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 September 30, 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.)

1 N. 1st Street
3rd Floor
Phoenix, Arizona

85004

(Address of principal executive offices)

(Zip Code)

(480) 374-5350

(Registrant’s telephone number, including area code)

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

Title of Each Class

   

Trading Symbol(s)

   

Name of each exchange on which registered

Common Stock, par value $0.001 per share

TRIN

Nasdaq Global Select Market

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

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

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

As of November 3, 2021, the registrant had 27,202,146 shares of common stock ($0.001 par value per share) outstanding.


Table of Contents

TRINITY CAPITAL INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 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 September 30, 2021 (unaudited) and December 31, 2020

3

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

5

Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (unaudited)

7

Consolidated Schedule of Investments as of September 30, 2021 (unaudited)

9

Consolidated Schedule of Investments as of December 31, 2020

25

Notes to Consolidated Financial Statements (unaudited)

40

Item 2.

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

75

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

94

Item 4.

Controls and Procedures

96

PART II

OTHER INFORMATION

97

Item 1.

Legal Proceedings

97

Item 1A.

Risk Factors

97

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

99

Item 3.

Defaults Upon Senior Securities

99

Item 4.

Mine Safety Disclosures

99

Item 5.

Other Information

99

Item 6.

Exhibits

100

SIGNATURES

102

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)

    

September 30, 

    

December 31, 

2021

2020

 

(Unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $37,934 and $57,072, respectively)

$

30,672

$

48,730

Affiliate investments (cost of $41,475 and $20,653, respectively)

 

34,309

 

27,650

Non-control / Non-affiliate investments (cost of $559,305 and $420,611, respectively)

 

612,265

 

417,271

Total investments (cost of $638,714 and $498,336, respectively)

 

677,246

 

493,651

Cash and cash equivalents

 

25,313

 

44,656

Restricted cash

 

15,000

 

16,445

Interest receivable

 

4,481

 

3,468

Prepaid expenses

 

1,025

 

744

Other assets

 

4,342

 

744

Total assets

$

727,407

$

559,708

 

  

 

  

LIABILITIES

 

  

 

  

2026 Notes, net of $2,564, and $0, respectively, of unamortized deferred financing costs

$

122,436

$

2025 Notes, net of $3,902, and $4,697, respectively, of unamortized deferred financing costs

 

121,098

 

120,303

Convertible Notes, net of $2,650, and $3,448, respectively, of unamortized deferred financing costs and discount

47,350

46,552

Credit Facility, net of $526 and $2,107, respectively, of unamortized deferred financing costs

9,474

132,893

Distribution payable

8,959

4,947

Security deposits

 

7,705

 

7,874

Accounts payable, accrued expenses and other liabilities

 

11,379

 

8,391

Total liabilities

 

328,401

 

320,960

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 27,148,096 and 18,321,274 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)

 

27

 

18

Paid-in capital in excess of par

 

370,442

 

263,366

Distributable earnings/(accumulated loss)

 

28,537

 

(24,636)

Total net assets

 

399,006

 

238,748

Total liabilities and net assets

$

727,407

$

559,708

NET ASSET VALUE PER SHARE

$

14.70

$

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

Nine Months Ended

    

September 30, 2021

    

September 30, 2020

    

September 30, 2021

    

September 30, 2020

INVESTMENT INCOME:

 

  

  

 

  

  

Interest income:

 

  

  

 

  

  

Control investments

$

1,288

$

1,045

$

3,860

$

2,617

Affiliate investments

 

273

 

144

 

1,155

 

876

Non-Control / Non-Affiliate investments

 

19,098

 

11,372

 

50,103

 

33,322

Total interest income

20,659

12,561

55,118

36,815

Fee income:

Non-Control / Non-Affiliate investments

1,131

965

3,468

2,808

Total fee income

1,131

965

3,468

2,808

Total investment income

 

21,790

 

13,526

 

58,586

 

39,623

 

  

 

  

 

  

 

  

EXPENSES:

 

  

 

  

 

  

 

  

Interest expense and other debt financing costs

 

5,112

 

3,893

 

14,153

 

12,433

Compensation and benefits

 

3,677

 

2,904

 

11,043

 

5,983

Professional fees

762

733

 

1,979

 

1,913

General and administrative

 

1,116

 

381

2,955

1,209

Total expenses

 

10,667

 

7,911

 

30,130

 

21,538

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME

 

11,123

 

5,615

 

28,456

 

18,085

 

  

 

  

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

 

  

 

  

Control investments

 

(2,725)

 

 

(2,725)

