12,614

 

 

$

1,010

 

December 31, 2015

$

103,000,000

 

$

12,792

 

 

$

1,014

 

December 31, 2016

$

252,873,175

 

$

5,757

 

 

$

1,016

 

December 31, 2017

$

183,509,600

 

$

8,939

 

 

$

1,025

 

December 31, 2018

$

83,509,600

 

$

23,149

 

 

$

1,011

 

December 31, 2019

 

 

 

 

 

N/A

 

2025 Notes

 

 

 

 

 

 

 

December 31, 2018

$

75,000,000

 

$

25,776

 

 

$

962

 

December 31, 2019

$

75,000,000

 

$

32,454

 

 

$

1,032

 

December 31, 2020

$

75,000,000

 

$

34,541

 

 

$

1,020

 

December 31, 2021

 

 

 

 

 

N/A

 

2033 Notes

 

 

 

 

 

 

 

December 31, 2018

$

40,000,000

 

$

48,330

 

 

$

934

 

December 31, 2019

$

40,000,000

 

$

60,851

 

 

$

1,054

 

December 31, 2020

$

40,000,000

 

$

64,765

 

 

$

1,072

 

December 31, 2021

$

40,000,000

 

$

63,948

 

 

$

1,067

 

December 31, 2022

$

40,000,000

 

$

74,804

 

 

$

984

 

July 2024 Notes

 

 

 

 

 

 

 

December 31, 2019

$

105,000,000

 

$

23,181

 

 

N/A

 

December 31, 2020

$

105,000,000

 

$

24,672

 

 

N/A

 

December 31, 2021

$

105,000,000

 

$

24,361

 

 

N/A

 

December 31, 2022

$

105,000,000

 

$

28,497

 

 

N/A

 

February 2025 Notes

 

 

 

 

 

 

 

December 31, 2020

$

50,000,000

 

$

51,812

 

 

N/A

 

December 31, 2021

$

50,000,000

 

$

51,159

 

 

N/A

 

December 31, 2022

$

50,000,000

 

$

59,843

 

 

N/A

 

June 2025 Notes

 

 

 

 

 

 

 

December 31, 2020

$

70,000,000

 

$

37,009

 

 

N/A

 

December 31, 2021

$

70,000,000

 

$

36,542

 

 

N/A

 

December 31, 2022

$

70,000,000

 

$

42,745

 

 

N/A

 

June 2025 3-Year Notes

 

 

 

 

 

 

 

December 31, 2022

$

50,000,000

 

$

59,843

 

 

N/A

 

March 2026 A Notes

 

 

 

 

 

 

 

December 31, 2020

$

50,000,000

 

$

51,812

 

 

N/A

 

December 31, 2021

$

50,000,000

 

$

51,159

 

 

N/A

 

December 31, 2022

$

50,000,000

 

$

59,843

 

 

N/A

 

March 2026 B Notes

 

 

 

 

 

 

 

December 31, 2021

$

50,000,000

 

$

51,159

 

 

N/A

 

December 31, 2022

$

50,000,000

 

$

59,843

 

 

N/A

 

September 2026 Notes

 

 

 

 

 

 

 

December 31, 2021

$

325,000,000

 

$

7,871

 

 

N/A

 

December 31, 2022

$

325,000,000

 

$

9,207

 

 

N/A

 

January 2027 Notes

 

 

 

 

 

 

 

December 31, 2022

$

350,000,000

 

$

8,549

 

 

N/A

 

2017 Asset-Backed Notes

 

 

 

 

 

 

 

December 31, 2013

$

89,556,972

 

$

13,642

 

 

$

1,004

 

December 31, 2014

$

16,049,144

 

$

80,953

 

 

$

1,375

 

December 31, 2015

 

 

 

 

 

N/A

 

 

 

 

 

Total Amount

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Average

 

 

Exclusive of

 

 

 

 

Market

 

 

Treasury

 

