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Table of Contents

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, 2022

OR

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

Commission file number: 001-39958

TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)

Maryland

35-2670395

(State or other jurisdiction of incorporation or
organization)

(IRS Employer Identification No.)

1 N. 1st Street
Suite 302
Phoenix, Arizona

85004

(Address of principal executive offices)

(Zip Code)

(480) 374-5350

(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, par value $0.001 per share

TRIN

Nasdaq Global Select Market

7.00% Notes Due 2025

TRINL

Nasdaq Global Select Market

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, 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 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 Act).  Yes      No   

As of August 3, 2022, the registrant had 31,405,672 shares of common stock ($0.001 par value per share) outstanding.

Table of Contents

TRINITY CAPITAL INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022
TABLE OF CONTENTS

PAGE 
NO.

PART I

FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and December 31, 2021

3

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

5

Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (unaudited)

7

Consolidated Schedule of Investments as of June 30, 2022 (unaudited)

9

Consolidated Schedule of Investments as of December 31, 2021

29

Notes to Consolidated Financial Statements (unaudited)

46

Item 2.

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

80

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

97

Item 4.

Controls and Procedures

98

PART II

OTHER INFORMATION

99

Item 1.

Legal Proceedings

99

Item 1A.

Risk Factors

99

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

100

Item 3.

Defaults Upon Senior Securities

100

Item 4.

Mine Safety Disclosures

100

Item 5.

Other Information

100

Item 6.

Exhibits

101

SIGNATURES

102

2

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

    

June 30, 

    

December 31, 

2022

2021

 

(Unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $36,704 and $38,994, respectively)

$

24,788

$

32,214

Affiliate investments (cost of $29,604 and $41,609, respectively)

 

23,837

 

32,192

Non-control / Non-affiliate investments (cost of $1,000,290 and $717,253, respectively)

 

1,002,449

 

809,064

Total investments (cost of $1,066,598 and $797,856, respectively)

 

1,051,074

 

873,470

Cash and cash equivalents

 

13,226

 

31,685

Restricted cash

 

 

15,057

Interest receivable

 

8,600

 

5,551

Deferred credit facility costs

2,848

2,308

Other assets

 

14,432

 

9,047

Total assets

$

1,090,180

$

937,118

 

  

 

  

LIABILITIES

 

  

 

  

KeyBank Credit Facility

$

220,000

$

81,000

August 2026 Notes, net of $2,391 and $2,679, respectively, of unamortized deferred financing costs

122,609

122,321

2025 Notes, net of $3,021 and $3,616, respectively, of unamortized deferred financing costs

 

121,979

 

121,384

December 2026 Notes, net of $1,661 and $1,842, respectively, of unamortized deferred financing costs

73,339

73,158

Convertible Notes, net of $2,201 and $2,515, respectively, of unamortized deferred financing costs and discount

47,799

47,485

Credit Suisse Credit Facility

10,000

Distribution payable

17,873

9,803

Security deposits

 

12,515

 

10,840

Accounts payable, accrued expenses and other liabilities

 

15,724

 

14,594

Total liabilities

 

631,838

 

490,585

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 31,355,832 and 27,229,541 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)

 

31

 

27

Paid-in capital in excess of par

 

430,464

 

368,609

Distributable earnings/(accumulated loss)

 

27,847

 

77,897

Total net assets

 

458,342

 

446,533

Total liabilities and net assets

$

1,090,180

$

937,118

NET ASSET VALUE PER SHARE

$

14.62

$

16.40

See accompanying notes to consolidated financial statements.

