10-Q 1 tcpp-20220331x10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


(Mark One)

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

For the Quarterly Period Ended March 31, 2022

OR

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

Commission file number: 001-39958


TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)


Maryland

35-2670395

(State or other jurisdiction of incorporation or
organization)

(IRS Employer Identification No.)

1 N. 1st Street
Suite 302
Phoenix, Arizona

85004

(Address of principal executive offices)

(Zip Code)

(480) 374-5350

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

   

Trading Symbol(s)

   

Name of each exchange on which registered

Common Stock, par value $0.001 per share

TRIN

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes      No   

As of May 5, 2022, the registrant had 38,181,708 shares of common stock ($0.001 par value per share) outstanding.


TRINITY CAPITAL INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022
TABLE OF CONTENTS

PAGE 
NO.

PART I

FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

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

3

Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021 (unaudited)

5

Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)

6

Consolidated Schedule of Investments as of March 31, 2022 (unaudited)

8

Consolidated Schedule of Investments as of December 31, 2021

25

Notes to Consolidated Financial Statements (unaudited)

42

Item 2.

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

76

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

92

Item 4.

Controls and Procedures

93

PART II

OTHER INFORMATION

94

Item 1.

Legal Proceedings

94

Item 1A.

Risk Factors

94

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

95

Item 3.

Defaults Upon Senior Securities

95

Item 4.

Mine Safety Disclosures

95

Item 5.

Other Information

95

Item 6.

Exhibits

96

SIGNATURES

97

2


PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

    

March 31, 

    

December 31, 

2022

2021

 

(Unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $39,167 and $38,994, respectively)

$

28,057

$

32,214

Affiliate investments (cost of $41,621 and $41,609, respectively)

 

28,941

 

32,192

Non-control / Non-affiliate investments (cost of $840,263 and $717,253, respectively)

 

862,350

 

809,064

Total investments (cost of $921,051 and $797,856, respectively)

 

919,348

 

873,470

Cash and cash equivalents

 

28,684

 

31,685

Restricted cash

 

 

15,057

Interest receivable

 

6,482

 

5,551

Deferred credit facility costs

2,188

2,308

Other assets

 

9,237

 

9,047

Total assets

$

965,939

$

937,118

 

  

 

  

LIABILITIES

 

  

 

  

KeyBank Credit Facility

$

134,000

$

81,000

August 2026 Notes, net of $2,535 and $2,679, respectively, of unamortized deferred financing costs

122,465

122,321

2025 Notes, net of $3,319 and $3,616, respectively, of unamortized deferred financing costs

 

121,681

 

121,384

December 2026 Notes, net of $1,749 and $1,842, respectively, of unamortized deferred financing costs

73,251

73,158

Convertible Notes, net of $2,361 and $2,515, respectively, of unamortized deferred financing costs and discount

47,639

47,485

Credit Suisse Credit Facility

10,000

Distribution payable

15,389

9,803

Security deposits

 

11,549

 

10,840

Accounts payable, accrued expenses and other liabilities

 

15,924

 

14,594

Total liabilities

 

541,898

 

490,585

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 27,982,842 and 27,229,541 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)

 

28

 

27

Paid-in capital in excess of par

 

370,570

 

368,609

Distributable earnings/(accumulated loss)

 

53,443

 

77,897

Total net assets

 

424,041

 

446,533

Total liabilities and net assets

$

965,939

$

937,118

NET ASSET VALUE PER SHARE

$

15.15

$

16.40

See accompanying notes to consolidated financial statements.

3


TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

Three Months Ended

    

March 31, 2022

    

March 31, 2021

INVESTMENT INCOME:

 

  

  

 

Interest income:

 

  

  

 

Control investments

$

1,373

$

1,307

Affiliate investments

 

428

 

438

Non-Control / Non-Affiliate investments

 

26,605

 

14,600

Total interest income

28,406

16,345

Fee income:

Non-Control / Non-Affiliate investments

3,439

975

Total fee income

3,439

975

Total investment income

 

31,845

 

17,320

 

  

 

  

EXPENSES:

 

  

 

  

Interest expense and other debt financing costs

 

6,798

 

4,616

Compensation and benefits

 

6,455

 

3,996

Professional fees

832

647

General and administrative

 

1,477

 

750

Total expenses

 

15,562

 

10,009

NET INVESTMENT INCOME BEFORE TAXES

16,283

7,311

 

  

 

  

Excise tax expense

674

58

 

  

 

  

NET INVESTMENT INCOME

 

15,609

 

7,253

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

Control investments

 

 

Affiliate investments

 

 

Non-Control / Non-Affiliate investments

 

52,644

 

2,595

Net realized gain/(loss) from investments

 

52,644

 

2,595

 

  

 

  

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

 

  

 

  

Control investments

 

(4,331)

 

(7,554)

Affiliate investments

 

(3,264)

 

(6,312)

Non-Control / Non-Affiliate investments

 

(69,723)

 

29,342

Net change in unrealized appreciation/(depreciation) from investments

 

(77,318)

 

15,476

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

$

(9,065)

$

25,324

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC

$

0.57

$

0.31

NET INVESTMENT INCOME PER SHARE - DILUTED(1)

$

0.54

0.31

 

  

 

  

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

$

(0.33)

$

1.08

 

  

 

  

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC & DILUTED

27,416,943

23,554,950


(1)Diluted net investment income per share for the three months ended March 31, 2022 has been calculated based on diluted weighted average shares of 30,768,333.

