Table of Contents

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 June 30, 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      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 August 12, 2020, the registrant had 18,137,600 shares of common stock ($0.001 par value per share) outstanding.


Table of Contents

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 June 30, 2020 (unaudited) and December 31, 2019

3

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2020 (unaudited)

5

Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2020 (unaudited)

6

Consolidated Schedule of Investments as of June 30, 2020 (unaudited)

7

Notes to Consolidated Financial Statements (unaudited)

22

Item 2.

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

46

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

63

Item 4.

Controls and Procedures

64

PART II

OTHER INFORMATION

64

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

65

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 3.

Defaults Upon Senior Securities

72

Item 4.

Mine Safety Disclosures

72

Item 5.

Other Information

72

Item 6.

Exhibits

73

SIGNATURES

74

2


Table of Contents

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)

    

June 30, 

    

December 31, 

2020

2019

 

(unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $57,671 and $0, respectively)

$

49,437

$

Affiliate investments (cost of $25,958 and $0, respectively)

 

23,822

 

Non-control / Non-affiliate investments (cost of $357,330 and $0, respectively)

 

345,585

 

Total investments (cost of $440,959 and $0, respectively)

 

418,844

 

Cash and cash equivalents

 

21,849

 

Restricted cash

 

16,552

 

Interest receivable

 

3,186

 

Deferred financing costs

 

 

3,525

Deferred offering costs

 

 

2,677

Prepaid expenses

 

253

 

Other assets

 

657

 

Total assets

$

461,341

$

6,202

 

  

 

  

LIABILITIES

 

  

 

  

Credit facility, net of $2,833 and $0, respectively, of unamortized deferred financing cost

$

102,167

$

Notes payable, net of $5,032, and $0, respectively, of unamortized deferred financing cost

 

119,968

 

Accounts payable and accrued liabilities

 

4,010

 

5,668

Due to related party

 

 

1,058

Other liabilities

 

6,550

 

Total liabilities

 

232,695

 

6,726

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 18,137,600 and 10 shares issued and outstanding as of June 30, 2020 and December 31, 2019 , respectively)

 

18

 

Paid-in capital in excess of par

 

261,292

 

Distributable earnings (accumulated loss)

 

(32,664)

 

(524)

Total net assets

 

228,646

 

(524)

Total liabilities and net assets

$

461,341

$

6,202

NET ASSET VALUE PER SHARE

$

12.61

$

(52,418.20)

See accompanying notes to consolidated financial statements.

3


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

    

For the Three

For the Six

Months Ended

Months Ended

June 30, 2020

June 30, 2020

INVESTMENT INCOME:

 

  

  

Interest income:

 

  

  

Control investments

$

832

$

1,627

Affiliate investments

 

604

 

733

Non-Control / Non-Affiliate investments

 

11,377

 

21,313

Total investment income

 

12,813

 

23,673

 

  

 

  

EXPENSES:

 

  

 

  

Interest expense and other debt financing costs

 

4,320

 

8,589

Compensation and benefits

 

1,681

 

3,059

General and administrative

 

1,124

 

2,028

Total expenses

 

7,125

 

13,676

 

  

 

  

NET INVESTMENT INCOME

 

5,688

 

9,997

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

Control investments

 

 

Affiliate investments

 

 

Non-Control / Non-Affiliate investments

 

(968)

 

(465)

Net realized loss from investments

 

(968)

 

(465)

 

  

 

  

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

 

  

 

  

Control investments

 

1,342

 

(8,234)

Affiliate investments

 

(969)

 

(2,136)

Non-Control / Non-Affiliate investments

 

1,789

 

(11,745)

Net change in unrealized appreciation/(depreciation) from investments

 

2,162

 

(22,115)

 

  

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS BEFORE FORMATION COSTS

 

6,882

 

(12,583)

Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds

 

 

(15,586)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

6,882

$

(28,169)

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC AND DILUTED

$

0.31

$

0.56

 

  

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED

$

0.38

$

(1.57)

 

  

 

  

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED

 

18,074,929

 

17,959,728

See accompanying notes to consolidated financial statements.