3

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

Six Months Ended

    

June 30, 2022

    

June 30, 2021

    

June 30, 2022

    

June 30, 2021

INVESTMENT INCOME:

 

  

  

 

  

  

Interest income:

 

  

  

 

  

  

Control investments

$

1,365

$

1,266

$

2,738

$

2,572

Affiliate investments

 

433

 

443

 

862

 

882

Non-Control / Non-Affiliate investments

 

30,713

 

16,405

 

57,317

 

31,004

Total interest income

32,511

18,114

60,917

34,458

Fee income:

Non-Control / Non-Affiliate investments

947

1,362

4,386

2,337

Total fee income

947

1,362

4,386

2,337

Total investment income

 

33,458

 

19,476

 

65,303

 

36,795

 

  

 

  

 

  

 

  

EXPENSES:

 

  

 

  

 

  

 

  

Interest expense and other debt financing costs

 

7,761

 

4,425

 

14,559

 

9,041

Compensation and benefits

 

6,877

 

3,370

 

13,331

 

7,366

Professional fees

891

570

 

1,723

 

1,216

General and administrative

 

1,558

 

1,031

3,035

1,780

Total expenses

 

17,087

 

9,396

 

32,648

 

19,403

NET INVESTMENT INCOME (LOSS) BEFORE TAXES

16,371

10,080

32,655

17,392

 

  

 

  

 

  

 

  

Excise tax expense

657

1,331

58

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME

 

15,714

 

10,080

 

31,324

 

17,334

 

  

 

  

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

 

  

 

  

Control investments

 

(228)

 

 

(228)

 

Affiliate investments

 

(9,633)

 

1,491

 

(9,633)

 

Non-Control / Non-Affiliate investments

 

244

 

504

 

52,888

 

4,590

Net realized gain/(loss) from investments

 

(9,617)

 

1,995

 

43,027

 

4,590

 

  

 

  

 

  

 

  

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:

 

  

 

  

 

  

 

  

Control investments

 

(804)

 

(4,530)

 

(5,136)

 

(12,084)

Affiliate investments

 

6,913

 

(1,892)

 

3,650

 

(8,204)

Non-Control / Non-Affiliate investments

 

(19,929)

 

19,052

 

(89,652)

 

48,394

Net change in unrealized appreciation/(depreciation) from investments

 

(13,820)

 

12,630

 

(91,138)

 

28,106

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

(7,723)

$

24,705

$

(16,787)

$

50,030

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC

$

0.51

$

0.38

$

1.07

$

0.69

NET INVESTMENT INCOME PER SHARE - DILUTED(1)

$

0.48

0.38

$

1.02

$

0.69

 

  

 

  

 

  

 

  

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC & DILUTED

$

(0.25)

$

0.93

$

(0.58)

$

2.00

 

  

 

  

 

  

 

  

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC & DILUTED

30,955,022

26,478,747

29,188,790

25,024,925

(1)Diluted net investment income per share for the three and six months ended June 30, 2022 has been calculated based on diluted weighted average shares of 34,331,597 and 32,565,365.

See accompanying notes to consolidated financial statements.

4

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended June 30, 2022:

    

    

    

    

Distributable

    

Earnings /

Common Stock

Paid In Capital

(Accumulated

Total

Shares

Par Value

in Excess of Par

Loss)

Net Assets

Balance as of March 31, 2022

 

27,982,842

$

28

$

370,570

$

53,443

$

424,041

Issuance of common stock pursuant to distribution reinvestment plan

30,800

588

588

Stock based compensation

1,767

1,767

Issuance of restricted stock awards

13,540

Issuance of common stock, net of issuance costs

3,344,214

3

57,911

57,914

Retired and forfeited shares of restricted stock

(15,564)

(372)

(372)

Distributions to stockholders

 

 

 

 

(17,873)

 

(17,873)

Net increase/(decrease) in net assets resulting from operations

 

 

 

 

(7,723)

 

(7,723)

Balance as of June 30, 2022

 

31,355,832

$

31

$

430,464

$

27,847

$

458,342

Three Months Ended June 30, 2021:

    

    

    

    

Distributable

    

Paid In Capital

Earnings /

Common Stock

in Excess of

(Accumulated

Total

Shares

Par Value

Par Value

Loss)

Net Assets

Balance as of March 31, 2021

 

26,415,275

$

26

$

368,245

$

(6,708)

$

361,563

Issuance of common stock pursuant to distribution reinvestment plan

75,999

1,134

1,134

Distributions to stockholders

 

 

 

 

(7,682)

 

(7,682)

Net increase/(decrease) in net assets resulting from operations

 

 

 

 

24,705

 

24,705

Balance as of June 30, 2021

 

