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 March 31, 2021

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

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, 2021, the registrant had 26,491,274 shares of common stock ($0.001 par value per share) outstanding.


Table of Contents

TRINITY CAPITAL INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2021

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, 2021 (unaudited) and December 31, 2020

3

Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2021 and 2020 (unaudited)

5

Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (unaudited)

6

Consolidated Schedule of Investments as of March 31, 2021 (unaudited)

8

Consolidated Schedule of Investments as of December 31, 2020

22

Notes to Consolidated Financial Statements (unaudited)

36

Item 2.

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

63

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

79

Item 4.

Controls and Procedures

80

PART II

OTHER INFORMATION

81

Item 1.

Legal Proceedings

81

Item 1A.

Risk Factors

81

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

82

Item 3.

Defaults Upon Senior Securities

82

Item 4.

Mine Safety Disclosures

82

Item 5.

Other Information

82

Item 6.

Exhibits

83

SIGNATURES

84

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)

    

March 31, 

    

December 31, 

2021

2020

 

(Unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $62,573 and $57,072, respectively)

$

46,677

$

48,730

Affiliate investments (cost of $20,425 and $20,653, respectively)

 

21,110

 

27,650

Non-control / Non-affiliate investments (cost of $442,233 and $420,611, respectively)

 

467,954

 

417,271

Total investments (cost of $525,231 and $498,336, respectively)

 

535,741

 

493,651

Cash and cash equivalents

 

36,026

 

44,656

Restricted cash

 

15,259

 

16,445

Interest receivable

 

3,924

 

3,468

Prepaid expenses

 

1,851

 

744

Other assets

 

1,186

 

744

Total assets

$

593,987

$

559,708

 

  

 

  

LIABILITIES

 

  

 

  

Credit Facility, net of $1,583 and $2,107, respectively, of unamortized deferred financing costs

$

43,420

$

132,893

2025 Notes, net of $4,406, and $4,697, respectively, of unamortized deferred financing costs

 

120,594

 

120,303

Convertible Notes, net of $2,887, and $3,448, respectively, of unamortized deferred financing costs and discount

47,113

46,552

Distribution payable

7,396

4,947

Accounts payable and accrued liabilities

 

3,802

 

7,309

Other liabilities

 

10,099

 

8,956

Total liabilities

 

232,424

 

320,960

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 26,415,275 and 18,321,274 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)

 

26

 

18

Paid-in capital in excess of par

 

368,245

 

263,366

Distributable earnings/(accumulated loss)

 

(6,708)

 

(24,636)

Total net assets

 

361,563

 

238,748

Total liabilities and net assets

$

593,987

$

559,708

NET ASSET VALUE PER SHARE

$

13.69

$

13.03

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)

    

Three Months Ended

Three Months Ended

    

March 31, 2021

    

March 31, 2020

INVESTMENT INCOME:

 

  

  

Interest income:

 

  

  

Control investments

$

1,307

$

59

Affiliate investments

 

438

 

116

Non-Control / Non-Affiliate investments

 

14,600

 

10,639

Total interest income

16,345

10,814

Fee income:

Non-Control / Non-Affiliate investments

975

1,434

Total fee income

975

1,434

Total investment income

 

17,320

 

12,248

 

  

 

  

EXPENSES:

 

  

 

  

Interest expense and other debt financing costs

 

4,616

 

4,259

Compensation and benefits

 

3,996

 

1,389

Professional fees

647

479

General and administrative

 

808

 

414

Total expenses

 

10,067

 

6,541

 

  

 

  

NET INVESTMENT INCOME

 

7,253

 

5,707

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

Control investments

 

 

Affiliate investments

 

 

Non-Control / Non-Affiliate investments

 

2,595

 

(882)

Net realized loss from investments

 

2,595

 

(882)

 

  

 

  

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

 

  

 

  

Control investments

 

(7,554)

 

(7,128)

Affiliate investments

 

(6,312)

 

(1,507)

Non-Control / Non-Affiliate investments

 

29,342

 

(15,655)

Net change in unrealized appreciation/(depreciation) from investments

 

15,476

 

(24,290)

 

  

 

  

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

 

25,324

 

(19,465)

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

 

 

(15,586)

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

$

25,324

$

(35,051)

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC AND DILUTED

$

0.31

$

0.32

 

  

 

  

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

$

1.08

(1.97)

 

  

 

  

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED

 

23,554,950

 

17,821,790

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)

Three Months Ended March 31, 2021:

    

    

    

    

Distributable

    

Earnings /

Common Stock

Paid In Capital

(Accumulated

Total

Shares

Par Value

in Excess of Par

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:

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

7,253

 

7,253

Net realized gain/(loss) from investments

 

 

 

 

2,595

 

2,595

Net unrealized appreciation/(depreciation) from investments

 

 

 

 

15,476

 

15,476

Balance as of March 31, 2021 (unaudited)

 

26,415,275

$

26

$

368,245

$

(6,708)

$

361,563

Three Months Ended March 31, 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

 

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

 

  

 

  

 

  

 

  

 

Net investment income/(loss)

5,707

5,707

Net realized gain/(loss) from investments

(882)

(882)

Net unrealized appreciation/(depreciation) from investments

(24,290)

(24,290)

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

See accompanying notes to consolidated financial statements.

