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, 2022


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

Commission file number: 001-39958

TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)


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


1 N. 1^st Street Suite 302 Phoenix, Arizona	85004
(Address of principal executive offices)	(Zip Code)

(480) 374-5350

(Registrant’s telephone number, including area code)

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


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

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

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

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


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

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

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

As of May 5, 2022, the registrant had 38,181,708 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, 2022
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, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021 (unaudited)	5
	Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2022 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2021	25
	Notes to Consolidated Financial Statements (unaudited)	42
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	76
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	92
Item 4.	Controls and Procedures	93
PART II	OTHER INFORMATION	94
Item 1.	Legal Proceedings	94
Item 1A.	Risk Factors	94
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	95
Item 3.	Defaults Upon Senior Securities	95
Item 4.	Mine Safety Disclosures	95
Item 5.	Other Information	95
Item 6.	Exhibits	96
SIGNATURES		97

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,
	2022		2021
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $39,167 and $38,994, respectively)	$	28,057	$	32,214
Affiliate investments (cost of $41,621 and $41,609, respectively)		28,941		32,192
Non-control / Non-affiliate investments (cost of $840,263 and $717,253, respectively)		862,350		809,064
Total investments (cost of $921,051 and $797,856, respectively)		919,348		873,470
Cash and cash equivalents		28,684		31,685
Restricted cash		—		15,057
Interest receivable		6,482		5,551
Deferred credit facility costs		2,188		2,308
Other assets		9,237		9,047
Total assets	$	965,939	$	937,118

LIABILITIES
KeyBank Credit Facility	$	134,000	$	81,000
August 2026 Notes, net of $2,535 and $2,679, respectively, of unamortized deferred financing costs		122,465		122,321
2025 Notes, net of $3,319 and $3,616, respectively, of unamortized deferred financing costs		121,681		121,384
December 2026 Notes, net of $1,749 and $1,842, respectively, of unamortized deferred financing costs		73,251		73,158
Convertible Notes, net of $2,361 and $2,515, respectively, of unamortized deferred financing costs and discount		47,639		47,485
Credit Suisse Credit Facility		—		10,000
Distribution payable		15,389		9,803
Security deposits		11,549		10,840
Accounts payable, accrued expenses and other liabilities		15,924		14,594
Total liabilities		541,898		490,585

Commitments and contingencies (Note 6)

NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 27,982,842 and 27,229,541 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)		28		27
Paid-in capital in excess of par		370,570		368,609
Distributable earnings/(accumulated loss)		53,443		77,897
Total net assets		424,041		446,533
Total liabilities and net assets	$	965,939	$	937,118
NET ASSET VALUE PER SHARE	$	15.15	$	16.40

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, 2022		March 31, 2021
INVESTMENT INCOME:
Interest income:
Control investments	$	1,373	$	1,307
Affiliate investments		428		438
Non-Control / Non-Affiliate investments		26,605		14,600
Total interest income		28,406		16,345
Fee income:
Non-Control / Non-Affiliate investments		3,439		975
Total fee income		3,439		975
Total investment income		31,845		17,320

EXPENSES:
Interest expense and other debt financing costs		6,798		4,616
Compensation and benefits		6,455		3,996
Professional fees		832		647
General and administrative		1,477		750
Total expenses		15,562		10,009

NET INVESTMENT INCOME BEFORE TAXES		16,283		7,311

Excise tax expense		674		58

NET INVESTMENT INCOME		15,609		7,253

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments		—		—
Affiliate investments		—		—
Non-Control / Non-Affiliate investments		52,644		2,595
Net realized gain/(loss) from investments		52,644		2,595

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments		(4,331)		(7,554)
Affiliate investments		(3,264)		(6,312)
Non-Control / Non-Affiliate investments		(69,723)		29,342
Net change in unrealized appreciation/(depreciation) from investments		(77,318)		15,476

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,065)	$	25,324

NET INVESTMENT INCOME PER SHARE - BASIC	$	0.57	$	0.31
NET INVESTMENT INCOME PER SHARE - DILUTED⁽¹⁾	$	0.54		0.31

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC & DILUTED	$	(0.33)	$	1.08

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC & DILUTED		27,416,943		23,554,950

(1)	Diluted net investment income per share for the three months ended March 31, 2022 has been calculated based on diluted weighted average shares of 30,768,333.