See accompanying notes to consolidated financial statements.

4


TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended March 31, 2022:

    

    

    

    

Distributable

    

Earnings /

Common Stock

Paid In Capital

(Accumulated

Total

Shares

Par Value

in Excess of Par

Loss)

Net Assets

Balance as of December 31, 2021

 

27,229,541

$

27

$

368,609

$

77,897

$

446,533

Issuance of common stock pursuant to distribution reinvestment plan

59,534

1,053

1,053

Stock based compensation

911

911

Issuance of restricted stock awards

704,723

1

(1)

Retired and forefeited shares of restricted stock

(10,956)

(2)

(2)

Distributions to stockholders

 

 

 

 

(15,389)

 

(15,389)

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

 

 

 

 

(9,065)

 

(9,065)

Balance as of March 31, 2022

 

27,982,842

$

28

$

370,570

$

53,443

$

424,041

Three Months Ended March 31, 2021:

    

    

    

    

Distributable

    

Paid In Capital

Earnings /

Common Stock

in Excess of

(Accumulated

Total

Shares

Par Value

Par Value

Loss)

Net Assets

Balance as of December 31, 2020

 

18,321,274

$

18

$

263,366

$

(24,636)

$

238,748

Impact of adoption of ASU 2020-06

 

 

 

(462)

 

 

(462)

Distributions to stockholders

 

 

(7,396)

(7,396)

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

8,006,291

8

104,200

104,208

Issuance of common stock pursuant to distribution reinvestment plan

87,710

1,141

1,141

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

 

 

 

 

25,324

 

25,324

Balance as of March 31, 2021

 

26,415,275

$

26

$

368,245

$

(6,708)

$

361,563


(1)See “Note 1 - Organization and Basis of Presentation”

See accompanying notes to consolidated financial statements.

5


TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three Months Ended

Three Months Ended

 

March 31, 2022

 

March 31, 2021

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

 

  

 

  

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

$

(9,065)

$

25,324

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

 

  

 

Purchase of investments, net of deferred fees

 

(221,179)

 

(86,694)

Proceeds from sales and paydowns of investments

 

158,775

 

66,985

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

 

77,318

 

(15,193)

Net realized gain/(loss) from investments

 

(52,644)

 

(2,595)

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

 

(8,148)

 

(4,593)

Amortization of deferred financing costs

 

808

 

917

Stock-based compensation

911

Change in operating assets and liabilities

 

 

(Increase)/Decrease in interest receivable

 

(931)

 

(456)

(Increase)/Decrease in receivable from sale of investments

1,710

(1,107)

(Increase)/Decrease in other assets

 

(1,960)

 

32

Increase/(Decrease) in security deposits

 

709

 

713

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

 

1,330

 

(3,061)

Net cash provided by/(used in) operating activities

 

(52,366)

 

(19,728)

 

 

  

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

 

 

Disposal/(Acquisition) of fixed assets

 

60

 

(490)

Net cash provided by/(used in) investing activities

 

60

 

(490)

 

  

 

  

Cash flows provided by/(used in) financing activities

 

  

 

  

Issuance of common stock

 

 

112,088

Common stock issuance costs

 

 

(7,880)

Retirement of employee shares

(2)

Cash distributions paid

(8,750)

(3,806)

Borrowings under credit facilities

 

68,000

 

Repayments under credit facilities

(25,000)

(90,000)

Net cash provided by/(used in) financing activities

 

34,248

 

10,402

 

  

 

  

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

 

(18,058)

 

(9,816)

Cash, cash equivalents and restricted cash at beginning of period

 

46,742

 

61,101

Cash, cash equivalents and restricted cash at end of period

$

28,684

$

51,285

Three Months Ended

Three Months Ended

 

March 31, 2022

 

March 31, 2021

Supplemental and non-cash investing and financing activities:

Cash paid for interest

$

5,603

$

4,200

Accrued but unpaid distributions

$

15,389

$

7,396

Distributions reinvested

$

1,053

$

1,141

Income tax, including excise tax, paid

$

310

$

79

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

$

$

(462)

6


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

    

March 31, 2022

March 31, 2021

Cash and cash equivalents

$

28,684

$

36,026

Restricted cash

15,259

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

$

28,684

$

51,285

See accompanying notes to consolidated financial statements.