5


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

Three Months Ended

 

March 31, 2021

 

March 31, 2020

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

 

  

 

  

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

$

25,324

$

(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, net of deferred fees

 

(86,694)

 

(47,740)

Proceeds from sales and paydowns of investments

 

66,985

 

44,465

Net change in unrealized depreciation from investments, net of third party participation

 

(15,193)

 

24,277

Net realized gain/(loss) from investments

 

(2,595)

 

(503)

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

 

(4,593)

 

(2,068)

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

 

 

15,586

Amortization of deferred financing costs

 

917

 

666

Depreciation of fixed assets

 

16

 

9

Change in operating assets and liabilities

 

 

(Increase)/Decrease in interest receivable

 

(456)

 

(2,054)

(Increase)/Decrease in prepaid expenses

(1,107)

13

(Increase)/Decrease in other assets

 

32

 

(594)

Increase/(Decrease) in accounts payable and accrued liabilities

 

(3,507)

 

3,069

Increase/(Decrease) in other liabilities

 

1,143

 

2,091

Increase/(Decrease) in due to related party

 

 

(1,058)

Net cash provided by/(used in) operating activities

 

(19,728)

 

1,108

 

  

 

  

Cash flows provided by/(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

 

(490)

 

(10)

Net cash used in investing activities

 

(490)

 

(91,736)

 

  

 

  

Cash flows provided by/(used in) financing activities

 

  

 

  

Issuance of common stock

 

112,088

 

125,000

Common stock issuance costs

 

(7,880)

 

(10,610)

Distributions paid, net of stock issued under DRIP of $1,141 and $0, respectively

(3,806)

Proceeds from issuance of 2025 Notes

 

 

125,000

Financing costs paid related to 2025 Notes

 

 

(5,542)

Repayments under Credit Facility

 

(90,000)

 

(60,000)

Financing costs paid related to credit facility

 

 

(3,735)

Net cash provided by/(used in) financing activities

 

10,402

 

170,113

 

  

 

  

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

 

(9,816)

 

79,485

Cash, cash equivalents and restricted cash at beginning of period

 

61,101

 

Cash, cash equivalents and restricted cash at end of period

$

51,285

$

79,485

 

  

 

  

 

  

 

  

For the Three Months Ended

March 31, 2021

 

March 31, 2020

Supplemental and non-cash investing and financing activities:

Cash paid for interest

$

4,200

$

3,583

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

Accrued but unpaid distributions

$

7,396

$

Value of shares issued in connection with the distribution reinvestment plan

$

1,141

$

6


Table of Contents

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, 

    

March 31,

    

2021

2020

Cash and cash equivalents

$

36,026

$

62,602

Restricted cash

15,259

16,883

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

$

51,285

$

79,485


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

See accompanying notes to consolidated financial statements.

7


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2021

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

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 (2)

  

  

  

  

  

SeaOn Environmental, LLC

Equipment Financing

January 1, 2023

Fixed interest rate 9.0%; EOT 12.0%

$

1,888

$

2,165

$

2,123

Sub-total: Administrative and Support and Waste Management and Remediation (0.6%)*

  

$

1,888

$

2,165

$

2,123

Agriculture, Forestry, Fishing and Hunting (2)

  

  

  

 

  

 

  

 

  

Bowery Farming, Inc.

Equipment Financing

January 1, 2023

Fixed interest rate 8.5%; EOT 8.5%

$

2,193

$

2,474

$

2,305

Equipment Financing

February 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

2,181

 

2,408

 

2,424

Equipment Financing

May 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

2,756

 

2,993

 

3,004

Equipment Financing

January 1, 2024

Fixed interest rate 7.5%; EOT 8.5%

9,211

9,265

9,312

Total Bowery Farming, Inc.

  

 

16,341

 

17,140

 

17,045

Robotany, Inc.

 

Equipment Financing

January 1, 2024

 

Fixed interest rate 7.6%; EOT 22.0%

$

1,587

 

$

1,698

 

$

1,748

Sub-total: Agriculture, Forestry, Fishing and Hunting (5.2%)*

  

$

17,928

$

18,838

$

18,793

Construction

  

  

  

 

  

 

  

 

  

Dandelion Energy, Inc.

