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, 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 ⌧ 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 12, 2020, the registrant had 18,236,043 shares of common stock ($0.001 par value per share) outstanding.
TRINITY CAPITAL INC.
FORM 10-Q
| | PAGE |
3 | ||
3 | ||
| 3 | |
| 4 | |
| 5 | |
| 7 | |
| Consolidated Schedule of Investments as of September 30, 2020 (unaudited) | 8 |
| 22 | |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 48 | |
66 | ||
67 | ||
67 | ||
67 | ||
68 | ||
75 | ||
75 | ||
75 | ||
75 | ||
76 | ||
77 | ||
2
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, | ||
| | 2020 | | 2019 | ||
|
| (unaudited) | | | | |
ASSETS |
| |
|
| |
|
Investments at fair value: |
| |
|
| |
|
Control investments (cost of $57,147 and $0, respectively) | | $ | 49,797 | | $ | — |
Affiliate investments (cost of $25,760 and $0, respectively) | |
| 26,231 | |
| — |
Non-control / Non-affiliate investments (cost of $356,415 and $0, respectively) | |
| 349,456 | |
| — |
Total investments (cost of $439,322 and $0, respectively) | |
| 425,484 | |
| — |
Cash and cash equivalents | |
| 36,323 | |
| — |
Restricted cash | |
| 16,331 | |
| — |
Interest receivable | |
| 3,158 | |
| — |
Deferred financing costs | |
| — | |
| 3,525 |
Deferred offering costs | |
| — | |
| 2,677 |
Prepaid expenses | |
| 511 | |
| — |
Other assets | |
| 621 | |
| — |
Total assets | | $ | 482,428 | | $ | 6,202 |
| |
|
| |
|
|
LIABILITIES | |
|
| |
|
|
Credit facility, net of $2,589 and $0, respectively, of unamortized deferred financing costs | | $ | 112,411 | | $ | — |
Notes payable, net of $4,822, and $0, respectively, of unamortized deferred financing costs | |
| 120,178 | |
| — |
Accounts payable and accrued liabilities | |
| 5,051 | |
| 5,668 |
Due to related party | |
| — | |
| 1,058 |
Other liabilities | |
| 7,463 | |
| — |
Total liabilities | |
| 245,103 | |
| 6,726 |
| |
|
| |
|
|
Commitments and contingencies (Note 6) | |
|
| |
|
|
| |
|
| |
|
|
NET ASSETS | |
|
| |
|
|
Common stock, $0.001 par value per share (200,000,000 authorized, 18,236,043 and 10 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively) | |
| 18 | |
| — |
Paid-in capital in excess of par | |
| 262,534 | |
| — |
Distributable earnings (accumulated loss) | |
| (25,227) | |
| (524) |
Total net assets | |
| 237,325 | |
| (524) |
Total liabilities and net assets | | $ | 482,428 | | $ | 6,202 |
NET ASSET VALUE PER SHARE | | $ | 13.01 | | $ | (52,418.20) |
See accompanying notes to consolidated financial statements.
