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Section 1: 10-Q (HTGC-10Q-20180930)

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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 September 30, 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 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 October 29, 2018, there were 96,731,791 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 September 30, 2018 and December 31, 2017 (unaudited)

  

3

 

 

 

Consolidated Statement of Operations for the three and nine months ended September 30, 2018 and 2017 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the nine months ended September 30, 2018 and 2017 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 and 2017 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of September 30, 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

  

74

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

94

Item 4.

 

 

Controls and Procedures

  

95

 

PART II. OTHER INFORMATION

  

96

 

Item 1.

 

Legal Proceedings

  

96

Item 1A.

 

 

Risk Factors

 

96

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

99

Item 3.

 

 Defaults Upon Senior Securities

  

99

Item 4.

 

 

Mine Safety Disclosures

  

99

Item 5.

 

 

Other Information

  

99

Item 6.

 

 

Exhibits and Financial Statement Schedules

  

100

 

SIGNATURES

  

103

 

 

 

 

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)

 

 

 

September 30, 2018

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $1,663,658 and $1,506,454, respectively)

 

$

1,670,034

 

 

$

1,491,458

 

Control investments (cost of $64,630 and $25,419, respectively)

 

 

62,387

 

 

 

19,461

 

Affiliate investments (cost of $84,821 and $87,956, respectively)

 

 

28,095

 

 

 

31,295

 

Total investments in securities, at value (cost of $1,813,109 and $1,619,829, respectively)

 

 

1,760,516

 

 

 

1,542,214

 

Cash and cash equivalents

 

 

43,212

 

 

 

91,309

 

Restricted cash

 

 

2,429

 

 

 

3,686

 

Interest receivable

 

 

15,722

 

 

 

12,262

 

Other assets

 

 

1,175

 

 

 

5,244

 

Total assets

 

$

1,823,054

 

 

$

1,654,715

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

21,473

 

 

$

26,896

 

SBA Debentures, net (principal of $149,000 and $190,200, respectively) (1)

 

 

147,527

 

 

 

188,141

 

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

 

 

147,859

 

 

 

147,572

 

2024 Notes, net (principal of $83,510 and $183,510, respectively) (1)

 

 

81,791

 

 

 

179,001

 

2025 Notes, net (principal of $75,000 and $0, respectively) (1)

 

 

72,495

 

 

 

 

2033 Notes, net (principal of $40,000 and $0, respectively) (1)

 

 

38,752

 

 

 

 

2021 Asset-Backed Notes, net (principal of $3,515 and $49,153, respectively) (1)

 

 

3,423

 

 

 

48,650

 

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

 

 

224,660

 

 

 

223,488

 

Credit Facilities

 

 

80,894

 

 

 

 

Total liabilities

 

$

818,874

 

 

$

813,748

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

96

 

 

 

85

 

Capital in excess of par value

 

 

1,060,875

 

 

 

908,501

 

Unrealized appreciation (depreciation) on investments (2)

 

 

(53,784

)

 

 

(79,760

)

Accumulated undistributed realized gains (losses) on investments

 

 

(30,855

)

 

 

(20,374

)

Undistributed net investment income

 

 

27,848

 

 

 

32,515

 

Total net assets

 

$

1,004,180

 

 

$

840,967

 

Total liabilities and net assets

 

$

1,823,054

 

 

$

1,654,715

 

 

 

 

 

 

 

 

 

 

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

 

 

96,751

 

 

 

84,424

 

Net asset value per share

 

$

10.38

 

 

$

9.96

 

 

(1)

The Company’s SBA Debentures, 2022 Notes, 2024 Notes, 2025 Notes, 2033 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 $1.2 million and $2.1 million in net unrealized depreciation on other assets and accrued liabilities, including escrow receivables, and estimated taxes payable as of September 30, 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)

 

September 30, 2018

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

2,429

 

 

$

3,686

 

Total investments in securities, at value (cost of $86,070 and $146,208, respectively)

 

 

85,965

 

 

 

144,513

 

Total assets

 

$

88,394

 

 

$

148,199

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

2021 Asset-Backed Notes, net (principal of $3,515 and $49,153, respectively) (1)

 

$

3,423

 

 

$

48,650

 

Total liabilities

 

$

3,423

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

$

47,662

 

 

$

41,725

 

 

$

134,031

 

 

$

124,049

 

Control investments

 

921

 

 

 

464

 

 

 

2,348

 

 

 

1,505

 

Affiliate investments

 

509

 

 

 

246

 

 

 

1,570

 

 

 

248

 

Total interest income

 

49,092

 

 

 

42,435

 

 

 

137,949

 

 

 

125,802

 

Fee income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitment, facility and loan fee income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

1,858

 

 

 

2,239

 

 

 

6,228

 

 

 

7,613

 

Control investments

 

1

 

 

 

1

 

 

 

1

 

 

 

