SEC Filing | Trinity Capital Inc.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


⌧	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021


◻	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-56139

TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)


Maryland	35-2670395
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)


3075 West Ray Road Suite 525 Chandler, Arizona	85226
(Address of principal executive offices)	(Zip Code)

(480) 374-5350

(Registrant’s telephone number, including area code)

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


Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	TRIN	Nasdaq Global Select Market

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

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

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


Large accelerated filer	◻	Accelerated filer	◻
Non-accelerated filer	⌧	Smaller reporting company	◻
		Emerging growth company	⌧

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

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

As of May 5, 2021, the registrant had 26,491,274 shares of common stock ($0.001 par value per share) outstanding.

Table of Contents

TRINITY CAPITAL INC.

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

TABLE OF CONTENTS


		PAGE NO.
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2021 (unaudited) and December 31, 2020	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2021 and 2020 (unaudited)	5
	Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2021 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2020	22
	Notes to Consolidated Financial Statements (unaudited)	36
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	63
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79
Item 4.	Controls and Procedures	80
PART II	OTHER INFORMATION	81
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	82
Item 4.	Mine Safety Disclosures	82
Item 5.	Other Information	82
Item 6.	Exhibits	83
SIGNATURES		84

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)


	March 31,		December 31,
	2021		2020
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $62,573 and $57,072, respectively)	$	46,677	$	48,730
Affiliate investments (cost of $20,425 and $20,653, respectively)		21,110		27,650
Non-control / Non-affiliate investments (cost of $442,233 and $420,611, respectively)		467,954		417,271
Total investments (cost of $525,231 and $498,336, respectively)		535,741		493,651
Cash and cash equivalents		36,026		44,656
Restricted cash		15,259		16,445
Interest receivable		3,924		3,468
Prepaid expenses		1,851		744
Other assets		1,186		744
Total assets	$	593,987	$	559,708

LIABILITIES
Credit Facility, net of $1,583 and $2,107, respectively, of unamortized deferred financing costs	$	43,420	$	132,893
2025 Notes, net of $4,406, and $4,697, respectively, of unamortized deferred financing costs		120,594		120,303
Convertible Notes, net of $2,887, and $3,448, respectively, of unamortized deferred financing costs and discount		47,113		46,552
Distribution payable		7,396		4,947
Accounts payable and accrued liabilities		3,802		7,309
Other liabilities		10,099		8,956
Total liabilities		232,424		320,960

Commitments and contingencies (Note 6)

NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 26,415,275 and 18,321,274 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)		26		18
Paid-in capital in excess of par		368,245		263,366
Distributable earnings/(accumulated loss)		(6,708)		(24,636)
Total net assets		361,563		238,748
Total liabilities and net assets	$	593,987	$	559,708
NET ASSET VALUE PER SHARE	$	13.69	$	13.03

See accompanying notes to consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)



	Three Months Ended		Three Months Ended
	March 31, 2021		March 31, 2020
INVESTMENT INCOME:
Interest income:
Control investments	$	1,307	$	59
Affiliate investments		438		116
Non-Control / Non-Affiliate investments		14,600		10,639
Total interest income		16,345		10,814
Fee income:
Non-Control / Non-Affiliate investments		975		1,434
Total fee income		975		1,434
Total investment income		17,320		12,248

EXPENSES:
Interest expense and other debt financing costs		4,616		4,259
Compensation and benefits		3,996		1,389
Professional fees		647		479
General and administrative		808		414
Total expenses		10,067		6,541

NET INVESTMENT INCOME		7,253		5,707

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments		—		—
Affiliate investments		—		—
Non-Control / Non-Affiliate investments		2,595		(882)
Net realized loss from investments		2,595		(882)

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments		(7,554)		(7,128)
Affiliate investments		(6,312)		(1,507)
Non-Control / Non-Affiliate investments		29,342		(15,655)
Net change in unrealized appreciation/(depreciation) from investments		15,476		(24,290)