3
TRINITY CAPITAL INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
|
| | | | | | | For the Period | |
| | For the Three | | For the Nine | | of August 12, 2019 | |||
| | Months Ended | | Months Ended | | (date of inception) | |||
|
| September 30, 2020 |
| September 30, 2020 |
| to September 30, 2019 | |||
INVESTMENT INCOME: |
| |
| | |
| | |
|
Interest income: |
| |
| | |
| | |
|
Control investments | | $ | 1,045 | | $ | 2,617 | | $ | — |
Affiliate investments | |
| 144 | |
| 876 | |
| — |
Non-Control / Non-Affiliate investments | |
| 11,372 | |
| 33,322 | |
| — |
Total interest income | | | 12,561 | | | 36,815 | | | — |
Fee income: | | | | | | | | | |
One-time fee income: | | | | | | | | | |
Non-Control / Non-Affiliate investments | | | 968 | | | 2,806 | | | — |
Total fee income | | | 968 | | | 2,806 | | | — |
Total investment income | |
| 13,529 | |
| 39,621 | |
| — |
| |
|
| |
|
| |
|
|
EXPENSES: | |
|
| |
|
| |
|
|
Interest expense and other debt financing costs | |
| 3,965 | |
| 12,554 | |
| — |
Compensation and benefits | |
| 2,782 | |
| 5,841 | |
| — |
General and administrative | |
| 1,237 | |
| 3,265 | |
| 38 |
Total expenses | |
| 7,984 | |
| 21,660 | |
| 38 |
| |
|
| |
|
| |
|
|
NET INVESTMENT INCOME | |
| 5,545 | |
| 17,961 | |
| (38) |
| |
|
| |
|
| |
|
|
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS: | |
|
| |
|
| |
|
|
Control investments | |
| — | |
| — | |
| — |
Affiliate investments | |
| — | |
| — | |
| — |
Non-Control / Non-Affiliate investments | |
| (1,490) | |
| (4,374) | |
| — |
Net realized loss from investments | |
| (1,490) | |
| (4,374) | |
| — |
| |
|
| |
|
| |
|
|
NET CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS: | |
|
| |
|
| |
|
|
Control investments | |
| 818 | |
| (7,350) | |
| — |
Affiliate investments | |
| 2,605 | |
| 471 | |
| — |
Non-Control / Non-Affiliate investments | |
| 4,856 | |
| (6,957) | |
| — |
Net change in unrealized appreciation/(depreciation) from investments | |
| 8,279 | |
| (13,836) | |
| — |
| |
|
| |
|
| |
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS BEFORE FORMATION COSTS | |
| 12,334 | |
| (249) | |
| (38) |
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds | |
| — | |
| (15,586) | |
| — |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 12,334 | | $ | (15,835) | | $ | (38) |
| |
|
| |
|
| |
|
|
NET INVESTMENT INCOME PER SHARE - BASIC AND DILUTED | | $ | 0.31 | | $ | 1.00 | | $ | N/M |
| |
|
| |
|
| |
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED | | $ | 0.68 | | $ | (0.88) | | | N/M |
| |
|
| |
|
| |
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | |
| 18,166,491 | |
| 18,033,173 | |
| 10 |
See accompanying notes to consolidated financial statements.
4
TRINITY CAPITAL INC.
Consolidated Statements of Changes in Net Assets
(In thousands, except share and per share data)
(Unaudited)
For the Three Months Ended September 30, 2020:
|
| |
| | |
| | |
| Distributable |
| | | |
| | | | | | | | | | Earnings | | | | |
| | Common Stock | | Paid In Capital | | (Accumulated | | Total | ||||||
| | Shares | | Par Value | | in Excess of Par | | Loss) | | Net Assets | ||||
Balance as of June 30, 2020 (unaudited) |
| 18,137,600 | | $ | 18 | | $ | 261,292 | | $ | (32,664) | | $ | 228,646 |
Distributions to stockholders |
| — | |
