As filed with the Securities and Exchange Commission on April 29, 2019
Securities Act File No. 333-
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-2
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
(Check appropriate box or boxes)
Pre-Effective Amendment No.
Post-Effective Amendment No.
Hercules Capital, Inc.
(formerly known as Hercules Technology Growth Capital, Inc.)
(Exact name of Registrant as specified in charter)
400 Hamilton Avenue, Suite 310
Palo Alto, CA 94301
(Address of Principal Executive Offices)
Registrant’s Telephone Number, including Area Code: (650) 289-3060
Scott Bluestein
Interim Chief Executive Officer
Hercules Capital, Inc.
400 Hamilton Avenue, Suite 310
Palo Alto, CA 94301
(Name and address of agent for service)
COPIES TO:
William Bielefeld
Ian Hartman
Jay Alicandri
Dechert LLP
1095 Avenue of the Americas
New York, NY 10036
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
From time to time after the effective date of this Registration Statement.
If any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box. ☒
It is proposed that this filing will become effective (check appropriate box): ☐ when declared effective pursuant to section 8(c).
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
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Title of Securities Being Registered |
Amount Being |
Proposed Maximum |
Amount of Registration |
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Common Stock, $0.001 par value per share(2) |
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Preferred Stock, $0.001 par value per share(2) |
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Warrants(2) |
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Subscription Rights(3) |
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Debt Securities(4) |
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TOTAL(5) |
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$850,000,000 |
$103,020(6) |
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(1) |
Estimated pursuant to Rule 457(o) solely for the purposes of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under this registration statement. |
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(2) |
Subject to Note 5 below, there is being registered hereunder an indeterminate number of shares of common stock, preferred stock, or warrants as may be sold, from time to time. Warrants represent rights to purchase common stock, preferred stock or debt securities. |
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(3) |
Subject to Note 5 below, there is being registered hereunder an indeterminate number of subscription rights as may be sold, from time to time, representing rights to purchase common stock. |
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(4) |
Subject to Note 5 below, there is being registered hereunder an indeterminate principal amount of debt securities as may be sold, from time to time. If any debt securities are issued at an original issue discount, then the offering price shall be in such greater principal amount as shall result in an aggregate price to investors not to exceed $850,000,000. |
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(5) |
In no event will the aggregate offering price of all securities issued from time to time pursuant to this registration statement exceed $850,000,000. |
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(6) |
Prior to filing this registration statement, $581,452,153 of securities remained unsold pursuant to Registration Statement No. 333-224281, which was initially filed on April 13, 2018. Pursuant to Rule 457(p), $41,184.70 of the total filing fee of $103,020 required in connection with the registration of $850,000,000 aggregate principal amount of securities under this registration statement is being offset against the $41,184.70 filing fee associated with the unsold securities registered under the registration statement on Form N-2 (File No. 333-224281) (the “Prior Registration Statement”), and an additional $61,835.30 was paid in connection herewith. The shares from the Prior Registration Statement to which such fee relates are being carried forward pursuant to Rule 415(a)(6) under the Securities Act of 1933. |
EXPLANATORY NOTE
We have filed this registration statement using the “shelf” registration process as a “well-known seasoned issuer” in reliance on the Small Business Credit Availability Act, or the SBCAA. In accordance with Section 3(c) of the SBCAA, we have treated the amendments promulgated in the SBCAA as having been completed in accordance with the actions required to be taken by the Securities and Exchange Commission, or the SEC. Furthermore, we are a “well-known seasoned issuer,” as defined in Rule 405 under the Securities Act of 1933, as amended, or the Securities Act. As such, pursuant to the SBCAA, this registration statement shall become effective upon filing with the SEC pursuant to rule 462(e) under the Securities Act. In addition, certain items required by Form N-2 have been incorporated by reference into the prospectus through documents filed pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act that are incorporated or deemed incorporated by reference into the prospectus that is part of this registration statement.
PROSPECTUS
$850,000,000
Common Stock
Preferred Stock
Warrants
Subscription Rights
Debt Securities
This prospectus relates to the offer, from time to time, in one or more offerings or series, up to $850,000,000 of shares of our common stock, par value $0.001 per share, preferred stock, par value $0.001 per share, warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, subscription rights or debt securities, which we refer to, collectively, as the “securities.” The preferred stock, debt securities, subscription rights and warrants offered hereby may be convertible or exchangeable into shares of our common stock. We may sell our securities through underwriters or dealers, “at-the-market” to or through a market maker into an existing trading market or otherwise directly to one or more purchasers, including existing stockholders in a rights offering, or through agents or through a combination of methods of sale, including auctions. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described in one or more supplements to this prospectus. The securities may be offered at prices and on terms to be described in one or more supplements to this prospectus.
In the event we offer common stock, the offering price per share will not be less than the net asset value per share of our common stock at the time we make the offering except (1) in connection with a rights offering to our existing stockholders, (2) with the consent of the holders of the majority of our voting securities and approval of our Board of Directors, or (3) under such circumstances as the Securities and Exchange Commission may permit. See “Risk Factors” for more information.
We are a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed companies in a variety of technology, life sciences and sustainable and renewable technology industries. We primarily finance privately-held companies backed by leading venture capital and private equity firms and publicly-traded companies that lack access to public capital or are sensitive to equity ownership dilution. We source our investments through our principal office located in Palo Alto, CA, as well as through additional offices in Boston, MA, New York, NY, Washington, DC, Hartford, CT, Westport, CT, Chicago, IL, and San Diego, CA. Our goal is to be the leading structured debt financing provider for venture capital-backed companies in technology-related industries requiring sophisticated and customized financing solutions. We invest primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. We use the term “structured debt with warrants” to refer to any debt investment, such as a senior or subordinated secured loan, that is coupled with an equity component, including warrants, options or other rights to purchase common or preferred stock. Our structured debt with warrants investments typically are secured by some or all of the assets of the portfolio company. We invest primarily in private companies but also have investments in public companies.
Our investment objective is to maximize our portfolio total return by generating current income from our debt investments and capital appreciation from our warrant and equity-related investments. We are an internally-managed, non-diversified closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.
Our common stock is traded on the New York Stock Exchange, or NYSE, under the symbol “HTGC.” On April 23, 2019, the last reported sale price of a share of our common stock on the NYSE, was $12.83. The net asset value per share of our common stock at December 31, 2018 (the last date prior to the date of this prospectus on which we determined net asset value) was $9.90.
An investment in our securities may be speculative and involves risks including a heightened risk of total loss of investment. In addition, the companies in which we invest are subject to special risks. See “Risk Factors” on page 8 of this prospectus, in our most recent Annual Report on Form 10-K, in any of our other filings with the Securities and Exchange Commission, and in any applicable prospectus supplement and in any free writing prospectus to read about risks that you should consider before investing in our securities, including the risk of leverage.
Please read this prospectus and any free writing prospectus before investing and keep it for future reference. It contains important information about us that a prospective investor ought to know before investing in our securities. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission. The information is available free of charge by contacting us at 400 Hamilton Avenue, Suite 310, Palo Alto, California 94301 or by telephone calling collect at (650) 289-3060 or on our website at www.htgc.com. The Securities and Exchange Commission also maintains a website at www.sec.gov that contains such information.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
This prospectus may not be used to consummate sales of any securities unless accompanied by a prospectus supplement.
The date of this prospectus is April 29, 2019
You should rely only on the information contained in this prospectus, any applicable prospectus supplement, any free writing prospectus, the documents incorporated by reference in this prospectus and any applicable prospectus supplement, or any other information which we have referred you. We have not authorized any dealer, salesperson or other person to provide you with different information or to make representations as to matters not stated in this prospectus or in any free writing prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This prospectus, any applicable prospectus supplement, and any free writing prospectus do not constitute an offer to sell, or a solicitation of an offer to buy, any securities by any person in any jurisdiction where it is unlawful for that person to make such an offer or solicitation or to any person in any jurisdiction to whom it is unlawful to make such an offer or solicitation. The information in this prospectus, any applicable prospectus supplement, and any free writing prospectus is accurate only as of its date, and under no circumstances should the delivery of this prospectus, any applicable prospectus supplement, or any free writing prospectus or the sale of any securities imply that the information in this prospectus, any applicable prospectus supplement, or any free writing prospectus is accurate as of any later date or that the affairs of Hercules Capital, Inc. have not changed since the date hereof. This prospectus will be updated to reflect material changes.
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Hercules Capital, Inc., our logo and other trademarks of Hercules Capital, Inc. mentioned in this prospectus are the property of Hercules Capital, Inc. All other trademarks or trade names referred to in this prospectus are the property of their respective owners.
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission using the “shelf” registration process as a “well-known seasoned issuer,” as defined in Rule 405 under the Securities Act of 1933, as amended, or the Securities Act. Under the shelf registration process, which constitutes a delayed offering in reliance on Rule 415 under the Securities Act, we may offer, from time to time, up to $850,000,000 of our common stock, preferred stock, warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, subscription rights or debt securities on the terms to be determined at the time of the offering. We may sell our securities through underwriters or dealers, “at-the-market” to or through a market maker, into an existing trading market or otherwise directly to one or more purchasers, including existing stockholders in a rights offering, or through agents or through a combination of methods of sale. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described in one or more supplements to this prospectus. The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the securities that we may offer. Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. Please carefully read this prospectus and any such supplements together with the additional information described under “Incorporation by Reference” and “Available Information” sections before you make an investment decision.