4


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

For the Three Months Ended June 30, 2020:

    

    

    

    

Distributable

    

Earnings

Common Stock

Paid In Capital

(Accumulated

Total

Shares

Par Value

in Excess of Par

Loss)

Net Assets

Balance as of March 31, 2020 (unaudited)

 

18,049,860

$

18

$

260,120

$

(35,575)

$

224,563

Issuance of common stock, net of issuance costs

81

81

Distributions to stockholders

 

 

 

 

(3,971)

 

(3,971)

Net decrease in net assets resulting from operations

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

5,688

 

5,688

Net realized gain (loss) from investments

 

 

 

 

(968)

 

(968)

Net unrealized appreciation (depreciation) from investments

 

 

 

 

2,162

 

2,162

Issuance of common stock pursuant to distribution reinvestment plan

87,740

1,091

1,091

Balance as of June 30, 2020 (unaudited)

 

18,137,600

$

18

$

261,292

$

(32,664)

$

228,646

For the Six Months Ended June 30, 2020:

    

    

    

    

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, 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

 

114,463

 

 

114,471

Distributions to stockholders

(3,971)

(3,971)

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

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

9,997

 

9,997

Net realized gain (loss) from investments

 

 

 

 

(465)

 

(465)

Net unrealized appreciation (depreciation) from investments

 

 

 

 

(22,115)

 

(22,115)

Issuance of common stock pursuant to distribution reinvestment plan

87,740

0

1,091

1,091

Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds

 

 

 

 

(15,586)

 

(15,586)

Balance as of June 30, 2020 (unaudited)

 

18,137,600

$

18

$

261,292

$

(32,664)

$

228,646


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

See accompanying notes to consolidated financial statements.

5


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

    

For the Six Months Ended

 

June 30, 2020

Cash flows from operating activities:

 

  

Net decrease in net assets resulting from operations

$

(28,169)

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

 

  

Purchase of investments

 

(101,503)

Proceeds from sales and paydowns of investments

 

82,151

Net change in unrealized depreciation from investments

 

22,115

Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds

 

15,586

Net realized gain from investments

 

465

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

 

(5,049)

Amortization of deferred financing costs

 

1,416

Depreciation of fixed assets

 

20

Change in operating assets and liabilities

 

  

Increase in interest receivable

 

(2,069)

Increase in prepaid expenses

(253)

Increase in other assets

 

(305)

Increase in accounts payable and accrued liabilities

 

2,295

Decrease in due to related party

 

(1,058)

Increase in other liabilities

 

2,210

Net cash used in operating activities

 

(12,148)

 

  

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

 

(34)

Net cash used in investing activities

 

(91,760)

 

  

Cash flows provided by (used in) financing activities

 

  

Issuance of common stock

 

125,000

Common stock issuance costs

 

(10,529)

Proceeds from issuance of notes payable

 

125,000

Financing costs paid related to notes payable

 

(5,542)

Distributions paid

 

(2,880)

Repayments under credit facility

 

(85,000)

Financing costs paid related to credit facility

 

(3,740)

Net cash provided by financing activities

 

142,309

 

  

Net increase in cash, cash equivalents and restricted cash

 

38,401

Cash, beginning of period

 

Cash, cash equivalents and restricted cash at end of period

$

38,401

 

  

Supplemental and non-cash investing and financing activities:

 

  

Cash paid for interest

$

6,455

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

Issuance of common stock pursuant to distribution reinvestment plan

$

1,091

Non-cash settlement of investments

$

135


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

See accompanying notes to consolidated financial statements.

6


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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

  

  

  

  

  

  

  

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%

$

1,811

$

2,071

$

2,007

Administrative and Support and Waste Management and Remediation Services

Equipment Financing

May 1, 2022

Fixed interest rate 9.5%; EOT 9.0%

 

435

 

480

 

469

Administrative and Support and Waste Management and Remediation Services

Equipment Financing

August 1, 2022

Fixed interest rate 9.8%; EOT 9.0%

 

523

 

565

 

552

Administrative and Support and Waste Management and Remediation Services

Equipment Financing

February 1, 2023

Fixed interest rate 9.9%; EOT 9.0%

 

1,026

 

1,053

 

1,041

Total CleanPlanet Chemical, Inc.

