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Section 1: 10-Q (10-Q)

htgc-10q_20180331.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, 2018

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

 

743113410

(State or Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

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)

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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 30, 2018, there were 85,899,098 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 Statement of Assets and Liabilities as of March 31, 2018 and December 31, 2017 (unaudited)

  

3

 

 

 

Consolidated Statement of Operations for the three months ended March 31, 2018 and 2017 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2018 and 2017 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the three months ended March 31, 2018 and 2017 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of March 31, 2018 (unaudited)

  

9

 

 

 

Consolidated Schedule of Investments as of December 31, 2017 (unaudited)

  

24

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

39

Item 2.

 

 

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

  

71

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

89

Item 4.

 

 

Controls and Procedures

  

90

 

PART II. OTHER INFORMATION

  

91

 

Item 1.

 

Legal Proceedings

  

91

Item 1A.

 

 

Risk Factors

 

91

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

92

Item 3.

 

 Defaults Upon Senior Securities

  

92

Item 4.

 

 

Mine Safety Disclosures

  

92

Item 5.

 

 

Other Information

  

92

Item 6.

 

 

Exhibits and Financial Statement Schedules

  

94

 

SIGNATURES

  

97

 

 

 

 

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 on or after February 25, 2016 and “Hercules Technology Growth Capital, Inc.” and its wholly owned subsidiaries and its affiliated securitization trusts prior to February 25, 2016, unless the context otherwise requires.

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(unaudited)

(dollars in thousands, except per share data)

 

 

 

March 31, 2018

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $1,427,863 and $1,506,454, respectively)

 

$

1,398,640

 

 

$

1,491,458

 

Control investments (cost of $60,992 and $25,419, respectively)

 

 

54,413

 

 

 

19,461

 

Affiliate investments (cost of $87,423 and $87,956, respectively)

 

 

30,525

 

 

 

31,295

 

Total investments in securities, at value (cost of $1,576,278 and $1,619,829, respectively)

 

 

1,483,578

 

 

 

1,542,214

 

Cash and cash equivalents

 

 

118,228

 

 

 

91,309

 

Restricted cash

 

 

3,632

 

 

 

3,686

 

Interest receivable

 

 

11,087

 

 

 

12,262

 

Other assets

 

 

3,187

 

 

 

5,244

 

Total assets

 

$

1,619,712

 

 

$

1,654,715

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

18,789

 

 

$

26,896

 

SBA Debentures, net (principal of $190,200 and $190,200, respectively) (1)

 

 

188,299

 

 

 

188,141

 

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

 

 

147,698

 

 

 

147,572

 

2024 Notes, net (principal of $183,510 and $183,510, respectively) (1)

 

 

179,161

 

 

 

179,001

 

2021 Asset-Backed Notes, net (principal of $33,575 and $49,153, respectively) (1)

 

 

33,156

 

 

 

48,650

 

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

 

 

223,878

 

 

 

223,488

 

Total liabilities

 

$

790,981

 

 

$

813,748

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

85

 

 

 

85

 

Capital in excess of par value

 

 

916,738

 

 

 

908,501

 

Unrealized depreciation on investments (2)

 

 

(94,957

)

 

 

(79,760

)

Accumulated undistributed realized gains (losses) on investments

 

 

(25,294

)

 

 

(20,374

)

Undistributed net investment income

 

 

32,159

 

 

 

32,515

 

Total net assets

 

$

828,731

 

 

$

840,967

 

Total liabilities and net assets

 

$

1,619,712

 

 

$

1,654,715

 

 

 

 

 

 

 

 

 

 

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

 

 

85,239

 

 

 

84,424

 

Net asset value per share

 

$

9.72

 

 

$

9.96

 

 

(1)

The Company’s SBA Debentures, 2022 Notes, 2024 Notes, 2021 Asset-Backed Notes and 2022 Convertible Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument. See “Note 4 – Borrowings”.

(2)

Amounts include $2.3 million and $2.1 million in net unrealized depreciation on other assets and accrued liabilities, including escrow receivables, and estimated taxes payable as of March 31, 2018 and December 31, 2017, respectively.

 

See notes to consolidated financial statements.