| — | |
| — | |
| (4,897) | |
| (4,897) |
Net increase (decrease) in net assets resulting from operations: |
|
| |
|
| |
|
| |
|
| |
| |
Net investment income |
| — | |
| — | |
| — | |
| 5,545 | |
| 5,545 |
Net realized gain (loss) from investments |
| — | |
| — | |
| — | |
| (1,490) | |
| (1,490) |
Net unrealized appreciation (depreciation) from investments |
| — | |
| — | |
| — | |
| 8,279 | |
| 8,279 |
Issuance of common stock pursuant to distribution reinvestment plan | | 98,443 | | | | | | 1,242 | | | — | | | 1,242 |
Balance as of September 30, 2020 (unaudited) |
| 18,236,043 | | $ | 18 | | $ | 262,534 | | $ | (25,227) | | $ | 237,325 |
For the 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 (audited) |
| 10 | | $ | — | | $ | — | | $ | (524) | | $ | (524) |
Issuance of shares related to Formation Transaction (1) |
| 9,716,517 | |
| 10 | |
| 145,738 | |
| — | |
| 145,748 |
Issuance of common stock, net of issuance costs |
| 8,333,333 | |
| 8 | |
| 114,463 | |
| — | |
| 114,471 |
Distributions to stockholders | | — | |
| — | |
| — | | | (8,868) | | | (8,868) |
Net increase (decrease) in net assets resulting from operations: |
|
| |
|
| |
|
| |
|
| |
| |
Net investment income |
| — | |
| — | |
| — | |
| 17,961 | |
| 17,961 |
Net realized gain (loss) from investments |
| — | |
| — | |
| — | |
| (4,374) | |
| (4,374) |
Net unrealized appreciation (depreciation) from investments |
| — | |
| — | |
| — | |
| (13,836) | |
| (13,836) |
Issuance of common stock pursuant to distribution reinvestment plan | | 186,183 | | | — | | | 2,333 | | | — | | | 2,333 |
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds |
| — | |
| — | |
| — | |
| (15,586) | |
| (15,586) |
Balance as of September 30, 2020 (unaudited) |
| 18,236,043 | | $ | 18 | | $ | 262,534 | | $ | (25,227) | | $ | 237,325 |
| (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 Statements of Changes in Net Assets
(In thousands, except share and per share data)
(Unaudited)
For the Period August 12, 2019 (date of inception) to September 30, 2019:
|
| |
| | |
| | |
| Distributable |
| | | |
| | | | | | | Paid In Capital | | Earnings | | | | ||
| | Common Stock | | in Excess of | | (Accumulated | | Total | ||||||
| | Shares | | Par Value | | Par Value | | Loss) | | Net Assets | ||||
Balance as of August 12, 2019 (date of inception) |
| — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock, net of issuance costs |
| 10 | |
| — | |
| — | |
| — | |
| — |
Net increase (decrease) in net assets resulting from operations: |
|
| |
|
| |
|
| |
|
| |
| |
Net investment income |
| — | |
| — | |
| — | |
| (38) | |
| (38) |
Balance as of September 30, 2019 (unaudited) |
| 10 | | $ | — | | $ | — | | $ | (38) | | $ | (38) |
See accompanying notes to consolidated financial statements.
6
TRINITY CAPITAL INC.
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
|
| | |
| For the Period August 12, 2019 | |
| | For the Nine Months Ended | | (date of inception) | ||
|
| September 30, 2020 |
| to September 30, 2019 | ||
Cash flows from operating activities: |
| |
|
| |
|
Net decrease in net assets resulting from operations | | $ | (15,835) | | $ | (38) |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | |
|
| |
|
|
Purchase of investments | |
| (137,505) | |
| — |