7


TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (2)

  

Investment Date (3)

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount (5)

  

Cost

Fair Value (6)

Debt Securities- United States

Administrative and Support and Waste Management and Remediation (7)

  

  

  

  

  

Qwick, Inc.

Secured Loan

December 31, 2021

January 1, 2026

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

$

5,000

$

4,933

$

5,083

RTS Holding, Inc.

Secured Loan

December 31, 2021

January 1, 2027

Fixed interest rate 10.5%; EOT 3.0%

$

23,000

$

22,769

$

22,863

SeaOn Environmental, LLC

Equipment Financing⁽¹⁴⁾

January 16, 2020

January 1, 2023

Fixed interest rate 9.0%; EOT 12.0%

$

845

$

1,241

$

1,224

Sub-total: Administrative and Support and Waste Management and Remediation (3.0%)*

  

$

28,845

$

28,943

$

29,170

Agriculture, Forestry, Fishing and Hunting (7)

  

  

  

 

  

 

  

 

  

Bowery Farming, Inc.

Secured Loan⁽¹⁴⁾

September 10, 2021

January 1, 2026

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

$

10,000

$

9,309

$

9,375

Robotany, Inc.

 

Equipment Financing⁽¹⁴⁾

January 16, 2020

January 1, 2024

Fixed interest rate 7.6%; EOT 17.3%

$

1,047

 

$

1,379

$

1,386

Sub-total: Agriculture, Forestry, Fishing and Hunting (1.1%)*

  

$

11,047

$

10,688

$

10,761

Construction (7)

  

  

  

 

  

 

  

 

  

Dandelion Energy, Inc.

 

Equipment Financing

March 17, 2020

April 1, 2024

Fixed interest rate 9.0%; EOT 12.5%

$

299

$

341

$

339

Equipment Financing

October 27, 2020

November 1, 2024

Fixed interest rate 9.2%; EOT 12.5%

388

428

424

Equipment Financing

November 19, 2020

December 1, 2024

Fixed interest rate 9.1%; EOT 12.5%

484

532

526

Equipment Financing

December 29, 2020

January 1, 2025

Fixed interest rate 9.2%; EOT 12.5%

570

621

615

Equipment Financing

March 25, 2021

April 1, 2025

Fixed interest rate 9.1%; EOT 12.5%

1,155

1,234

1,225

Equipment Financing

December 1, 2021

January 1, 2026

Fixed interest rate 8.8%; EOT 12.5%

1,284

1,309

1,311

Total Dandelion Energy, Inc.

4,180

4,465

4,440

Project Frog, Inc. (20)

Secured Loan⁽¹⁴⁾

April 30, 2020

May 1, 2023

Fixed interest rate 12.0%

$

3,450

$

3,415

$

3,192

Sub-total: Construction (0.8%)*

  

$

7,630

$

7,880

$

7,632

Educational Services (7)

Medical Sales Training Holding Company

Secured Loan⁽¹⁴⁾

March 18, 2021

April 1, 2025

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

$

6,000

$

5,999

$

6,008

Secured Loan⁽¹⁴⁾

July 21, 2021

August 1, 2025

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

2,000

1,985

1,994

Total Medical Sales Training Holding Company

8,000

7,984

8,002

Yellowbrick Learning, Inc.

Secured Loan⁽¹⁴⁾

February 1, 2021

September 1, 2025

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

$

7,500

$

7,608

$

7,676

Secured Loan⁽¹⁴⁾

August 10, 2021

March 1, 2026

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

2,500

2,514

2,540

Total Yellowbrick Learning, Inc.

10,000

10,122

10,216

Sub-total: Educational Services (1.9%)*

 

  

$

18,000

$

18,106

$

18,218

8


TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (2)

  

Investment Date (3)

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount (5)

  

Cost

Fair Value (6)

Debt Securities- United States, Continued

Finance and Insurance (7)

  

  

 

  

 

  

 

  

 

  

BoardRE, Inc.

Secured Loan

October 15, 2021

May 1, 2025

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

$

5,000

$

5,003

$

4,905

DailyPay, Inc.

Secured Loan

September 30, 2020

November 1, 2024

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

$

18,115

$

18,577

$

18,684

Secured Loan

December 30, 2020

January 1, 2025

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

4,767

4,874

4,886

Total DailyPay, Inc.

22,882

23,451

23,570

Petal Card, Inc.

Secured Loan

January 16, 2020

October 1, 2024

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

$

10,000

$

10,161

$

10,105

Secured Loan (12)(14)

January 28, 2021

January 1, 2024

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

15,960

15,927

15,981

Secured Loan

August 6, 2021

October 1, 2024

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

7,000

6,907

6,948

Total Petal Card, Inc.

