10-Q 1 htgc-10q_20210331.htm 10-Q htgc-10q_20210331.htm

 

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, 2021

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 22, 2021, there were 115,743,245 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, 2021 (unaudited) and December 31, 2020

  

3

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited)

  

5

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 and 2020 (unaudited)

  

6

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of March 31, 2021 (unaudited)

  

8

 

 

 

Consolidated Schedule of Investments as of December 31, 2020

  

19

 

 

 

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

  

81

Item 4.

 

 

Controls and Procedures

  

82

 

PART II. OTHER INFORMATION

  

83

 

Item 1.

 

Legal Proceedings

  

83

Item 1A.

 

 

Risk Factors

 

83

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

85

Item 3.

 

Defaults Upon Senior Securities

  

85

Item 4.

 

 

Mine Safety Disclosures

  

85

Item 5.

 

 

Other Information

  

85

Item 6.

 

 

Exhibits and Financial Statement Schedules

  

86

 

SIGNATURES

  

89

 

 

 

 

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

 

(in thousands, except per share data)

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $2,253,503 and $2,175,651, respectively)

 

$

2,385,998

 

 

$

2,288,338

 

Control investments (cost of $74,849 and $65,257, respectively)

 

 

68,693

 

 

 

57,400

 

Affiliate investments (cost of $75,450 and $74,450, respectively)

 

 

9,664

 

 

 

8,340

 

Total investments, at fair value (cost of $2,403,802 and $2,315,358, respectively)

 

 

2,464,355

 

 

 

2,354,078

 

Cash and cash equivalents

 

 

74,987

 

 

 

198,282

 

Restricted cash

 

 

11,829

 

 

 

39,340

 

Interest receivable

 

 

20,597

 

 

 

19,077

 

Right of use asset

 

 

8,666

 

 

 

9,278

 

Other assets

 

 

3,417

 

 

 

3,942

 

Total assets

 

$

2,583,851

 

 

$

2,623,997

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of debt issuance costs - Note 5)

 

$

1,231,298

 

 

$

1,286,638

 

Accounts payable and accrued liabilities

 

 

28,300

 

 

 

36,343

 

Operating lease liability

 

 

8,859

 

 

 

9,312

 

Total liabilities

 

$

1,268,457

 

 

$

1,332,293

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

116

 

 

 

115

 

Capital in excess of par value

 

 

1,160,519

 

 

 

1,158,198

 

Total distributable earnings

 

 

154,759

 

 

 

133,391

 

Total net assets

 

$

1,315,394

 

 

$

1,291,704

 

Total liabilities and net assets

 

$

2,583,851

 

 

$

2,623,997

 

 

 

 

 

 

 

 

 

 

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

 

 

115,768

 

 

 

114,726

 

Net asset value per share

 

$

11.36

 

 

$

11.26

 

 

 

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 5 - Debt”), 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.

 

 

 

March 31, 2021

 

 

December 31, 2020

 

(Dollars in thousands)

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

11,829

 

 

$

39,340

 

2027 Asset-Backed Notes, investments in securities, at value (cost of $233,864 and $267,657, respectively)

 

 

235,476

 

 

 

269,551

 

2028 Asset-Backed Notes, investments in securities, at value (cost of $340,592 and $355,236, respectively)

 

 

340,620

 

 

 

356,097

 

Total assets

 

$

587,925

 

 

$

664,988

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

2027 Asset-Backed Notes, net (principal of $131,545 and $180,988, respectively) (1)

 

$

130,016

 

 

$

178,812

 

2028 Asset-Backed Notes, net (principal of $221,434 and $250,000, respectively) (1)

 

 

219,413

 

 

 

247,647

 

Total liabilities

 

$

349,429

 

 

$

426,459

 

 

(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 5 – Debt”.