A prospectus supplement may also add to, update or change information contained in this prospectus.
In this prospectus, unless the context otherwise requires, the “Company,” “Hercules,” “HTGC,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts.
Business Overview
We are a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed companies in a variety of technology, life sciences and sustainable and renewable technology industries. We source our investments through our principal office located in Palo Alto, CA, as well as through our additional offices in Boston, MA, New York, NY, Washington, DC, Hartford, CT, Westport, CT, Chicago, IL, and San Diego, CA.
Our goal is to be the leading structured debt financing provider for venture capital-backed companies in technology-related industries requiring sophisticated and customized financing solutions. Our strategy is to evaluate and invest in a broad range of technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology and to offer a full suite of growth capital products. We focus our investments in companies active in the technology industry sub-sectors characterized by products or services that require advanced technologies, including, but not limited to, computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, information technology infrastructure or services, internet consumer and business services, telecommunications, telecommunications equipment, renewable or alternative energy, media and life sciences. Within the life sciences sub-sector, we generally focus on medical devices, bio-pharmaceutical, drug discovery, drug delivery, health care services and information systems companies. Within the sustainable and renewable technology sub-sector, we focus on sustainable and renewable energy technologies and energy efficiency and monitoring technologies. We refer to all of these companies as “technology-related” companies and intend, under normal circumstances, to invest at least 80% of the value of our total assets in such businesses.
We invest primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. We invest primarily in private companies but also have investments in public companies. We use the term “structured debt with warrants” to refer to any debt investment, such as a senior or subordinated secured loan, that is coupled with an equity component, including warrants, options or other rights to purchase common or preferred stock. Our structured debt with warrants investments typically are secured by some or all of the assets of the portfolio company. We also provide “unitranche” loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position.
Our investment objective is to maximize our portfolio total return by generating current income from our debt investments and capital appreciation from our warrant and equity-related investments. Our primary business objectives are to increase our net income, net operating income and net asset value, or NAV, by investing in structured debt with warrants and equity of venture capital-backed companies in technology-related industries with attractive current yields and the potential for equity appreciation and realized gains. Our equity ownership in our portfolio companies may exceed 25% of the voting securities of such companies, which represents a controlling interest under the Investment Company Act of 1940, as amended, or the 1940 Act. In some cases, we receive the right to make additional equity investments in our portfolio companies in connection with future equity financing rounds. Capital that we provide directly to venture capital-backed companies in technology-related industries is generally used for growth and general working capital purposes as well as in select cases for acquisitions or recapitalizations.
Corporate Information
We are an internally-managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company, or a BDC, under the 1940 Act. Effective January 1, 2006, we elected to be treated for tax purposes as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended, or the Code.
We are a Maryland corporation formed in December 2003 that began investment operations in September 2004. On February 25, 2016, we changed our name from “Hercules Technology Growth Capital, Inc.” to “Hercules Capital, Inc.”
Our principal executive offices are located at 400 Hamilton Avenue, Suite 310, Palo Alto, California 94301, and our telephone number is (650) 289-3060.
The following table is intended to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. The footnotes to the fee table state which items are estimates. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you” or “us” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Hercules Capital, Inc.
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Stockholder Transaction Expenses (as a percentage of the public offering price): |
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Sales load (as a percentage of offering price)(1) |
— | % | ||
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Offering expenses |
— | %(2) | ||
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Dividend reinvestment plan fees |
— | %(3) | ||
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Total stockholder transaction expenses (as a percentage of the public offering price) |
— | %(4) | ||
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Annual Expenses (as a percentage of net assets attributable to common stock):(5) |
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Operating expenses |
5.67 | %(6)(7) | ||
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Interest and fees paid in connection with borrowed funds |
5.06 | %(8) | ||
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Total annual expenses |
10.73 | %(9) |
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(1) |
In the event that our securities are sold to or through underwriters, a corresponding prospectus supplement to this prospectus will disclose the applicable sales load. |
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(2) |
In the event that we conduct an offering of our securities, a corresponding prospectus supplement to this prospectus will disclose the estimated offering expenses. |
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(3) |
The expenses associated with the administration of our dividend reinvestment plan are included in “Operating expenses.” We pay all brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under the plan. For more details about the plan, see “Dividend Reinvestment Plan.” |
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(4) |
Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any. |
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(5) |
“Net assets attributable to common stock” equals the weighted average net assets for the year ended December 31, 2018, which is approximately $923.1 million. |
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(6) |
“Operating expenses” represents our actual operating expenses incurred for the year ended December 31, 2018, including all fees and expenses of our consolidated subsidiaries and excluding interests and fees on indebtedness. |
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(7) |
We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board of Directors. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals. |
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(8) |
“Interest and fees paid in connection with borrowed funds” represents our estimated interest, fees and credit facility expenses by annualizing our actual interest, fees and credit facility expenses incurred for the year ended December 31, 2018, including our then $75.0 million revolving senior secured credit facility with Wells Fargo Capital Finance, LLC, or the Wells Facility, then $100.0 million revolving senior secured credit facility with MUFG Union Bank, N.A., or the Union Bank Facility, and, together with the Wells Facility, the Credit Facilities, 4.625% notes due 2022, or the 2022 Notes, 6.25% notes due 2024, or the 2024 Notes, 5.25% notes due 2025, or the 2025 Notes, 6.25% notes due 2033, or the 2033 Notes, 4.375% convertible notes due 2022, or the 2022 Convertible Notes, fixed rate asset-backed notes due 2021, or the 2021 Asset-Backed Notes, fixed rate asset-backed notes due 2027, or the 2027 Asset-Backed Notes, and the Small Business Administration, or SBA, debentures. |
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(9) |
“Total annual expenses” is the sum of “operating expenses,” and “interest and fees paid in connection with borrowed funds.” “Total annual expenses” is presented as a percentage of weighted average net assets attributable to common stockholders because the holders of shares of our common stock (and not the holders of our debt securities or preferred stock, if any) bear all of our fees and expenses, including the fees and expenses of our wholly-owned consolidated subsidiaries, all of which are included in this fee table presentation. |
Example
The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. These amounts are based upon our payment of annual operating expenses at the levels set forth in the table above and assume no additional leverage.
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1 Year |
3 Years |
5 Years |
10 Years |
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You would pay the following expenses on a $1,000 common stock investment, assuming a 5% annual return |
$ | 130 | $ | 316 | $ | 482 | $ | 822 | ||||||||
The example and the expenses in the tables above should not be considered a representation of our future expenses, and actual expenses may be greater or lesser than those shown. Moreover, while the example assumes, as required by the applicable rules of the SEC, a 5% annual return, our performance will vary and may result in a return greater or lesser than 5%. In addition, while the example assumes reinvestment of all distributions at NAV, participants in our dividend reinvestment plan may receive shares valued at the market price in effect at that time. This price may be at, above or below NAV. See “Dividend Reinvestment Plan” for additional information regarding our dividend reinvestment plan.
Investing in our securities may be speculative and involves a high degree of risk. You should carefully consider the risk factors incorporated by reference from our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (File No. 814-00702) and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we file after the date of this prospectus and before the termination of the offering of securities under this prospectus, and all other information contained or incorporated by reference into this prospectus and any free writing prospectus, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the risk factors and other information contained in any prospectus supplement and any free writing prospectus before acquiring any of such securities. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. Each of the risk factors could materially adversely affect our business, financial condition and results of operations. In such case, our NAV and the trading price of our securities could decline, and you may lose all or part of your investment.
The matters discussed in this prospectus, including the documents that we incorporate by reference herein, and any applicable prospectus supplement or free writing prospectus, including the documents we incorporate by reference therein, as well as in future oral and written statements by management of Hercules Capital, Inc., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this prospectus should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this prospectus and any applicable prospectus supplement or free writing prospectus include statements as to:
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our current and future management structure; |
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our future operating results; |
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our business prospects and the prospects of our prospective portfolio companies; |
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the impact of investments that we expect to make; |
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our informal relationships with third parties including in the venture capital industry; |
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the expected market for venture capital investments and our addressable market; |
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the dependence of our future success on the general economy and its impact on the industries in which we invest; |
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our ability to access debt markets and equity markets; |
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the ability of our portfolio companies to achieve their objectives; |
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our expected financings and investments; |
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our regulatory structure and tax status; |
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our ability to operate as a BDC, a small business investment company, or SBIC, and a RIC; |
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the adequacy of our cash resources and working capital; |
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the timing of cash flows, if any, from the operations of our portfolio companies; |
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the timing, form and amount of any distributions; |
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the impact of fluctuations in interest rates on our business; |
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the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and |
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our ability to recover unrealized losses. |
You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this prospectus, any free writing prospectus, and the documents incorporated by reference into this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this prospectus.
We intend to use the net proceeds from selling our securities to fund investments in debt and equity securities in accordance with our investment objectives, to make acquisitions, to retire certain debt obligations and for other general corporate purposes. The supplement to this prospectus or any free writing prospectus relating to an offering will more fully identify the use of proceeds from such offering.