Asset Coverage

 

 

Value

 

Class and Year

Securities (1)

 

per Unit (2)

 

 

per Unit(3)

 

2021 Asset-Backed Notes

 

 

 

 

 

 

 

December 31, 2014

$

129,300,000

 

$

10,048

 

 

$

1,000

 

December 31, 2015

$

129,300,000

 

$

10,190

 

 

$

996

 

December 31, 2016

$

109,205,263

 

$

13,330

 

 

$

1,002

 

December 31, 2017

$

49,152,504

 

$

33,372

 

 

$

1,001

 

December 31, 2018

 

 

 

 

 

N/A

 

2027 Asset-Backed Notes

 

 

 

 

 

 

 

December 31, 2018

$

200,000,000

 

$

9,666

 

 

$

1,006

 

December 31, 2019

$

200,000,000

 

$

12,170

 

 

$

1,004

 

December 31, 2020

$

180,988,022

 

$

14,314

 

 

$

1,001

 

December 31, 2021

 

 

 

 

 

N/A

 

2028 Asset-Backed Notes

 

 

 

 

 

 

 

December 31, 2019

$

250,000,000

 

$

9,736

 

 

$

1,004

 

December 31, 2020

$

250,000,000

 

$

10,362

 

 

$

1,002

 

December 31, 2021

 

 

 

 

 

N/A

 

2031 Asset-Backed Notes

 

 

 

 

 

 

 

December 31, 2022

$

150,000,000

 

$

19,948

 

 

$

951

 

2022 Convertible Notes

 

 

 

 

 

 

 

December 31, 2017

$

230,000,000

 

$

7,132

 

 

$

1,028

 

December 31, 2018

$

230,000,000

 

$

8,405

 

 

$

946

 

December 31, 2019

$

230,000,000

 

$

10,583

 

 

$

1,021

 

December 31, 2020

$

230,000,000

 

$

11,264

 

 

$

1,027

 

December 31, 2021

$

230,000,000

 

$

11,121

 

 

$

1,026

 

December 31, 2022

$

 

$

 

 

N/A

 

Total Senior Securities(8)

 

 

 

 

 

 

 

December 31, 2013

$

559,921,472

 

$

2,182

 

 

N/A

 

December 31, 2014

$

626,587,644

 

$

2,073

 

 

N/A

 

December 31, 2015

$

600,468,500

 

$

2,194

 

 

N/A

 

December 31, 2016

$

667,658,558

 

$

2,180

 

 

N/A

 

December 31, 2017

$

802,862,104

 

$

2,043

 

 

N/A

 

December 31, 2018

$

980,465,192

 

$

1,972

 

 

N/A

 

December 31, 2019

$

1,302,918,736

 

$

1,868

 

 

N/A

 

December 31, 2020

$

1,299,988,022

 

$

1,993

 

 

N/A

 

December 31, 2021

$

1,250,424,726

 

$

2,046

 

 

N/A

 

December 31, 2022

$

1,594,000,000

 

$

1,877

 

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, including senior securities not subject to asset coverage requirements under the 1940 Act due to exemptive relief from the SEC, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage per Unit.
(3)
Not applicable because senior securities are not registered for public trading.
(4)
Issued by Hercules Technology II, L.P. ("HT II"), one of our prior SBIC subsidiaries, to the Small Business Association ("SBA"). On July 13, 2018, we completed repayment of the remaining outstanding HT II debentures and subsequently surrendered the SBA license with respect to HT II. These categories of senior securities were not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC.
(5)
Issued by HT III, one of our prior SBIC subsidiaries, to the SBA. On May 5, 2021, we completed repayment of the remaining outstanding HT III debentures and subsequently surrendered the SBA license with respect to HT III. These categories of senior securities were not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC.
(6)
Issued by HC IV, one of our SBIC subsidiaries, to the SBA. These categories of senior securities are not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC.
(7)
The Company’s Wells Facility and MUFG Bank Facility had no borrowings outstanding as of the periods noted above.
(8)
The total senior securities and Asset Coverage per Unit shown for those securities do not represent the asset coverage ratio requirement under the 1940 Act, because the presentation includes senior securities not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. As of December 31, 2022, our asset coverage ratio under our regulatory requirements as a business development company was 198.5% excluding our SBA debentures as a result of our exemptive order from the SEC which allows us to exclude all SBA leverage from our asset coverage ratio.
(9)
The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment as the lead lender.

