UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

 

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

 

For the Quarterly Period Ended March 31, 2020

 

OR

 

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

 

Commission file number: 000-56139

 

 

 

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.)

 

3075 West Ray Road
Suite 525
Chandler, Arizona

85226
(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
None None None

 

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   x   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 x Smaller reporting company ¨
    Emerging growth company x 

 

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   x 

 

As of May 14, 2020, the registrant had 18,049,860 shares of common stock ($0.001 par value per share) outstanding.

 

 

 

 

 

 

TRINITY CAPITAL INC.

FORM 10-Q

 

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, 2020 (unaudited) and December 31, 2019 3
  Consolidated Statement of Operations for the Three Months Ended March 31, 2020 (unaudited) 4
  Consolidated Statement of Changes in Net Assets for the Three Months Ended March 31, 2020 (unaudited) 5
  Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2020 (unaudited) 6
  Consolidated Schedule of Investments as of March 31, 2020 (unaudited) 7
  Notes to Consolidated Financial Statements (unaudited) 18
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 38
Item 3. Quantitative and Qualitative Disclosures About Market Risk 52
Item 4. Controls and Procedures 54
PART II OTHER INFORMATION 54
Item 1. Legal Proceedings 54
Item 1A. Risk Factors 54
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60
Item 3. Defaults Upon Senior Securities 60
Item 4. Mine Safety Disclosures 60
Item 5. Other Information 61
Item 6. Exhibits 61
SIGNATURES 62

 

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, 
    2020    2019 
    (unaudited)      
ASSETS          
Investments at fair value:          
Control investments (cost of $28,440 and $0, respectively)  $21,314   $- 
Affiliate investments (cost of $6,886 and $0, respectively)   5,380    - 
Non-control / Non-affiliate investments (cost of $387,544 and $0, respectively)   371,899    - 
Total investments (cost of $422,870 and $0, respectively)   398,593    - 
Cash and cash equivalents   62,602    - 
Restricted cash   16,883    - 
Interest receivable   3,180    - 
Deferred financing costs   -    3,525 
Deferred offering costs   -    2,677 
Prepaid expenses   122    - 
Other assets   793    - 
Total assets  $482,173   $6,202 
           
LIABILITIES          
Credit facility, net of $3,301 and $0, respectively, of unamortized deferred financing cost  $126,699   $- 
Notes payable, net of $5,309, and $0, respectively, of unamortized deferred financing cost   119,691    - 
Accounts payable and accrued expenses   4,823    5,668 
Due to related party   -    1,058 
Other liabilities   6,397    - 
Total liabilities   257,610    6,726 
           
Commitments and contingencies (Note 6)          
           
NET ASSETS          
Common stock, $0.001 par value per share (200,000,000 authorized, 18,049,860 and 10 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively)   18    - 
Paid-in capital in excess of par   260,120    - 
Distributable earnings (accumulated loss)   (35,575)   (524)
Total net assets   224,563    (524)
Total liabilities and net assets  $482,173   $6,202 
NET ASSET VALUE PER SHARE  $12.44   $(52,418.20)

 

See accompanying notes to consolidated financial statements.

 

 3 

 

 

TRINITY CAPITAL INC.

Consolidated Statement of Operations

(In thousands, except share and per share data)

(Unaudited)

 

   For the Three 
   Months Ended 
   March 31, 2020 
INVESTMENT INCOME:    
Interest income:     
Control investments  $59 
Affiliate investments   116 
Non-Control / Non-Affiliate investments   10,685 
Total investment income   10,860 
      
EXPENSES:     
Interest expense and other debt financing costs   4,269 
Compensation and benefits   1,378 
General and administrative   904 
Total expenses   6,551 
      
NET INVESTMENT INCOME   4,309 
      
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:     
Control investments   - 
Affiliate investments   - 
Non-Control / Non-Affiliate investments   503 
Net realized gain from investments   503 
      
NET CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS:     
Control investments   (7,128)
Affiliate investments   (1,507)
Non-Control / Non-Affiliate investments   (15,642)
Net change in unrealized appreciation/(depreciation)     
    from investments   (24,277)
      
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS BEFORE FORMATION COSTS   (19,465)
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds   (15,586)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS  $(35,051)
      
NET INVESTMENT INCOME PER SHARE - BASIC AND DILUTED  $0.24 
      
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED  $(1.97)
      
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED   17,821,790 

 

See accompanying notes to consolidated financial statements.

 

 4 

 

 

 

TRINITY CAPITAL INC.

Consolidated Statement of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

 

               Distributable     
           Paid In   Earnings     
   Common Stock   Capital in   (Accumulated   Net 
   Shares   Par Value   Excess of Par   Loss)   Assets 
Balance as of December 31, 2019 (audited)   10   $-   $-   $(524)  $(524)
Issuance of shares related to Formation Transaction (1)   9,716,517    10    145,738    -    145,748 
Issuance of common stock, net of issuance costs   8,333,333    8    114,382    -    114,390 
Distributions to stockholders   -    -    -    -    - 
Net decrease in net assets resulting from operations                         
Net investment income   -    -    -    4,309    4,309 
Net realized gain (loss) from investments   -    -    -    503    503 
Net unrealized appreciation (depreciation) from investments   -    -    -    (24,277)   (24,277)
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds   -    -    -    (15,586)   (15,586)
Balance as of March 31, 2020 (unaudited)   18,049,860   $18   $260,120   $(35,575)  $224,563 

 

(1) See “Note 1 - Organization and Basis of Presentation” and “Note 12 - Formation Transactions”.

 

See accompanying notes to consolidated financial statements.