We anticipate that substantially all of the net proceeds from any offering of our securities will be used as described above within twelve months, but in no event longer than two years. Pending such uses and investments, we will invest the net proceeds primarily in cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. Our ability to achieve our investment objective may be limited to the extent that the net proceeds of any offering, pending full investment, are held in lower yielding short-term instruments.
PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS
Our common stock is traded on the NYSE under the symbol “HTGC.”
The following table sets forth the range of high and low sales prices of our common stock, the sales price as a percentage of NAV and the distributions declared by us for each fiscal quarter. The stock quotations are interdealer quotations and do not include markups, markdowns or commissions.
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Price Range |
Premium/ |
Premium/ |
Cash |
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NAV(1) |
High |
Low |
Price to NAV | Price to NAV | per Share | |||||||||||||||||||
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2017 |
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First quarter |
$ | 9.76 | $ | 15.43 | $ | 14.12 | 58.1 | % | 44.7 | % | $ | 0.310 | ||||||||||||
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Second quarter |
$ | 9.87 | $ | 15.56 | $ | 12.66 | 57.6 | % | 28.3 | % | $ | 0.310 | ||||||||||||
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Third quarter |
$ | 10.00 | $ | 13.50 | $ | 12.04 | 35.0 | % | 20.4 | % | $ | 0.310 | ||||||||||||
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Fourth quarter |
$ | 9.96 | $ | 13.94 | $ | 12.44 | 39.9 | % | 24.9 | % | $ | 0.310 | ||||||||||||
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2018 |
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First quarter |
$ | 9.72 | $ | 13.25 | $ | 11.89 | 36.3 | % | 22.3 | % | $ | 0.310 | ||||||||||||
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Second quarter |
$ | 10.22 | $ | 12.97 | $ | 11.99 | 26.9 | % | 17.3 | % | $ | 0.310 | ||||||||||||
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Third quarter |
$ | 10.38 | $ | 13.64 | $ | 12.71 | 31.4 | % | 22.4 | % | $ | 0.330 | (2) | |||||||||||
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Fourth quarter |
$ | 9.90 | $ | 13.28 | $ | 10.63 | 34.1 | % | 7.4 | % | $ | 0.310 | ||||||||||||
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2019 |
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First quarter |
* | $ | 14.04 | $ | 11.23 | * | * | ** | ||||||||||||||||
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Second quarter (through April 23, 2019) |
* | $ | 12.83 | $ | 12.57 | * | * | ** | ||||||||||||||||
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(1) |
NAV per share is generally determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. |
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(2) |
Includes a supplemental distribution of $0.02 per share. |
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* |
NAV has not yet been calculated for this period. |
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** |
Cash distribution per share has not yet been determined for this period. |
The last reported price for our common stock on April 23, 2019 was $12.83 per share.
Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount from NAV or at premiums that are unsustainable over the long term are separate and distinct from the risk that our NAV will decrease. At times, our shares of common stock have traded at a premium to NAV and at times our shares of common stock have traded at a discount to the net assets attributable to those shares. It is not possible to predict whether the shares offered hereby will trade at, above, or below NAV.
(dollars in thousands)
The following tables set forth certain information as of December 31, 2018 regarding each portfolio company in which we had a debt or equity investment. Other than these investments, our only formal relationship with our portfolio companies is the offer to make available significant managerial assistance. In addition, we may receive rights to observe the Board of Directors’ meetings of our portfolio companies. Amounts are presented in thousands.
(dollars in thousands)
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Portfolio Company |
Sub-Industry |
Type of |
Maturity Date |
Interest Rate and Floor(2) |
Principal Amount |
Cost(3) |
Value(4) |
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Debt Investments |
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Biotechnology Tools |
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Under 1 Year Maturity |
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Exicure, Inc. (11) 8045 Lamon Avenue, Suite 410 Skokie, IL 60077 |
Biotechnology Tools |
Senior Secured |
September 2019 |
Interest rate PRIME + 6.45% or Floor rate of 9.95%, 3.85% Exit Fee |
$ | 4,999 | $ | 5,165 | $ | 5,165 | ||||||||||
|
Subtotal: Under 1 Year Maturity |
5,165 | 5,165 | ||||||||||||||||||
|
Subtotal: Biotechnology Tools (0.54%)* |
5,165 | 5,165 | ||||||||||||||||||
|
Consumer & Business Products |
||||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
WHOOP, INC. (12) 1325 Boylston Street, Suite 401 Boston, MA 02251 |
Consumer & Business Products |
Senior Secured |
July 2021 |
Interest rate PRIME + 3.75% or Floor rate of 8.50%, 6.95% Exit Fee |
$ | 6,000 | 6,026 | 5,983 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
6,026 | 5,983 | ||||||||||||||||||
|
Subtotal: Consumer & Business Products (0.63%)* |
6,026 | 5,983 | ||||||||||||||||||
|
Diversified Financial Services |
||||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
Gibraltar Business Capital, LLC. (7) 400 Skokie Blvd #375 Northbrook, IL 60062 |
Diversified Financial Services |
Unsecured |
March 2023 |
Interest rate FIXED 14.50% |
$ | 15,000 | 14,729 | 14,401 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
14,729 | 14,401 | ||||||||||||||||||
|
Subtotal: Diversified Financial Services (1.51%)* |
14,729 | 14,401 | ||||||||||||||||||
|
Drug Delivery |
||||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
AcelRx Pharmaceuticals, Inc. (11) 351 Galveston Drive Redwood City, CA 94063 |
Drug Delivery |
Senior Secured |
March 2020 |
Interest rate PRIME + 6.05% or Floor rate of 9.55%, 11.69% Exit Fee |
$ | 10,936 | 11,926 | 11,842 | ||||||||||||
|
Antares Pharma Inc. (10)(11)(15) 100 Princeton South, Suite 300 Ewing, NJ 08628 |
Drug Delivery |
Senior Secured |
July 2022 |
Interest rate PRIME + 4.50% or Floor rate of 9.25%, 4.25% Exit Fee |
$ | 25,000 | 25,313 | 25,081 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
37,239 | 36,923 | ||||||||||||||||||
|
Subtotal: Drug Delivery (3.86%)* |
37,239 | 36,923 | ||||||||||||||||||
|
Drug Discovery & Development |
||||||||||||||||||||
|
Under 1 Year Maturity |
||||||||||||||||||||
|
Auris Medical Holding, AG (5)(10) Dornacherstrasse 210 CH-4053, Basel Switzerland |
Drug Discovery & Development |
Senior Secured |
February 2019 |