 

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not Applicable.
                 
Senior Securities, Note [Text Block]                        

Information about our senior securities is shown in the following table for the periods as of December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013 which is derived from our audited financial statements for these periods, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. The “N/A” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

 

Total Amount

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Average

 

 

Exclusive of

 

 

 

 

Market

 

 

Treasury

 

Asset Coverage

 

 

Value

 

Class and Year

Securities (1)

 

per Unit (2)

 

 

per Unit(3)

 

Securitized Credit Facility with Wells Fargo Capital Finance

 

 

 

 

 

 

 

December 31, 2013(7)

 

 

 

 

 

N/A

 

December 31, 2014(7)

 

 

 

 

 

N/A

 

December 31, 2015

$

50,000,000

 

$

26,352

 

 

N/A

 

December 31, 2016

$

5,015,620

 

$

290,234

 

 

N/A

 

December 31, 2017(7)

 

 

 

 

 

N/A

 

December 31, 2018

$

13,106,582

 

$

147,497

 

 

N/A

 

December 31, 2019(7)

 

 

 

 

 

N/A

 

December 31, 2020(7)

 

 

 

 

 

N/A

 

December 31, 2021(7)

 

 

 

 

 

N/A

 

Secured Credit Facility with MUFG Bank Ltd. (MUFG)(9)

 

 

 

 

 

 

 

December 31, 2013(7)

 

 

 

 

 

N/A

 

December 31, 2014(7)

 

 

 

 

 

N/A

 

December 31, 2015(7)

 

 

 

 

 

N/A

 

December 31, 2016(7)

 

 

 

 

 

N/A

 

December 31, 2017(7)

 

 

 

 

 

N/A

 

December 31, 2018

$

39,849,010

 

$

48,513

 

 

N/A

 

December 31, 2019

$

103,918,736

 

$

23,423

 

 

N/A

 

December 31, 2020(7)

 

 

 

 

 

N/A

 

December 31, 2021(7)

 

 

 

 

 

N/A

 

December 31, 2022

$

107,000,000

 

$

27,964

 

 

N/A

 

Secured Credit Facility with Sumitomo Mitsui Banking Corporation (SMBC)

 

 

 

 

 

 

 

December 31, 2021

$

29,924,726

 

$

85,479

 

 

N/A

 

December 31, 2022

$

72,000,000

 

$

41,558

 

 

N/A

 

Small Business Administration Debentures (HT II)(4)

 

 

 

 

 

 

 

December 31, 2013

$

76,000,000

 

$

16,075

 

 

N/A

 

December 31, 2014

$

41,200,000

 

$

31,535

 

 

N/A

 

December 31, 2015

$

41,200,000

 

$

31,981

 

 

N/A

 

December 31, 2016

$

41,200,000

 

$

35,333

 

 

N/A

 

December 31, 2017

$

41,200,000

 

$

39,814

 

 

N/A

 

December 31, 2018

 

 

 

 

 

N/A

 

Small Business Administration Debentures (HT III)(5)

 

 

 

 

 

 

 

December 31, 2013

$

149,000,000

 

$

8,199

 

 

N/A

 

December 31, 2014

$

149,000,000

 

$

8,720

 

 

N/A

 

December 31, 2015

$

149,000,000

 

$

8,843

 

 

N/A

 

December 31, 2016

$

149,000,000

 

$

9,770