3


 

The following table presents the assets and liabilities of our consolidated securitization trust for the 2021 Asset-Backed Notes (see Note 4), which is a variable interest entity (“VIE”). The assets of our securitization VIE can only be used to settle obligations of our consolidated securitization VIE, these liabilities are only the obligations of our consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statement of Assets and Liabilities above.

 

(Dollars in thousands)

 

March 31, 2018

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

3,632

 

 

$

3,686

 

Total investments in securities, at value (cost of $117,441 and $146,208, respectively)

 

 

112,826

 

 

 

144,513

 

Total assets

 

$

116,458

 

 

$

148,199

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

2021 Asset-Backed Notes, net (principal of $33,575 and $49,153, respectively) (1)

 

$

33,156

 

 

$

48,650

 

Total liabilities

 

$

33,156

 

 

$

48,650

 

 

(1)

The Company’s 2021 Asset-Backed Notes are presented net of the associated debt issuance costs. See “Note 4 – Borrowings”.

See notes to consolidated financial statements.

4


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)  

 

 

Three Months Ended March 31,

 

 

2018

 

 

2017

 

Investment income:

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

$

41,834

 

 

$

42,345

 

Control investments

 

586

 

 

 

514

 

Affiliate investments

 

561

 

 

 

2

 

Total interest income

 

42,981

 

 

 

42,861

 

Fee income

 

 

 

 

 

 

 

Commitment, facility and loan fee income:

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

2,440

 

 

 

2,934

 

Control investments

 

 

 

 

5

 

Affiliate investments

 

108

 

 

 

 

Total commitment, facility and loan fee income

 

2,548

 

 

 

2,939

 

One-time fee income:

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

3,171

 

 

 

565

 

Total one-time fee income

 

3,171

 

 

 

565

 

Total fee income

 

5,719

 

 

 

3,504

 

Total investment income

 

48,700

 

 

 

46,365

 

Operating expenses:

 

 

 

 

 

 

 

Interest

 

9,386

 

 

 

9,607

 

Loan fees

 

1,175

 

 

 

2,838

 

General and administrative

 

4,009

 

 

 

4,064

 

Employee compensation:

 

 

 

 

 

 

 

Compensation and benefits

 

5,758

 

 

 

5,345

 

Stock-based compensation

 

2,309

 

 

 

1,833

 

Total employee compensation

 

8,067

 

 

 

7,178

 

Total operating expenses

 

22,637

 

 

 

23,687

 

Net investment income

 

26,063

 

 

 

22,678

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

(3,512

)

 

 

3,288

 

Control investments

 

(1,408

)

 

 

(51

)

Total net realized gain (loss) on investments

 

(4,920

)

 

 

3,237

 

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

(14,340

)

 

 

(32,155

)

Control investments

 

(620

)

 

 

213

 

Affiliate investments

 

(237

)

 

 

439

 

Total net unrealized appreciation (depreciation) on investments

 

(15,197

)

 

 

(31,503

)

Total net realized and unrealized gain (loss)

 

(20,117

)

 

 

(28,266

)

Net increase (decrease) in net assets resulting from operations

$

5,946

 

 

$

(5,588

)

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.28

 

Change in net assets resulting from operations per common share:

 

 

 

 

 

 

 

Basic

$

0.07

 

 

$

(0.07

)

Diluted

$

0.07

 

 

$

(0.07

)

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

84,596

 

 

 

81,420

 

Diluted

 

84,666

 

 

 

81,420

 

Distributions declared per common share:

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.31

 

See notes to consolidated financial statements.

5


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(unaudited)

(dollars and shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Undistributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Appreciation

 

 

Realized

 

 

Undistributed

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

(Depreciation)

 

 

Gains (Losses)

 

 

Net Investment

 

 

Net

 

 

Shares

 

 

Par Value

 

 

of par value

 

 

on Investments

 

 

on Investments

 

 

Income

 

 

Assets

 

Balance at December 31, 2016

 

79,555

 

 

$

80

 

 

$

839,657

 

 

$

(89,025

)

 

$

14,314

 

 

$

22,918

 

 

$

787,944

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(31,503

)

 

 

3,237

 

 

 

22,678

 

 

 

(5,588

)

Public offering, net of offering expenses

 

3,309

 

 

 

3

 

 

 

46,945

 

 

 

 

 

 

 

 

 

 