Proceeds from sales and paydowns of investments | |
| 118,644 | |
| — |
Net change in unrealized depreciation from investments | |
| 13,836 | |
| — |
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds | |
| 15,586 | |
| — |
Net realized gain/(loss) from investments | |
| 4,374 | |
| — |
Accretion of original issue discounts and end of term payments on investments | |
| (7,810) | |
| — |
Amortization of deferred financing costs | |
| 2,182 | |
| — |
Depreciation of fixed assets | |
| 33 | |
| — |
Change in operating assets and liabilities | |
| | |
|
|
Increase in interest receivable | |
| (2,045) | |
| — |
Increase in prepaid expenses | | | (511) | | | — |
Increase in other assets | |
| (250) | |
| — |
Increase in accounts payable and accrued liabilities | |
| 3,404 | |
| — |
Decrease in due to related party | |
| (1,058) | |
| 38 |
Increase in other liabilities | |
| 3,053 | |
| — |
Net cash used in operating activities | |
| (3,902) | |
| — |
| |
|
| |
|
|
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 | |
| (61) | |
| — |
Net cash used in investing activities | |
| (91,787) | |
| — |
| |
|
| |
|
|
Cash flows provided by (used in) financing activities | |
|
| |
|
|
Issuance of common stock | |
| 125,000 | |
| — |
Common stock issuance costs | |
| (10,529) | |
| — |
Proceeds from issuance of notes payable | |
| 125,000 | |
| — |
Financing costs paid related to notes payable | |
| (5,610) | |
| — |
Distributions paid | |
| (6,535) | |
| — |
Proceeds under credit facility | | | 10,000 | | | — |
Repayments under credit facility | |
| (85,000) | |
| — |
Financing costs paid related to credit facility | |
| (3,983) | |
| — |
Net cash provided by financing activities | |
| 148,343 | |
| — |
| |
|
| |
|
|
Net increase in cash, cash equivalents and restricted cash | |
| 52,654 | |
| — |
Cash, beginning of period | |
| — | |
| — |
Cash, cash equivalents and restricted cash at end of period | | $ | 52,654 | | $ | — |
| |
|
| |
|
|
Supplemental and non-cash investing and financing activities: | |
|
| |
|
|
Cash paid for interest | | $ | 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 | | $ | — |
Issuance of common stock pursuant to distribution reinvestment plan | | $ | 2,333 | | $ | — |
Non-cash settlement of investments | | $ | 731 | | $ | — |
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:
| | As of September 30, | ||||
|
| 2020 |
| 2019 | ||
Cash and cash equivalents | | $ | 36,323 | | $ | — |
Restricted cash | | | 16,331 | | | — |
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | | $ | 52,654 | | $ | — |
| (1) | See “Note 1 - Organization and Basis of Presentation” and “Note 12 - Formation Transactions” |
See accompanying notes to consolidated financial statements.
7
TRINITY CAPITAL INC.
Consolidated Schedule of Investments
September 30, 2020
(In thousands, except share and per share data)
(Unaudited)
Portfolio Company (1) |
| Type of Investment (3) |
| Maturity Date |
| Interest Rate (4) |
| Principal |
| Cost |
| Fair Value (6) | |||
Debt Securities | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Administrative and Support and Waste Management and Remediation (2) |
| |
| | |
| | |
| | |
| |||
CleanPlanet Chemical, Inc. | | Equipment Financing | | January 1, 2022 | | Fixed interest rate 9.2%; EOT 9.0% | | $ | 1,526 | | $ | 1,800 | | $ | 1,755 |