11

 

Affiliate investments

 

71

 

 

 

2

 

 

 

263

 

 

 

2

 

Total commitment, facility and loan fee income

 

1,930

 

 

 

2,242

 

 

 

6,492

 

 

 

7,626

 

One-time fee income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

1,580

 

 

 

1,188

 

 

 

6,423

 

 

 

7,254

 

Total one-time fee income

 

1,580

 

 

 

1,188

 

 

 

6,423

 

 

 

7,254

 

Total fee income

 

3,510

 

 

 

3,430

 

 

 

12,915

 

 

 

14,880

 

Total investment income

 

52,602

 

 

 

45,865

 

 

 

150,864

 

 

 

140,682

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

9,451

 

 

 

9,185

 

 

 

28,715

 

 

 

28,046

 

Loan fees

 

1,502

 

 

 

1,314

 

 

 

6,039

 

 

 

5,500

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legal Expenses

 

677

 

 

 

925

 

 

 

1,889

 

 

 

3,792

 

Other Expenses

 

3,044

 

 

 

2,623

 

 

 

9,515

 

 

 

8,570

 

Total general and administrative

 

3,721

 

 

 

3,548

 

 

 

11,404

 

 

 

12,362

 

Employee compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

5,294

 

 

 

6,014

 

 

 

18,069

 

 

 

17,276

 

Stock-based compensation

 

3,332

 

 

 

1,831

 

 

 

8,498

 

 

 

5,573

 

Total employee compensation

 

8,626

 

 

 

7,845

 

 

 

26,567

 

 

 

22,849

 

Total operating expenses

 

23,300

 

 

 

21,892

 

 

 

72,725

 

 

 

68,757

 

Net investment income

 

29,302

 

 

 

23,973

 

 

 

78,139

 

 

 

71,925

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

3,350

 

 

 

(8,911

)

 

 

(4,115

)

 

 

(10,940

)

Control investments

 

 

 

 

(15,543

)

 

 

(4,308

)

 

 

(15,989

)

Affiliate investments

 

 

 

 

 

 

 

(2,058

)

 

 

 

Total net realized gain (loss) on investments

 

3,350

 

 

 

(24,454

)

 

 

(10,481

)

 

 

(26,929

)

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

3,967

 

 

 

11,320

 

 

 

22,327

 

 

 

45,420

 

Control investments

 

378

 

 

 

17,624

 

 

 

3,715

 

 

 

17,703

 

Affiliate investments

 

(1,368

)

 

 

4,609

 

 

 

(66

)

 

 

(47,486

)

Total net unrealized appreciation (depreciation) on investments

 

2,977

 

 

 

33,553

 

 

 

25,976

 

 

 

15,637

 

Total net realized and unrealized gain (loss)

 

6,327

 

 

 

9,099

 

 

 

15,495

 

 

 

(11,292

)

Net increase (decrease) in net assets resulting from operations

$

35,629

 

 

$

33,072

 

 

$

93,634

 

 

$

60,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.29

 

 

$

0.87

 

 

$

0.87

 

Change in net assets resulting from operations per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.37

 

 

$

0.40

 

 

$

1.04

 

 

$

0.73

 

Diluted

$

0.37

 

 

$

0.40

 

 

$

1.04

 

 

$

0.73

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

95,460

 

 

 

82,496

 

 

 

89,100

 

 

 

82,073

 

Diluted

 

95,671

 

 

 

82,607

 

 

 

89,212

 

 

 

82,173

 

Distributions declared per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.31

 

 

$

0.93

 

 

$

0.93

 

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

 

 

 

 

 

 

 

 

 

 

15,637

 

 

 

(26,929

)

 

 

71,925

 

 

 

60,633

 

Public offering, net of offering expenses

 

4,077

 

 

 

4

 

 

 

56,330

 

 

 

 

 

 

 

 

 

 

 

 

56,334

 

Issuance of common stock due to stock option exercises

 

46

 

 

 

 

 

 

213

 

 

 

 

 

 

 

 

 

 

 

 

213

 

Retired shares from net issuance

 

(18

)

 

 

 

 

 

(172

)

 

 

 

 

 

 

 

 

 

 

 

(172

)

Issuance of common stock under restricted stock plan

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(187

)

 

 

 

 

 

(2,483

)

 

 

 

 

 

 

 

 

 

 

 

(2,483

)

Distributions reinvested in common stock

 

132

 

 

 

 

 

 

1,780

 

 

 

 

 

 

 

 

 

 

 

 

1,780

 

Issuance of Convertible Notes

 

 

 

 

 

 

 

3,413

 

 

 

 

 

 

 

 

 

 

 

 

3,413

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,893

)

 

 

(62,104

)

 

 

(76,997

)

Stock-based compensation (1)

 

 

 

 

 

 

 

5,619

 

 

 

 

 

 

 

 

 

 

 

 