 

Affiliate investments

 

 

 

1,491

 

Non-Control / Non-Affiliate investments

 

3,391

 

(1,490)

 

6,490

 

(4,374)

Net realized gain/(loss) from investments

 

666

 

(1,490)

 

5,256

 

(4,374)

 

  

 

  

 

  

 

  

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

 

  

 

  

 

  

 

  

Control investments

 

13,172

 

818

 

1,088

 

(7,350)

Affiliate investments

 

(5,960)

 

2,605

 

(14,165)

 

471

Non-Control / Non-Affiliate investments

 

8,180

 

4,786

 

56,575

 

(7,081)

Net change in unrealized appreciation/(depreciation) from investments

 

15,392

 

8,209

 

43,498

 

(13,960)

 

  

 

  

 

  

 

  

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

 

27,181

 

12,334

 

77,210

 

(249)

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

 

 

 

 

(15,586)

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

$

27,181

$

12,334

$

77,210

$

(15,835)

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC

$

0.42

$

0.31

$

1.11

$

1.00

NET INVESTMENT INCOME PER SHARE - DILUTED

$

0.40

0.31

$

1.08

$

1.00

 

  

 

  

 

  

 

  

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

$

1.02

$

0.68

$

3.02

$

(0.88)

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

$

0.94

$

0.68

$

2.77

$

(0.88)

 

  

 

  

 

  

 

  

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC

26,641,084

18,166,491

25,569,565

18,033,173

WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED

29,974,419

18,166,491

28,902,900

18,033,173

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 September 30, 2021:

    

    

    

    

Distributable

    

Earnings /

Common Stock

Paid In Capital

(Accumulated

Total

Shares

Par Value

in Excess of Par

Loss)

Net Assets

Balance as of June 30, 2021

 

26,491,274

$

26

$

369,379

$

10,315

$

379,720

Issuance of common stock pursuant to distribution reinvestment plan

63,390

915

915

Stock based compensation

149

149

Issuance of restricted stock

593,432

1

(1)

Distributions to stockholders

 

 

 

 

(8,959)

 

(8,959)

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

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

11,123

 

11,123

Net realized gain/(loss) from investments

 

 

 

 

666

 

666

Net unrealized appreciation/(depreciation) from investments

 

 

 

 

15,392

 

15,392

Balance as of September 30, 2021

 

27,148,096

$

27

$

370,442

$

28,537

$

399,006

Three Months Ended September 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 June 30, 2020

 

18,137,600

$

18

$

261,292

$

(32,664)

$

228,646

Issuance of common stock pursuant to distribution reinvestment plan

 

98,443

 

 

1,242

 

 

1,242

Distributions to stockholders

 

 

(4,897)

(4,897)

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

 

  

 

  

 

  

 

  

 

Net investment income

5,615

5,615

Net realized gain/(loss) from investments

(1,490)

(1,490)

Net unrealized appreciation/(depreciation) from investments

8,209

8,209

Balance as of September 30, 2020

 

18,236,043

$

18

$

262,534

$

(25,227)

$

237,325

5


Table of Contents

Nine Months Ended September 30, 2021:

    

    

    

    

Distributable

    

Paid In Capital

Earnings /

Common Stock

in Excess of

(Accumulated

Total

Shares

Par Value

Par Value

Loss)

Net Assets

Balance as of December 31, 2020

 

18,321,274

$

18

$

263,366

$

(24,636)

$

238,748

Impact of adoption of ASU 2020-06

(462)

(462)

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

 

227,099

 

 

3,190

 

 

3,190

Stock based compensation

149

149

Issuance of restricted stock

593,432

1

(1)

Distributions to stockholders

 

 

(24,037)

(24,037)

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

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

28,456

 

28,456

Net realized gain/(loss) from investments

 

 

 

 

5,256

 

5,256

Net unrealized appreciation/(depreciation) from investments

 

 

 

 

43,498

 

43,498

Balance as of September 30, 2021

 

27,148,096

$

27

$

370,442

$

28,537

$

399,006

Nine Months Ended September 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

 

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

Issuance of common stock pursuant to distribution reinvestment plan

186,183

2,333

2,333

Distributions to stockholders

 

 

(8,868)

(8,868)

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

 

  

 

  

 

  

 

  

 

Net investment income

18,085

18,085

Net realized gain/(loss) from investments

(4,374)

(4,374)

Net unrealized appreciation/(depreciation) from investments

(13,960)

(13,960)

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

 

 

 

 

(15,586)

 

(15,586)

Balance as of September 30, 2020

 

18,236,043

$

18

$

262,534

$

(25,227)

$

237,325


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

See accompanying notes to consolidated financial statements.