Interest rate PRIME + 6.05% or Floor rate of 9.55%, 5.75% Exit Fee |
$ | 757 | $ | 1,471 | $ | 1,471 | ||||||||||
|
Brickell Biotech, Inc. (12) 5777 Central Ave, Suite 102 Boulder, CO 80301 |
Drug Discovery & Development |
Senior Secured |
September 2019 |
Interest rate PRIME + 5.70% or Floor rate of 9.20%, 7.82% Exit Fee |
$ | 4,808 | 5,281 | 5,281 | ||||||||||||
|
Epirus Biopharmaceuticals, Inc. (8) 99 High Street Boston, MA 02110-2320 |
Drug Discovery & Development |
Senior Secured |
June 2019 |
Interest rate PRIME + 4.70% or Floor rate of 7.95%, 3.00% Exit Fee |
$ | 2,203 | 2,487 | — | ||||||||||||
|
Subtotal: Under 1 Year Maturity |
9,239 | 6,752 | ||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
Acacia Pharma Inc. (10)(11) The Officers' Mess, Royston Rd, Duxford Cambridge, UK CB22 4QH |
Drug Discovery & Development |
Senior Secured |
January 2022 |
Interest rate PRIME + 4.50% or Floor rate of 9.25%, 3.95% Exit Fee |
$ | 10,000 | 9,871 | 9,819 | ||||||||||||
|
Aveo Pharmaceuticals, Inc. (11) One Broadway, 14th Floor Cambridge, MA 02142 |
Drug Discovery & Development |
Senior Secured |
July 2021 |
Interest rate PRIME + 4.70% or Floor rate of 9.45%, 5.40% Exit Fee |
$ | 10,000 | 10,111 | 10,042 | ||||||||||||
|
|
Drug Discovery & Development |
Senior Secured |
July 2021 |
Interest rate PRIME + 4.70% or Floor rate of 9.45%, 3.00% Exit Fee |
$ | 10,000 | 10,220 | 10,157 | ||||||||||||
|
Total Aveo Pharmaceuticals, Inc. |
$ | 20,000 | 20,331 | 20,199 | ||||||||||||||||
|
Axovant Sciences Ltd. (5)(10)(11)(16) 11 Times Square 33rd Floor New York, NY 10036 |
Drug Discovery & Development |
Senior Secured |
March 2021 |
Interest rate PRIME + 6.80% or Floor rate of 10.55% |
$ | 50,219 | 49,485 | 49,286 | ||||||||||||
|
BridgeBio Pharma LLC (13)(16) 421 Kipling Street Palo Alto, CA 94301 |
Drug Discovery & Development |
Senior Secured |
July 2022 |
Interest rate PRIME + 4.35% or Floor rate of 9.35%, 6.35% Exit Fee |
$ | 35,000 | 35,054 | 35,263 | ||||||||||||
|
|
Drug Discovery & Development |
Senior Secured |
July 2022 |
Interest rate PRIME + 3.35% or Floor rate of 9.10%, 5.75% Exit Fee |
$ | 20,000 | 19,904 | 19,904 | ||||||||||||
|
Total BridgeBio Pharma LLC |
$ | 55,000 | 54,958 | 55,167 | ||||||||||||||||
| Portfolio Company | Sub-Industry | Type of Investment(1) |
Maturity Date | Interest Rate and Floor(2) | Principal Amount | Cost(3) | Value(4) | |||||||||||||
|
Chemocentryx, Inc. (10)(15) 850 Maude Avenue Mountain View, CA 94043 |
Drug Discovery & Development |
Senior Secured |
December 2022 |
Interest rate PRIME + 3.30% or Floor rate of 8.05%, 6.25% Exit Fee |
$ | 20,000 | 19,957 | 20,104 | ||||||||||||
|
Genocea Biosciences, Inc. (11) 100 Acorn Park Drive, 5th Floor Cambridge, MA 02140 |
Drug Discovery & Development |
Senior Secured |
May 2021 |
Interest rate PRIME + 2.75% or Floor rate of 7.75%, 10.12% Exit Fee |
$ | 14,000 | 14,937 | 14,788 | ||||||||||||
|
Merrimack Pharmaceuticals, Inc. (12) One Kendall Square, Suite B7201 Cambridge, MA 2139 |
Drug Discovery & Development |
Senior Secured |
August 2021 |
Interest rate PRIME + 4.00% or Floor rate of 9.25%, 5.55% Exit Fee |
$ | 15,000 | 15,024 | 15,024 | ||||||||||||
|
Mesoblast (5)(10)(11) 55 Collins Street Level 38 Melbourne, Victoria, Australia 3000 |
Drug Discovery & Development |
Senior Secured |
March 2022 |
Interest rate PRIME + 4.95% or Floor rate of 9.45%, 6.95% Exit Fee |
$ | 35,000 | 35,346 | 35,190 | ||||||||||||
|
Metuchen Pharmaceuticals LLC (14) 11 Commerce Drive, First Floor Cranford, NJ 07016 |
Drug Discovery & Development |
Senior Secured |
October 2020 |
Interest rate PRIME + 7.25% or Floor rate of 10.75%, PIK Interest 1.35%, 2.25% Exit Fee |
$ | 18,569 | 19,256 | 19,122 | ||||||||||||
|
Motif BioSciences Inc. (5)(10)(11)(15) 125 Park Avenue., 25th Floor New York, NY 10017 |
Drug Discovery & Development |
Senior Secured |
September 2021 |
Interest rate PRIME + 5.50% or Floor rate of 10.00%, 2.15% Exit Fee |
$ | 15,000 | 14,907 | 14,786 | ||||||||||||
|
Myovant Sciences, Ltd. (5)(10)(11) 2000 Sierra Point Parkway, 9th Floor Brisbane, CA 94005 |
Drug Discovery & Development |
Senior Secured |
November 2021 |
Interest rate PRIME + 4.00% or Floor rate of 8.25%, 6.55% Exit Fee |
$ | 40,000 | 40,320 | 40,151 | ||||||||||||
|
Nabriva Therapeutics (5)(10) 25-28 North Wall Quay IFSC, Dublin 1, Ireland 19406 |
Drug Discovery & Development |
Senior Secured |
June 2023 |
Interest rate PRIME + 4.30% or Floor rate of 9.80%, 6.95% Exit Fee |
$ | 25,000 | 24,750 | 24,750 | ||||||||||||
|
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (10)(11)(15)(16) 75 Park Plaza, 4th Floor Boston, MA 02116 |
Drug Discovery & Development |
Senior Secured |
September 2020 |
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee |
$ | 40,000 | 40,882 | 40,472 | ||||||||||||
|
|
Drug Discovery & Development |
Senior Secured |
September 2021 |
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 4.50% Exit Fee |
$ | 10,000 | 10,240 | 10,137 | ||||||||||||
|
|
Drug Discovery & Development |
Senior Secured |
September 2021 |
Interest rate PRIME + 2.75% or Floor rate of 8.50%, 2.25% Exit Fee |
$ | 10,000 | 10,084 | 9,925 | ||||||||||||
|
Drug Discovery & Development |
Senior Secured |
August 2022 |
Interest rate PRIME + 2.10% or Floor rate of 7.85%, 6.95% Exit Fee |
$ | 10,000 | 10,014 | 10,014 | |||||||||||||
|
Total Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) |
$ | 70,000 | 71,220 | 70,548 | ||||||||||||||||
|
Stealth Bio Therapeutics Corp. (5)(10)(11) 275 Grove Street, Suite 3-107 Newton, MA 02466 |
Drug Discovery & Development |
Senior Secured |
January 2021 |
Interest rate PRIME + 5.50% or Floor rate of 9.50%, 6.25% Exit Fee |
$ | 19,313 | 19,740 | 19,597 | ||||||||||||
|
Tricida, Inc. (11)(15) 7000 Shoreline Ct #201 South San Francisco, CA 94080 |
Drug Discovery & Development |
Senior Secured |
March 2022 |
Interest rate PRIME + 3.35% or Floor rate of 8.85%, 8.19% Exit Fee |
$ | 40,000 | 39,622 | 39,794 | ||||||||||||
|
uniQure B.V. (5)(10)(11) Paasheuvelweg 25A Amsterdam, The Netherlands 1105 BP |
Drug Discovery & Development |
Senior Secured |
June 2023 |
Interest rate PRIME + 3.35% or Floor rate of 8.85%, 7.72% Exit Fee |
$ | 35,000 | 35,538 | 35,386 | ||||||||||||
|
Verastem, Inc. (11) 117 Kendrick Street, Suite 500 Needham, MA 02494 |
Drug Discovery & Development |
Senior Secured |
December 2020 |
Interest rate PRIME + 6.00% |
$ | 5,000 | 5,058 | 5,059 | ||||||||||||
|
|
Drug Discovery & Development |
Senior Secured |
December 2020 |
Interest rate PRIME + 6.00% |
$ | 5,000 | 5,082 | 5,083 | ||||||||||||
|
|
Drug Discovery & Development |
Senior Secured |
December 2020 |
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
$ | 5,000 | 5,057 | 5,057 | ||||||||||||
|
Drug Discovery & Development |
Senior Secured |
December 2020 |
Interest rate PRIME + 6.00% or Floor rate of 10.50%, 4.50% Exit Fee |
$ | 10,000 | 10,033 | 9,976 | |||||||||||||
|
Total Verastem, Inc. |
$ | 25,000 | 25,230 | 25,175 | ||||||||||||||||
|
X4 Pharmaceuticals Inc. 955 Massachusetts Ave 4th Floor Cambridge, MA 02139 |
Drug Discovery & Development |
Senior Secured |
November 2021 |
Interest rate PRIME + 4.25% or Floor rate of 9.50%, 7.95% Exit Fee |