 

 5 

 

 

TRINITY CAPITAL INC.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

 

   For the Three Months Ended 
   March 31, 2020 
Cash flows from operating activities:     
Net decrease in net assets resulting from operations:  $(35,051)
Adjustments to reconcile net decrease in net assets resulting from     
 operations to net cash provided by (used in) operating activities:     
Purchase of investments   (47,739)
Proceeds from sales and paydowns of investments   44,469 
Net change in unrealized depreciation from investments   24,277 
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds   15,586 
Net realized gain from investments   (503)
Accretion of original issue discounts and exit fees on investments   (2,074)
Amortization of deferred financing costs   666 
Depreciation   9 
Change in operating assets and liabilities     
Increase in interest receivable   (2,054)
Increase in other assets   (582)
Increase in accounts payable and accrued liabilities   3,069 
Decrease in due to related party   (1,058)
Increase in other liabilities   2,093 
Net cash provided by operating activities   1,108 
      
Cash flows used in investing activities:     
Formation Transactions of Legacy Funds, net of cash acquired (1)   (89,515)
Acquisition of Trinity Capital Holdings   (2,211)
Acquisition of fixed assets   (10)
Net cash used in investing activities   (91,736)
      
Cash flows provided by (used in) financing activities     
Issuance of common stock   125,000 
Common stock issuance costs   (10,610)
Proceeds from issuance of notes payable   125,000 
Financing costs paid related to notes payable   (5,542)
Borrowings under credit facility   - 
Repayments under credit facility   (60,000)
Financing costs paid related to credit facility   (3,735)
Net cash provided by financing activities   170,113 
      
Net increase in cash, cash equivalents and restricted cash   79,485 
Cash, beginning of period   - 
Cash, cash equivalents and restricted cash at end of period  $79,485 
      
      
Supplemental and non-cash investing and financing activities:     
Cash paid for interest  $3,582 
Shares issued to Trinity Capital Holdings (1)  $8,000 
Assumption of severance liability (1)  $3,508 
Shares issued to the Legacy Investors as part of the Formation Transactions (1)  $137,748 

 

(1) See “Note 1 - Organization and Basis of Presentation” and “Note 12 - Formation Transactions”.        

 

See accompanying notes to consolidated financial statements.

 

 6 

 

 TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)   Industry (2)   Type of Investment (3)   Maturity Date   Interest Rate (4)   Principal
Amount (5)
    Cost     Fair Value (6)  
Debt Securities                                  
                                   
Administrative and Support and Waste Management and Remediation                                    
1-5 Years Maturity                                        
CleanPlanet Chemical, Inc.   Administrative and Support and Waste Management and Remediation Services   Equipment Financing   January 1, 2022   Fixed interest rate 9.2%; EOT 9.0%   $ 2,090     $ 2,333     $ 2,215  
    Administrative and Support and Waste Management and Remediation Services   Equipment Financing   May 1, 2022   Fixed interest rate 9.5%; EOT 9.0%     489       529       506  
    Administrative and Support and Waste Management and Remediation Services   Equipment Financing   August 1, 2022   Fixed interest rate 9.8%; EOT 9.0%     579       616       587  
    Administrative and Support and Waste Management and Remediation Services   Equipment Financing   February 1, 2023   Fixed interest rate 9.8%; EOT 9.0%     1,112       1,123       1,123  
Total CleanPlanet Chemical, Inc.                     4,270       4,601       4,431  
Seaon Environmental, LLC   Administrative and Support and Waste Management and Remediation Services   Equipment Financing   January 1, 2023   Fixed interest rate 9.0%; EOT 5.0%   $ 2,840     $ 2,913     $ 2,696  
Sub-total: 1-5 Years Maturity                   $ 7,110     $ 7,514     $ 7,127  
Sub-total:  Administrative and Support and Waste Management and Remediation (3.2%)*     $ 7,110     $ 7,514     $ 7,127  
                                         
Agriculture, Forestry, Fishing and Hunting 1-5 Years Maturity                                
Bowery Farming, Inc.   Agriculture, Forestry, Fishing and Hunting    Equipment Financing   January 1, 2023   Fixed interest rate 8.5%; EOT 8.5%   $ 3,308     $ 3,492     $ 3,236  
    Agriculture, Forestry, Fishing and Hunting    Equipment Financing   February 1, 2023   Fixed interest rate 8.7%; EOT 8.5%     3,233       3,315       3,351  
    Agriculture, Forestry, Fishing and Hunting    Equipment Financing   May 1, 2023   Fixed interest rate 8.7%; EOT 8.5%     3,912       3,992       4,082  
Total Bowery Farming, Inc.                     10,453       10,799       10,669  
Etagen, Inc.   Agriculture, Forestry, Fishing and Hunting    Secured Loan   August 1, 2023   Fixed interest rate 11.0%; EOT
3.8%
  $ 9,500     $ 9,549       9,298  
Sub-total: 1-5 Years Maturity               $ 19,953     $ 20,348     $ 19,967  
Sub-total:  Agriculture, Forestry, Fishing and Hunting (8.9%)*           $ 19,953     $ 20,348     $ 19,967  
                                         
Construction Less than a Year                                    
Project Frog, Inc. (8)   Construction    Secured Loan   July 1, 2020   Fixed interest rate 8.0%; EOT 8.7%   $ 3,078     $ 3,500     $ 3,202  
Sub-total: Less than a Year             $ 3,078     $ 3,500     $ 3,202  
Sub-total:  Construction (1.4%)*               $ 3,078     $ 3,500     $ 3,202  

 

 7 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)   Industry (2)   Type of Investment (3)   Maturity Date   Interest Rate (4)   Principal
Amount (5)
    Cost     Fair Value (6)  
                                   
                                         
Educational Services 1-5 Years Maturity                                    
Examity, Inc.   Educational Services    Secured Loan   February 1, 2022   Fixed interest rate 11.5%; EOT 8.0%   $ 5,541     $ 5,968     $ 5,901  
    Educational Services    Secured Loan   February 1, 2022   Fixed interest rate 11.5%; EOT 4.0%     2,612       2,704       2,687  
    Educational Services    Secured Loan   January 1, 2023   Fixed interest rate 12.3%; EOT 4.0%     1,134       1,163       1,145  
Total Examity, Inc.                     9,287       9,835       9,733  
Qubed, Inc. dba Yellowbrick   Educational Services    Secured Loan   April 1, 2023   Fixed interest rate 11.5%; EOT 4.0%     2,000       2,012       1,999  
    Educational Services    Secured Loan   October 1, 2023   Fixed interest rate 11.5%; EOT 4.0%     500       495       496  
Total Qubed, Inc. dba Yellowbrick                     2,500       2,507       2,495  
                                         
Sub-total: 1-5 Years Maturity             $ 11,787     $ 12,342     $ 12,228  
Sub-total:  Educational Services (5.4%)*               $ 11,787     $ 12,342     $ 12,228  
                                         