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, 2022:


						Distributable
						Earnings /
	Common Stock			Paid In Capital		(Accumulated		Total
	Shares	Par Value		in Excess of Par		Loss)		Net Assets
Balance as of December 31, 2021	27,229,541	$	27	$	368,609	$	77,897	$	446,533
Issuance of common stock pursuant to distribution reinvestment plan	59,534		—		1,053		—		1,053
Stock based compensation	—		—		911		—		911
Issuance of restricted stock awards	704,723		1		(1)		—		—
Retired and forefeited shares of restricted stock	(10,956)		—		(2)		—		(2)
Distributions to stockholders	—		—		—		(15,389)		(15,389)
Net increase/(decrease) in net assets resulting from operations	—		—		—		(9,065)		(9,065)
Balance as of March 31, 2022	27,982,842	$	28	$	370,570	$	53,443	$	424,041

Three Months Ended March 31, 2021:


						Distributable
				Paid In Capital		Earnings /
	Common Stock			in Excess of		(Accumulated		Total
	Shares	Par Value		Par Value		Loss)		Net Assets
Balance as of December 31, 2020	18,321,274	$	18	$	263,366	$	(24,636)	$	238,748
Impact of adoption of ASU 2020-06	—		—		(462)		—		(462)
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	—		—		—		25,324		25,324
Balance as of March 31, 2021	26,415,275	$	26	$	368,245	$	(6,708)	$	361,563

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

See accompanying notes to consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)




	Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations	$	(9,065)	$	25,324
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities:
Purchase of investments, net of deferred fees		(221,179)		(86,694)
Proceeds from sales and paydowns of investments		158,775		66,985
Net change in unrealized appreciation/(depreciation) from investments, net of third party participation		77,318		(15,193)
Net realized gain/(loss) from investments		(52,644)		(2,595)
Accretion of original issue discounts and end of term payments on investments		(8,148)		(4,593)
Amortization of deferred financing costs		808		917
Stock-based compensation		911		—
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable		(931)		(456)
(Increase)/Decrease in receivable from sale of investments		1,710		(1,107)
(Increase)/Decrease in other assets		(1,960)		32
Increase/(Decrease) in security deposits		709		713
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities		1,330		(3,061)
Net cash provided by/(used in) operating activities		(52,366)		(19,728)

Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets		60		(490)
Net cash provided by/(used in) investing activities		60		(490)

Cash flows provided by/(used in) financing activities
Issuance of common stock		—		112,088
Common stock issuance costs		—		(7,880)
Retirement of employee shares		(2)		—
Cash distributions paid		(8,750)		(3,806)
Borrowings under credit facilities		68,000		—
Repayments under credit facilities		(25,000)		(90,000)
Net cash provided by/(used in) financing activities		34,248		10,402

Net increase/(decrease) in cash, cash equivalents and restricted cash		(18,058)		(9,816)
Cash, cash equivalents and restricted cash at beginning of period		46,742		61,101
Cash, cash equivalents and restricted cash at end of period	$	28,684	$	51,285




	Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Supplemental and non-cash investing and financing activities:
Cash paid for interest	$	5,603	$	4,200
Accrued but unpaid distributions	$	15,389	$	7,396
Distributions reinvested	$	1,053	$	1,141
Income tax, including excise tax, paid	$	310	$	79
Change to net assets related to adoption of ASU 2020-06	$	—	$	(462)

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, 2022		March 31, 2021
Cash and cash equivalents	$	28,684	$	36,026
Restricted cash		—		15,259
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	28,684	$	51,285

See accompanying notes to consolidated financial statements.