| | Equipment Financing | | May 1, 2022 | | Fixed interest rate 9.5%; EOT 9.0% | |
| 380 | |
| 429 | |
| 421 |
| | Equipment Financing | | August 1, 2022 | | Fixed interest rate 9.8%; EOT 9.0% | |
| 466 | |
| 513 | |
| 503 |
| | Equipment Financing | | February 1, 2023 | | Fixed interest rate 9.9%; EOT 9.0% | |
| 937 | |
| 979 | |
| 979 |
Total CleanPlanet Chemical, Inc. | | | | | |
| |
| 3,309 | | | 3,721 | |
| 3,658 |
| | | | | | | | | | | | | | | |
Seaon Environmental, LLC | | Equipment Financing | | January 1, 2023 | | Fixed interest rate 9.0%; EOT 12.0% | | $ | 2,374 | | $ | 2,562 | | $ | 2,495 |
| | | | | | | | | | | | | | | |
Sub-total: Administrative and Support and Waste Management and Remediation (2.6%)* |
| | $ | 5,683 | | $ | 6,283 | | $ | 6,153 | |||||
| | | | | | | | | | | | | | | |
Agriculture, Forestry, Fishing and Hunting (2) | |
| |
| |
| |
|
| |
|
| |
|
|
Bowery Farming, Inc. | | Equipment Financing | | January 1, 2023 | | Fixed interest rate 8.5%; EOT 8.5% | | $ | 2,762 | | $ | 3,000 | | $ | 2,879 |
| | Equipment Financing | | February 1, 2023 | | Fixed interest rate 8.7%; EOT 8.5% | |
| 2,718 | |
| 2,880 | |
| 2,918 |
| | Equipment Financing | | May 1, 2023 | | Fixed interest rate 8.7%; EOT 8.5% | |
| 3,346 | |
| 3,513 | |
| 3,542 |
Total Bowery Farming, Inc. | | | | | |
| |
| 8,826 | |
| 9,393 | |
| 9,339 |
| | | | | | | | | | | | | | | |
Robotany, Inc. |
| Equipment Financing | | January 1, 2024 |
| Fixed interest rate 7.6%; EOT 22.0% | | $ | 1,747 |
| $ | 1,736 |
| $ | 1,761 |
| | | | | | | | | | | | | | | |
Sub-total: Agriculture, Forestry, Fishing and Hunting (4.7%)* | | |
| | $ | 10,573 | | $ | 11,129 | | $ | 11,100 | |||
| | | | | | | | | | | | | | | |
Construction | |
| |
| |
| |
|
| |
|
| |
|
|
Dandelion Energy, Inc. |
| Equipment Financing | | April 1, 2024 |
| Fixed interest rate 9.0%; EOT 12.5% | | $ | 490 | | $ | 488 | | $ | 500 |
| | | | | | | | | | | | | | | |
Project Frog, Inc. (7) | | Secured Loan | | May 1, 2023 | | Fixed interest rate 12.0% | | $ | 4,128 | | $ | 4,029 | | $ | 4,018 |
| | | | | | | | | | | | | | | |
Sub-total: Construction (1.9%)* | | | | | |
| | $ | 4,618 | | $ | 4,517 | | $ | 4,518 |
| | | | | | | | | | | | | | | |
Educational Services (2) | | | | | | | | | | | | | | | |
Examity, Inc. | | Secured Loan | | February 1, 2022 | | Fixed interest rate 11.5%; EOT 8.0% | | $ | 4,211 | | $ | 4,698 | | $ | 4,591 |
| | Secured Loan | | February 1, 2022 | | Fixed interest rate 11.5%; EOT 4.0% | |
| 1,985 | |
| 2,095 | |
| 2,096 |
| | Secured Loan | | January 1, 2023 | | Fixed interest rate 12.25%; EOT 4.0% | |
| 1,069 | |
| 1,103 | |
| 1,100 |
Total Examity, Inc. | | | | | |
| |
| 7,265 | | | 7,896 | |
| 7,787 |
| | | | | | | | | | | | | | | |
Qubed, Inc. dba Yellowbrick | | Secured Loan | | April 1, 2023 | | Variable interest rate PRIME + 8.25% or Floor rate 11.5%; EOT 5.0% (18) | | $ | 2,000 | | $ | 2,033 | | $ | 2,035 |
| | Secured Loan | | October 1, 2023 | | Fixed interest rate 11.5%; EOT 4.0% | |
| 500 | |
| 501 | |
| 508 |
Total Qubed, Inc. dba Yellowbrick | | | | | |
| |
| 2,500 | | | 2,534 | |
| 2,543 |
| | | | | | | | | | | | | | | |
Sub-total: Educational Services (4.4%)* | | | | |
|
| | $ | 9,765 | | $ | 10,430 | | $ | 10,330 |
8
TRINITY CAPITAL INC.