6


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

Nine Months Ended

 

September 30, 2021

 

September 30, 2020

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

 

  

 

  

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

$

77,210

$

(15,835)

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

 

  

 

Purchase of investments, net of deferred fees

 

(358,450)

 

(137,505)

Proceeds from sales and paydowns of investments

 

240,132

 

118,644

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

 

(43,215)

 

13,960

Net realized gain/(loss) from investments

 

(5,256)

 

4,374

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

 

(16,807)

 

(7,810)

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

 

 

15,586

Amortization of deferred financing costs

 

2,850

 

2,182

Share-based compensation

149

Change in operating assets and liabilities

 

 

(Increase)/Decrease in interest receivable

 

(1,013)

 

(2,045)

(Increase)/Decrease in prepaid expenses

(281)

(511)

(Increase)/Decrease in other assets

 

(2,441)

 

(217)

Increase/(Decrease) in security deposits

 

(169)

 

2,811

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

 

2,991

 

3,522

Increase/(Decrease) in due to related party

 

 

(1,058)

Net cash provided by/(used in) operating activities

 

(104,300)

 

(3,902)

 

  

 

  

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

 

(1,157)

 

(61)

Net cash provided by/(used in) investing activities

 

(1,157)

 

(91,787)

 

  

 

  

Cash flows provided by/(used in) financing activities

 

  

 

  

Issuance of common stock

 

112,088

 

125,000

Common stock issuance costs

 

(7,880)

 

(10,529)

Cash distributions paid

(16,835)

(6,535)

Proceeds from issuance of 2025 Notes

 

 

125,000

Financing costs paid related to 2025 Notes

 

(85)

 

(5,610)

Proceeds from issuance of 2026 Notes

125,000

Financing costs paid related to 2026 Notes

(2,619)

Proceeds under Credit Facility

71,000

(85,000)

Repayments under Credit Facility

 

(196,000)

 

10,000

Financing costs paid related to credit facility

 

 

(3,983)

Net cash provided by/(used in) financing activities

 

84,669

 

148,343

 

  

 

  

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

 

(20,788)

 

52,654

Cash, cash equivalents and restricted cash at beginning of period

 

61,101

 

Cash, cash equivalents and restricted cash at end of period

$

40,313

$

52,654

 

  

 

  

 

  

 

  

For the Nine Months Ended

September 30, 2021

 

September 30, 2020

Supplemental and non-cash investing and financing activities:

Cash paid for interest

$

9,618

$

9,592

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

$

8,959

$

Value of shares issued in connection with the distribution reinvestment plan

$

3,190

$

2,333

Non-cash settlement of investments

$

5,065

$

731

7


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:

September 30, 

    

September 30, 

    

2021

2020

Cash and cash equivalents

$

25,313

$

36,323

Restricted cash

15,000

16,331

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

$

40,313

$

52,654


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

See accompanying notes to consolidated financial statements.

8


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2021

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (2)

  

Investment Date (3)

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount
(5)

  

Cost

  

Fair Value (6)

Debt Securities

Administrative and Support and Waste Management and Remediation (7)

  

  

  

  

  

SeaOn Environmental, LLC

Equipment Financing

January 16, 2020

January 1, 2023

Fixed interest rate 9.0%; EOT 12.0%

$

1,378

$

1,726

$

1,715

Gabi Personal Insurance Agency, Inc.

Secured Loan⁽¹⁴⁾

August 6, 2021

September 1, 2025

Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 5.5% ⁽⁸⁾

$

5,000

$

4,924

$

5,275

Sub-total: Administrative and Support and Waste Management and Remediation (0.5%)*

  

$

6,378

$

6,650

$

6,990

Agriculture, Forestry, Fishing and Hunting (7)

  

  

  

 

  

 

  

 

  

Bowery Farming, Inc.

Secured Loan⁽¹⁴⁾

September 10, 2021

January 1, 2026

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

$

10,000

$

9,197

$

9,197

Robotany, Inc.

 

Equipment Financing

January 16, 2020

January 1, 2024

Fixed interest rate 7.6%; EOT 22.0%

$

1,322

 

$

1,545

 

$

1,593

Sub-total: Agriculture, Forestry, Fishing and Hunting (4.8%)*

  

$

11,322

$

10,742

$

10,790

Construction (7)

  

  

  

 

  

 

  

 

  

Dandelion Energy, Inc.