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS BEFORE FORMATION COSTS		25,324		(19,465)
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds		—		(15,586)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	25,324	$	(35,051)

NET INVESTMENT INCOME PER SHARE - BASIC AND DILUTED	$	0.31	$	0.32

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED	$	1.08		(1.97)

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED		23,554,950		17,821,790

See accompanying notes to consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended March 31, 2021:


						Distributable
						Earnings /
	Common Stock			Paid In Capital		(Accumulated		Total
	Shares	Par Value		in Excess of Par		Loss)		Net Assets
Balance as of December 31, 2020	18,321,274	$	18	$	263,366	$	(24,636)	$	238,748
Impact of adoption of ASU 2020-06	—		—		(462)		—		(462)
Distributions to stockholders	—		—		—		(7,396)		(7,396)
Issuance of common stock in initial public offering, net of issuance costs	8,006,291		8		104,200		—		104,208
Issuance of common stock pursuant to distribution reinvestment plan	87,710				1,141		—		1,141
Net increase/(decrease) in net assets resulting from operations:
Net investment income	—		—		—		7,253		7,253
Net realized gain/(loss) from investments	—		—		—		2,595		2,595
Net unrealized appreciation/(depreciation) from investments	—		—		—		15,476		15,476
Balance as of March 31, 2021 (unaudited)	26,415,275	$	26	$	368,245	$	(6,708)	$	361,563

Three Months Ended March 31, 2020:


						Distributable
				Paid In Capital		Earnings /
	Common Stock			in Excess of		(Accumulated		Total
	Shares	Par Value		Par Value		Loss)		Net Assets
Balance as of December 31, 2019	10	$	—	$	—	$	(524)	$	(524)
Issuance of shares related to Formation Transaction ⁽¹⁾	9,716,517		10		145,738		—		145,748
Issuance of common stock, net of issuance costs	8,333,333		8		114,382		—		114,390
Distributions to stockholders	—		—		—		—		—
Net increase/(decrease) in net assets resulting from operations:
Net investment income/(loss)	—		—		—		5,707		5,707
Net realized gain/(loss) from investments	—		—		—		(882)		(882)
Net unrealized appreciation/(depreciation) from investments	—		—		—		(24,290)		(24,290)
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds	—		—		—		(15,586)		(15,586)
Balance as of March 31, 2020 (unaudited)	18,049,860	$	18	$	260,120	$	(35,575)	$	224,563

See accompanying notes to consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)


	Three Months Ended
	March 31, 2021		March 31, 2020
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations	$	25,324	$	(35,051)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by/(used in) operating activities:
Purchase of investments, net of deferred fees		(86,694)		(47,740)
Proceeds from sales and paydowns of investments		66,985		44,465
Net change in unrealized depreciation from investments, net of third party participation		(15,193)		24,277
Net realized gain/(loss) from investments		(2,595)		(503)
Accretion of original issue discounts and end of term payments on investments		(4,593)		(2,068)
Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds		—		15,586
Amortization of deferred financing costs		917		666
Depreciation of fixed assets		16		9
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable		(456)		(2,054)
(Increase)/Decrease in prepaid expenses		(1,107)		13
(Increase)/Decrease in other assets		32		(594)
Increase/(Decrease) in accounts payable and accrued liabilities		(3,507)		3,069
Increase/(Decrease) in other liabilities		1,143		2,091
Increase/(Decrease) in due to related party		—		(1,058)
Net cash provided by/(used in) operating activities		(19,728)		1,108

Cash flows provided by/(used in) investing activities:
Formation Transactions of Legacy Funds, net of cash acquired ⁽¹⁾		—		(89,515)
Acquisition of Trinity Capital Holdings		—		(2,211)
Acquisition of fixed assets		(490)		(10)
Net cash used in investing activities		(490)		(91,736)