$ | 10,000 | 9,746 | 9,746 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
520,238 | 518,632 | ||||||||||||||||||
|
Subtotal: Drug Discovery & Development (54.99%)* |
529,477 | 525,384 | ||||||||||||||||||
|
Electronics & Computer Hardware |
||||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
908 DEVICES INC. (15) 645 Summer St. 2nd floor Boston, MA 02210 |
Electronics & Computer Hardware |
Senior Secured |
September 2020 |
Interest rate PRIME + 4.00% or Floor rate of 8.25%, 4.25% Exit Fee |
$ | 10,000 | $ | 10,145 | $ | 10,155 | ||||||||||
| Portfolio Company | Sub-Industry | Type of Investment(1) |
Maturity Date | Interest Rate and Floor(2) | Principal Amount | Cost(3) | Value(4) | |||||||||||||
|
Glo AB (5)(10)(13)(14) 1225 Bordeaux Drive Sunnyvale, CA 94089 |
Electronics & Computer Hardware |
Senior Secured |
February 2021 |
Interest rate PRIME + 6.20% or Floor rate of 10.45%, PIK Interest 1.75%, 2.95% Exit Fee |
$ | 12,192 | 12,265 | 5,556 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
22,410 | 15,711 | ||||||||||||||||||
|
Subtotal: Electronics & Computer Hardware (1.64%)* |
22,410 | 15,711 | ||||||||||||||||||
|
Healthcare Services, Other |
||||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
Oak Street Health (12) 30 W. Monroe St. Suite 1200 Chicago, IL 60603 |
Healthcare Services, Other |
Senior Secured |
September 2021 |
Interest rate PRIME + 5.00% or Floor rate of 9.75%, 5.95% Exit Fee |
$ | 30,000 | 30,486 | 30,338 | ||||||||||||
|
PH Group Holdings (13)(17) 950 N Glebe Rd., Suite 4000 Arlington, VA 22203 |
Healthcare Services, Other |
Senior Secured |
September 2020 |
Interest rate PRIME + 7.45% or Floor rate of 10.95% |
$ | 20,000 | 19,889 | 19,806 | ||||||||||||
|
|
Healthcare Services, Other |
Senior Secured |
September 2020 |
Interest rate PRIME + 7.45% or Floor rate of 10.95% |
$ | 10,000 | 9,938 | 9,896 | ||||||||||||
|
Total PH Group Holdings |
$ | 30,000 | 29,827 | 29,702 | ||||||||||||||||
|
Subtotal: 1-5 Years Maturity |
60,313 | 60,040 | ||||||||||||||||||
|
Subtotal: Healthcare Services, Other (6.28%)* |
60,313 | 60,040 | ||||||||||||||||||
|
Information Services |
||||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
MDX Medical, Inc. (14)(15)(19) 160 Chubb Avenue, Suite 301 Lyndhurst, NJ 07071 |
Information Services |
Senior Secured |
December 2020 |
Interest rate PRIME + 4.00% or Floor rate of 8.25%, PIK Interest 1.70% |
$ | 15,288 | 15,037 | 14,987 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
15,037 | 14,987 | ||||||||||||||||||
|
Subtotal: Information Services (1.57%)* |
15,037 | 14,987 | ||||||||||||||||||
|
Internet Consumer & Business Services |
||||||||||||||||||||
|
Under 1 Year Maturity |
||||||||||||||||||||
|
LogicSource 20 Marshall Street South Norwalk, CT 06854 |
Internet Consumer & Business Services |
Senior Secured |
October 2019 |
Interest rate PRIME + 6.25% or Floor rate of 9.75%, 5.00% Exit Fee |
$ | 3,099 | $ | 3,486 | $ | 3,486 | ||||||||||
|
The Faction Group LLC (11) 1660 Lincoln St., Suite 1600 Denver, CO 80264 |
Internet Consumer & Business Services |
Senior Secured |
January 2019 |
Interest rate PRIME + 4.75% or Floor rate of 8.25% |
$ | 2,000 | 2,000 | 2,000 | ||||||||||||
|
Subtotal: Under 1 Year Maturity |
5,486 | 5,486 | ||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
AppDirect, Inc. (11)(19) 650 California Street, Fl 25 San Francisco, CA 94108 |
Internet Consumer & Business Services |
Senior Secured |
January 2022 |
Interest rate PRIME + 5.70% or Floor rate of 9.95%, 3.45% Exit Fee |
$ | 20,000 | 20,006 | 19,941 | ||||||||||||
|
Art.com, Inc. (12)(14)(15) 2100 Powell Street 13th Floor Emeryville, CA 94608 |
Internet Consumer & Business Services |
Senior Secured |
April 2021 |
Interest rate PRIME + 5.40% or Floor rate of 10.15%, PIK Interest 1.70%, 1.50% Exit Fee |
$ | 10,117 | 10,020 | 10,028 | ||||||||||||
|
Cloudpay, Inc. (5)(10) Kingsgate House, Newbury Road Andover Hampshire, United Kingdom SP10 4DU |
Internet Consumer & Business Services |
Senior Secured |
April 2022 |
Interest rate PRIME + 4.05% or Floor rate of 8.55%, 6.95% Exit Fee |
$ | 11,000 | 11,017 | 11,020 | ||||||||||||
|
Contentful, Inc. (5)(10)(14) 150 Spear Street, San Francisco, CA 94105 |
Internet Consumer & Business Services |
Senior Secured |
July 2022 |
Interest rate PRIME + 2.95% or Floor rate of 7.95%, PIK Interest 1.25% |
$ | 3,750 | 3,692 | 3,692 | ||||||||||||
|
Convercent, Inc. (14)(15)(17) 5995 Greenwood Plaza Blvd Suite 110 Greenwood Village, CO 80111 |
Internet Consumer & Business Services |
Senior Secured |
July 2022 |
Interest rate PRIME + 2.55% or Floor rate of 7.80%, PIK Interest 2.95%, 1.00% Exit Fee |
$ | 7,500 | 7,419 | 7,419 | ||||||||||||
|
EverFi, Inc. (11)(14)(16) 3299 K Street N.W., 4th Floor Washington, DC 20007 |
Internet Consumer & Business Services |
Senior Secured |
May 2022 |
Interest rate PRIME + 3.90% or Floor rate of 8.65%, PIK Interest 2.30% |
$ | 60,729 | 60,687 | 60,408 | ||||||||||||
|
Fastly, Inc. (17)(19) 475 Brannan St., Suite 300 San Francisco, CA 94107 |
Internet Consumer & Business Services |
Senior Secured |
December 2021 |
Interest rate PRIME + 4.25%, 1.50% Exit Fee |
$ | 6,667 | 6,563 | 6,563 | ||||||||||||
|
First Insight, Inc. (15) 2000 Ericsson Drive, Suite 200 Warrendale, PA 15086 |
Internet Consumer & Business Services |
Senior Secured |
November 2021 |
Interest rate PRIME + 6.25% or Floor rate of 11.25% |
$ | 7,500 | 7,368 | 7,375 | ||||||||||||
|
Greenphire, Inc. (17) 630 Allendale Road, Suite 250 King of Prussia, PA 19406 |
Internet Consumer & Business Services |
Senior Secured |
January 2021 |
Interest rate 3-month LIBOR + 8.00% or Floor rate of 9.00% |
$ | 2,776 | 2,776 | 2,785 | ||||||||||||
|
|
Internet Consumer & Business Services |
Senior Secured |
January 2021 |
Interest rate PRIME + 3.75% or Floor rate of 7.00% |
$ | 1,500 | 1,500 | 1,498 | ||||||||||||
|
Total Greenphire, Inc. |
$ | 4,276 | 4,276 | 4,283 | ||||||||||||||||
|
Intent Media, Inc. (12)(17) 75 Varick St., New York, NY 10013 |
Internet Consumer & Business Services |
Senior Secured |
September 2021 |
Interest rate PRIME + 5.13% or Floor rate of 10.125%, 2.00% Exit Fee |
$ | 12,200 | 12,210 | 12,147 | ||||||||||||
| Portfolio Company | Sub-Industry | Type of Investment(1) |
Maturity Date | Interest Rate and Floor(2) | Principal Amount | Cost(3) | Value(4) | |||||||||||||
|
Interactions Corporation (11)(19) 31 Hayward Street., Suite E Franklin, MA 02038 |
Internet Consumer & Business Services |
Senior Secured |
March 2021 |
Interest rate 3-month LIBOR + 8.60% or Floor rate of 9.85%, 1.75% Exit Fee |
$ | 25,000 | 25,092 | 24,987 | ||||||||||||
|
Postmates, Inc. (17)(19) 201 Third Steet 2nd Floor San Francisco, CA 94105 |
Internet Consumer & Business Services |
Senior Secured |
September 2022 |
Interest rate PRIME + 3.85% or Floor rate of 8.85%, 8.05% Exit Fee |
$ | 20,000 | 19,666 | 19,666 | ||||||||||||
|
RumbleON, Inc. 4521 Sharon Road, Suite 370 Charlotte, NC 28211 |
Internet Consumer & Business Services |
Senior Secured |
May 2021 |
Interest rate PRIME + 5.75% or Floor rate of 10.25%, 4.55% Exit Fee |
$ | 5,000 | 5,018 | 4,984 | ||||||||||||