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,

 

 

 

2021

 

 

2020

 

Investment income:

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

$

62,982

 

 

$

65,338

 

Control investments

 

 

799

 

 

 

646

 

Affiliate investments

 

 

1

 

 

 

220

 

Total interest income

 

 

63,782

 

 

 

66,204

 

Fee income

 

 

 

 

 

 

 

 

Commitment, facility and loan fee income

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

3,403

 

 

 

4,196

 

Control investments

 

 

8

 

 

 

5

 

Affiliate investments

 

 

 

 

 

 

Total commitment, facility and loan fee income

 

 

3,411

 

 

 

4,201

 

One-time fee income

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

1,566

 

 

 

3,214

 

Total one-time fee income

 

 

1,566

 

 

 

3,214

 

Total fee income

 

 

4,977

 

 

 

7,415

 

Total investment income

 

 

68,759

 

 

 

73,619

 

Operating expenses:

 

 

 

 

 

 

 

 

Interest

 

 

14,750

 

 

 

14,532

 

Loan fees

 

 

2,800

 

 

 

1,794

 

General and administrative

 

 

 

 

 

 

 

 

Legal expenses

 

 

428

 

 

 

899

 

Tax expenses

 

 

1,438

 

 

 

1,135

 

Other expenses

 

 

3,168

 

 

 

4,025

 

Total general and administrative

 

 

5,034

 

 

 

6,059

 

Employee compensation

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

9,804

 

 

 

8,214

 

Stock-based compensation

 

 

2,744

 

 

 

2,440

 

Total employee compensation

 

 

12,548

 

 

 

10,654

 

Total gross operating expenses

 

 

35,132

 

 

 

33,039

 

Expenses allocated to the Adviser Subsidiary

 

 

(933

)

 

 

 

Total net operating expenses

 

 

34,199

 

 

 

33,039

 

Net investment income

 

 

34,560

 

 

 

40,580

 

Net realized and change in unrealized appreciation (depreciation) on investments:

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

7,770

 

 

 

6,967

 

Control investments

 

 

 

 

 

 

Affiliate investments

 

 

 

 

 

 

Total net realized gain (loss) on investments

 

 

7,770

 

 

 

6,967

 

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

 

18,022

 

 

 

(58,430

)

Control investments

 

 

1,702

 

 

 

(7,851

)

Affiliate investments

 

 

2,109

 

 

 

(9,989

)

Total net change in unrealized appreciation (depreciation) on investments

 

 

21,833

 

 

 

(76,270

)

Total net realized and change in unrealized appreciation (depreciation) on investments:

 

 

29,603

 

 

 

(69,303

)

Net increase (decrease) in net assets resulting from operations

 

$

64,163

 

 

$

(28,723

)

 

 

 

 

 

 

 

 

 

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

 

Basic

 

$

0.30

 

 

$

0.37

 

Change in net assets resulting from operations per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.56

 

 

$

(0.27

)

Diluted

 

$

0.55

 

 

$

(0.27

)

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

114,304

 

 

 

108,955

 

Diluted

 

 

114,803

 

 

 

108,955

 

Distributions paid per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.40

 

 

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

 

 

Net

 

For the Three Months Ended March 31, 2021

Shares

 

 

Par Value

 

 

of par value

 

 

(loss)

 

 

Assets

 

Balance as of December 31, 2020

 

114,726

 

 

$

115

 

 

$

1,158,198

 

 

$

133,391

 

 

$

1,291,704

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

64,163

 

 

 

64,163

 

Public offering, net of offering expenses

 

 

 

 

 

 

 

(195

)

 

 

 

 

 

(195

)

Issuance of common stock due to stock option exercises

 

222

 

 

 

 

 

 

2,745

 

 

 

 

 

 

2,745

 

Retired shares from net issuance

 

(50

)

 

 

 

 

 

(603

)

 

 

 

 

 

(603

)

Issuance of common stock under restricted stock plan

 

924

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(121

)

 

 

 

 

 

(3,181

)

 

 

 

 

 

(3,181

)

Distributions reinvested in common stock

 

67

 

 

 

 

 

 

1,040

 

 

 

 

 

 

1,040

 

Distributions

 

 

 

 

 

 

 

 

 

 

(42,795

)

 

 

(42,795

)

Stock-based compensation (1)

 

 

 

 

 

 

 

2,516

 

 

 

 

 

 

2,516

 

Balance as of March 31, 2021

 

115,768

 

 

$

116

 

 

$

1,160,519

 

 

$

154,759

 

 

$

1,315,394

 

 

(1)

Stock-based compensation includes $25 of restricted stock and option expense related to director compensation for the three months ended March 31, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Distributable

 

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

Earnings

 

 

Net

 

For the Three Months Ended March 31, 2020

 

Shares

 

 

Par Value

 

 

of par value

 

 

(loss)

 

 

Assets

 

Balance as of 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 as of 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.