32,960

32,995

33,034

Stilt, Inc.

Secured Loan (12)(14)

February 10, 2022

January 1, 2024

Variable interest rate Prime + 7.3% or Floor rate 11.3% ⁽⁸⁾

4,189

4,328

4,328

Sub-total: Finance and Insurance (6.8%)*

 

  

$

65,031

$

65,777

$

65,837

Health Care and Social Assistance (7)

  

 

  

 

  

 

  

 

  

FemTec Health, Inc.

Secured Loan

December 1, 2021

February 1, 2026

Fixed interest rate 11.0%; EOT 7.5%

$

10,000

$

10,747

$

10,192

Secured Loan

July 23, 2021

September 1, 2022

Fixed interest rate 11.0%

2,151

2,151

2,170

Secured Loan

September 29, 2021

April 1, 2026

Fixed interest rate 11.0%; EOT 7.5%

3,000

3,036

3,047

Total FemTec Health, Inc. (20)

15,151

15,934

15,409

Lark Technologies, Inc.

Secured Loan

September 30, 2020

April 1, 2025

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

$

5,000

$

4,972

$

5,024

Secured Loan

June 30, 2021

January 1, 2026

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

5,000

4,852

4,893

Total Lark Technologies, Inc.

10,000

9,824

9,917

WorkWell Prevention & Care Inc.

Secured Loan⁽¹⁴⁾

January 16, 2020

July 1, 2024

Fixed interest rate 8.0%; EOT 10.0%

$

3,370

$

3,659

$

843

Secured Loan⁽¹⁴⁾

January 16, 2020

July 1, 2024

Fixed interest rate 8.0%

 

700

 

718

 

171

Total WorkWell Prevention & Care Inc. (20)

 

 

4,070

 

4,377

 

1,014

Sub-total: Health Care and Social Assistance (3.0%)*

 

$

29,221

$

30,135

$

26,340

Information (7)

  

 

 

  

 

  

 

  

Firefly Systems, Inc.

Equipment Financing

January 29, 2020

February 1, 2023

Fixed interest rate 9.0%; EOT 10.0%

$

1,667

$

2,150

$

2,122

Equipment Financing

August 28, 2020

September 1, 2023

Fixed interest rate 8.9%; EOT 10.0%

1,799

2,087

2,069

Equipment Financing

September 18, 2020

October 1, 2023

Fixed interest rate 8.8%; EOT 10.0%

222

255

253

Total Firefly Systems, Inc.

3,688

4,492

4,444

Rigetti & Co, Inc.

Secured Loan

March 10, 2021

April 1, 2025

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾

$

12,000

 

$

11,938

$

12,003

Secured Loan

May 18, 2021

June 1, 2025

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾

8,000

7,927

7,971

Secured Loan

November 10, 2021

December 1, 2025

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾

7,000

6,876

6,918

Secured Loan

January 27, 2022

February 1, 2026

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾

5,000

4,982

4,982

Total Rigetti & Co, Inc.

32,000

31,723

31,874

Stratifyd, Inc.

Secured Loan

September 3, 2021

January 1, 2026

Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾

$

6,000

$

5,969

$

6,033

9


TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (2)

  

Investment Date (3)

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount (5)

  

Cost

  

Fair Value (6)

Debt Securities- United States, Continued

Information, Continued (7)

  

 

 

  

 

  

 

  

Whip Networks, Inc.

 

Secured Loan

June 14, 2021

July 1, 2025

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾

$

5,000

 

$

5,009

$

5,036

Secured Loan

September 10, 2021

July 1, 2025

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾

1,000

999

1,004

Secured Loan

February 3, 2022

July 1, 2025

Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾

4,000

3,971

3,971

Total Whip Networks, Inc.

10,000

9,979

10,011

Zuum Transportation, Inc.

Secured Loan

December 17, 2021

January 1, 2027

Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾

$

5,000

$

4,985

$

5,017

Sub-total: Information (8.8%)*

 

  

$

56,688

$

57,148

$

57,379

Management of Companies and Enterprises (7)

Exer Holdings, LLC

Secured Loan

November 19, 2021

December 1, 2026

Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾

$

22,500

$

22,297

$

22,432

Secured Loan

February 18, 2022

December 1, 2026

Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾

7,500

7,414

7,414

Total Exer Holdings, LLC

30,000

29,711

29,846

Sub-total: Management of Companies and Enterprises (3.1%)*

 

  

$

30,000

$

29,711

$

29,846

Manufacturing (7)

  

  

 

  

  

 

  

  

3DEO, Inc.

Equipment Financing

February 23, 2022

March 1, 2025

Fixed interest rate 9.6%; EOT 9.0%

$

3,339

$

3,323

$

3,323

&