 

Equipment Financing

March 17, 2020

April 1, 2024

Fixed interest rate 9.0%; EOT 12.5%

$

365

$

394

$

395

Equipment Financing

October 27, 2020

November 1, 2024

Fixed interest rate 9.2%; EOT 12.5%

453

481

480

Equipment Financing (19)

November 19, 2020

December 1, 2024

Fixed interest rate 9.1%; EOT 12.5%

447

479

478

Equipment Financing

December 29, 2020

January 1, 2025

Fixed interest rate 9.2%; EOT 12.5%

659

692

690

Equipment Financing (19)

March 25, 2021

April 1, 2025

Fixed interest rate 9.1%; EOT 12.5%

994

1,037

1,037

Total Dandelion Energy, Inc.

2,918

3,083

3,080

Project Frog, Inc. (21)

Secured Loan

April 30, 2020

December 1, 2023

Fixed interest rate 12.0%

$

4,128

$

4,063

$

3,757

Sub-total: Construction (1.9%)*

  

$

7,046

$

7,146

$

6,837

Educational Services (7)

Medical Sales Training Holding Company

Secured Loan

March 18, 2021

April 1, 2025

Variable interest rate Prime + 3.3% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾

$

6,000

$

5,993

$

6,026

Secured Loan

July 21, 2021

August 1, 2025

Variable interest rate Prime + 3.3% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾

2,000

1,983

1,983

Total Medical Sales Training Holding Company

8,000

7,976

8,009

Yellowbrick Learning, Inc.

Secured Loan

February 1, 2021

September 1, 2025

Variable interest rate Prime + 3.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾

$

7,500

$

7,546

$

7,546

Secured Loan

August 10, 2021

March 1, 2026

Variable interest rate Prime + 3.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾

2,500

2,493

2,493

Total Yellowbrick Learning, Inc.

10,000

10,039

10,039

Sub-total: Educational Services (3.6%)*

 

  

$

18,000

$

18,015

$

18,048

9


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2021

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (2)

  

Investment Date (3)

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount
(5)

  

Cost

  

Fair Value (6)

Debt Securities, Continued

Finance and Insurance (7)

  

  

 

  

 

  

 

  

 

  

DailyPay, Inc.

Secured Loan

September 30, 2020

November 1, 2024

Variable interest rate Prime + 5.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾

$

20,000

$

20,195

$

20,682

Secured Loan

December 30, 2020

January 1, 2025

Variable interest rate Prime + 5.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾

5,000

5,041

5,149

Total DailyPay, Inc.

25,000

25,236

25,831

Petal Card, Inc.

Secured Loan

January 16, 2020

October 1, 2024

Variable interest rate Prime + 3.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾

$

10,000

$

10,112

$

10,040

Secured Loan (12)(14)

January 28, 2021

January 1, 2024

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

8,235

9,214

9,603

Secured Loan

August 6, 2021

October 1, 2024

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

7,000

6,798

6,800

25,235

26,124

26,443

Sub-total: Finance and Insurance (10.7%)*

 

  

$

50,235

$

51,360

$

52,274

Health Care and Social Assistance (7)

  

 

  

 

  

 

  

 

  

FemTec Health, Inc.

Secured Loan

July 23, 2021

February 1, 2026

Fixed interest rate 11.0%; EOT 7.5%

$

10,000

$

10,517

$

10,127

Secured Loan

July 23, 2021

September 1, 2022

Fixed interest rate 11.0%; EOT 0.0%

2,151

2,151

2,171

Secured Loan

September 29, 2021

April 1, 2026

Fixed interest rate 11.0%; EOT 7.5%

3,000

3,000

3,000

Total FemTec Health, Inc. (21)

15,151

15,668

15,298

Lark Technologies, Inc.

Secured Loan

September 30, 2020

April 1, 2025

Variable interest rate Prime + 3.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾

$

5,000

$

4,905

$

4,959

Secured Loan

June 30, 2021

January 1, 2026

Variable interest rate Prime + 3.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾

5,000

4,780

4,819

Total Lark Technologies, Inc.

10,000

9,685

9,778

WorkWell Prevention & Care Inc.

Secured Loan

January 16, 2020

March 1, 2024

Fixed interest rate 8.0%; EOT 10.0%

$

3,370

$

3,646

$

3,614

Secured Loan

January 16, 2020

March 1, 2024

Fixed interest rate 8.0%

 

700

 

722

 

693

Total WorkWell Prevention & Care Inc. (21)

 

 

4,070

 

4,368

 

4,307

Sub-total: Health Care and Social Assistance (3.7%)*