10-Q 1 tpvg-10q_20190630.htm 10-Q tpvg-10q_20190630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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 JUNE 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER:  814-01044

 

TriplePoint Venture Growth BDC Corp.

(Exact name of registrant as specified in its charter)

 

 

MARYLAND

 

46-3082016

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

TriplePoint Venture Growth BDC Corp.

2755 Sand Hill Road, Suite 150, Menlo Park, California 94025

(Address of principal executive office)

(650) 854-2090

(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 Stock

TPVG

New York Stock Exchange

5.75% Notes due 2022

TPVY

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 period 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, 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 any 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  

As of July 30, 2019, the registrant had 24,859,360 shares of common stock, $0.01 par value per share, outstanding.

 

 

1


TriplePoint Venture Growth BDC Corp.

TABLE OF CONTENTS

 

 

 

 

PAGE

PART I. FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements (unaudited)

 

 

 

Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2019 and December 31, 2018

 

3

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and June 30, 2018

 

4

 

Condensed Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2019 and June 30, 2018

 

5

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and June 30, 2018

 

6

 

Condensed Consolidated Schedules of Investments as of June 30, 2019 and December 31, 2018

 

7

 

Notes to Condensed Consolidated Financial Statements as of June 30, 2019

 

19

Item 2.

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

 

37

 

Forward-Looking Statements

 

37

 

Overview

 

38

 

Portfolio Composition, Investment Activity and Asset Quality

 

39

 

Results of Operations

 

44

 

Critical Accounting Policies

 

48

 

Liquidity and Capital Resources

 

49

 

Recent Developments

 

51

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

52

Item 4.

Controls and Procedures

 

53

 

 

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

54

Item 1A.

Risk Factors

 

54

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

Item 3.

Defaults Upon Senior Securities

 

54

Item 4.

Mine Safety Disclosures

 

54

Item 5.

Other Information

 

54

Item 6.

Exhibits

 

55

SIGNATURES

 

56

 

 

2


PART I—FINANCIAL INFORMATION

Item 1.  Financial Statements

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (amortized cost of $482,433 and $435,083, respectively)

 

$

496,021

 

 

$

433,417

 

Short-term investments at fair value (cost of $0 and $19,999, respectively)

 

 

 

 

 

19,999

 

Cash

 

 

12,415

 

 

 

3,382

 

Restricted cash

 

 

11,956

 

 

 

6,567

 

Deferred credit facility costs

 

 

1,845

 

 

 

1,179

 

Prepaid expenses and other assets

 

 

3,030

 

 

 

2,510

 

Total assets

 

$

525,267

 

 

$

467,054

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Credit Facility

 

$

85,776

 

 

$

23,000

 

2022 Notes, net

 

 

73,199

 

 

 

72,943

 

Payable for U.S. Treasury Bill assets

 

 

 

 

 

19,999

 

Base management fee payable

 

 

2,076

 

 

 

1,725

 

Income incentive fee payable

 

 

2,530

 

 

 

2,558

 

Accrued capital gains incentive fee

 

 

 

 

 

 

Payable to directors and officers

 

 

46

 

 

 

64

 

Other accrued expenses and liabilities

 

 

8,988

 

 

 

12,234

 

Total liabilities

 

$

172,615

 

 

$

132,523

 

Commitments and Contingencies (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)

 

$

 

 

$

 

Common stock, par value $0.01 per share (450,000 shares authorized; 24,859 and 24,780 shares issued and outstanding, respectively)

 

 

249

 

 

 

248

 

Paid-in capital in excess of par value

 

 

332,375

 

 

 

331,329

 

Total distributable earnings (loss)

 

 

20,028

 

 

 

2,954

 

Total net assets

 

$

352,652

 

 

$

334,531

 

Total liabilities and net assets

 

$

525,267

 

 

$

467,054

 

 

 

 

 

 

 

 

 

 

Net asset value per share

 

$

14.19

 

 

$

13.50

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income from investments

 

$

17,896

 

 

$

15,410

 

 

$

35,043

 

 

$

28,026

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expirations or terminations of unfunded commitments

 

 

158

 

 

 

350

 

 

 

316

 

 

 

350

 

Other fees

 

 

887

 

 

 

792

 

 

 

1,073

 

 

 

795

 

Total investment and other income

 

 

18,941

 

 

 

16,552

 

 

 

36,432

 

 

 

29,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee

 

 

2,076

 

 

 

1,768

 

 

 

3,837

 

 

 

3,296

 

Income incentive fee

 

 

2,530

 

 

 

2,200

 

 

 

5,009

 

 

 

3,687

 

Capital gains incentive fee

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of fees

 

 

3,010

 

 

 

2,532

 

 

 

5,213

 

 

 

5,050

 