Cash flows provided by/(used in) financing activities
Issuance of common stock		112,088		125,000
Common stock issuance costs		(7,880)		(10,610)
Distributions paid, net of stock issued under DRIP of $1,141 and $0, respectively		(3,806)		—
Proceeds from issuance of 2025 Notes		—		125,000
Financing costs paid related to 2025 Notes		—		(5,542)
Repayments under Credit Facility		(90,000)		(60,000)
Financing costs paid related to credit facility		—		(3,735)
Net cash provided by/(used in) financing activities		10,402		170,113

Net increase/(decrease) in cash, cash equivalents and restricted cash		(9,816)		79,485
Cash, cash equivalents and restricted cash at beginning of period		61,101		—
Cash, cash equivalents and restricted cash at end of period	$	51,285	$	79,485


	For the Three Months Ended
	March 31, 2021		March 31, 2020
Supplemental and non-cash investing and financing activities:
Cash paid for interest	$	4,200	$	3,583
Shares issued to Trinity Capital Holdings ⁽¹⁾	$	—	$	8,000
Assumption of severance liability ⁽¹⁾	$	—	$	3,508
Shares issued to the Legacy Investors as part of the Formation Transactions ⁽¹⁾	$	—	$	137,748
Accrued but unpaid distributions	$	7,396	$	—
Value of shares issued in connection with the distribution reinvestment plan	$	1,141	$	—

Table of Contents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statement of Cash Flows:


	March 31,		March 31,
	2021		2020
Cash and cash equivalents	$	36,026	$	62,602
Restricted cash		15,259		16,883
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	51,285	$	79,485

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

See accompanying notes to consolidated financial statements.

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2021

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾
Debt Securities

Administrative and Support and Waste Management and Remediation ⁽²⁾
SeaOn Environmental, LLC	Equipment Financing	January 1, 2023	Fixed interest rate 9.0%; EOT 12.0%	$	1,888	$	2,165	$	2,123

Sub-total: Administrative and Support and Waste Management and Remediation (0.6%)*				$	1,888	$	2,165	$	2,123

Agriculture, Forestry, Fishing and Hunting ⁽²⁾
Bowery Farming, Inc.	Equipment Financing	January 1, 2023	Fixed interest rate 8.5%; EOT 8.5%	$	2,193	$	2,474	$	2,305
	Equipment Financing	February 1, 2023	Fixed interest rate 8.7%; EOT 8.5%		2,181		2,408		2,424
	Equipment Financing	May 1, 2023	Fixed interest rate 8.7%; EOT 8.5%		2,756		2,993		3,004
	Equipment Financing	January 1, 2024	Fixed interest rate 7.5%; EOT 8.5%		9,211		9,265		9,312
Total Bowery Farming, Inc.					16,341		17,140		17,045

Robotany, Inc.	Equipment Financing	January 1, 2024	Fixed interest rate 7.6%; EOT 22.0%	$	1,587	$	1,698	$	1,748

Sub-total: Agriculture, Forestry, Fishing and Hunting (5.2%)*				$	17,928	$	18,838	$	18,793

Construction
Dandelion Energy, Inc.	Equipment Financing	April 1, 2024	Fixed interest rate 9.0%; EOT 12.5%	$	429	$	443	$	447
	Equipment Financing	November 1, 2024	Fixed interest rate 9.2%; EOT 12.5%		515		529		531
	Equipment Financing ⁽¹²⁾	December 1, 2024	Fixed interest rate 9.1%; EOT 12.5%		522		536		539
	Equipment Financing	January 1, 2025	Fixed interest rate 9.2%; EOT 12.5%		744		756		759
	Equipment Financing ⁽¹²⁾	April 1, 2025	Fixed interest rate 9.1%; EOT 12.5%		1,159		1,161		1,163
Total Dandelion Energy, Inc.					3,369		3,425		3,439

Project Frog, Inc. ⁽¹⁷⁾	Secured Loan	May 1, 2023	Fixed interest rate 12.0%	$	4,128	$	4,058	$	3,912