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,

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

64,163

 

 

$

(28,723

)

Adjustments to reconcile net increase (decrease) in net assets resulting from

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

 

 

 

 

 

 

 

Purchases of investments

 

(355,333

)

 

 

(233,612

)

Purchases assigned to External Funds

 

48,353

 

 

 

 

Principal and fee payments received on investments

 

209,747

 

 

 

167,511

 

Proceeds from the sale of investments

 

12,973

 

 

 

17,076

 

Net unrealized (appreciation) depreciation on investments

 

(21,833

)

 

 

76,270

 

Net realized (gain) loss on investments

 

(7,770

)

 

 

(6,967

)

Accretion of paid-in-kind principal

 

(2,475

)

 

 

(2,130

)

Accretion of loan discounts

 

(1,176

)

 

 

(1,147

)

Accretion of loan discount on convertible notes

 

168

 

 

 

168

 

Accretion of loan exit fees

 

(5,744

)

 

 

(6,265

)

Change in deferred loan origination revenue

 

13,414

 

 

 

1,319

 

Unearned fees related to unfunded commitments

 

(1,505

)

 

 

(463

)

Amortization of debt fees and issuance costs

 

2,156

 

 

 

1,332

 

Depreciation

 

94

 

 

 

126

 

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

 

2,516

 

 

 

2,082

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest receivable

 

(1,520

)

 

 

1,070

 

Other assets

 

1,849

 

 

 

(4,100

)

Accounts payable

 

 

 

 

(16

)

Accrued liabilities

 

(8,496

)

 

 

(8,233

)

Net cash used in operating activities

 

(50,419

)

 

 

(24,702

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(12

)

 

 

(29

)

Net cash used in investing activities

 

(12

)

 

 

(29

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

(195

)

 

 

34,962

 

Retirement of employee shares

 

(1,039

)

 

 

(895

)

Distributions paid

 

(41,755

)

 

 

(43,396

)

Issuance of debt

 

342,218

 

 

 

292,026

 

Repayments of debt

 

(397,727

)

 

 

(313,569

)

Debt issuance costs

 

(1,842

)

 

 

(618

)

Fees paid for credit facilities and debentures

 

(35

)

 

 

(2,433

)

Net cash used in financing activities

 

(100,375

)

 

 

(33,923

)

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

 

(150,806

)

 

 

(58,654

)

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

 

237,622

 

 

 

114,996

 

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

$

86,816

 

 

$

56,342

 

 

 

 

 

 

 

 

 

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

 

Interest paid

$

17,359

 

 

$

17,491

 

Income tax, including excise tax, paid

$

3,488

 

 

$

2,309

 

Distributions reinvested

$

1,040

 

 

$

827

 

 

(1)

Stock-based compensation includes $25 and $21 of restricted stock and option expense related to director compensation for the three months ended March 31, 2021 and 2020, respectively.

 

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)

2021

 

 

2020

 

Cash and cash equivalents

$

74,987

 

 

$

34,282

 

Restricted cash

 

11,829

 

 

 

22,060

 

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

$

86,816

 

 

$

56,342

 

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

 

See notes to consolidated financial statements

7


 

 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2021

(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 (11)(17)(18)

Communications & Networking

Senior Secured

February 2025

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

$

7,000

 

$

6,828

 

$

7,000

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

6,828

 

 

7,000

 

Subtotal: Communications & Networking (0.53%)*

 

 

 

 

 

 

6,828

 

 

7,000

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Gibraltar Business Capital, LLC (7)