5,619

 

Balance at September 30, 2017

 

83,615

 

 

$

84

 

 

$

904,357

 

 

$

(73,388

)

 

$

(27,508

)

 

$

32,739

 

 

$

836,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

25,976

 

 

 

(10,481

)

 

 

78,139

 

 

 

93,634

 

Public offering, net of offering expenses

 

11,953

 

 

 

11

 

 

 

143,787

 

 

 

 

 

 

 

 

 

 

 

 

143,798

 

Issuance of common stock due to stock option exercises

 

63

 

 

 

 

 

 

704

 

 

 

 

 

 

 

 

 

 

 

 

704

 

Retired shares from net issuance

 

(57

)

 

 

 

 

 

(718

)

 

 

 

 

 

 

 

 

 

 

 

(718

)

Issuance of common stock under restricted stock plan

 

336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(76

)

 

 

 

 

 

(937

)

 

 

 

 

 

 

 

 

 

 

 

(937

)

Distributions reinvested in common stock

 

108

 

 

 

 

 

 

1,372

 

 

 

 

 

 

 

 

 

 

 

 

1,372

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82,806

)

 

 

(82,806

)

Stock-based compensation (1)

 

 

 

 

 

 

 

8,166

 

 

 

 

 

 

 

 

 

 

 

 

8,166

 

Balance at September 30, 2018

 

96,751

 

 

$

96

 

 

$

1,060,875

 

 

$

(53,784

)

 

$

(30,855

)

 

$

27,848

 

 

$

1,004,180

 

 

(1)

Stock-based compensation includes $33 and $46 of restricted stock and option expense related to director compensation for the nine months ended September 30, 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 Nine Months Ended September 30,

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

93,634

 

 

$

60,633

 

Adjustments to reconcile net increase in net assets resulting from

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

 

 

 

 

 

 

 

Purchase of investments

 

(706,113

)

 

 

(487,321

)

Principal and fee payments received on investments

 

503,971

 

 

 

486,985

 

Proceeds from the sale of investments

 

17,521

 

 

 

21,945

 

Net unrealized depreciation (appreciation) on investments

 

(25,976

)

 

 

(15,637

)

Net realized loss (gain) on investments

 

10,481

 

 

 

26,929

 

Accretion of paid-in-kind principal

 

(7,040

)

 

 

(7,078

)

Accretion of loan discounts

 

(2,961

)

 

 

(5,242

)

Accretion of loan discount on Convertible Notes

 

504

 

 

 

448

 

Accretion of loan exit fees

 

(12,482

)

 

 

(14,413

)

Change in deferred loan origination revenue

 

3,472

 

 

 

1,083

 

Unearned fees related to unfunded commitments

 

1,908

 

 

 

441

 

Amortization of debt fees and issuance costs

 

5,197

 

 

 

4,534

 

Depreciation

 

147

 

 

 

153

 

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

 

8,166

 

 

 

5,619

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

(3,460

)

 

 

1,107

 

Prepaid expenses and other assets

 

2,141

 

 

 

(1,100

)

Accounts payable

 

(187

)

 

 

 

Accrued liabilities

 

(4,282

)

 

 

(2,457

)

Net cash provided by (used in) operating activities

 

(115,359

)

 

 

76,629

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(325

)

 

 

(127

)

Net cash provided by (used in) investing activities

 

(325

)

 

 

(127

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

143,498

 

 

 

56,334

 

Retirement of employee shares

 

(651

)

 

 

(2,442

)

Distributions paid

 

(81,434

)

 

 

(75,217

)

Issuance of 2022 Convertible Notes

 

 

 

 

230,000

 

Issuance of 2024 Notes

 

 

 

 

5,637

 

Issuance of 2025 Notes

 

75,000

 

 

 

 

Issuance of 2033 Notes

 

40,000

 

 

 

 

Repayments of 2019 Notes

 

 

 

 

(110,364

)

Repayments of 2024 Notes

 

(100,000

)

 

 

 

Repayments of 2021 Asset-Backed Notes

 

(45,637

)

 

 

(43,729

)

Repayments of Long-Term SBA Debentures

 

(41,200

)

 

 

 

Borrowings of credit facilities

 

216,109

 

 

 

8,497

 

Repayments of credit facilities

 

(135,216

)

 

 

(13,513

)

Cash paid for debt issuance costs

 

(3,978

)

 

 

(4,662

)

Fees paid for credit facilities and debentures

 

(161

)

 

 

(28

)

Net cash provided by (used in) financing activities

 

66,330

 

 

 

50,513

 

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

 

(49,354

)

 

 

127,015

 

Cash, cash equivalents and restricted cash at beginning of period

 

94,995

 

 

 

21,366

 

Cash, cash equivalents and restricted cash at end of period

$

45,641

 

 

$

148,381

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Distributions reinvested

 

1,372

 

 

 

1,780