  

 

3,795

4,169

 

4,069

Seaon Environmental, LLC

Administrative and Support and Waste Management and Remediation Services

Equipment Financing

January 1, 2023

Fixed interest rate 9.0%; EOT 12.0%

$

2,610

$

2,741

$

2,672

Sub-total: Administrative and Support and Waste Management and Remediation (2.9%)*

  

$

6,405

$

6,910

$

6,741

Agriculture, Forestry, Fishing and Hunting

  

  

  

  

 

  

 

  

 

  

Bowery Farming, Inc.

Agriculture, Forestry, Fishing and Hunting

Equipment Financing

January 1, 2023

Fixed interest rate 8.5%; EOT 8.5%

$

3,038

$

3,250

$

3,100

Agriculture, Forestry, Fishing and Hunting

Equipment Financing

February 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

2,978

 

3,102

 

3,145

Agriculture, Forestry, Fishing and Hunting

Equipment Financing

May 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

3,632

 

3,756

 

3,786

Total Bowery Farming, Inc.

  

 

9,648

 

10,108

 

10,031

Mainspring Energy, Inc.

Agriculture, Forestry, Fishing and Hunting

Secured Loan

August 1, 2023

Fixed interest rate 11.0%; EOT 3.8%

$

9,500

$

9,586

$

9,167

Sub-total: Agriculture, Forestry, Fishing and Hunting (8.4%)*

  

$

19,148

$

19,694

$

19,198

Construction

  

  

  

  

 

  

 

  

 

  

Project Frog, Inc. (7)

Construction

Secured Loan

May 1, 2023

Fixed interest rate 12.0%

$

4,128

$

4,013

$

4,012

Sub-total: Construction (2.8%)*

  

$

4,128

$

4,013

$

4,012

Educational Services

Examity, Inc.

Educational Services

Secured Loan

February 1, 2022

Fixed interest rate 11.5%; EOT 8.0%

$

4,885

$

5,343

$

5,202

Educational Services

Secured Loan

February 1, 2022

Fixed interest rate 11.5%; EOT 4.0%

 

2,303

 

2,404

 

2,402

Educational Services

Secured Loan

January 1, 2023

Fixed interest rate 12.25%; EOT 4.0%

 

1,134

 

1,165

 

1,159

Total Examity, Inc.

  

 

8,322

8,912

 

8,763

Qubed, Inc. dba Yellowbrick

Educational Services

Secured Loan

April 1, 2023

Variable interest rate PRIME + 8.25% or Floor rate 11.5%; EOT 5.0% (18)

$

2,000

$

2,023

$

2,018

Educational Services

Secured Loan

October 1, 2023

Fixed interest rate 11.5%; EOT 4.0%

 

500

 

498

 

511

Total Qubed, Inc. dba Yellowbrick

  

 

2,500

2,521

 

2,529

Sub-total: Educational Services (4.9%)*

 

  

$

10,822

$

11,433

$

11,292

7


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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, Continued

Finance and Insurance

  

  

  

 

  

 

  

 

  

 

  

Handle Financial, Inc.

Finance and Insurance

Secured Loan

January 1, 2021

 

Fixed interest rate 12.0%; EOT 8.0%

$

3,167

$

3,933

$

3,913

Petal Card, Inc.