 

 

46,948

 

Issuance of common stock due to stock option exercises

 

24

 

 

 

 

 

 

181

 

 

 

 

 

 

 

 

 

 

 

 

181

 

Retired shares from net issuance

 

(16

)

 

 

 

 

 

(140

)

 

 

 

 

 

 

 

 

 

 

 

(140

)

Issuance of common stock under restricted stock plan

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(101

)

 

 

 

 

 

(1,433

)

 

 

 

 

 

 

 

 

 

 

 

(1,433

)

Distributions reinvested in common stock

 

26

 

 

 

 

 

 

388

 

 

 

 

 

 

 

 

 

 

 

 

388

 

Issuance of Convertible Notes

 

 

 

 

 

 

 

3,413

 

 

 

 

 

 

 

 

 

 

 

 

3,413

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,667

)

 

 

(25,667

)

Stock-based compensation (1)

 

 

 

 

 

 

 

1,850

 

 

 

 

 

 

 

 

 

 

 

 

1,850

 

Balance at March 31, 2017

 

82,801

 

 

$

83

 

 

$

890,861

 

 

$

(120,528

)

 

$

17,551

 

 

$

19,929

 

 

$

807,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

84,424

 

 

$

85

 

 

$

908,501

 

 

$

(79,760

)

 

$

(20,374

)

 

$

32,515

 

 

$

840,967

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(15,197

)

 

 

(4,920

)

 

 

26,063

 

 

 

5,946

 

Public offering, net of offering expenses

 

478

 

 

 

 

 

 

5,952

 

 

 

 

 

 

 

 

 

 

 

 

5,952

 

Issuance of common stock due to stock option exercises

 

38

 

 

 

 

 

 

432

 

 

 

 

 

 

 

 

 

 

 

 

432

 

Retired shares from net issuance

 

(36

)

 

 

 

 

 

(446

)

 

 

 

 

 

 

 

 

 

 

 

(446

)

Issuance of common stock under restricted stock plan

 

336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(36

)

 

 

 

 

 

(446

)

 

 

 

 

 

 

 

 

 

 

 

(446

)

Distributions reinvested in common stock

 

35

 

 

 

 

 

 

426

 

 

 

 

 

 

 

 

 

 

 

 

426

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,419

)

 

 

(26,419

)

Stock-based compensation (1)

 

 

 

 

 

 

 

2,319

 

 

 

 

 

 

 

 

 

 

 

 

2,319

 

Balance at March 31, 2018

 

85,239

 

 

$

85

 

 

$

916,738

 

 

$

(94,957

)

 

$

(25,294

)

 

$

32,159

 

 

$

828,731

 

 

(1)

Stock-based compensation includes $10 and $17 of restricted stock and option expense related to director compensation for the three months ended March 31, 2018 and 2017, respectively.

 

See notes to consolidated financial statements.

6


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

For the Three Months Ended March 31,

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

5,946

 

 

$

(5,588

)

Adjustments to reconcile net increase in net assets resulting from

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

 

 

 

 

 

 

 

Purchase of investments

 

(236,285

)

 

 

(153,665

)

Principal and fee payments received on investments

 

280,181

 

 

 

141,798

 

Proceeds from the sale of investments

 

1,582

 

 

 

11,995

 

Net unrealized depreciation (appreciation) on investments

 

15,197

 

 

 

31,503

 

Net realized loss (gain) on investments

 

4,920

 

 

 

(3,237

)

Accretion of paid-in-kind principal

 

(2,507

)

 

 

(2,199

)

Accretion of loan discounts

 

(763

)

 

 

(1,924

)

Accretion of loan discount on Convertible Notes

 

168

 

 

 

112

 

Accretion of loan exit fees

 

(4,407

)

 

 

(6,574

)

Change in deferred loan origination revenue

 

631

 

 

 

284

 

Unearned fees related to unfunded commitments

 

321

 

 

 

976

 

Amortization of debt fees and issuance costs

 

840

 

 

 

2,508

 

Depreciation

 

46

 

 

 

52

 

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

 

2,319

 

 

 

1,850

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

1,175

 

 

 

130

 

Prepaid expenses and other assets

 

1,870

 

 

 

(1,061

)

Accounts payable

 

(194

)

 

 

1

 