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽²⁾	Investment Date ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾
Debt Securities- United States

Administrative and Support and Waste Management and Remediation ⁽⁷⁾
Qwick, Inc.	Secured Loan	December 31, 2021	January 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾	$	5,000	$	4,933	$	5,083

RTS Holding, Inc.	Secured Loan	December 31, 2021	January 1, 2027	Fixed interest rate 10.5%; EOT 3.0%	$	23,000	$	22,769	$	22,863

SeaOn Environmental, LLC	Equipment Financing⁽¹⁴⁾	January 16, 2020	January 1, 2023	Fixed interest rate 9.0%; EOT 12.0%	$	845	$	1,241	$	1,224

Sub-total: Administrative and Support and Waste Management and Remediation (3.0%)*					$	28,845	$	28,943	$	29,170

Agriculture, Forestry, Fishing and Hunting ⁽⁷⁾
Bowery Farming, Inc.	Secured Loan⁽¹⁴⁾	September 10, 2021	January 1, 2026	Variable interest rate LIBOR + 11.0% or Floor rate 10.1% ⁽⁸⁾	$	10,000	$	9,309	$	9,375

Robotany, Inc.	Equipment Financing⁽¹⁴⁾	January 16, 2020	January 1, 2024	Fixed interest rate 7.6%; EOT 17.3%	$	1,047	$	1,379	$	1,386

Sub-total: Agriculture, Forestry, Fishing and Hunting (1.1%)*					$	11,047	$	10,688	$	10,761

Construction ⁽⁷⁾
Dandelion Energy, Inc.	Equipment Financing	March 17, 2020	April 1, 2024	Fixed interest rate 9.0%; EOT 12.5%	$	299	$	341	$	339
	Equipment Financing	October 27, 2020	November 1, 2024	Fixed interest rate 9.2%; EOT 12.5%		388		428		424
	Equipment Financing	November 19, 2020	December 1, 2024	Fixed interest rate 9.1%; EOT 12.5%		484		532		526
	Equipment Financing	December 29, 2020	January 1, 2025	Fixed interest rate 9.2%; EOT 12.5%		570		621		615
	Equipment Financing	March 25, 2021	April 1, 2025	Fixed interest rate 9.1%; EOT 12.5%		1,155		1,234		1,225
	Equipment Financing	December 1, 2021	January 1, 2026	Fixed interest rate 8.8%; EOT 12.5%		1,284		1,309		1,311
Total Dandelion Energy, Inc.						4,180		4,465		4,440

Project Frog, Inc. ⁽²⁰⁾	Secured Loan⁽¹⁴⁾	April 30, 2020	May 1, 2023	Fixed interest rate 12.0%	$	3,450	$	3,415	$	3,192

Sub-total: Construction (0.8%)*					$	7,630	$	7,880	$	7,632

Educational Services ⁽⁷⁾
Medical Sales Training Holding Company	Secured Loan⁽¹⁴⁾	March 18, 2021	April 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾	$	6,000	$	5,999	$	6,008
	Secured Loan⁽¹⁴⁾	July 21, 2021	August 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾		2,000		1,985		1,994
Total Medical Sales Training Holding Company						8,000		7,984		8,002

Yellowbrick Learning, Inc.	Secured Loan⁽¹⁴⁾	February 1, 2021	September 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾	$	7,500	$	7,608	$	7,676
	Secured Loan⁽¹⁴⁾	August 10, 2021	March 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾		2,500		2,514		2,540
Total Yellowbrick Learning, Inc.						10,000		10,122		10,216

Sub-total: Educational Services (1.9%)*					$	18,000	$	18,106	$	18,218

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽²⁾	Investment Date ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾
Debt Securities- United States, Continued

Finance and Insurance ⁽⁷⁾
BoardRE, Inc.	Secured Loan	October 15, 2021	May 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾	$	5,000	$	5,003	$	4,905

DailyPay, Inc.	Secured Loan	September 30, 2020	November 1, 2024	Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾	$	18,115	$	18,577	$	18,684
	Secured Loan	December 30, 2020	January 1, 2025	Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾		4,767		4,874		4,886
Total DailyPay, Inc.						22,882		23,451		23,570

Petal Card, Inc.	Secured Loan	January 16, 2020	October 1, 2024	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾	$	10,000	$	10,161	$	10,105
	Secured Loan ^(12)(14)	January 28, 2021	January 1, 2024	Variable interest rate Prime + 4.3% or Floor rate 11.5% ⁽⁸⁾		15,960		15,927		15,981
	Secured Loan	August 6, 2021	October 1, 2024	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		7,000		6,907		6,948
Total Petal Card, Inc.						32,960		32,995		33,034