26,491,274

$

26

$

369,379

$

10,315

$

379,720

5

Table of Contents

Six Months Ended June 30, 2022:

    

    

    

    

Distributable

    

Paid In Capital

Earnings /

Common Stock

in Excess of

(Accumulated

Total

Shares

Par Value

Par Value

Loss)

Net Assets

Balance as of December 31, 2021

 

27,229,541

$

27

$

368,609

$

77,897

$

446,533

Issuance of common stock pursuant to distribution reinvestment plan

 

90,334

 

 

1,642

 

 

1,642

Stock based compensation

2,677

2,677

Issuance of restricted stock

718,263

1

1

Issuance of common stock, net of issuance costs

3,344,214

3

57,911

57,914

Retired and forfeited shares of restricted stock

(26,520)

(375)

(375)

Distributions to stockholders

 

 

(33,263)

(33,263)

Net increase/(decrease) in net assets resulting from operations

 

 

 

 

(16,787)

 

(16,787)

Balance as of June 30, 2022

 

31,355,832

$

31

$

430,464

$

27,847

$

458,342

Six Months Ended June 30, 2021:

    

    

    

    

Distributable

    

Paid In Capital

Earnings /

Common Stock

in Excess of

(Accumulated

Total

Shares

Par Value

Par Value

Loss)

Net Assets

Balance as of December 31, 2020

 

18,321,274

$

18

$

263,366

$

(24,636)

$

238,748

Impact of adoption of ASU 2020-06

(462)

 

(462)

Issuance of common stock in initial public offering, net of issuance costs

8,006,291

8

104,200

 

104,208

Issuance of common stock pursuant to distribution reinvestment plan

 

163,709

 

 

2,275

 

2,275

Distributions to stockholders

 

 

(15,079)

(15,079)

Net increase/(decrease) in net assets resulting from operations

 

 

 

 

50,030

50,030

Balance as of June 30, 2021

 

26,491,274

$

26

$

369,379

$

10,315

$

379,720

See accompanying notes to consolidated financial statements.

6

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended

Six Months Ended

 

June 30, 2022

 

June 30, 2021

Cash flows provided by/(used in) operating activities:

 

  

 

  

Net increase/(decrease) in net assets resulting from operations

$

(16,787)

$

50,030

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

 

  

 

  

Purchase of investments, net of deferred fees

 

(413,615)

 

(208,232)

Proceeds from sales and paydowns of investments

 

203,416

 

146,879

Net change in unrealized appreciation/(depreciation) from investments, net of third party participation

 

91,138

 

(27,823)

Net realized gain/(loss) from investments

 

(43,027)

 

(4,590)

Accretion of original issue discounts and end of term payments on investments

 

(15,516)

 

(10,279)

Amortization of deferred financing costs

 

1,653

 

Stock-based compensation

2,677

1,837

Change in operating assets and liabilities

 

 

(Increase)/Decrease in interest receivable

 

(3,049)

 

(597)

(Increase)/Decrease in receivable from sale of investments

(3,086)

(554)

(Increase)/Decrease in other assets

 

(2,323)

 

(2,357)

Increase/(Decrease) in security deposits

 

1,675

 

938

Increase/(Decrease) in accounts payable, accrued expenses and other liabilities

 

1,130

 

(151)

Net cash provided by/(used in) operating activities

 

(195,714)

 

(54,899)

 

 

  

Cash flows provided by/(used in) investing activities:

 

 

Disposal/(Acquisition) of fixed assets

 

24

 

(822)

Net cash provided by/(used in) investing activities

 

24

 

(822)

 

  

 

  

Cash flows provided by/(used in) financing activities

 

  

 

  

Issuance of common stock

 

60,417

 

112,088

Common stock issuance costs

 

(2,503)

 

(7,880)

Retirement of employee shares

(375)

Cash distributions paid

(23,550)

(10,069)

Debt issuance costs

(815)

(54)

Borrowings under Credit Facilities

 

184,000

 

25,000

Repayments under Credit Facilities

(55,000)

(90,000)

Net cash provided by/(used in) financing activities

 

162,174

 

29,085

 