Finance and Insurance Less than a Year                                    
Handle Financial, Inc.   Finance and Insurance    Secured Loan   January 1, 2021   Fixed interest rate 12.0%; EOT 8.0%   $ 4,458     $ 5,187     $ 5,166  
Sub-total: 1-5 Years Maturity                   $ 4,458     $ 5,187     $ 5,166  
                                         
1-5 Years Maturity                                        
Petal Card, Inc.   Finance and Insurance    Secured Loan   December 1, 2023   Fixed interest rate 11.0%; EOT 3.0%     10,000       9,864       9,609  
Sub-total: 1-5 Years Maturity                   $ 10,000     $ 9,864     $ 9,609  
Sub-total:  Finance and Insurance (6.6%)*             $ 14,458     $ 15,051     $ 14,775  
                                         
Health Care and Social Assistance 1-5 Years Maturity                                    
WorkWell Prevention & Care   Health Care and Social Assistance    Secured Loan   March 1, 2024   Fixed interest rate 8.0%; EOT 10.0%   $ 3,370     $ 3,558     $ 3,244  
    Health Care and Social Assistance    Secured Loan   March 1, 2024   Fixed interest rate 8.0%; EOT 10.0%     700       717       669  
Total WorkWell Prevention & Care (7)                     4,070       4,275       3,913  
Sub-total: 1-5 Years Maturity               $ 4,070     $ 4,275     $ 3,913  
Sub-total:  Health Care and Social Assistance (1.7%)*           $ 4,070     $ 4,275     $ 3,913  
                                         
Information Less than a Year                                  
Everalbum, Inc.   Information    Secured Loan   June 1, 2020   Fixed interest rate 11.25%; EOT 0.0%   $ 172     $ 174     $ 192  
Hytrust, Inc.   Information    Secured Loan   May 1, 2020   Fixed interest rate 12.0%; EOT 9.5%     961       1,405       1,386  
Smule, Inc.   Information    Equipment Financing   June 1, 2020   Fixed interest rate 6.3%; EOT 20.0%     223       695       685  
    Information    Equipment Financing   June 1, 2020   Fixed interest rate 19.1%; EOT 19.0%     1       3       3  
Total Smule, Inc.                     224       698       688  
Sub-total: Less than a Year               $ 1,357     $ 2,277     $ 2,266  
                                         
1-5 Years Maturity                                        
EMPYR Inc.   Information    Secured Loan   January 1, 2022   Fixed interest rate 12.0%; EOT 5.0%   $ 1,959     $ 2,047     $ 2,028  
Firefly Systems, Inc.   Information    Equipment Financing   February 1, 2023   Fixed interest rate 9.0%; EOT 10.0%     5,197       4,987       4,987  
Gobiquity, Inc.   Information    Equipment Financing   April 1, 2022   Fixed interest rate 7.5%; EOT 20.0%     461       503       507  
Nexus Systems, LLC.   Information    Secured Loan   July 1, 2023   Fixed interest rate 12.3%; EOT 5.0%     5,000       5,205       4,952  

 

 8 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)   Industry (2)   Type of Investment (3)   Maturity Date   Interest Rate (4)   Principal
Amount (5)
    Cost     Fair Value (6)  
                                   
                                         
Oto Analytics, Inc.   Information    Secured Loan   March 1, 2023   Fixed interest rate 11.5%; EOT 6.0%     10,000       10,237       10,107  
RapidMiner, Inc.   Information    Secured Loan   October 1, 2023   Fixed interest rate 12.0%; EOT 4.0%     10,000       9,910       9,534  
STS Media, Inc. (9)   Information    Secured Loan   April 1, 2022   Fixed interest rate 11.9%; EOT 4.0%     7,824       750       250  
Unitas Global, Inc.   Information    Equipment Financing   August 1, 2021   Fixed interest rate 9.0%; EOT 12.0%     1,403       1,661       1,615  
    Information    Equipment Financing   April 1, 2021   Fixed interest rate 7.8%; EOT 6.0%     204       217       211  
Total Unitas Global, Inc.                     1,607       1,878       1,826  
Sub-total: 1-5 Years Maturity               $ 42,048     $ 35,517     $ 34,191  
Sub-total:  Information (16.2%)*               $ 43,405     $ 37,794     $ 36,457  
                                         
Manufacturing Less than a Year Maturity                                    
BHCosmetics, LLC   Manufacturing    Equipment Financing   March 1, 2021   Fixed interest rate 8.9%; EOT 5.0%   $ 565     $ 605     $ 604  
Impossible Foods, Inc.   Manufacturing    Secured Loan   April 1, 2020   Fixed interest rate 11.0%; EOT 9.5%     146       573       575  
    Manufacturing    Secured Loan   July 1, 2020   Fixed interest rate 11.0%;  EOT 9.5%     384       670       671  
Total Impossible Foods, Inc.                     530       1,243       1,246  
Sub-total: Less than a Year               $ 1,095     $ 1,848     $ 1,850  
                                         
1-5 Years Maturity                                        
Altierre Corporation   Manufacturing    Secured Loan   September 1, 2022   Fixed interest rate 12.0%; EOT 6.6%   $ 12,001     $ 12,330     $ 10,494  
    Manufacturing    Secured Loan   June 1, 2023   Fixed interest rate 12.0%; EOT 0.0%     1,427       1,426       1,184  
Total Altierre Corporation                     13,428       13,756       11,678  
Ay Dee Kay LLC   Manufacturing    Secured Loan   October 1, 2022   Fixed interest rate 11.3%; EOT 3.0%     13,205       13,353       13,213  
BHCosmetics, LLC   Manufacturing    Equipment Financing   April 1, 2021   Fixed interest rate 8.7%; EOT 5.0%     615       651       649  
Exela Pharma Sciences, LLC   Manufacturing    Equipment Financing   October 1, 2021   Fixed interest rate 11.4%; EOT 11.0%     3,787       4,239       4,173  
    Manufacturing    Equipment Loan (20)   January 1, 2022   Fixed interest rate 11.6%; EOT 11.0%     484       643       611  
Total Exela Pharma Sciences, LLC                     4,271       4,882       4,784  
Happiest Baby, Inc.   Manufacturing    Equipment Financing   September 1, 2022   Fixed interest rate 8.4%; EOT 9.5%     1,300       1,346       1,399  
    Manufacturing    Equipment Financing   November 1, 2022   Fixed interest rate 8.6%; EOT 9.5%     1,022       1,047       1,106  
    Manufacturing    Equipment Financing   January 1, 2023   Fixed interest rate 8.6%; EOT 9.5%     958       970       1,028  
    Manufacturing    Equipment Financing   June 1, 2023   Fixed interest rate 8.6%; EOT 9.5%     1,146       1,155       1,155  
Total Happiest Baby, Inc.                     4,426       4,518       4,688  
Health-Ade, LLC   Manufacturing    Equipment Financing   January 1, 2022   Fixed interest rate 9.4%; EOT 15.0%     2,226       2,609       2,567  
    Manufacturing    Equipment Financing   April 1, 2022   Fixed interest rate 8.6%; EOT 15.0%     1,215       1,379       1,347  
    Manufacturing    Equipment Financing   July 1, 2022   Fixed interest rate 9.1%; EOT 15.0%     2,839       3,133       3,050  