|
|
Internet Consumer & Business Services |
Senior Secured |
October 2021 |
Interest rate PRIME + 5.75% or Floor rate of 10.25%, 2.95% Exit Fee |
$ | 5,000 | 4,941 | 4,941 | ||||||||||||
|
Total RumbleON, Inc. |
$ | 10,000 | 9,959 | 9,925 | ||||||||||||||||
|
Snagajob.com, Inc. (13)(14) 1919 N Lynn Street, 7th Floor Arlington, VA 22209 |
Internet Consumer & Business Services |
Senior Secured |
July 2020 |
Interest rate PRIME + 5.15% or Floor rate of 9.15%, PIK Interest 1.95%, 2.55% Exit Fee |
$ | 41,841 | 42,139 | 42,075 | ||||||||||||
|
|
Internet Consumer & Business Services |
Senior Secured |
July 2020 |
Interest rate PRIME + 5.65% or Floor rate of 10.65%, PIK Interest 1.95%, 2.55% Exit Fee |
$ | 5,033 | 4,867 | 4,867 | ||||||||||||
|
Total Snagajob.com, Inc. |
$ | 46,874 | 47,006 | 46,942 | ||||||||||||||||
|
Tectura Corporation (7)(8)(9)(14) 951 Old County Road, Suite 2-317 Belmont, CA 94002 |
Internet Consumer & Business Services |
Senior Secured |
June 2021 |
Interest rate FIXED 6.00%, PIK Interest 3.00% |
$ | 20,924 | 20,924 | 18,128 | ||||||||||||
|
|
Internet Consumer & Business Services |
Senior Secured |
June 2021 |
PIK Interest 8.00% |
$ | 10,680 | 240 | — | ||||||||||||
|
Total Tectura Corporation |
$ | 31,604 | 21,164 | 18,128 | ||||||||||||||||
|
The Faction Group LLC (11) 1660 Lincoln St., Suite 1600 Denver, CO 80264 |
Internet Consumer & Business Services |
Senior Secured |
January 2021 |
Interest rate 3-month LIBOR + 9.25% or Floor rate of 10.25% |
$ | 6,667 | 6,667 | 6,653 | ||||||||||||
|
Wheels Up Partners LLC (11) 220 West 42nd Street 16th Floor New York, NY 10036 |
Internet Consumer & Business Services |
Senior Secured |
July 2022 |
Interest rate 3-month LIBOR + 8.55% or Floor rate of 9.55% |
$ | 20,241 | 20,076 | 19,921 | ||||||||||||
|
Xometry, Inc. (13)(17)(19) 7940 Cessna Avenue Gaithersburg, MD 20879 |
Internet Consumer & Business Services |
Senior Secured |
November 2021 |
Interest rate PRIME + 3.95% or Floor rate of 8.45%, 7.09% Exit Fee |
$ | 11,000 | 10,997 | 10,995 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
303,885 | 300,093 | ||||||||||||||||||
|
Subtotal: Internet Consumer & Business Services (31.98%)* |
309,371 | 305,579 | ||||||||||||||||||
|
Media/Content/Info |
||||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
Bustle (14)(15) 315 Park Avenue South 12th Floor New York, NY 10010 |
Media/Content/Info |
Senior Secured |
June 2021 |
Interest rate PRIME + 4.10% or Floor rate of 8.35%, PIK Interest 1.95%, 3.12% Exit Fee |
$ | 15,315 | $ | 15,336 | $ | 15,453 | ||||||||||
|
Subtotal: 1-5 Years Maturity |
15,336 | 15,453 | ||||||||||||||||||
|
Subtotal: Media/Content/Info (1.62%)* |
15,336 | 15,453 | ||||||||||||||||||
|
Medical Devices & Equipment |
||||||||||||||||||||
|
Under 1 Year Maturity |
||||||||||||||||||||
|
Micell Technologies, Inc. (11) 801 Capitola Drive, Suite 1 Durham, NC 27713 |
Medical Devices & Equipment |
Senior Secured |
August 2019 |
Interest rate PRIME + 7.25% or Floor rate of 10.50%, 5.00% Exit Fee |
$ | 2,323 | 2,724 | 2,405 | ||||||||||||
|
Subtotal: Under 1 Year Maturity |
2,724 | 2,405 | ||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
Flowonix Medical, Inc. (11)(14) 500 International Drive, Suite 200 Mount Olive, NJ 07828 |
Medical Devices & Equipment |
Senior Secured |
October 2021 |
Interest rate PRIME + 4.00% or Floor rate of 9.00%, PIK Interest 0.5%, 7.95% Exit Fee |
$ | 15,007 | 14,673 | 14,673 | ||||||||||||
|
Intuity Medical, Inc. (11)(15) 3500 West Warren Avenue. Fremont, CA 94538 |
Medical Devices & Equipment |
Senior Secured |
June 2021 |
Interest rate PRIME + 5.00% or Floor rate of 9.25%, 5.95% Exit Fee |
$ | 17,500 | 17,504 | 17,417 | ||||||||||||
|
Quanta Dialysis Technologies (5)(10) Tything Road Alcester, UK B49 6EU |
Medical Devices & Equipment |
Senior Secured |
April 2020 |
Interest rate PRIME + 8.05% or Floor rate of 11.55%, 5.00% Exit Fee |
$ | 5,806 | 6,324 | 6,344 | ||||||||||||
|
Quanterix Corporation (11) 113 Hartwell Avenue Lexington, MA 02421 |
Medical Devices & Equipment |
Senior Secured |
March 2020 |
Interest rate PRIME + 2.75% or Floor rate of 8.00%, 0.58% Exit Fee |
$ | 7,688 | 7,656 | 7,577 | ||||||||||||
|
Rapid Micro Biosystems, Inc. (11)(15) 1001 Pawtucket Blvd West, Suite 280 Lowell, MA 01854 |
Medical Devices & Equipment |
Senior Secured |
April 2022 |
Interest rate PRIME + 5.15% or Floor rate of 9.65%, 7.25% Exit Fee |
$ | 18,000 | 18,143 | 18,013 | ||||||||||||
|
Sebacia, Inc. (11)(15) 2905 Premiere Parkway, Suite 150 Duluth, GA 30097 |
Medical Devices & Equipment |
Senior Secured |
January 2021 |
Interest rate PRIME + 4.35% or Floor rate of 8.85%, 6.05% Exit Fee |
$ | 11,000 | 11,151 | 11,071 | ||||||||||||
| Portfolio Company | Sub-Industry | Type of Investment(1) |
Maturity Date | Interest Rate and Floor(2) | Principal Amount | Cost(3) | Value(4) | |||||||||||||
|
Transenterix, Inc. (10)(11) 635 Davis Drive, Suite 300 Morrisville, NC 27560 |
Medical Devices & Equipment |
Senior Secured |
June 2022 |
Interest rate PRIME + 4.55% or Floor rate of 9.55%, 6.95% Exit Fee |
$ | 30,000 | 29,972 | 29,852 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
105,423 | 104,947 | ||||||||||||||||||
|
Subtotal: Medical Devices & Equipment (11.24%)* |
108,147 | 107,352 | ||||||||||||||||||
|
Software |
||||||||||||||||||||
|
Under 1 Year Maturity |
||||||||||||||||||||
|
Pollen, Inc. (15) 2000 Shawnee Mission Parkway, Suite 200 Mission Woods, KS 66205 |
Software |
Senior Secured |
April 2019 |
Interest rate PRIME + 4.25% or Floor rate of 8.50%, 4.00% Exit Fee |
$ | 7,000 | 7,214 | 7,214 | ||||||||||||
|
Subtotal: Under 1 Year Maturity |
7,214 | 7,214 | ||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
Abrigo (p.k.a. Banker's Toolbox, Inc.) (13)(18) 4, 12331-B Riata Trace Pkwy #200 Austin, TX 78727 |
Software |
Senior Secured |
March 2023 |
Interest rate 3-month LIBOR + 7.88% or Floor rate of 7.88% |
$ | 39,701 | $ | 38,871 | $ | 38,617 | ||||||||||
|
Businessolver.com, Inc. (16)(17) 1025 Ashworth Road Suite 101 West Des Moines, IA 50265 |
Software |
Senior Secured |
May 2023 |
Interest rate 3-month LIBOR + 7.50% or Floor rate of 7.50% |
$ | 52,913 | 51,958 | 51,417 | ||||||||||||
|
|
Software |
Senior Secured |
May 2023 |
Interest rate 3-month LIBOR + 7.50% or Floor rate of 7.50% |
$ | 2,550 | 2,551 | 2,550 | ||||||||||||
|
Total Businessolver.com, Inc. |
$ | 55,463 | 54,509 | 53,967 | ||||||||||||||||
|
Clarabridge, Inc. (12)(14)(17) 11400 Commerce Park Drive., Suite 500 Reston, VA 20191 |
Software |
Senior Secured |
April 2022 |
Interest rate PRIME + 4.80% or Floor rate of 8.55%, PIK Interest 2.25% |
$ | 42,300 | 41,843 | 41,921 | ||||||||||||
|
Cloudian, Inc. 177 Bovet Road, Suite 450 San Mateo, CA 94402 |
Software |
Senior Secured |
November 2022 |
Interest rate PRIME + 3.25% or Floor rate of 8.25%, 9.75% Exit Fee |
$ | 15,000 | 14,814 | 14,814 | ||||||||||||
|
Couchbase, Inc. (15)(17)(19) 3250 Olcott Street Santa Clara, CA 95054 |
Software |
Senior Secured |
September 2021 |
Interest rate PRIME + 5.25% or Floor rate of 10.75% |
$ | 15,000 | 14,921 | 14,921 | ||||||||||||
|
Credible Behavioral Health, Inc. (14)(17) 1 Choice Hotels Circle, 11th Floor Rockville, MD 20850 |