 

Equipment Financing

April 1, 2024

 

Fixed interest rate 9.0%; EOT 12.5%

$

429

$

443

$

447

Equipment Financing

November 1, 2024

Fixed interest rate 9.2%; EOT 12.5%

515

529

531

Equipment Financing (12)

December 1, 2024

Fixed interest rate 9.1%; EOT 12.5%

522

536

539

Equipment Financing

January 1, 2025

Fixed interest rate 9.2%; EOT 12.5%

744

756

759

Equipment Financing (12)

April 1, 2025

Fixed interest rate 9.1%; EOT 12.5%

1,159

1,161

1,163

Total Dandelion Energy, Inc.

3,369

3,425

3,439

Project Frog, Inc. (17)

Secured Loan

May 1, 2023

Fixed interest rate 12.0%

$

4,128

$

4,058

$

3,912

Sub-total: Construction (2.0%)*

  

$

7,497

$

7,483

$

7,351

Educational Services (2)

Medical Sales Training Holding Company (14)

Secured Loan

April 1, 2025

Variable interest rate PRIME + 8.8% or Floor rate 12.0%; EOT 12.5% (9)

$

6,000

$

5,929

$

5,929

Yellowbrick Education, Inc.

Secured Loan

September 1, 2025

Variable interest rate PRIME + 8.3% or Floor rate 11.5%; EOT 5.0% (9)

$

7,500

$

7,483

$

7,483

Sub-total: Educational Services (3.7%)*

 

  

$

13,500

$

13,412

$

13,412

8


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2021

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (3)

  

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount
(5)

  

Cost

  

Fair Value (6)

Debt Securities, Continued

Finance and Insurance (2)

  

  

 

  

 

  

 

  

 

  

DailyPay, Inc.

Secured Loan

November 1, 2024

Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% (9)

$

20,000

$

19,924

$

20,185

Secured Loan

January 1, 2025

Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% (9)

5,000

4,972

5,018

Total DailyPay, Inc.

25,000

24,896

25,203

Petal Card, Inc.

Secured Loan

December 1, 2023

 

Fixed interest rate 11.0%; EOT 3.0%

$

10,000

$

10,036

$

10,152

Secured Loan (14)

January 1, 2024

Variable interest rate PRIME + 7.5% or Floor rate 11.5%

1,115

1,084

1,084

11,115

11,120

11,236

Sub-total: Finance and Insurance (10.1%)*

 

  

$

36,115

$

36,016

$

36,439

Health Care and Social Assistance (2)

  

 

  

 

  

 

  

 

  

Lark Technologies, Inc.

Secured Loan

April 1, 2025

Variable interest rate PRIME + 8.3% or Floor rate 11.5%; EOT 4.0% (9)

$

5,000

$

4,839

$

4,903

WorkWell Prevention & Care Inc.

Secured Loan

March 1, 2024

 

Fixed interest rate 8.0%; EOT 10.0%

$

3,370

$

3,620

$

3,580

Secured Loan

March 1, 2024

 

Fixed interest rate 8.0%

 

700

 

730

 

690

Total WorkWell Prevention & Care Inc. (17)

 

  

 

4,070

 

4,350

 

4,270

Sub-total: Health Care and Social Assistance (2.5%)*

 

  

$

9,070

$

9,189

$

9,173

Information (2)

  

 

  

 

  

 

  

 

  

Firefly Systems, Inc.

Equipment Financing

February 1, 2023

 

Fixed interest rate 9.0%; EOT 10.0%

$

3,511

$

3,734

$

3,701

Equipment Financing

September 1, 2023

Fixed interest rate 9.0%; EOT 10.0%

2,939

3,085

3,078

Equipment Financing

October 1, 2023

Fixed interest rate 9.0%; EOT 10.0%

355

371

370

Total Firefly Systems, Inc.

6,805

7,190

7,149

Gobiquity, Inc.

Equipment Financing

April 1, 2022

 

Fixed interest rate 7.5%; EOT 20.0%

$

239

$

349

$

347

RapidMiner, Inc.

 

Secured Loan

April 1, 2024

 

Fixed interest rate 12.0%; EOT 7.5%

$

10,000

 

$

10,179

 

$

10,189

Rigetti & Co, Inc. (14)

Secured Loan

April 1, 2025

Variable interest rate PRIME + 7.5% or Floor rate 11.0%; EOT 2.8% (9)

$

12,000

 

$

11,735

 

$

11,735

Smule, Inc.

Secured Loan

January 1, 2022

 

Fixed interest rate 0.0% (15)

$

99

$

99

$

99

STS Media, Inc. (11)

 

Secured Loan

May 1, 2022

 

Fixed interest rate 11.9%; EOT 4.0%

$

7,811

 

$

737

 

$

100

Unitas Global, Inc.