Consolidated Schedule of Investments
September 30, 2020
(In thousands, except share and per share data)
(Unaudited)
Portfolio Company (1) |
| Type of Investment (3) |
| Maturity Date |
| Interest Rate (4) |
| Principal |
| Cost |
| Fair Value (6) | |||
| | | | | | | | | | | | | | | |
Debt Securities, Continued | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Finance and Insurance (2) | |
| |
|
|
| |
|
| |
|
| |
|
|
DailyPay, Inc. | | Secured Loan (19) (23) | | October 1, 2024 | | Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% (18) | | $ | 340 | | $ | — | | $ | — |
| | | | | | | | | | | | | | | |
Petal Card, Inc. | | Secured Loan | | December 1, 2023 |
| Fixed interest rate 11.0%; EOT 3.0% | | $ | 10,000 | | $ | 9,952 | | $ | 10,043 |
| | | | | | | | | | | | | | | |
Sub-total: Finance and Insurance (4.2%)* | | | | |
|
| | $ | 10,340 | | $ | 9,952 | | $ | 10,043 |
| | | | | | | | | | | | | | | |
Health Care and Social Assistance (2) | |
| | |
|
| |
|
| |
|
| |
|
|
Lark Technologies, Inc. | | Secured Loan | | April 1, 2025 | | Variable interest rate PRIME + 8.25% or Floor rate 11.5%; EOT 4.0% (18) | | $ | 5,000 | | $ | 4,774 | | $ | 4,774 |
| | | | | | | | | | | | | | | |
WorkWell Prevention & Care | | Secured Loan | | March 1, 2024 |
| Fixed interest rate 8.0%; EOT 10.0% | | $ | 3,370 | | $ | 3,591 | | $ | 3,383 |
| | Secured Loan | | March 1, 2024 |
| Fixed interest rate 8.0%; EOT 10.0% | |
| 700 | |
| 729 | |
| 701 |
Total WorkWell Prevention & Care (7) | | | | |
|
| |
| 4,070 | |
| 4,320 | |
| 4,084 |
| | | | | | | | | | | | | | | |
Sub-total: Health Care and Social Assistance (3.7%)* | | | | |
|
| | $ | 9,070 | | $ | 9,094 | | $ | 8,858 |
| | | | | | | | | | | | | | | |
Information (2) | |
| | |
|
| |
|
| |
|
| |
|
|
Figg, Inc. | | Secured Loan | | January 1, 2022 |
| Fixed interest rate 12.0%; EOT 5.0% | | $ | 1,467 | | $ | 1,584 | | $ | 1,589 |
| | | | | | | | | | | | | | | |
Firefly Systems, Inc. | | Equipment Financing | | February 1, 2023 |
| Fixed interest rate 9.0%; EOT 10.0% | | $ | 4,372 | | $ | 4,401 | | $ | 4,314 |
| | Equipment Financing | | September 1, 2023 | | Fixed interest rate 9.0%; EOT 10.0% | | | 3,472 | | | 3,519 | | | 3,519 |
| | Equipment Financing | | October 1, 2023 | | Fixed interest rate 9.0%; EOT 10.0% | | | 419 | | | 423 | | | 423 |
Total Firefly Systems, Inc. | | | | | | | | | 8,263 | | | 8,343 | | | 8,256 |
| | | | | | | | | | | | | | | |
Gobiquity, Inc. | | Equipment Financing | | April 1, 2022 |
| Fixed interest rate 7.5%; EOT 20.0% | | $ | 352 | | $ | 434 | | $ | 436 |
| | | | | | | | | | | | | | | |
Hytrust, Inc. | | Secured Loan | | February 1, 2021 |
| Fixed interest rate 11.1%; EOT 10.5% | | $ | 482 | | $ | 993 | | $ | 790 |
| | | | | | | | | | | | | | | |
Oto Analytics, Inc. |
| Secured Loan | | March 1, 2023 |
| Fixed interest rate 11.5%; EOT 6.0% | | $ | 8,222 |
| $ | 8,615 |
| $ | 8,659 |
| | | | | | | | | | | | | | | |
RapidMiner, Inc. |
| Secured Loan | | October 1, 2023 |
| Fixed interest rate 12.0%; EOT 7.5% | | $ | 10,000 |
| $ | 10,011 |
| $ | 9,999 |
| | | | | | | | | | | | | | | |
Smule, Inc. | | Secured Loan | | January 1, 2022 |
| Fixed interest rate 0.0% (24) | | $ | 204 | | $ | 204 | | $ | 185 |
| | | | | | | | | | | | | | | |
STS Media, Inc. (9) |
| 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% | | $ | 861 |
| $ | 1,195 |
| $ | 1,169 |
|
| Equipment Financing | | April 1, 2021 |
| Fixed interest rate 7.8%; EOT 6.0% | | | 104 |
| | 124 |
| | 124 |
Total Unitas Global, Inc. | | | | |
|
| | | 965 |
| | 1,319 | |
| 1,293 |
| | | | | | | | | | | | | | | |
Sub-total: Information (13.2%)* | | | | |
|
| | $ | 37,766 | | $ | 32,240 | | $ | 31,307 |
9
TRINITY CAPITAL INC.