Stilt, Inc.	Secured Loan ^(12)(14)	February 10, 2022	January 1, 2024	Variable interest rate Prime + 7.3% or Floor rate 11.3% ⁽⁸⁾		4,189		4,328		4,328

Sub-total: Finance and Insurance (6.8%)*					$	65,031	$	65,777	$	65,837

Health Care and Social Assistance ⁽⁷⁾
FemTec Health, Inc.	Secured Loan	December 1, 2021	February 1, 2026	Fixed interest rate 11.0%; EOT 7.5%	$	10,000	$	10,747	$	10,192
	Secured Loan	July 23, 2021	September 1, 2022	Fixed interest rate 11.0%		2,151		2,151		2,170
	Secured Loan	September 29, 2021	April 1, 2026	Fixed interest rate 11.0%; EOT 7.5%		3,000		3,036		3,047
Total FemTec Health, Inc. ⁽²⁰⁾						15,151		15,934		15,409

Lark Technologies, Inc.	Secured Loan	September 30, 2020	April 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾	$	5,000	$	4,972	$	5,024
	Secured Loan	June 30, 2021	January 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		5,000		4,852		4,893
Total Lark Technologies, Inc.						10,000		9,824		9,917

WorkWell Prevention & Care Inc.	Secured Loan⁽¹⁴⁾	January 16, 2020	July 1, 2024	Fixed interest rate 8.0%; EOT 10.0%	$	3,370	$	3,659	$	843
	Secured Loan⁽¹⁴⁾	January 16, 2020	July 1, 2024	Fixed interest rate 8.0%		700		718		171
Total WorkWell Prevention & Care Inc. ⁽²⁰⁾						4,070		4,377		1,014

Sub-total: Health Care and Social Assistance (3.0%)*					$	29,221	$	30,135	$	26,340

Information ⁽⁷⁾

Firefly Systems, Inc.	Equipment Financing	January 29, 2020	February 1, 2023	Fixed interest rate 9.0%; EOT 10.0%	$	1,667	$	2,150	$	2,122
	Equipment Financing	August 28, 2020	September 1, 2023	Fixed interest rate 8.9%; EOT 10.0%		1,799		2,087		2,069
	Equipment Financing	September 18, 2020	October 1, 2023	Fixed interest rate 8.8%; EOT 10.0%		222		255		253
Total Firefly Systems, Inc.						3,688		4,492		4,444


Rigetti & Co, Inc.	Secured Loan	March 10, 2021	April 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾	$	12,000	$	11,938	$	12,003
	Secured Loan	May 18, 2021	June 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		8,000		7,927		7,971
	Secured Loan	November 10, 2021	December 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		7,000		6,876		6,918
	Secured Loan	January 27, 2022	February 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		5,000		4,982		4,982
Total Rigetti & Co, Inc.						32,000		31,723		31,874

Stratifyd, Inc.	Secured Loan	September 3, 2021	January 1, 2026	Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾	$	6,000	$	5,969	$	6,033

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽²⁾	Investment Date ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾
Debt Securities- United States, Continued

Information, Continued ⁽⁷⁾
Whip Networks, Inc.	Secured Loan	June 14, 2021	July 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾	$	5,000	$	5,009	$	5,036
	Secured Loan	September 10, 2021	July 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾		1,000		999		1,004
	Secured Loan	February 3, 2022	July 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾		4,000		3,971		3,971
Total Whip Networks, Inc.						10,000		9,979		10,011

Zuum Transportation, Inc.	Secured Loan	December 17, 2021	January 1, 2027	Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾	$	5,000	$	4,985	$	5,017

Sub-total: Information (8.8%)*					$	56,688	$	57,148	$	57,379

Management of Companies and Enterprises ⁽⁷⁾

Exer Holdings, LLC	Secured Loan	November 19, 2021	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾	$	22,500	$	22,297	$	22,432
	Secured Loan	February 18, 2022	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾		7,500		7,414		7,414
Total Exer Holdings, LLC						30,000		29,711		29,846