Software |
Senior Secured |
September 2021 |
Interest rate PRIME + 3.20% or Floor rate of 7.95%, PIK Interest 3.30% |
$ | 7,573 | 7,493 | 7,493 | ||||||||||||
|
Dashlane, Inc. (14)(19) 156 5th Avenue, #504 New York, NY 10010 |
Software |
Senior Secured |
April 2022 |
Interest rate PRIME + 4.05% or Floor rate of 8.55%, PIK Interest 1.10%, 9.25% Exit Fee |
$ | 10,067 | 10,107 | 10,137 | ||||||||||||
|
DocuTAP, Inc. (17) 4701 West Research Drive Suite 102 Sioux Falls, SD 57107 |
Software |
Senior Secured |
October 2023 |
Interest rate 3-month LIBOR + 8.00% or Floor rate of 8.00% |
$ | 14,000 | 13,609 | 13,609 | ||||||||||||
|
Emma, Inc. (17)(18) 9 Lea Avenue Nashville, TN 37210 |
Software |
Senior Secured |
September 2022 |
Interest rate 3-month LIBOR + 8.39% or Floor rate of 8.39% |
$ | 37,037 | 35,858 | 35,251 | ||||||||||||
|
|
Software |
Senior Secured |
September 2022 |
Interest rate 3-month LIBOR + 8.18% or Floor rate of 8.18% |
$ | 6,000 | 5,827 | 5,826 | ||||||||||||
|
Total Emma, Inc. |
$ | 43,037 | 41,685 | 41,077 | ||||||||||||||||
|
Evernote Corporation (14)(15)(17)(19) 305 Walnut Street Redwood City, CA 94063 |
Software |
Senior Secured |
October 2020 |
Interest rate PRIME + 5.45% or Floor rate of 8.95% |
$ | 5,549 | 5,537 | 5,592 | ||||||||||||
|
|
Software |
Senior Secured |
July 2021 |
Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25% |
$ | 4,074 | 4,058 | 4,074 | ||||||||||||
|
|
Software |
Senior Secured |
July 2022 |
Interest rate PRIME + 6.00% or Floor rate of 9.50%, PIK Interest 1.25% |
$ | 5,015 | 4,982 | 4,993 | ||||||||||||
|
Total Evernote Corporation |
$ | 14,638 | 14,577 | 14,659 | ||||||||||||||||
|
Fuze, Inc. (13)(14)(15)(16)(19) 2 Copley Place, Floor 7 Boston, MA 02116 |
Software |
Senior Secured |
July 2021 |
Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.55%, 3.55% Exit Fee |
$ | 51,129 | 51,284 | 51,943 | ||||||||||||
|
Impact Radius Holdings, Inc. (11)(14) 223 East De La Guerra Street Santa Barbara, CA 93101 |
Software |
Senior Secured |
December 2020 |
Interest rate PRIME + 4.25% or Floor rate of 8.75%, PIK Interest 1.55%, 1.75% Exit Fee |
$ | 10,191 | 10,271 | 10,237 | ||||||||||||
|
|
Software |
Senior Secured |
December 2020 |
Interest rate PRIME + 4.25% or Floor rate of 8.75%, PIK Interest 1.55% |
$ | 2,014 | 2,014 | 2,008 | ||||||||||||
|
Total Impact Radius Holdings, Inc. |
$ | 12,205 | 12,285 | 12,245 | ||||||||||||||||
|
Insurance Technologies Corporation (17)(18) 1415 Halsey Way #314 Carrollton, TX 75007 |
Software |
Senior Secured |
March 2023 |
Interest rate 3-month LIBOR + 7.82% or Floor rate of 8.75% |
$ | 12,500 | 12,258 | 12,071 | ||||||||||||
| Portfolio Company | Sub-Industry | Type of Investment(1) |
Maturity Date | Interest Rate and Floor(2) | Principal Amount | Cost(3) | Value(4) | |||||||||||||
|
Lightbend, Inc. (14)(15) 625 Market St 10th Floor San Francisco, CA 94105 |
Software |
Senior Secured |
February 2022 |
Interest rate PRIME + 4.25% or Floor rate of 8.50%, PIK Interest 2.00% |
$ | 16,179 | 15,850 | 15,741 | ||||||||||||
|
Lithium Technologies, Inc. (11)(16)(17) Pier 1, Bay 1A San Francisco, CA 94111 |
Software |
Senior Secured |
October 2022 |
Interest rate 1-month LIBOR + 8.00% or Floor rate of 9.00% |
$ | 12,000 | 11,785 | 11,659 | ||||||||||||
|
|
Software |
Senior Secured |
October 2022 |
Interest rate 1-month LIBOR + 8.00% or Floor rate of 9.00% |
$ | 43,000 | 42,047 | 42,047 | ||||||||||||
|
Total Lithium Technologies, Inc. |
$ | 55,000 | 53,832 | 53,706 | ||||||||||||||||
|
Microsystems Holding Company, LLC (13)(19) 535 Madison Ave., Fl 4 New York, NY 10022 |
Software |
Senior Secured |
July 2022 |
Interest rate 3-month LIBOR + 8.25% or Floor rate of 9.25% |
$ | 12,000 | 11,854 | 11,842 | ||||||||||||
|
Quid, Inc. (14)(15) 600 Harrison Street, Suite 400 San Francisco, CA 94107 |
Software |
Senior Secured |
February 2021 |
Interest rate PRIME + 4.75% or Floor rate of 8.25%, PIK Interest 2.25%, 3.00% Exit Fee |
$ | 8,494 | 8,632 | 8,619 | ||||||||||||
|
RapidMiner, Inc. (12)(14) 10 Milk Street., 11th Floor Boston, MA 02108 |
Software |
Senior Secured |
December 2020 |
Interest rate PRIME + 5.50% or Floor rate of 9.75%, PIK Interest 1.65% |
$ | 7,119 | $ | 7,018 | $ | 6,965 | ||||||||||
|
Regent Education (14) 340 East Patrick Street, Suite 210 Frederick, MD 21701 |
Software |
Senior Secured |
January 2021 |
Interest rate FIXED 10.00%, PIK Interest 2.00%, 6.35% Exit Fee |
$ | 3,092 | 3,115 | 1,579 | ||||||||||||
|
Salsa Labs, Inc. (11)(17) 7200 Wisconsin Avenue, Suite 200 Bethesda, MD 20814 |
Software |
Senior Secured |
April 2023 |
Interest rate 3-month LIBOR + 8.15% or Floor rate of 9.15% |
$ | 6,000 | 5,894 | 5,823 | ||||||||||||
|
Signpost, Inc. (11)(14) 127 W 26th St., Floor 2 New York, NY 10001 |
Software |
Senior Secured |
February 2020 |
Interest rate PRIME + 4.15% or Floor rate of 8.15%, PIK Interest 1.75%, 5.75% Exit Fee |
$ | 15,787 | 16,293 | 16,267 | ||||||||||||
|
ThreatConnect, Inc. (14)(15)(19) 3865 Wilson Blvd., Suite 550 Arlington, VA 22203 |
Software |
Senior Secured |
October 2022 |
Interest rate PRIME + 4.95% or Floor rate of 9.95%, PIK Interest 1.05%, 2.20% Exit Fee |
$ | 7,519 | 7,443 | 7,443 | ||||||||||||
|
Vela Trading Technologies (11)(18) 211 East 43 Street 5th Floor New York, NY 10017 |
Software |
Senior Secured |
July 2022 |
Interest rate 3-month LIBOR + 9.50% or Floor rate of 10.50% |
$ | 19,750 | 19,345 | 19,309 | ||||||||||||
|
YouEarnedIt, Inc. (18) 206 East 9th Street, Floor 18 Austin, TX 78701 |
Software |
Senior Secured |
July 2023 |
Interest rate 1-month LIBOR + 8.66% |
$ | 8,978 | 8,735 | 8,735 | ||||||||||||
|
ZocDoc (11)(19) 568 Broadway Floor 9 New York, NY 10012 |
Software |
Senior Secured |
August 2021 |
Interest rate PRIME + 6.20% or Floor rate of 10.95%, 2.00% Exit Fee |
$ | 30,000 | 30,003 | 29,875 | ||||||||||||
|
Subtotal: 1-5 Years Maturity |
516,270 | 513,378 | ||||||||||||||||||
|
Subtotal: Software (54.49%)* |
523,484 | 520,592 | ||||||||||||||||||
|
Sustainable and Renewable Technology |
||||||||||||||||||||
|
Under 1 Year Maturity |
||||||||||||||||||||
|
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) (6)(14)(19) 150 Linden Street Oakland, CA 94607 |
Sustainable and Renewable Technology |
Senior Secured |
August 2019 |
Interest rate PRIME + 8.70% or Floor rate of 12.95%, 5.00% Exit Fee |
$ | 10,000 | 10,151 | 10,151 | ||||||||||||
|
|
Sustainable and Renewable Technology |
Senior Secured |
February 2019 |
PIK Interest 10.00% |
$ | 649 | 650 | 650 | ||||||||||||
|
|
Sustainable and Renewable Technology |
Senior Secured |
February 2019 |
Interest rate PRIME + 10.70% or Floor rate of 15.70%, PIK Interest 2.00% |
$ | 603 | 603 | 603 | ||||||||||||
|
Total Solar Spectrum LLC |
$ | 11,252 | $ | 11,404 | $ | 11,404 | ||||||||||||||
|
Subtotal: Under 1 Year Maturity |
11,404 | 11,404 | ||||||||||||||||||
|
1-5 Years Maturity |
||||||||||||||||||||
|
FuelCell Energy, Inc. (12) 3 Great Pasture Road Danbury, CT 06810 |
Sustainable and Renewable Technology |
Senior Secured |
April 2020 |
Interest rate PRIME + 5.40% or Floor rate of 9.90%, 6.68% Exit Fee |
$ | 13,091 | 13,362 | 13,330 | ||||||||||||