 

 9 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)   Industry (2)   Type of Investment (3)   Maturity Date   Interest Rate (4)   Principal
Amount (5)
    Cost     Fair Value (6)  
                                   
                                         
Total Health-Ade, LLC                     6,280       7,121       6,964  
Impossible Foods, Inc.   Manufacturing    Secured Loan   October 1, 2021   Fixed interest rate 11.0%; EOT 9.5%     2,445       2,758       2,928  
Robotany, Inc.   Manufacturing    Equipment Financing   August 1, 2022   Fixed interest rate 8.0%; EOT 15.0%     1,900       1,993       1,824  
Vertical Communications, Inc.   Manufacturing    Secured Loan   March 1, 2022   Fixed interest rate 12.0%; EOT 6.5%     8,000       8,246       8,067  
    Manufacturing    Secured Loan   March 1, 2022   Fixed interest rate 12.0%; EOT 6.5%     1,000       1,074       1,044  
    Manufacturing    Secured Loan   March 1, 2022   Fixed interest rate 12.0%; EOT 6.5%     500       500       486  
    Manufacturing    Secured Loan   March 1, 2022   Fixed interest rate 15.8%; EOT 6.5%     500       500       486  
    Manufacturing    Secured Loan   March 1, 2022   Fixed interest rate 15.8%; EOT 8.5%     2,000       2,000       1,944  
Total Vertical Communications, Inc. (7)                     12,000       12,320       12,027  
Zosano Pharma Corporation   Manufacturing    Equipment Financing   October 1, 2021   Fixed interest rate 9.4%; EOT 12.0%     2,676       3,025       2,863  
    Manufacturing    Equipment Financing   January 1, 2022   Fixed interest rate 9.7%; EOT 12.0%     1,731       1,889       1,803  
    Manufacturing    Equipment Financing   July 1, 2022   Fixed interest rate 9.9%; EOT 12.0%     1,787       1,850       1,826  
    Manufacturing   Equipment Financing   October 1, 2022   Fixed interest rate 9.9%; EOT 12.0%     1,962       1,987       1,997  
    Manufacturing   Equipment Financing   December 1, 2022   Fixed interest rate 10.5%; EOT 12.0%     1,435       1,475       1,443  
Total Zosano                     9,591       10,226       9,932  
Sub-total: 1-5 Years Maturity               $ 68,161     $ 71,578     $ 68,687  
Sub-total:  Manufacturing (31.4%)*               $ 69,256     $ 73,426     $ 70,537  
                                         
Professional, Scientific, and Technical Services Less than a Year                                    
E La Carte, Inc.   Professional, Scientific, and Technical Services   Secured Loan   January 1, 2021   Fixed interest rate 12.0%; EOT 9.4%   $ 3,146     $ 3,999     $ 3,927  
Machine Zone, Inc.   Professional, Scientific, and Technical Services   Equipment Financing   August 1, 2019   Fixed interest rate 6.6%; EOT 20%     -       357       357  
    Professional, Scientific, and Technical Services   Equipment Financing   December 1, 2019   Fixed interest rate 6.0%; EOT 19.8%     -       202       202  
Total Machine Zone, Inc. (17)                     -       559       559  
Sub-total: Less than a Year               $ 3,146     $ 4,558     $ 4,486  
                                         
1-5 Years Maturity                                        
Augmedix, Inc.   Professional, Scientific, and Technical Services   Secured Loan   April 1, 2023   Fixed interest rate 12.0%; EOT 6.5%   $ 9,422     $ 9,295     $ 9,259  
BackBlaze, Inc.   Professional, Scientific, and Technical Services   Equipment Financing   January 1, 2023   Fixed interest rate 7.2%; EOT 11.5%     1,215       1,297       1,299  
    Professional, Scientific, and Technical Services   Equipment Financing   April 1, 2023   Fixed interest rate 7.4%; EOT 11.5%     152       160       160  
    Professional, Scientific, and Technical Services   Equipment Financing   June 1, 2023   Fixed interest rate 7.4%; EOT 11.5%     1,154       1,203       1,201  
    Professional, Scientific, and Technical Services   Equipment Financing   August 1, 2023   Fixed interest rate 7.5%; EOT 11.5%     226       233       233  
    Professional, Scientific, and Technical Services   Equipment Financing   September 1, 2023   Fixed interest rate 7.7%; EOT 11.5%     230       237       236  
    Professional, Scientific, and Technical Services   Equipment Financing   October 1, 2023   Fixed interest rate 7.5%; EOT 11.5%     230       236       234  
    Professional, Scientific, and Technical Services   Equipment Financing   November 1, 2023   Fixed interest rate 7.2%; EOT 11.5%     766       787       779  

 

 10 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)   Industry (2)   Type of Investment (3)   Maturity Date   Interest Rate (4)   Principal
Amount (5)
    Cost     Fair Value (6)  
                                   
                                         
    Professional, Scientific, and Technical Services   Equipment Financing   December 1, 2023   Fixed interest rate 7.5%; EOT 11.5%     1,007       1,027       1,029  
    Professional, Scientific, and Technical Services   Equipment Financing   January 1, 2024   Fixed interest rate 7.5%; EOT 11.5%     873       886       886  
    Professional, Scientific, and Technical Services   Equipment Financing   January 1, 2024   Fixed interest rate 7.4%; EOT 11.5%     886       896       896  
    Professional, Scientific, and Technical Services   Equipment Financing   February 1, 2024   Fixed interest rate 7.2%; EOT 11.5%     767       774       774  
    Professional, Scientific, and Technical Services   Equipment Financing   April 1, 2024   Fixed interest rate 7.4%; EOT 11.5%     232       232       232  
Total BackBlaze, Inc.                     7,738       7,968       7,959  
                                         