Sub-total: Construction (2.0%)*				$	7,497	$	7,483	$	7,351

Educational Services ⁽²⁾
Medical Sales Training Holding Company ⁽¹⁴⁾	Secured Loan	April 1, 2025	Variable interest rate PRIME + 8.8% or Floor rate 12.0%; EOT 12.5% ⁽⁹⁾	$	6,000	$	5,929	$	5,929

Yellowbrick Education, Inc.	Secured Loan	September 1, 2025	Variable interest rate PRIME + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁹⁾	$	7,500	$	7,483	$	7,483

Sub-total: Educational Services (3.7%)*				$	13,500	$	13,412	$	13,412

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2021

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾

Debt Securities, Continued

Finance and Insurance ⁽²⁾
DailyPay, Inc.	Secured Loan	November 1, 2024	Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁹⁾	$	20,000	$	19,924	$	20,185
	Secured Loan	January 1, 2025	Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁹⁾		5,000		4,972		5,018
Total DailyPay, Inc.					25,000		24,896		25,203

Petal Card, Inc.	Secured Loan	December 1, 2023	Fixed interest rate 11.0%; EOT 3.0%	$	10,000	$	10,036	$	10,152
	Secured Loan ⁽¹⁴⁾	January 1, 2024	Variable interest rate PRIME + 7.5% or Floor rate 11.5%		1,115		1,084		1,084
					11,115		11,120		11,236

Sub-total: Finance and Insurance (10.1%)*				$	36,115	$	36,016	$	36,439

Health Care and Social Assistance ⁽²⁾
Lark Technologies, Inc.	Secured Loan	April 1, 2025	Variable interest rate PRIME + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁹⁾	$	5,000	$	4,839	$	4,903

WorkWell Prevention & Care Inc.	Secured Loan	March 1, 2024	Fixed interest rate 8.0%; EOT 10.0%	$	3,370	$	3,620	$	3,580
	Secured Loan	March 1, 2024	Fixed interest rate 8.0%		700		730		690
Total WorkWell Prevention & Care Inc. ⁽¹⁷⁾					4,070		4,350		4,270

Sub-total: Health Care and Social Assistance (2.5%)*				$	9,070	$	9,189	$	9,173

Information ⁽²⁾
Firefly Systems, Inc.	Equipment Financing	February 1, 2023	Fixed interest rate 9.0%; EOT 10.0%	$	3,511	$	3,734	$	3,701
	Equipment Financing	September 1, 2023	Fixed interest rate 9.0%; EOT 10.0%		2,939		3,085		3,078
	Equipment Financing	October 1, 2023	Fixed interest rate 9.0%; EOT 10.0%		355		371		370
Total Firefly Systems, Inc.					6,805		7,190		7,149

Gobiquity, Inc.	Equipment Financing	April 1, 2022	Fixed interest rate 7.5%; EOT 20.0%	$	239	$	349	$	347

RapidMiner, Inc.	Secured Loan	April 1, 2024	Fixed interest rate 12.0%; EOT 7.5%	$	10,000	$	10,179	$	10,189

Rigetti & Co, Inc. ⁽¹⁴⁾	Secured Loan	April 1, 2025	Variable interest rate PRIME + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁹⁾	$	12,000	$	11,735	$	11,735

Smule, Inc.	Secured Loan	January 1, 2022	Fixed interest rate 0.0% ⁽¹⁵⁾	$	99	$	99	$	99

STS Media, Inc. ⁽¹¹⁾	Secured Loan	May 1, 2022	Fixed interest rate 11.9%; EOT 4.0%	$	7,811	$	737	$	100

Unitas Global, Inc.	Equipment Financing	July 1, 2021	Fixed interest rate 9.0%; EOT 12.0%	$	293	$	665	$	656
	Equipment Financing	April 1, 2021	Fixed interest rate 7.8%; EOT 6.0%		—		24		24
Total Unitas Global, Inc.					293		689		680