  

 

  

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

 

(33,516)

 

(26,636)

Cash, cash equivalents and restricted cash at beginning of period

 

46,742

 

61,101

Cash, cash equivalents and restricted cash at end of period

$

13,226

$

34,465

Six Months Ended

Six Months Ended

 

June 30, 2022

 

June 30, 2021

Supplemental and non-cash investing and financing activities:

Cash paid for interest

$

12,279

$

6,829

Accrued but unpaid distributions

$

17,873

$

7,682

Distributions reinvested

$

1,642

$

2,275

Income tax, including excise tax, paid

$

310

$

79

Change to investments and net assets related to adoption of ASU 2020-06

$

$

(462)

7

Table of Contents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statement of Cash Flows:

    

June 30, 2022

June 30, 2021

Cash and cash equivalents

$

13,226

$

19,124

Restricted cash

15,341

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

$

13,226

$

34,465

See accompanying notes to consolidated financial statements.

8

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2022

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (2)

  

Investment Date (3)

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount (5)

  

Cost

Fair Value (6)

Debt Securities- United States

Accommodation and Food Services (7)

  

  

  

  

  

BlueGround US, Inc.

Equipment Financing

June 6, 2022

January 1, 2026

Fixed interest rate 9.6%; EOT 8.0%

$

3,905

$

3,915

$

3,915

Sub-total: Accommodation and Food Services (0.4%)*

  

$

3,905

$

3,915

$

3,915

Administrative and Support and Waste Management and Remediation (7)

  

  

  

  

  

Qwick, Inc.

Secured Loan

December 31, 2021

January 1, 2026

Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾

$

5,000

$

4,966

$

5,169

RTS Holding, Inc.

Secured Loan

December 31, 2021

January 1, 2027

Fixed interest rate 10.5%; EOT 3.0%

$

23,000

$

22,834

$

22,626

SeaOn Environmental, LLC

Equipment Financing⁽¹⁴⁾

June 16, 2022

June 1, 2026

Fixed interest rate 9.3%; EOT 11.0%

$

6,750

$

6,731

$

6,731

Sub-total: Administrative and Support and Waste Management and Remediation (3.2%)*

  

$

34,750

$

34,531

$

34,526

Agriculture, Forestry, Fishing and Hunting (7)

  

  

  

 

  

 

  

 

  

Bowery Farming, Inc.

Secured Loan⁽¹⁴⁾

September 10, 2021

January 1, 2026

Variable interest rate LIBOR + 11.0% or Floor rate 10.1% ⁽⁸⁾

$

10,000

$

9,396

$

9,294

Robotany, Inc.

 

Equipment Financing⁽¹⁴⁾

January 16, 2020

January 1, 2024

Fixed interest rate 7.6%; EOT 17.3%

$

906

 

$

1,289

$

1,271

Sub-total: Agriculture, Forestry, Fishing and Hunting (1.0%)*

  

$

10,906

$

10,685

$

10,565

Arts, Entertainment, and Recreation (7)

SI Tickets, Inc.

Secured Loan

May 11, 2022

September 1, 2026

Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾

$

3,000

$

2,924

$

2,924

Sub-total: Arts, Entertainment, and Recreation (0.3%)*

  

$

3,000

$

2,924

$

2,924

Construction (7)

  

  

  

 

  

 

  

 

  

Dandelion Energy, Inc.

 

Equipment Financing

March 17, 2020

April 1, 2024

Fixed interest rate 9.0%; EOT 12.5%

$

264

$

312

$

308

Equipment Financing

October 27, 2020

November 1, 2024

Fixed interest rate 9.2%; EOT 12.5%

354

400

393

Equipment Financing

November 19, 2020

December 1, 2024

Fixed interest rate 9.1%; EOT 12.5%

444

498

488

Equipment Financing

December 29, 2020

January 1, 2025

Fixed interest rate 9.2%; EOT 12.5%

524

583

572

Equipment Financing

March 25, 2021

April 1, 2025

Fixed interest rate 9.1%; EOT 12.5%

1,070

1,166

1,146

Equipment Financing

December 1, 2021

January 1, 2026

Fixed interest rate 8.8%; EOT 12.5%

1,211

1,254

1,241

Equipment Financing

April 8, 2022

May 1, 2026

Fixed interest rate 8.9%; EOT 12.5%

2,159

2,178

2,178

Equipment Financing

May 27, 2022

June 1, 2026

Fixed interest rate 9.2%; EOT 12.5%

989

990

990

Equipment Financing

June 13, 2022

June 1, 2026

Fixed interest rate 9.5%; EOT 12.5%

1,500

1,497

1,497

Total Dandelion Energy, Inc.