Cuebiq, Inc.   Professional, Scientific, and Technical Services   Secured Loan   April 1, 2024   Variable interest rate PRIME + 7.25% or Floor rate 12%; EOT 5.0% (19)     5,000       4,957       4,957  
Edeniq, Inc.   Professional, Scientific, and Technical Services   Secured Loan   June 1, 2021   Fixed interest rate 13.0%; EOT 9.5%     3,817       1,880       1,463  
    Professional, Scientific, and Technical Services   Secured Loan   September 1, 2021   Fixed interest rate 13.0%; EOT 9.5%     2,868       1,348       1,050  
Total Edeniq, Inc. (7) (9)                     6,685       3,228       2,513  
Footprint, Inc.   Professional, Scientific, and Technical Services   Equipment Financing   March 1, 2024   Fixed interest rate 10.3%; EOT 8.0%     17,624       17,621       17,621  
Hologram Inc.   Professional, Scientific, and Technical Services   Secured Loan   February 1, 2024   Variable interest rate PRIME + 6.25% or Floor rate 11.25%; EOT 5.0% (19)     3,000       2,948       2,948  
iHealth Solutions, LLC   Professional, Scientific, and Technical Services   Secured Loan   April 1, 2022   Fixed interest rate 12.5%; EOT 5.0%     4,000       4,160       4,037  
Incontext Solutions, Inc.   Professional, Scientific, and Technical Services   Secured Loan   October 1, 2022   Fixed interest rate 11.8%; EOT 5.0%     6,168       6,199       5,925  
Matterport, Inc.   Professional, Scientific, and Technical Services   Secured Loan   May 1, 2022   Fixed interest rate 11.5%; EOT 5.0%     7,557       7,842       7,715  
Pendulum Therapeutics, Inc.   Professional, Scientific, and Technical Services   Equipment Financing   May 1, 2023   Fixed interest rate 7.7%; EOT 5.0%     447       411       394  
    Professional, Scientific, and Technical Services   Equipment Financing   September 1, 2023   Fixed interest rate 7.8%; EOT 5.0%     2,614       2,629       2,629  
    Professional, Scientific, and Technical Services   Equipment Financing   November 1, 2023   Fixed interest rate 7.7%; EOT 5.0%     763       764       764  
Total Pendulum Therapeutics, Inc.                     3,824       3,804       3,787  
SQL Sentry, LLC   Professional, Scientific, and Technical Services    Secured Loan   August 1, 2023   Fixed interest rate 11.5%; EOT 3.5%     15,000       15,400       14,823  
Sun Basket, Inc.   Professional, Scientific, and Technical Services    Secured Loan   May 1, 2022   Fixed interest rate 11.7%; EOT 5.0%     11,346       11,770       11,695  
Utility Associates, Inc. (9)   Professional, Scientific, and Technical Services    Secured Loan   September 30, 2023   Fixed interest rate 11.0%; EOT 0.0%     750       830       558  
Vidsys, Inc.   Professional, Scientific, and Technical Services    Secured Loan   November 1, 2020   Fixed interest rate 12.0% (8.0% current + 4.0% PIK); EOT 0.0% (18)      5,223       4,920       3,418  
    Professional, Scientific, and Technical Services    Secured Loan   October 1, 2023   Fixed interest rate 0.0%; EOT 0.0%     1,600       -       -  
Total Vidsys, Inc.                     6,823       4,920       3,418  
Sub-total: 1-5 Years Maturity               $ 104,937     $ 100,942     $ 97,215  
Sub-total:  Professional, Scientific, and Technical Services (45.3%)*       $ 108,083     $ 105,500     $ 101,701  

 

 11 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)   Industry (2)   Type of Investment (3)   Maturity Date   Interest Rate (4)   Principal
Amount (5)
    Cost     Fair Value (6)  
                                   
                                         
Real Estate and Rental and Leasing 1-5 Years Maturity                                    
Knockaway, Inc.   Real Estate and Rental and Leasing    Secured Loan   June 1, 2023   Fixed interest rate 11.0%; EOT 3.0%   $ 10,000     $ 10,001     $ 9,659  
    Real Estate and Rental and Leasing    Secured Loan   August 1, 2023   Fixed interest rate 11.0%; EOT 3.0%     2,500       2,493       2,451  
    Real Estate and Rental and Leasing    Secured Loan   September 1, 2023   Fixed interest rate 11.0%; EOT 3.0%     2,500       2,489       2,448  
Total Knockaway, Inc.                     15,000       14,983       14,558  
                                         
Wanderjaunt, Inc.   Real Estate and Rental and Leasing    Equipment Financing   June 1, 2023   Fixed interest rate 10.2%; EOT 12.0%     489       449       399  
    Real Estate and Rental and Leasing    Equipment Financing   August 1, 2023   Fixed interest rate 10.2%; EOT 12.0%     1,499       1,520       1,520  
Total Wanderjaunt, Inc.                     1,988       1,969       1,919  
                                         
Sub-total: 1-5 Years Maturity               $ 16,988     $ 16,952     $ 16,477  
Sub-total:  Real Estate and Rental and Leasing (7.3%)*           $ 16,988     $ 16,952     $ 16,477  
                                         
Retail Trade 1-5 Years Maturity                                    
Birchbox, Inc.   Retail Trade    Secured Loan   April 1, 2023   Fixed interest rate 9.0% (4.5% current, 4.5% PIK); EOT 5.0% (18)   $ 20,196     $ 20,523     $ 19,657  
Gobble, Inc.   Retail Trade    Secured Loan   July 1, 2023   Fixed interest rate 11.3%; EOT 6.0%     3,962       3,974       3,814  
    Retail Trade    Secured Loan   July 1, 2023   Fixed interest rate 11.5%; EOT 6.0%     1,988       1,995       1,943  
Total Gobble Inc.                     5,950       5,969       5,757  
Madison Reed, Inc.   Retail Trade    Secured Loan   October 1, 2022   Fixed interest rate 12.0%; EOT 5.3%     10,000       10,314       10,293  
Miyoko's Kitchen   Retail Trade    Equipment Financing   September 1, 2022   Fixed interest rate 8.8%; EOT 9.0%     815       812       812  
UnTuckIt, Inc.   Retail Trade    Secured Loan   June 1, 2023   Fixed interest rate 12.0%; EOT 5.0%     20,000       21,126       19,567  
Sub-total: 1-5 Years Maturity               $ 56,961     $ 58,744     $ 56,086  
Sub-total:  Retail Trade (25.0%)*               $ 56,961     $ 58,744     $ 56,086  
                                         
