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 |
(IRS Employer Identification No.) |
|
3075 West Ray Road |
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
2
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. (7) | - | - | ||||||||||||||||
| Instart Logic, Inc. (21) | Professional, Scientific, and Technical Services | Equity | na | Convertible Notes (10)(14) | 2,645 | 2,645 | ||||||||||||