Sub-total: Information (8.4%)*				$	37,247	$	30,978	$	30,299

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2021

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾
Debt Securities, Continued

Manufacturing ⁽²⁾
AyDeeKay LLC	Secured Loan	August 1, 2024	Variable interest rate PRIME + 7.5% or Floor rate 10.8%; EOT 3.0% ⁽⁹⁾	$	12,000	$	11,981	$	11,988

BHCosmetics, LLC	Equipment Financing	April 1, 2021	Fixed interest rate 8.7%; EOT 5.0% ⁽¹⁶⁾	$	—	$	59	$	59

Footprint International Holding, Inc.	Equipment Financing	March 1, 2024	Fixed interest rate 10.3%; EOT 8.0%	$	13,771	$	14,374	$	14,468
	Secured Loan	July 1, 2024	Fixed interest rate 12.0%; EOT 9.0%		7,000		7,153		7,226
Total Footprint International Holding, Inc.					20,771		21,527		21,694

Happiest Baby, Inc.	Equipment Financing	September 1, 2022	Fixed interest rate 8.4%; EOT 9.5%	$	794	$	915	$	889
	Equipment Financing	November 1, 2022	Fixed interest rate 8.6%; EOT 9.5%		653		739		743
	Equipment Financing	January 1, 2023	Fixed interest rate 8.6%; EOT 9.5%		635		703		711
	Equipment Financing	June 1, 2023	Fixed interest rate 8.2%; EOT 9.5%		816		879		880
	Equipment Financing	January 1, 2024	Fixed interest rate 7.8%; EOT 9.5%		1,156		1,193		1,200
	Equipment Financing	May 1, 2025	Fixed interest rate 8.4%; EOT 9.5%		955		965		965
Total Happiest Baby, Inc.					5,009		5,394		5,388

Health-Ade, LLC	Equipment Financing	February 1, 2022	Fixed interest rate 9.4%; EOT 15.0%	$	1,059	$	1,615	$	1,599
	Equipment Financing	April 1, 2022	Fixed interest rate 8.6%; EOT 15.0%		634		900		894
	Equipment Financing	July 1, 2022	Fixed interest rate 9.1%; EOT 15.0%		1,648		2,173		2,165
Total Health-Ade, LLC					3,341		4,688		4,658

Mainspring Energy, Inc.	Secured Loan	August 1, 2023	Fixed interest rate 11.0%; EOT 3.8%	$	7,889	$	8,085	$	8,124
	Secured Loan	December 1, 2024	Fixed interest rate 11.0%; EOT 3.8%		5,500		5,307		5,454
Total Mainspring Energy, Inc.					13,389		13,392		13,578

Miyoko's Kitchen	Equipment Financing	September 1, 2022	Fixed interest rate 8.8%; EOT 9.0%	$	498	$	545	$	546
	Equipment Financing	March 1, 2023	Fixed interest rate 8.9%; EOT 9.0%		775		812		815
	Equipment Financing	September 1, 2023	Fixed interest rate 8.5%; EOT 9.0%		632		639		639
Total Miyoko's Kitchen					1,905		1,996		2,000

Molekule, Inc.	Equipment Financing	January 1, 2024	Fixed interest rate 8.8%; EOT 10.0%	$	2,340	$	2,420	$	2,436
	Equipment Financing	April 1, 2024	Fixed interest rate 9.0%; EOT 10.0%		505		520		524
	Equipment Financing	July 1, 2024	Fixed interest rate 8.8%; EOT 10.0%		821		835		839
Total Molekule, Inc.					3,666		3,775		3,799

Quip NYC, Inc. ⁽¹⁴⁾	Secured Loan	April 1, 2026	Variable interest rate PRIME + 8.0% or Floor rate 11.3%; EOT 2.0% ⁽⁹⁾	$	17,500	$	17,135	$	17,135

Second Nature Brands, Inc.	Equipment Financing	April 1, 2024	Fixed interest rate 9.7%; EOT 11.50%	$	2,051	$