Utilities 1-5 Years Maturity                                    
Invenia, Inc.   Utilities    Secured Loan   January 1, 2023   Fixed interest rate 11.5%; EOT 5.0%   $ 8,577     $ 9,062     $ 8,879  
    Utilities    Secured Loan   May 1, 2023   Fixed interest rate 11.5%; EOT 5.0%     4,000       4,216       4,188  
    Utilities    Secured Loan   January 1, 2024   Fixed interest rate 11.5%; EOT 5.0%     3,000       3,014       3,121  
    Utilities    Secured Loan   February 1, 2024   Fixed interest rate 11.5%; EOT 5.0%     4,000       4,052       4,052  
Total Invenia, Inc. (23)                   $ 19,577     $ 20,344     $ 20,240  
Dandelion Energy, Inc.   Utilities    Equipment Financing   April 1, 2024   Fixed interest rate 9.0%; EOT 12.5%   $ 550     $ 531     $ 531  
Sub-total: 1-5 Years Maturity               $ 20,127     $ 20,875     $ 20,771  
Sub-total:  Utilities (9.2%)*               $ 20,127     $ 20,875     $ 20,771  
                                         
Wholesale Trade 1-5 Years Maturity                                    
BaubleBar, Inc.   Wholesale Trade    Secured Loan   April 1, 2021   Fixed interest rate 11.5%; EOT 7.0%   $ 6,842     $ 7,558     $ 7,263  
Sub-total: 1-5 Years Maturity               $ 6,842     $ 7,558     $ 7,263  
Sub-total:  Wholesale Trade (3.2%)               $ 6,842     $ 7,558     $ 7,263  
                                         
Total:  Debt Securities (165.0%)*               $ 382,118     $ 383,879     $ 370,504  

 

 12 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)  Industry (2)  Type of
Investment (3)
  Expiration
Date
  Series  Shares   Strike
Price
   Cost   Fair
Value (6)
 
Warrant Investments                            
                             
Agriculture, Forestry, Fishing and Hunting                                
Bowery Farming, Inc.  Agriculture, Forestry, Fishing and Hunting   Warrant  June 10, 2029  Common Stock   68,863   $5.08   $410   $395 
                                 
Etagen, Inc.  Agriculture, Forestry, Fishing and Hunting   Warrant  July 9, 2029  Common Stock   140,186   $1.15    283    354 
                                 
Sub-Total:  Agriculture, Forestry, Fishing and Hunting (0.3%)*                        $693   $749 
                                 
Construction                                
Project Frog, Inc. (8)  Construction   Warrant  July 26, 2026  Preferred Series AA   391,990   $0.19   $18   $9 
                                 
Sub-Total:  Construction (0.0%)*                        $18   $9 
                                 
Educational Services                                
Qubed, Inc. dba Yellowbrick  Educational Services   Warrant  September 28, 2028  Common Stock   526,316   $0.38   $120   $158 
                                 
Sub-Total:  Educational Services (0.1%)*                        $120   $158 
                                 
Finance and Insurance                                
Petal Card, Inc.  Finance and Insurance   Warrant  November 27, 2029  Preferred Series B   250,268    TBD(22)   $147   $143 
                                 
RM Technologies, Inc.  Finance and Insurance   Warrant  December 18, 2027  Preferred Series B   234,421   $3.88    285    117 
                                 
Sub-Total:  Finance and Insurance (0.1%)*                        $432   $260 
                                 
Health Care and Social Assistance                                
Galvanize, Inc. (21)  Health Care and Social Assistance   Warrant  May 17, 2026  Preferred Series B   1,564,537   $1.57   $-   $- 
                                 
Sub-Total:  Health Care and Social Assistance (0.0%)*                        $-   $- 
                                 
Information                                
Convercent, Inc.  Information   Warrant  November 30, 2025  Preferred Series 1   3,139,579   $0.16   $925   $478 
                                 
EMPYR, Inc. (21)  Information   Warrant  March 31, 2028  Common Stock   935,198   $0.07    -    - 
                                 
Everalbum, Inc.  Information   Warrant  July 29, 2026  Preferred Series A   851,063   $0.10    25    24 
                                 
Firefly, Inc.  Information   Warrant  January 29, 2030  Common Stock   133,147         282    282 
                                 
Gtxcel, Inc.  Information   Warrant  September 24, 2025  Preferred Series C   1,000,000   $0.21    166    162 
   Information   Warrant  September 24, 2025  Preferred Series D   TBD(22)   TBD(22)    -    - 
Total Gtxcel, Inc.                         166    162 
                                 
Hytrust, Inc.  Information   Warrant  June 23, 2026  Preferred Series D2   424,808   $0.82    172    - 
                                 
Lucidworks, Inc.  Information   Warrant  June 27, 2026  Preferred Series D   619,435   $0.77    806    535 
                                 
Market6  Information   Warrant  November 19, 2020  Preferred Series B   53,410   $1.65    29    - 
                                 
Oto Analytics, Inc.  Information   Warrant  August 31, 2028  Preferred Series B   1,018,718   $0.79    295    232 
                                 
RapidMiner, Inc.  Information   Warrant  March 25, 2029  Preferred Series C-1   11,624   $60.22    528    498 
                                 
STS Media, Inc. (21)  Information   Warrant  March 15, 2028  Preferred Series C   20,210   $24.74    -    - 
                                 
Sub-Total:  Information (1.0%)*                        $3,228   $2,211 
                                 
Manufacturing                                
Altierre Corporation  Manufacturing   Warrant  December 30, 2026  Preferred Series F   1,200,000   $0.35   $24   $- 
   Manufacturing   Warrant  February 12, 2028  Preferred Series F   400,000   $0.35    8    - 
Total Altierre Corporation                         32    - 
                                 