Administration agreement expenses

 

 

353

 

 

 

445

 

 

 

775

 

 

 

852

 

General and administrative expenses

 

 

849

 

 

 

807

 

 

 

1,560

 

 

 

1,539

 

Total operating expenses

 

 

8,818

 

 

 

7,752

 

 

 

16,394

 

 

 

14,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

10,123

 

 

 

8,800

 

 

 

20,038

 

 

 

14,747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains (losses) on investments

 

 

(17

)

 

 

773

 

 

 

(46

)

 

 

781

 

Net change in unrealized gains (losses) on investments

 

 

13,755

 

 

 

(1,178

)

 

 

14,938

 

 

 

810

 

Net realized and unrealized gains (losses)

 

 

13,738

 

 

 

(405

)

 

 

14,892

 

 

 

1,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

23,861

 

 

$

8,395

 

 

$

34,930

 

 

$

16,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net investment income per share

 

$

0.41

 

 

$

0.50

 

 

$

0.81

 

 

$

0.83

 

Basic and diluted net increase in net assets per share

 

$

0.96

 

 

$

0.47

 

 

$

1.41

 

 

$

0.92

 

Basic and diluted weighted average shares of common stock outstanding

 

 

24,827

 

 

 

17,754

 

 

 

24,805

 

 

 

17,742

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Par value

 

Paid-in capital in excess of par value

 

Total distributable earnings (loss)

 

Net assets

 

Balance at March 31, 2018

 

17,730

 

$

177

 

$

235,488

 

$

840

 

$

236,505

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

8,395

 

 

8,395

 

Distributions reinvested in common stock

 

41

 

 

1

 

 

481

 

 

 

 

482

 

Distributions from net investment income

 

 

 

 

 

 

 

(6,391

)

 

(6,391

)

Balance at June 30, 2018

 

17,771

 

 

178

 

 

235,969

 

 

2,844

 

 

238,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2019

 

24,820

 

$

248

 

$

331,847

 

 

5,104

 

$

337,199

 

Net increase in net assets resulting from operations

 

 

 

 

 

 

 

23,861

 

 

23,861

 

Distributions reinvested in common stock

 

39

 

 

1

 

 

528

 

 

 

 

529

 

Distributions from net investment income

 

 

 

 

 

 

 

(8,937

)

 

(8,937

)

Balance at June 30, 2019

 

24,859

 

$

249

 

$

332,375

 

$

20,028

 

$

352,652

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Par value

 

Paid-in capital in excess of par value

 

Total distributable earnings (loss)

 

Net assets

 

Balance at December 31, 2017

 

17,730

 

$

177

 

$

235,488

 

$

(720

)

$

234,945

 

Net increase in net assets resulting from operations

 

 

 

 

 

 

 

16,338

 

 

16,338

 

Distributions reinvested in common stock

 

41

 

 

1

 

 

481

 

 

 

 

482

 

Distributions from net investment income

 

 

 

 

 

 

 

(12,774

)

 

(12,774

)

Balance at June 30, 2018

 

17,771

 

 

178

 

 

235,969

 

 

2,844

 

 

238,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

24,780

 

$

248

 

$

331,329

 

 

2,954

 

$

334,531

 

Net increase in net assets resulting from operations

 

 

 

 

 

 

 

34,930

 

 

34,930

 

Distributions reinvested in common stock

 

79

 

 

1

 

 

1,046

 

 

 

 

1,047

 

Distributions from net investment income

 

 

 

 

 

 

 

(17,856

)

 

(17,856

)

Balance at June 30, 2019

 

24,859

 

$

249

 

$

332,375

 

$

20,028

 

$

352,652

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

 

For the Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

34,930

 

 

$

16,338

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Fundings and purchases of investments, net

 

 

(163,103

)

 

 

(90,673

)

Sales of short-term investments, net

 

 

19,999

 

 

 

35,319

 

Principal payments and proceeds from investments

 

 

121,797

 

 

 

72,042

 

Payment-in-kind interest on investments

 

 

(1,062

)

 

 

(1,289

)

Net change in unrealized (gains) losses on investments

 

 

(14,938

)

 

 

(810

)

Net realized (gains) losses on investments

 

 

(46

)

 

 

(781

)

Amortization and accretion of premiums and discounts, net

 

 

(903

)

 

 

(1,628

)

(Accretion) of end-of-term payments, net of prepayments

 

 

(4,074

)

 

 

(4,182

)

Amortization of debt fees and issuance costs

 

 

765

 

 

 

756

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Payable for U.S. Treasury Bill assets

 

 

(19,999

)

 

 

(35,319

)

Prepaid expenses and other assets

 

 

(520

)

 

 

1,308

 

Base management fee payable

 

 

351

 

 

 

305

 