Finance and Insurance

Secured Loan

December 1, 2023

 

Fixed interest rate 11.0%; EOT 3.0%

$

10,000

$

9,906

$

9,966

Sub-total: Finance and Insurance (6.1%)*

 

  

$

13,167

$

13,839

$

13,879

Health Care and Social Assistance

  

  

 

  

 

  

 

  

 

  

WorkWell Prevention & Care

Health Care and Social Assistance

Secured Loan

March 1, 2024

 

Fixed interest rate 8.0%; EOT 10.0%

$

3,370

$

3,574

$

3,378

Health Care and Social Assistance

Secured Loan

March 1, 2024

 

Fixed interest rate 8.0%; EOT 10.0%

 

700

 

723

 

695

Total WorkWell Prevention & Care (7)

 

  

 

4,070

 

4,297

 

4,073

Sub-total: Health Care and Social Assistance (1.8%)*

 

  

$

4,070

$

4,297

$

4,073

Information

  

  

 

  

 

  

 

  

 

  

EMPYR Inc.

Information

Secured Loan

January 1, 2022

 

Fixed interest rate 12.0%; EOT 5.0%

$

1,716

$

1,818

$

1,827

Firefly Systems, Inc.

Information

Equipment Financing

February 1, 2023

 

Fixed interest rate 9.0%; EOT 10.0%

$

4,789

$

4,703

$

4,605

Gobiquity, Inc.

Information

Equipment Financing

April 1, 2022

 

Fixed interest rate 7.5%; EOT 20.0%

$

407

$

470

$

478

Hytrust, Inc.

Information

Secured Loan

February 1, 2021

 

Fixed interest rate 11.1%; EOT 10.5%

$

666

$

1,153

$

786

Oto Analytics, Inc.

 

Information

 

Secured Loan

March 1, 2023

 

Fixed interest rate 11.5%; EOT 6.0%

$

9,124

 

$

9,441

 

$

9,488

RapidMiner, Inc.

 

Information

 

Secured Loan

October 1, 2023

 

Fixed interest rate 12.0%; EOT 4.0%

$

10,000

 

$

9,966

 

$

9,911

Smule, Inc. (16)

Information

Equipment Financing

July 1, 2020

 

Fixed interest rate 6.3%; EOT 20.0%

$

$

482

$

312

Information

Equipment Financing

July 1, 2020

 

Fixed interest rate 19.1%; EOT 19.0%

 

 

2

 

2

Total Smule, Inc.

 

  

 

 

484

 

314

STS Media, Inc. (9)

 

Information

 

Secured Loan

May 1, 2022

 

Fixed interest rate 11.9%; EOT 4.0%

$

7,811

 

$

737

 

$

100

Unitas Global, Inc.

 

Information

 

Equipment Financing

July 1, 2021

 

Fixed interest rate 9.0%; EOT 12.0%

$

1,135

 

$

1,435

 

$

1,410

 

Information

 

Equipment Financing

April 1, 2021

 

Fixed interest rate 7.8%; EOT 6.0%

155

 

173

 

169

Total Unitas Global, Inc.

 

 

  

1,290

 

1,608

 

1,579

Sub-total: Information (12.7%)*

 

  

$

35,803

$

30,380

$

29,088

8


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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, Continued

Manufacturing

  

  

  

 

  

  

 

  

 

  

AyDeeKay LLC

Manufacturing

Secured Loan

October 1, 2022

 

Fixed interest rate 11.25%; EOT 3.0%

$

12,088

$

12,288

$

11,907

BHCosmetics, LLC

Manufacturing

Equipment Financing

March 1, 2021

 

Fixed interest rate 8.9%; EOT 5.0%

$

415

$

465

$

467

Manufacturing

Equipment Financing

April 1, 2021

 

Fixed interest rate 8.7%; EOT 5.0%

 

466

 

512

 

515

Total BHCosmetics, LLC

 

881

 

977

 

982

Exela Pharma Sciences, LLC

Manufacturing

Equipment Financing

October 1, 2021

 

Fixed interest rate 11.4%; EOT 11.0%

$

3,199

$

3,749

$

3,736

Manufacturing

Equipment Financing (19)

January 1, 2022

 

Fixed interest rate 11.6%; EOT 11.0%

 

240

 

443

 

442

Total Exela Pharma Sciences, LLC

 

  

 

3,439

 

4,192

 

4,178

Happiest Baby, Inc.