Atieva, Inc.  Manufacturing   Warrant  March 31, 2027  Preferred Series D   390,016   $5.13    3,067    2,490 
   Manufacturing   Warrant  September 8, 2027  Preferred Series D   195,008   $5.13    1,533    1,261 
Total Atieva, Inc.                         4,600    3,751 
                                 
Ay Dee Kay LLC  Manufacturing   Warrant  March 30, 2028  Preferred Series G   6,250   $35.42    23    - 
                                 
Happiest Baby, Inc.  Manufacturing   Warrant  May 16, 2029  Common Stock   182,554   $0.33    193    157 
                                 
Hexatech, Inc. (21)  Manufacturing   Warrant  April 2, 2022  Preferred Series A   226   $2.77    -    4 
                                 
Lensvector, Inc.  Manufacturing   Warrant  December 30, 2021  Preferred Series C   85,065   $1.18    32    - 
                                 
Nanotherapeutics, Inc.  Manufacturing   Warrant  November 14, 2021  Common Stock   67,961   $1.03    1,122    1,171 
                                 
Robotany, Inc.  Manufacturing   Warrant  July 19, 2029  Common Stock   23,579   $1.52    129    - 
                                 
SBG Labs, Inc.  Manufacturing   Warrant  June 29, 2023  Preferred Series A-1   42,857   $0.70    13    19 
   Manufacturing   Warrant  September 18, 2024  Preferred Series A-1   25,714   $0.70    8    5 
   Manufacturing   Warrant  January 14, 2024  Preferred Series A-1   21,492   $0.70    7    10 
   Manufacturing   Warrant  March 24, 2025  Preferred Series A-1   12,155   $0.70    4    5 
   Manufacturing   Warrant  October 10, 2023  Preferred Series A-1   11,150   $0.70    4    3 
   Manufacturing   Warrant  May 6, 2024  Preferred Series A-1   11,145   $0.70    4    11 
   Manufacturing   Warrant  June 9, 2024  Preferred Series A-1   7,085   $0.70    2    5 
   Manufacturing   Warrant  May 20, 2024  Preferred Series A-1   342,857   $0.70    110    153 
   Manufacturing   Warrant  March 26, 2025  Preferred Series A-1   200,000   $0.70    65    89 
Total SBG Labs, Inc.                         217    300 

 

 13 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Soraa, Inc.  Manufacturing   Warrant  August 21, 2023  Preferred Series 1   192,000   $5.00    498    335 
   Manufacturing   Warrant  February 18, 2024  Preferred Series 2   60,000   $5.00    165    111 
Total Soraa, Inc.                         663    446 
                                 
Vertical Communications, Inc. (7) (21)  Manufacturing   Warrant  July 11, 2026  Preferred Series A   828,479   $1.00    -    - 
                                 
Zosano Pharma Corporation  Manufacturing   Warrant  September 25, 2025  Common Stock   75,000   $3.59    69    17 
                                 
Sub-Total:  Manufacturing (2.6%)*                        $7,080   $5,846 
                                 
Professional, Scientific, and Technical Services                                
Augmedix, Inc.  Professional, Scientific, and Technical Services   Warrant  September 3, 2029  Preferred Series B   1,379,028   $1.21   $449   $364 
                                 
Continuity, Inc.  Professional, Scientific, and Technical Services   Warrant  March 29, 2026  Preferred Series C   794,403   $0.25    21    21 
   Professional, Scientific, and Technical Services  Warrant (21)  March 29, 2026  Preferred Series C   794,403   $0.25    -    - 
Total Continuity, Inc.                         21    21 
                                 
Crowdtap, Inc.  Professional, Scientific, and Technical Services   Warrant  December 16, 2025  Preferred Series B   442,233   $1.09    42    41 
   Professional, Scientific, and Technical Services   Warrant  November 30, 2027  Preferred Series B   100,000   $1.09    9    9 
Total Crowdtap, Inc.                         51    50 
                                 
Dynamics, Inc.  Professional, Scientific, and Technical Services   Warrant  March 10, 2024  Common Stock   17,000   $10.59    86    - 
                                 
E La Carte, Inc.  Professional, Scientific, and Technical Services   Warrant  July 28, 2027  Common Stock   497,183   $0.30    185    130 
   Professional, Scientific, and Technical Services   Warrant  July 28, 2027  Preferred Series A   106,841   $7.49    14    11 
   Professional, Scientific, and Technical Services   Warrant  July 28, 2027  Preferred Series AA-1   104,284   $7.49    14    11 
Total E La Carte, Inc.                         213    152 
                                 
Edeniq, Inc.  Professional, Scientific, and Technical Services   Warrant  December 23, 2026  Preferred Series B   2,685,501   $0.22    -    - 
    Professional, Scientific, and Technical Services   Warrant  December 23, 2026  Preferred Series B   2,184,672   $0.01    -    - 
    Professional, Scientific, and Technical Services   Warrant  March 12, 2028  Preferred Series C   5,106,972   $0.44    -    - 
    Professional, Scientific, and Technical Services   Warrant  October 15, 2028  Preferred Series C   3,850,294   $0.01    -    - 
Total Edeniq, Inc. (7)(21)                         -    - 
                                 
Fingerprint Digital, Inc.  Professional, Scientific, and Technical Services   Warrant  April 29, 2026  Preferred Series B   48,102   $10.39    165    161 
                                 
Footprint, Inc.  Professional, Scientific, and Technical Services   Warrant  February 14, 2030  Common Stock   26,852   $0.31    5    5 
                                 
Hologram, Inc.  Professional, Scientific, and Technical Services   Warrant  January 27, 2030  Common Stock   193,054   $1.37    49    49 
                                 
Hospitalists Now, Inc.  Professional, Scientific, and Technical Services   Warrant  March 30, 2026  Preferred Series D2   135,807   $5.89    71    57 
   Professional, Scientific, and Technical Services   Warrant  December 6, 2026  Preferred Series D2   750,000   $5.89    391    314 
Total Hospitalists Now, Inc.                         462    371 
                                 
Incontext Solutions, Inc.  Professional, Scientific, and Technical Services   Warrant  September 28, 2028  Preferred Series AA-1   332,858   $1.47    34    - 
                                 
Matterport, Inc.  Professional, Scientific, and Technical Services   Warrant  April 20, 2028  Common Stock   143,813   $1.43    434    407 
                                 