Income incentive fee payable

 

 

(28

)

 

 

1,106

 

Payable to directors and officers

 

 

(18

)

 

 

(4

)

Other accrued expenses and liabilities

 

 

(3,521

)

 

 

2,010

 

Net cash used in operating activities

 

 

(30,370

)

 

 

(5,502

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facility, net

 

 

62,776

 

 

 

20,000

 

Distributions paid, net

 

 

(16,809

)

 

 

(12,292

)

Deferred credit facility costs

 

 

(1,175

)

 

 

(1,257

)

Net cash provided by financing activities

 

 

44,792

 

 

 

6,451

 

Net change in cash and restricted cash

 

 

14,422

 

 

 

949

 

Cash and restricted cash at beginning of period

 

 

9,949

 

 

 

10,006

 

Cash and restricted cash at end of period

 

$

24,371

 

 

$

10,955

 

Supplemental Disclosures of Cash Flow Information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

4,248

 

 

$

4,211

 

Distributions reinvested

 

$

1,047

 

 

$

482

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Cash

 

$

12,415

 

 

$

4,998

 

Restricted cash

 

 

11,956

 

 

 

5,957

 

Total cash and restricted cash shown in the statement of cash flows

 

$

24,371

 

 

$

10,955

 

 

See accompanying notes to condensed consolidated financial statements. 

 

6


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

(dollars in thousands)

As of June 30, 2019

 

Venture Growth Stage Company

 

Industry

 

Type of Investment

 

Acquisition Date (14)

 

Outstanding Principal

 

 

Cost (6)

 

 

Fair Value

 

 

Maturity Date

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biofuels / Biomass

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harvest Power, Inc.

 

Biofuels / Biomass

 

Growth Capital Loan (13.00% interest rate, 9.00% EOT payment)

 

3/5/2014

 

$

13,246

 

 

$

14,827

 

 

$

14,367

 

 

4/30/2020

Total Biofuels / Biomass  - 4.07%*

 

 

 

 

 

 

 

 

13,246

 

 

 

14,827

 

 

 

14,367

 

 

 

Building Materials/Construction Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View, Inc.

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

6/13/2017

 

 

9,429

 

 

 

9,952

 

 

 

9,993

 

 

6/30/2021

 

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

6/30/2017

 

 

4,514

 

 

 

4,760

 

 

 

4,780

 

 

6/30/2021

 

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

7/26/2017

 

 

6,305

 

 

 

6,606

 

 

 

6,634

 

 

7/31/2021

 

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

9/29/2017

 

 

1,522

 

 

 

1,574

 

 

 

1,582

 

 

9/30/2021

 

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

11/14/2017

 

 

1,989

 

 

 

2,037

 

 

 

2,046

 

 

11/30/2021

 

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

11/30/2017

 

 

1,594

 

 

 

1,631

 

 

 

1,638

 

 

11/30/2021

 

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

12/29/2017

 

 

2,342

 

 

 

2,384

 

 

 

2,395

 

 

12/31/2021

 

 

Building Materials/Construction Machinery

 

Equipment Loan (Prime + 8.00% interest rate, 14.00% EOT payment)

 

12/29/2017

 

 

2,454

 

 

 

2,498

 

 

 

2,510

 

 

12/31/2021

Total Building Materials/Construction Machinery  - 8.95%*

 

 

 

 

 

 

 

 

30,149

 

 

 

31,442

 

 

 

31,578

 

 

 

Buildings and Property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Knotel. Inc.

 

Buildings and Property

 

Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)

 

2/28/2019

 

 

9,000

 

 

 

8,955

 

 

 

8,955

 

 

8/31/2022

 

 

Buildings and Property

 

Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)

 

3/25/2019

 

 

6,000

 

 

 

5,957

 

 

 

5,957

 

 

9/30/2022

 

 

Buildings and Property

 

Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)

 

4/18/2019

 

 

9,000

 

 

 

8,917

 

 

 

8,917

 

 

10/31/2022

Total Buildings and Property  - 6.76%*

 

 

 

 

 

 

 

 

24,000

 

 

 

23,829

 

 

 

23,829

 

 

 

Business Applications Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HI.Q, Inc.