Accrued liabilities

 

(8,025

)

 

 

(5,255

)

Net cash provided by (used in) operating activities

 

63,015

 

 

 

11,706

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(72

)

 

 

(39

)

Net cash provided by (used in) investing activities

 

(72

)

 

 

(39

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

5,952

 

 

 

46,948

 

Retirement of employee shares

 

(460

)

 

 

(1,392

)

Distributions paid

 

(25,993

)

 

 

(25,279

)

Issuance of 2022 Convertible Notes

 

 

 

 

230,000

 

Issuance of 2024 Notes

 

 

 

 

5,637

 

Repayments of 2019 Notes

 

 

 

 

(110,365

)

Repayments of 2021 Asset-Backed Notes

 

(15,577

)

 

 

(7,794

)

Borrowings of credit facilities

 

 

 

 

8,497

 

Repayments of credit facilities

 

 

 

 

(13,513

)

Cash paid for debt issuance costs

 

 

 

 

(4,456

)

Fees paid for credit facilities and debentures

 

 

 

 

(252

)

Net cash provided by (used in) financing activities

 

(36,078

)

 

 

128,031

 

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

 

26,865

 

 

 

139,698

 

Cash, cash equivalents and restricted cash at beginning of period

 

94,995

 

 

 

21,366

 

Cash, cash equivalents and restricted cash at end of period

$

121,860

 

 

$

161,064

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Distributions reinvested

 

426

 

 

 

388

 

 

(1)

Stock-based compensation includes $10 and $17 of restricted stock and option expense related to director compensation for the three months ended March 31, 2018 and 2017, respectively.


See notes to consolidated financial statements.

7


 

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

 

 

For the Three Months Ended March 31,

 

(Dollars in thousands)

2018

 

 

2017

 

Cash and cash equivalents

$

118,228

 

 

$

148,140

 

Restricted cash

 

3,632

 

 

 

12,924

 

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

$

121,860

 

 

$

161,064

 

See “Note 2 – Summary of Significant Accounting Policies” and “Note 11- Recent Accounting Pronouncements” for a description of restricted cash and cash equivalents.

See notes to consolidated financial statements.

8


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2018

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment(1)

 

Maturity Date

 

Interest Rate and Floor(2)

 

Principal Amount

 

 

Cost(3)

 

 

Value(4)

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exicure, Inc. (12)

 

Biotechnology Tools

 

Senior Secured

 

September 2019

 

Interest rate PRIME + 6.45%

or Floor rate of 9.95%, 3.85% Exit Fee

 

$

4,999

 

 

$

5,135

 

 

$

5,151

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

5,135

 

 

 

5,151

 

Subtotal: Biotechnology Tools (0.62%)*

 

 

 

 

 

 

 

 

 

 

 

 

5,135

 

 

 

5,151

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenPeak, Inc. (8)

 

Communications & Networking

 

Senior Secured

 

April 2018

 

Interest rate PRIME + 8.75%

or Floor rate of 12.00%

 

$

11,464

 

 

 

8,228

 

 

 

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

8,228

 

 

 

 

Subtotal: Communications & Networking (0.00%)*

 

 

 

 

 

 

 

 

 

 

 

 

8,228

 

 

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gadget Guard (p.k.a. Antenna79) (15)

 

Consumer & Business Products

 

Senior Secured

 

December 2018

 

Interest rate PRIME + 6.00%

or Floor rate of 9.50%

 

$

1,000

 

 

 

1,000

 

 

 

1,000

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

 

1,000

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gadget Guard (p.k.a. Antenna79) (15)

 

Consumer & Business Products

 

Senior Secured

 

December 2019

 

Interest rate PRIME + 7.45%

or Floor rate of 10.95%, 2.95% Exit Fee

 

$

18,043

 

 

 

18,245

 

 

 

18,133

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

18,245

 

 

 

18,133

 

Subtotal: Consumer & Business Products (2.31%)*

 

 

 

 

 

 

 

 

 

 

 

 

19,245

 

 

 

19,133

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gibraltar Business Capital, LLC (7)

 

Diversified Financial Services

 

Unsecured

 

March 2023

 

Interest rate FIXED 14.50%

 

$

10,000

 

 

 

9,802

 

 

 

9,802

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

9,802