8,515

8,878

8,813

Sub-total: Construction (0.8%)*

  

$

8,515

$

8,878

$

8,813

Educational Services (7)

Medical Sales Training Holding Company

Secured Loan⁽¹⁴⁾

March 18, 2021

April 1, 2025

Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾

$

6,000

$

6,039

$

5,999

Secured Loan⁽¹⁴⁾

July 21, 2021

August 1, 2025

Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾

2,000

1,998

1,987

Total Medical Sales Training Holding Company

8,000

8,037

7,986

Yellowbrick Learning, Inc.

Secured Loan⁽¹⁴⁾

February 1, 2021

September 1, 2025

Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾

$

7,500

$

7,640

$

6,822

Secured Loan⁽¹⁴⁾

August 10, 2021

March 1, 2026

Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾

2,500

2,524

2,194

Total Yellowbrick Learning, Inc.

10,000

10,164

9,016

Sub-total: Educational Services (1.6%)*

 

  

$

18,000

$

18,201

$

17,002

9

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2022

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (2)

  

Investment Date (3)

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount (5)

  

Cost

Fair Value (6)

Debt Securities- United States, Continued

Finance and Insurance (7)

  

  

 

  

 

  

 

  

 

  

BoardRE, Inc.

Secured Loan

October 15, 2021

June 1, 2026

Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾

$

5,000

$

5,225

$

4,945

DailyPay, Inc.

Secured Loan

September 30, 2020

November 1, 2024

Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾

$

16,651

$

17,238

$

17,210

Secured Loan

December 30, 2020

January 1, 2025

Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾

4,408

4,546

4,524

Total DailyPay, Inc.

21,059

21,784

21,734

Petal Card, Inc.

Secured Loan

January 16, 2020

October 1, 2024

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾

$

10,000

$

10,183

$

10,208

Secured Loan

August 6, 2021

October 1, 2024

Variable interest rate Prime + 4.3% or Floor rate 11.5% ⁽⁸⁾

7,000

6,957

7,020

Secured Loan (12)(14)

January 28, 2021

January 1, 2024

Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 0.0% ⁽⁸⁾

17,748

18,815

18,973

Total Petal Card, Inc.

34,748

35,955

36,201

Stilt, Inc.

Secured Loan (12)(14)

February 10, 2022

August 1, 2024

Variable interest rate SOFR 30 Day Forward + 1.0% or Floor rate 11.0% ⁽⁸⁾

$

3,824

$

4,022

$

3,823

Sub-total: Finance and Insurance (6.1%)*

 

  

$

64,631

$

66,986

$

66,703

Health Care and Social Assistance (7)

  

 

  

 

  

 

  

 

  

FemTec Health, Inc.

Secured Loan

December 1, 2021

February 1, 2026

Fixed interest rate 11.0%; EOT 7.5%

$

10,000

$

10,747

$

9,799

Secured Loan

July 23, 2021

September 1, 2022

Fixed interest rate 11.0%

2,151

2,150

2,162

Secured Loan

September 29, 2021

April 1, 2026

Fixed interest rate 11.0%; EOT 7.5%

3,000

3,053

2,921

Total FemTec Health, Inc. (20)

15,151

15,950

14,882

Lark Technologies, Inc.

Secured Loan

September 30, 2020

April 1, 2025

Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾

$

4,766

$

4,772

$

4,863

Secured Loan

June 30, 2021

January 1, 2026

Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾

5,000

4,888

4,992

Total Lark Technologies, Inc.

9,766

9,660

9,855

WorkWell Prevention & Care Inc.

Secured Loan(14)(18)