Diversified Financial Services

Unsecured

September 2026

Interest rate FIXED 14.50%

$

15,000

 

 

14,628

 

 

14,112

 

 

Diversified Financial Services

Unsecured

September 2026

Interest rate FIXED 11.50%

$

10,000

 

 

9,802

 

 

9,802

 

Total Gibraltar Business Capital, LLC

 

 

 

 

$

25,000

 

 

24,430

 

 

23,914

 

Subtotal: Greater than 5 Years Maturity

 

 

 

 

 

 

 

24,430

 

 

23,914

 

Subtotal: Diversified Financial Services (1.82%)*

 

 

 

 

 

 

24,430

 

 

23,914

 

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 8.50%, 4.14% Exit Fee

$

40,000

 

 

41,229

 

 

41,522

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

41,229

 

 

41,522

 

Subtotal: Drug Delivery (3.16%)*

 

 

 

 

 

 

41,229

 

 

41,522

 

Drug Discovery & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year 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

$

4,245

 

 

4,597

 

 

4,597

 

Mesoblast (5)(10)(11)(13)

Drug Discovery & Development

Senior Secured

March 2022

Interest rate PRIME + 4.95% or Floor rate of 9.70%, 9.30% Exit Fee

$

50,000

 

 

53,541

 

 

53,541

 

Petros Pharmaceuticals, Inc. (p.k.a. Metuchen Pharmaceuticals LLC)

Drug Discovery & Development

Senior Secured

December 2021

Interest rate PRIME + 7.25% or Floor rate of 11.50%, 3.05% Exit Fee

$

5,061

 

 

5,054

 

 

5,054

 

Stealth Bio Therapeutics Corp. (10)(11)

Drug Discovery & Development

Senior Secured

July 2021

Interest rate PRIME + 5.50% or Floor rate of 9.50%, 7.69% Exit Fee

$

7,245

 

 

7,416

 

 

7,416

 

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

 

 

30,609

 

 

30,609

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

101,217

 

 

101,217

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Albireo Pharma, Inc. (10)(11)(17)

Drug Discovery & Development

Senior Secured

July 2024

Interest rate PRIME + 5.90% or Floor rate of 9.15%, 6.95% Exit Fee

$

10,000

 

 

10,054

 

 

10,291

 

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

 

 

15,450

 

 

15,852

 

Applied Genetic Technologies Corporation (11)

Drug Discovery & Development

Senior Secured

December 2023

Interest rate PRIME + 6.50% or Floor rate of 9.75%, 6.95% Exit Fee

$

10,000

 

 

10,100

 

 

10,325

 

Aveo Pharmaceuticals, Inc. (11)(15)

Drug Discovery & Development

Senior Secured

September 2023

Interest rate PRIME + 6.40% or Floor rate of 9.65%, 6.95% Exit Fee

$

35,000

 

 

35,056

 

 

35,119

 

Axsome Therapeutics, Inc. (10)(17)

Drug Discovery & Development

Senior Secured

October 2025

Interest rate PRIME + 5.90% or Floor rate of 9.15%, 4.85% Exit Fee

$

50,000

 

 

49,216

 

 

51,355

 

Bicycle Therapeutics PLC (5)(10)(11)

Drug Discovery & Development

Senior Secured

October 2024

Interest rate PRIME + 5.60% or Floor rate of 8.85%, 5.00% Exit Fee

$

24,000

 

 

24,003

 

 

23,907

 

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

Drug Discovery & Development

Senior Secured

November 2023

Interest rate PRIME + 3.85% or Floor rate of 8.75%, 6.35% Exit Fee

$

35,000

 

 

36,271

 

 

37,408

 

 

Drug Discovery & Development

Senior Secured

November 2023

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

$

20,000

 

 

20,603

 

 

21,248

 

 

Drug Discovery & Development

Senior Secured

November 2023

Interest rate PRIME + 3.10% or Floor rate of 8.85%, 5.75% Exit Fee

$

20,000

 

 

20,476

 

 

21,107

 

Total BridgeBio Pharma LLC

 

 

 

 

$

75,000

 

 

77,350