 

Equipment Financing

July 1, 2021

 

Fixed interest rate 9.0%; EOT 12.0%

$

293

 

$

665

 

$

656

 

Equipment Financing

April 1, 2021

 

Fixed interest rate 7.8%; EOT 6.0%

 

24

 

24

Total Unitas Global, Inc.

 

  

293

 

689

 

680

Sub-total: Information (8.4%)*

 

  

$

37,247

$

30,978

$

30,299

9


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2021

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (3)

  

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount
(5)

  

Cost

  

Fair Value (6)

Debt Securities, Continued

Manufacturing (2)

  

  

 

  

  

 

  

 

  

AyDeeKay LLC

Secured Loan

August 1, 2024

 

Variable interest rate PRIME + 7.5% or Floor rate 10.8%; EOT 3.0% (9)

$

12,000

$

11,981

$

11,988

BHCosmetics, LLC

Equipment Financing

April 1, 2021

 

Fixed interest rate 8.7%; EOT 5.0% (16)

$

$

59

$

59

Footprint International Holding, Inc.

 

Equipment Financing

March 1, 2024

 

Fixed interest rate 10.3%; EOT 8.0%

$

13,771

 

$

14,374

 

$

14,468

Secured Loan

July 1, 2024

Fixed interest rate 12.0%; EOT 9.0%

7,000

7,153

7,226

Total Footprint International Holding, Inc.

20,771

21,527

21,694

Happiest Baby, Inc.

Equipment Financing

September 1, 2022

 

Fixed interest rate 8.4%; EOT 9.5%

$

794

$

915

$

889

Equipment Financing

November 1, 2022

 

Fixed interest rate 8.6%; EOT 9.5%

 

653

 

739

 

743

Equipment Financing

January 1, 2023

 

Fixed interest rate 8.6%; EOT 9.5%

 

635

 

703

 

711

Equipment Financing

June 1, 2023

 

Fixed interest rate 8.2%; EOT 9.5%

 

816

 

879

 

880

Equipment Financing

January 1, 2024

Fixed interest rate 7.8%; EOT 9.5%

1,156

1,193

1,200

Equipment Financing

May 1, 2025

Fixed interest rate 8.4%; EOT 9.5%

955

965

965

Total Happiest Baby, Inc.

 

  

 

5,009

 

5,394

 

5,388

Health-Ade, LLC

Equipment Financing

February 1, 2022

 

Fixed interest rate 9.4%; EOT 15.0%

$

1,059

$

1,615

$

1,599

Equipment Financing

April 1, 2022

 

Fixed interest rate 8.6%; EOT 15.0%

 

634

 

900

 

894

Equipment Financing

July 1, 2022

 

Fixed interest rate 9.1%; EOT 15.0%

 

1,648

 

2,173

 

2,165

Total Health-Ade, LLC

 

  

 

  

 

  

 

3,341

 

4,688

 

4,658

Mainspring Energy, Inc.

Secured Loan

August 1, 2023

Fixed interest rate 11.0%; EOT 3.8%

$

7,889

$

8,085

$

8,124

Secured Loan

December 1, 2024

Fixed interest rate 11.0%; EOT 3.8%

5,500

5,307

5,454

Total Mainspring Energy, Inc.

13,389

13,392

13,578

Miyoko's Kitchen

 

Equipment Financing

September 1, 2022

 

Fixed interest rate 8.8%; EOT 9.0%

$

498

$

545

$

546

Equipment Financing

March 1, 2023

Fixed interest rate 8.9%; EOT 9.0%

775

812

815

Equipment Financing

September 1, 2023

Fixed interest rate 8.5%; EOT 9.0%

632

639

639

Total Miyoko's Kitchen

1,905

1,996

2,000

Molekule, Inc.

Equipment Financing

January 1, 2024

Fixed interest rate 8.8%; EOT 10.0%

$

2,340

$

2,420

$

2,436

Equipment Financing

April 1, 2024

Fixed interest rate 9.0%; EOT 10.0%

505

520

524

Equipment Financing

July 1, 2024

Fixed interest rate 8.8%; EOT 10.0%

821

835

839

Total Molekule, Inc.

3,666

3,775

3,799

Quip NYC, Inc. (14)

Secured Loan

April 1, 2026

Variable interest rate PRIME + 8.0% or Floor rate 11.3%; EOT 2.0% (9)

$

17,500

$

17,135

$

17,135

Second Nature Brands, Inc.

Equipment Financing

April 1, 2024

Fixed interest rate 9.7%; EOT 11.50%

$

2,051

$

2,050

$

2,555

Store Intelligence, Inc. (17)

Secured Loan

June 1, 2024

 

Fixed interest rate 12.0%; EOT 7.8%

$

12,001

$

12,310

$

11,832

The Fynder Group, Inc.

Equipment Financing

May 1, 2024

Fixed interest rate 9.1%; EOT 10.0%

$

612

$

613

$

617