 

Business Applications Software

 

Growth Capital Loan (11.00% interest rate, 2.00% EOT payment)

 

12/17/2018

 

 

13,250

 

 

 

13,053

 

 

 

13,053

 

 

6/30/2023

MapR Technologies, Inc. (7)

 

Business Applications Software

 

Equipment Lease  (8.25% interest rate, 10.00% EOT payment) (1)

 

6/23/2016

 

 

 

 

 

 

 

 

 

 

6/30/2019

 

 

Business Applications Software

 

Equipment Loan (6.50% interest rate,10.00% EOT payment)

 

12/30/2016

 

 

 

 

 

 

 

 

 

 

6/30/2019

 

 

Business Applications Software

 

Equipment Lease  (8.50% interest rate, 10.00% EOT payment) (1)

 

12/30/2016

 

 

37

 

 

 

49

 

 

 

29

 

 

12/31/2019

 

 

Business Applications Software

 

Equipment Loan (6.75% interest rate,10.00% EOT payment)

 

4/27/2017

 

 

47

 

 

 

77

 

 

 

44

 

 

10/31/2019

 

 

Business Applications Software

 

Equipment Lease  (8.75% interest rate, 10.00% EOT payment) (1)

 

4/27/2017

 

 

180

 

 

 

212

 

 

 

121

 

 

4/30/2020

 

 

Business Applications Software

 

Equipment Loan (7.00% interest rate,10.00% EOT payment)

 

7/28/2017

 

 

37

 

 

 

50

 

 

 

28

 

 

1/31/2020

 

 

Business Applications Software

 

Equipment Lease  (9.00% interest rate, 10.00% EOT payment) (1)

 

7/28/2017

 

 

288

 

 

 

323

 

 

 

185

 

 

7/31/2020

 

 

Business Applications Software

 

Equipment Loan (7.00% interest rate,10.00% EOT payment)

 

10/31/2017

 

 

291

 

 

 

355

 

 

 

203

 

 

4/30/2020

 

 

Business Applications Software

 

Equipment Lease  (9.00% interest rate, 10.00% EOT payment) (1)

 

10/31/2017

 

 

282

 

 

 

305

 

 

 

175

 

 

10/31/2020

 

 

Business Applications Software

 

Equipment Loan (7.25% interest rate,10.00% EOT payment)

 

1/31/2018

 

 

152

 

 

 

174

 

 

 

99

 

 

7/31/2020

 

 

Business Applications Software

 

Equipment Lease  (9.25% interest rate, 10.00% EOT payment) (1)

 

1/31/2018

 

 

265

 

 

 

281

 

 

 

160

 

 

1/31/2021

 

 

Business Applications Software

 

Equipment Loan (7.50% interest rate,10.00% EOT payment)

 

4/30/2018

 

 

102

 

 

 

112

 

 

 

64

 

 

10/31/2020

 

 

Business Applications Software

 

Equipment Lease  (9.50% interest rate, 10.00% EOT payment) (1)

 

4/30/2018

 

 

465

 

 

 

484

 

 

 

276

 

 

4/30/2021

 

 

Business Applications Software

 

Equipment Loan (7.75% interest rate,10.00% EOT payment)

 

7/31/2018

 

 

236

 

 

 

251

 

 

 

143

 

 

1/31/2021

 

 

Business Applications Software

 

Equipment Lease  (9.75% interest rate, 10.00% EOT payment) (1)

 

7/31/2018

 

 

668

 

 

 

685

 

 

 

391

 

 

7/31/2021

 

 

Business Applications Software

 

Equipment Loan (10.0% interest rate)

 

12/18/2018

 

 

143

 

 

 

143

 

 

 

82

 

 

9/30/2019

 

 

 

 

 

 

 

 

 

3,193

 

 

 

3,501

 

 

 

2,000

 

 

 

OneSource Virtual, Inc.

 

Business Applications Software

 

Growth Capital Loan (Prime + 2.50% interest rate, 2.25% EOT payment)

 

6/29/2018

 

 

10,000

 

 

 

10,350

 

 

 

10,350

 

 

3/31/2019

Passport Labs, Inc.

 

Business Applications Software

 

Growth Capital Loan (Prime + 4.25% interest rate, 5.25% EOT payment)

 

10/11/2018

 

 

19,000

 

 

 

18,807

 

 

 

18,807

 

 

10/31/2022

 

 

Business Applications Software

 

Growth Capital Loan (Prime + 4.75% interest rate, 5.25% EOT payment)

 

5/15/2019

 

 

6,000

 

 

 

5,886

 

 

 

5,886

 

 

3/31/2024

 

 

Business Applications Software

 

Growth Capital Loan (Prime + 5.50% interest rate, 8.00% EOT payment)

 

5/15/2019

 

 

5,000

 

 

 

4,915

 

 

 

4,915

 

 

5/31/2024

 

 

 

 

 

 

 

 

 

30,000

 

 

 

29,608

 

 

 

29,608

 

 

 

Quantcast Corporation

 

Business Applications Software

 

Growth Capital Loan (Prime + 6.25% interest rate, 6.00% EOT payment)

 

3/12/2018

 

 

13,312

 

 

 

13,590

 

 

 

13,590

 

 

3/31/2021

Total Business Applications Software  - 19.45%*

 

 

 

 

 

 

 

 

69,755