|
|
Sustainable and Renewable Technology |
Senior Secured |
April 2020 |
Interest rate PRIME + 5.40% or Floor rate of 9.90%, 8.50% Exit Fee |
$ | 11,909 | 11,908 | 11,874 | ||||||||||||
|
Total FuelCell Energy, Inc. |
$ | 25,000 | $ | 25,270 | $ | 25,204 | ||||||||||||||
|
Impossible Foods, Inc. (12)(17) 400 Saginaw Drive Redwood City, CA 94063 |
Sustainable and Renewable Technology |
Senior Secured |
January 2022 |
Interest rate PRIME + 3.95% or Floor rate of 8.95%, 9.00% Exit Fee |
$ | 30,000 | 29,981 | 29,680 | ||||||||||||
|
Metalysis Limited (5)(10)(11) Unit 2, Farfield Park Manvers Way, Wath upon Dearne Rotherham, South Yorkshire, UK S63 5DB |
Sustainable and Renewable Technology |
Senior Secured |
March 2021 |
Interest rate PRIME + 5.00% or Floor rate of 9.25%, 6.95% Exit Fee |
$ | 7,254 | 7,400 | 7,360 | ||||||||||||
| Portfolio Company | Sub-Industry | Type of Investment(1) |
Maturity Date | Interest Rate and Floor(2) | Principal Amount | Cost(3) | Value(4) | |||||||||||||
|
Proterra, Inc. (11)(14) 1 Whitlee Ct. Greenville, SC 29607 |
Sustainable and Renewable Technology |
Senior Secured |
November 2020 |
Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.75%, 5.95% Exit Fee |
$ | 25,484 | 26,775 | 26,888 | ||||||||||||
|
|
Sustainable and Renewable Technology |
Senior Secured |
November 2020 |
Interest rate PRIME + 3.70% or Floor rate of 7.95%, PIK Interest 1.75%, 7.00% Exit Fee |
$ | 5,097 | 5,381 | 5,386 | ||||||||||||
|
Total Proterra, Inc. |
$ | 30,581 | 32,156 | 32,274 | ||||||||||||||||
|
Subtotal: 1-5 Years Maturity |
94,807 | 94,518 | ||||||||||||||||||
|
Subtotal: Sustainable and Renewable Technology (11.09%)* |
106,211 | 105,922 | ||||||||||||||||||
|
Total: Debt Investments (181.43%)* |
1,752,945 | 1,733,492 | ||||||||||||||||||
(dollars in thousands)
|
Portfolio Company |
Sub-Industry |
Type of |
Percentage Ownership |
Series |
Shares |
Cost(3) |
Value(4) |
|||||||||||||||
|
Equity Investments |
||||||||||||||||||||||
|
Communications & Networking |
||||||||||||||||||||||
|
GlowPoint, Inc. (4) 430 Mountain Ave Suite 301 Murray Hill, NJ 7974 |
Communications & Networking |
Equity |
0.23 | % |
Common Stock |
114,192 | $ | 102 | $ | 14 | ||||||||||||
|
Peerless Network Holdings, Inc. 222 South Riverside Plaza, Suite 2730 Chicago, IL 60606 |
Communications & Networking |
Equity |
3.41 | % |
Preferred Series A |
1,135,000 | 1,229 | 4,847 | ||||||||||||||
|
Subtotal: Communications & Networking (0.51%)* |
1,331 | 4,861 | ||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Singulex, Inc. 1701 Harbor Way Parkway, Suite 200 Alameda, CA 94502 |
Diagnostic |
Equity |
0.36 | % |
Common Stock |
937,998 | 750 | 348 | ||||||||||||||
|
Subtotal: Diagnostic (0.04%)* |
750 | 348 | ||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Gibraltar Business Capital, LLC. (7) 400 Skokie Blvd #375 Northbrook, IL 60062 |
Diversified Financial Services |
Equity |
7.26 | % |
Common Stock |
830,000 | 1,884 | 1,688 | ||||||||||||||
|
Diversified Financial Services |
Equity |
92.74 | % |
Preferred Series A |
10,602,752 | 26,122 | 23,402 | |||||||||||||||
|
Total Gibraltar Business Capital, LLC |
11,432,752 | 28,006 | 25,090 | |||||||||||||||||||
|
Subtotal: Diversified Financial Services (2.63%)* |
28,006 | 25,090 | ||||||||||||||||||||
|
Drug Delivery |
||||||||||||||||||||||
|
AcelRx Pharmaceuticals, Inc. (4) 351 Galveston Drive Redwood City, CA 94063 |
Drug Delivery |
Equity |
0.22 | % |
Common Stock |
176,730 | 1,329 | 318 | ||||||||||||||
|
BioQ Pharma Incorporated (15) 1325 Howard St San Francisco, CA 94107 |
Drug Delivery |
Equity |
0.47 | % |
Preferred Series D |
165,000 | 500 | 599 | ||||||||||||||
|
Edge Therapeutics, Inc. (4) 300 Connell Dr., Suite 4000 Berkeley Heights, NJ 07922 |
Drug Delivery |
Equity |
0.16 | % |
Common Stock |
49,965 | 309 | 16 | ||||||||||||||
|
Neos Therapeutics, Inc. (4)(15) 2940 N. Highway 360, Suite 400 Grand Prarie, TX 75050 |
Drug Delivery |
Equity |
0.42 | % |
Common Stock |
125,000 | 1,500 | 206 | ||||||||||||||
|
Subtotal: Drug Delivery (0.12%)* |
3,638 | 1,139 | ||||||||||||||||||||
|
Drug Discovery & Development |
||||||||||||||||||||||
|
Aveo Pharmaceuticals, Inc. (4)(15) One Broadway, 14th Floor Cambridge, MA 02142 |
Drug Discovery & Development |
Equity |
1.52 | % |
Common Stock |
1,901,791 | 1,715 | 3,112 | ||||||||||||||
|
Axovant Sciences Ltd. (4)(5)(10)(16) 11 Times Square 33rd Floor New York, NY 10036 |
Drug Discovery & Development |
Equity |
0.08 | % |
Common Stock |
129,827 | 1,269 | 129 | ||||||||||||||
|
BridgeBio Pharma LLC (16) 421 Kipling Street Palo Alto, CA 94301 |
Drug Discovery & Development |
Equity |
0.20 | % |
Preferred Series D |
1,008,929 | 2,000 | 1,819 | ||||||||||||||
|
Cerecor, Inc. (4) 400 East Pratt Street, Suite 606 Baltimore, MD 21202 |
Drug Discovery & Development |
Equity |
0.29 | % |
Common Stock |
119,087 | 1,000 | 385 | ||||||||||||||
|
Dare Biosciences, Inc. (p.k.a. Cerulean Pharma, Inc.) (4) 35 Gatehouse Drive Waltham, MA 02451 |
Drug Discovery & Development |
Equity |
0.12 | % |
Common Stock |
13,550 | 1,000 | 10 | ||||||||||||||
| Portfolio Company | Sub-Industry | Type of Investment(1) |
Percentage Ownership | Series | Shares | Cost(3) | Value(4) | |||||||||||||||
|
Dicerna Pharmaceuticals, Inc. (4) 87 Cambridge Park Dr Cambridge, MA 02140 |
Drug Discovery & Development |
Equity |
0.23 | % |
Common Stock |
142,858 | 1,000 | 1,527 | ||||||||||||||
|
Dynavax Technologies (4)(10) 2929 Seventh Street, Suite 100 Berkeley, CA 94710 |
Drug Discovery & Development |
Equity |
0.03 | % |
Common Stock |
20,000 | 550 | 183 | ||||||||||||||
|
Eidos Therapeutics, Inc. (4)(10) 101 Montgomery Street, Suite 2550 San Francisco, CA 94104 |
Drug Discovery & Development |
Equity |
0.04 | % |
Common Stock |
15,000 | 255 | 206 | ||||||||||||||
|
Genocea Biosciences, Inc. (4) 100 Acorn Park Drive, 5th Floor Cambridge, MA 02140 |
Drug Discovery & Development |
Equity |
0.26 | % |
Common Stock |
223,463 | 2,000 | 64 | ||||||||||||||
|
Insmed, Incorporated (4) 10 Finderne Ave Building 10 Bridgewater, NJ 8807 |
Drug Discovery & Development |
Equity |
0.09 | % |
Common Stock |
70,771 | 1,000 | 929 | ||||||||||||||
|
Melinta Therapeutics, Inc. (4) 300 TriState International, Suite 272 Lincolnshire, IL 60069 |
Drug Discovery & Development |
Equity |
0.46 | % |
Common Stock |
51,821 | 2,000 | 42 | ||||||||||||||
|
Paratek Pharmaceuticals, Inc. (p.k.a. Transcept Pharmaceuticals, Inc.) (4)(10)(16) 75 Park Plaza, 4th Floor Boston, MA 02116 |
Drug Discovery & Development |
Equity |
0.24 | % |
Common Stock |
76,362 | 2,744 | 392 | ||||||||||||||
|
Rocket Pharmaceuticals, Ltd (p.k.a. Inotek Pharmaceuticals Corporation) (4) 131 Hartwell Ave Suite 105 Lexington, MA 2421 |
Drug Discovery & Development |
Equity |
0.00 | % |
Common Stock |
944 | 1,500 | 14 | ||||||||||||||
|
Tricida, Inc. (4) 7000 Shoreline Ct #201 South San Francisco, CA 94080 |
Drug Discovery & Development |
Equity |
0.25 | % |
Common Stock |
105,260 | 2,000 | 2,481 | ||||||||||||||
|
Subtotal: Drug Discovery & Development (1.18%)* |
20,033 | 11,293 | ||||||||||||||||||||
|
Electronics & Computer Hardware |
||||||||||||||||||||||