Manufacturing

Equipment Financing

September 1, 2022

 

Fixed interest rate 8.4%; EOT 9.5%

$

1,177

$

1,246

$

1,220

Manufacturing

Equipment Financing

November 1, 2022

 

Fixed interest rate 8.6%; EOT 9.5%

 

933

 

975

 

980

Manufacturing

Equipment Financing

January 1, 2023

 

Fixed interest rate 8.6%; EOT 9.5%

 

880

 

908

 

914

Manufacturing

Equipment Financing

June 1, 2023

 

Fixed interest rate 8.2%; EOT 9.5%

 

1,067

 

1,090

 

1,078

Total Happiest Baby, Inc.

 

  

 

4,057

 

4,219

 

4,192

Health-Ade, LLC

Manufacturing

Equipment Financing

February 1, 2022

 

Fixed interest rate 9.4%; EOT 15.0%

$

1,945

$

2,382

$

2,373

Manufacturing

Equipment Financing

April 1, 2022

 

Fixed interest rate 8.6%; EOT 15.0%

 

1,074

 

1,270

 

1,308

Manufacturing

Equipment Financing

July 1, 2022

 

Fixed interest rate 9.1%; EOT 15.0%

 

2,551

 

2,914

 

3,003

Total Health-Ade, LLC

 

  

 

  

 

  

 

  

 

5,570

 

6,566

 

6,684

Impossible Foods, Inc.

Manufacturing

Secured Loan

July 1, 2020

 

Fixed interest rate 11.0%; EOT 9.5%

$

97

$

382

$

285

 

Manufacturing

 

 Secured Loan

October 1, 2021

 

Fixed interest rate 11.0%; EOT 9.5%

2,086

 

2,427

 

2,563

Total Impossible Foods, Inc.

 

  

 

2,183

 

2,809

 

2,848

Molekule, Inc.

Manufacturing

Equipment Financing

January 1, 2024

Fixed interest rate 8.8%; EOT 10.0%

$

2,898

$

2,860

$

2,860

Robotany, Inc.

 

Manufacturing

 

Equipment Financing

January 1, 2024

 

Fixed interest rate 7.6%; EOT 22.0%

$

1,825

 

$

1,749

 

$

1,722

Store Intelligence, Inc. (8)

Manufacturing

Secured Loan

June 1, 2024

 

Fixed interest rate 12.0%; EOT 7.8%

$

12,001

$

12,055

$

12,247

Vertical Communications, Inc.

 

Manufacturing

 

Secured Loan

November 1, 2024

 

Fixed interest rate 9.5%; EOT 26.4%

$

12,000

 

$

12,473

 

$

12,032

Manufacturing

Secured Loan

July 1, 2022

Fixed interest rate 9.5%

1,000

1,000

995

Total Vertical Communications, Inc. (7)

 

13,000

 

13,473

 

13,027

Zosano Pharma Corporation

 

Manufacturing

 

 Equipment Financing

April 1, 2022

 

Fixed interest rate 9.4%; EOT 12.0%

$

2,537

 

$

2,945

 

$

2,767

 

Manufacturing

 

 Equipment Financing

July 1, 2022

 

Fixed interest rate 9.7%; EOT 12.0%

1,655

 

1,850

 

1,761

 

Manufacturing

 

 Equipment Financing

January 1, 2023

 

Fixed interest rate 9.9%; EOT 12.0%

1,728

 

1,826

 

1,787

 

Manufacturing

 

Equipment Financing

April 1, 2023

 

Fixed interest rate 9.9%; EOT 12.0%

1,905

 

1,967

 

1,923

 

Manufacturing

 

Equipment Financing

May 1, 2023

 

Fixed interest rate 10.5%; EOT 12.0%

1,396

 

1,459

 

1,390

Total Zosano

 

  

 

  

  

 

  

9,221

 

10,047

 

9,628

Sub-total:  Manufacturing (30.7%)*

 

  

 

  

  

 

  

$

67,163

$

71,235

$

70,275

9


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2020

(In thousands, except share and per share data)

(Unaudited)