Pendulum Therapeutics, Inc.  Professional, Scientific, and Technical Services   Warrant  October 9, 2029  Preferred Series D2   55,263   $1.90    44    43 
                                 
Resilinc, Inc.  Professional, Scientific, and Technical Services   Warrant  December 15, 2025  Preferred Series A   589,275   $0.51    40    39 
                                 
Reterro, Inc.  Professional, Scientific, and Technical Services   Warrant  October 30, 2025  Common Stock   12,841   $20.00    -    - 
   Professional, Scientific, and Technical Services   Warrant  October 31, 2026  Common Stock   15,579   $50.00    -    - 
Total Reterro, Inc. (21)                         -    - 
                                 
Saylent Technologies, Inc.  Professional, Scientific, and Technical Services   Warrant  March 31, 2027  Preferred Series C   24,096   $9.96    108    106 
                                 
Sun Basket, Inc.  Professional, Scientific, and Technical Services   Warrant  October 5, 2027  Preferred Series C-2   249,306   $6.02    111    100 
                                 
Utility Associates, Inc.  Professional, Scientific, and Technical Services   Warrant  June 30, 2025  Preferred Series A   92,511   $4.54    55    23 
   Professional, Scientific, and Technical Services   Warrant  May 1, 2026  Preferred Series A   60,000   $4.54    36    15 
   Professional, Scientific, and Technical Services   Warrant  May 22, 2027  Preferred Series A   200,000   $4.54    120    49 
Total Utility Associates, Inc.                         211    87 
                                 
Vidsys, Inc.  Professional, Scientific, and Technical Services   Warrant  June 14, 2029  Preferred Series 1   22,507   $4.91    -    - 
   Professional, Scientific, and Technical Services   Warrant  March 17, 2027  Common Stock   3,061   $4.91    -    - 
Total Vidsys, Inc. (21)                         -    - 
                                 
Sub-Total:  Professional, Scientific, and Technical Services (0.9%)*                        $2,483   $1,955 
                                 
Real Estate and Rental and Leasing                                
Egomotion Corporation  Real Estate and Rental and Leasing   Warrant  June 29, 2028  Preferred Series A   182,357   $1.32   $219   $156 

 

 14 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

                             
Knockaway, Inc.  Real Estate and Rental and Leasing   Warrant  May 24, 2029  Preferred Series B   87,955   $8.53    209    202 
                                 
Sub-Total:  Real Estate and Rental and Leasing (0.2%)*                        $428   $358 
                                 
Retail Trade                                
Birchbox, Inc.  Retail Trade   Warrant  August 14, 2028  Preferred Series A   155,845   $1.25   $72   $- 
                                 
Gobble, Inc.  Retail Trade   Warrant  May 9, 2028  Common Stock   74,635   $1.20    617    416 
   Retail Trade   Warrant  December 27, 2029  Common Stock   10,000   $1.22    73    56 
Total Gobble, Inc.                         690    472 
                                 
Le Tote, Inc.  Retail Trade   Warrant  March 7, 2028  Common Stock   216,312   $1.46    490    280 
                                 
Madison Reed, Inc.  Retail Trade   Warrant  March 23, 2027  Preferred Series C   194,553   $2.57    185    226 
   Retail Trade   Warrant  July 18, 2028  Common Stock   43,158   $0.99    71    92 
   Retail Trade   Warrant  May 19, 2029  Common Stock   36,585   $1.23    56    72 
Total Madison Reed, Inc.                         312    390 
                                 
Trendly, Inc.  Retail Trade   Warrant  August 10, 2026  Preferred Series A   245,506   $1.14    222    295 
                                 
Sub-Total:  Retail Trade (0.6%)*                        $1,786   $1,437 
                                 
Wholesale Trade                                
BaubleBar, Inc.  Wholesale Trade   Warrant  March 29, 2027  Preferred Series C   531,806   $1.96   $640   $138 
   Wholesale Trade   Warrant  April 20, 2028  Preferred Series C   60,000   $1.96    72    16 
Total BaubleBar, Inc.                         712    154 
                                 
Sub-Total: Wholesale Trade (0.1%)*                        $712   $154 
                                 
Total:  Warrant Investments (5.9%)*                        $16,980   $13,137 

 

 15 

 

 

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2020

(In thousands, except share and per share data)

(Unaudited)

 

Portfolio Company (1)  Industry (2)  Type of Investment (3)  Shares   Series  Cost   Fair Value (6) 
Equity Investments                        
Construction                        
Project Frog, Inc.  Construction   Equity   8,118,527   Preferred Series AA-1  $702   $380 
   Construction   Equity   6,300,134   Preferred  Series BB   2,667    1,789 
Total Project Frog, Inc. (8)                 3,369    2,169 
                         
Sub-Total:  Construction (1.0%)*                $3,369   $2,169 
                         
Health Care and Social Assistance                        
WorkWell Prevention & Care  Health Care and Social Assistance   Equity   7,000,000   Common Stock  $51   $- 
   Health Care and Social Assistance   Equity   3,450   Preferred Series P   3,450    1,376 
   Health Care and Social Assistance      na   Convertible Notes (10)(11)   1,149    1,094 
Total WorkWell Prevention & Care (7)                 4,650    2,470 
                         
Sub-Total:  Health Care and Social Assistance (1.1%)*                $4,650   $2,470 
                         
Manufacturing                        
Nanotherapeutics, Inc.  Manufacturing   Equity   382,277   Common Stock (16)  $6,691   $6,977 
                         
Vertical Communications, Inc.  Manufacturing  Equity (21)   3,892,485   Preferred Stock Series 1   -    - 
   Manufacturing   Equity   na   Convertible Notes (10)(12)   3,966    391 
Total Vertical Communications, Inc. (7)                 3,966    391 
                         
Sub-Total:  Manufacturing (3.3%)*                $10,657   $7,368 
                         
Professional, Scientific, and Technical Services                        
Dynamics, Inc.  Professional, Scientific, and Technical Services   Equity   17,726   Preferred  Series A  $390   $- 
                         
Edeniq, Inc.  Professional, Scientific, and Technical Services   Equity   7,807,499   Preferred Series B   -    - 
   Professional, Scientific, and Technical Services   Equity   2,441,082   Preferred Series C   -    - 
   Professional, Scientific, and Technical Services   Equity   na   Convertible Notes (10)(13)   -    - 
Total Edeniq, Inc.