Consolidated Schedule of Investments
September 30, 2020
(In thousands, except share and per share data)
(Unaudited)
Portfolio Company (1) |
| Type of Investment (3) |
| Maturity Date |
| Interest Rate (4) |
| Principal |
| Cost |
| Fair Value (6) | |||
Debt Securities, Continued | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Manufacturing (2) | |
| |
|
|
| | |
|
| |
|
| |
|
AyDeeKay LLC | | Secured Loan | | October 1, 2022 |
| Variable interest rate PRIME + 7.5% or Floor rate 10.75%; EOT 3.0% (18) | | $ | 11,325 | | $ | 11,578 | | $ | 11,220 |
| | | | | | | | | | | | | | | |
BHCosmetics, LLC | | Equipment Financing | | March 1, 2021 |
| Fixed interest rate 8.9%; EOT 5.0% | | $ | 262 | | $ | 318 | | $ | 319 |
| | Equipment Financing | | April 1, 2021 |
| Fixed interest rate 8.7%; EOT 5.0% | |
| 314 | |
| 368 | |
| 369 |
Total BHCosmetics, LLC | | | | | | | |
| 576 | |
| 686 | |
| 688 |
| | | | | | | | | | | | | | | |
Footprint International Holding, Inc. |
| Equipment Financing | | March 1, 2024 |
| Fixed interest rate 10.3%; EOT 8.0% | | $ | 15,747 |
| $ | 16,068 |
| $ | 15,979 |
| | Secured Loan | | July 1, 2024 | | Fixed interest rate 12.0%; EOT 9.0% | | | 7,000 | | | 7,031 | | | 7,100 |
Total Footprint International Holding, Inc. | | | | | | | | | 22,747 | | | 23,099 | | | 23,079 |
| | | | | | | | | | | | | | | |
Happiest Baby, Inc. | | Equipment Financing | | September 1, 2022 |
| Fixed interest rate 8.4%; EOT 9.5% | | $ | 1,052 | | $ | 1,141 | | $ | 1,119 |
| | Equipment Financing | | November 1, 2022 |
| Fixed interest rate 8.6%; EOT 9.5% | |
| 841 | |
| 901 | |
| 904 |
| | Equipment Financing | | January 1, 2023 |
| Fixed interest rate 8.6%; EOT 9.5% | |
| 800 | |
| 843 | |
| 848 |
| | Equipment Financing | | June 1, 2023 |
| Fixed interest rate 8.2%; EOT 9.5% | |
| 985 | |
| 1,023 | |
| 1,013 |
| | Equipment Financing | | January 1, 2024 | | Fixed interest rate 7.8%; EOT 9.5% | | | 1,344 | | | 1,347 | | | 1,347 |
Total Happiest Baby, Inc. | | | | |
|
| |
| 5,022 | |
| 5,255 | |
| 5,231 |
| | | | | | | &# | ||||||||